News blog
CEPS
- BY: Andrew Hore |
- POSTED: 22/05/2017 |
CEPS says that its 54.97%-owned subsidiary Hickton Holdings has acquired BRCS (Building Control) for up to £1.3m.
An initial £608,000 has been paid with the rest dependent on performance over the next two years. CEPS will retain its current stake in Hickton because no new funds are required.
BRCS provides building control services as a Corporate Approved Inspector which fits well with South Yorkshire-based Hickton’s clerk of works quality assurance services. Management is staying on. Essex-based BRCS is one of three private sector building control bodies authorised by the Department of the Environment.
In the year to April 2016, BRCS made a pre-tax profit of £257,000 on revenues of £732,000. There was cash of £286,000 at that time.
CEPS has six main businesses. In 2016, Hickton made an initial EBITDA contribution of £386,000 on revenues of £2.96m. Sports trophy supplier Aford Awards and Lycra convertor Friedman’s also made positive contributions. Fabric and wallpaper pattern books manufacturer CEM Press, protection equipment supplier Davies Odell and direct mail services provider all lost money.
The group made an underlying pre-tax profit of £146,000, down from £406,000 before £150,000 loss on disposal, on revenues of £24.3m, increased from £18.2m. The businesses have had to cope with the movements in sterling during the summer.
The profit decline was predominantly down to Sunline which swung from profit to loss. The £611,000 of goodwill relating to Sunrise was written off. Trading appears to be improving but trading in December is crucial.
Most of the businesses are majority owned but not 100% owned. CEPS has an NAV of £2.98m after minority interests, but that was prior to the £1.27m raised from a placing at 35p a share. CEPS has paid £7,000 to increase its stake in CemTeal from 73% to 80%.
At 33.5p a share, CEPS is valued at £4.42m.
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