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CEPS

  • BY: Andrew Hore |
  • POSTED: 25/04/2013 |

A disappointing performance from the Sunline direct mail business hit the 2012 profit of CEPS.

Underlying profit fell from £155,000 to £117,000, excluding a £2.5m impairment charge for the goodwill of Sunline. Revenues declined from £15.6m to £15.1m.

Sunrise’s market has overcapacity and it needs to cut costs. Wage reductions and production efficiency improvements are being implemented.
Matting and protection equipment maker Davies Odell and Lycra supplier Friedman’s both improved their profit contribution. Davies Odell’s revenues were lower due to lower matting sales. Forcefield body armour sales improved by nearly one-third. 

There was an initial £18,000 profit contribution from 21.4%-owned associate company CEM Press, which makes sample books for fabrics and wallcoverings. CEPs invested £500,000 in April 2012. Margins are coming under pressure due to competition.

Net debt was £1.81m at the end of 2012.

At 14.75p a share, CEPS is valued at £1.6m. The NAV is £3.72m, or £1.49m excluding intangibles.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFApril2013_43.pdf

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