- First half pre-tax profits at Ceps plc - which acquires majority stakes in stable, profitable and steadily growing entrepreneurial companies - fell to £285,000 from £486,000 a year ago.

Revenues for the six months to the end of June fell 7.8% to £7.5m with the Davies Odell business in particular feeling the brunt of sharp de-stocking by its customers after a better than expected finish to 2008.

In spite of group costs having been carefully restrained, operating profit has fallen overall by 38% to £376,000.

Story provided by Business Financial Newswire