- CEPS posts full-year operating losses of £2.3m for the year to the end of December compared with a profit of £211,000 last time.

Revenues were down slightly at £15.1m from £15.6m and there was a pre-tax loss of £2.4m against a profit of £90,000 in 2011.

Chairman Richard Organ said: "After the positive start to the year, the second half's trading has proved every bit as challenging as I feared.

"The economy in the UK has once again hit 'slow gear' and across our consumer markets in Europe the position is, if anything, worse. The weakening of the pound against both the euro and the dollar in the latter part of the year has exerted downward margin pressure once again on many of our imported products.

"Against this backdrop CEPS as a whole saw revenues fall by 3.6% to £15.1m (2011: £15.6m) with the bulk of the decrease arising in the second half.

"Courtesy of an outstanding performance at Friedman's, operating profits for the year, pre impairment charge, are up 10.4% at £233,000 (2011: £211,000).

"Group costs show a marginal increase to £313,000 (2011: £303,000). Overall this has resulted in a small increase in profit before impairment charge and tax to £117,000 (2011: £90,000), though the success of Friedman's has attracted a substantial tax charge, leaving a small post-tax profit of £19,000, excluding impairment charge, (2011: £90,000) for the year as a whole.

"The loss per share on a basic and diluted basis, after accounting for non-controlling interests and before impairment charge, is 0.53p compared to earnings per share of 0.20p in 2011."

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