StockMarketWire.com - CEPS reports good progress in 2013 with signs of improvement in trading conditions in the UK and some export markets.

Revenues rose by 4% to £15.6m (2012: £15.1m) and operating profit advanced by 49% to £348,000 (2012: £233,000 before exceptionals) with markedly different results across the companies.

CEPS says: "In light of the impairment provision against goodwill attributable to Sunline of £2.5m that was made in last year's accounts, it was very encouraging to see such an improvement in the company's performance during 2013.

"Indeed, the annual impairment test that was undertaken in 2013 showed that Sunline had recovered a significant amount of the value that was written-off in 2012. However, accounting standards preclude the reinstatement of this amount.

"Capital expenditure on plant and machinery amounted to £91,000 in the year and included a third digital printer at Friedman's. More capital investment is planned across all companies in 2014 to meet growing demand for the Group's products and to improve operational efficiencies.

"The level of group debt fell for the third year in a row, in line with management's expectations. At the end of 2013 net debt was £1.7m compared to £1.8m at the previous year end and gearing was 45% (2012: 48%)."

The group posts a pre-tax profit of £261,000 against a loss of £2.4m last time and operating profits of £348,000 against a loss of £2.3m in 2012.




At 8:14am: [LON:CEPS] CEPS PLC share price was 0p at 25p



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