- CEPS posts pre-tax profits of £245,000 for the year to the end of December - down from £261,000 last time.

Revenues rose to £16.98m from £15.6m but operating profits fell to £244,000 from £348,000.

Chairman Richard Organ said: "The continued progress anticipated in my half-yearly update has been undermined by the severe production problems which emerged at Sunline in the latter part of the year. The newly automated production lines suffered significant underperformance during the key profit earning period, turning expected budgeted profit into heavy losses.

"Fortunately, the other two majority-owned businesses in the Group produced strong results. In addition, at the end of the year we were pleased to purchase a 70% equity stake in Aford Awards, a highly profitable sports trophy and engraving company based in Maidstone, Kent."

At 9:19am: [LON:CEPS] CEPS PLC share price was -8.5p at 26p

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