- Small-to-medium business investor CEPS reported wider losses on asset writedowns following a decision to put fabric manufacturer CEM and sample book maker, Travelfast, which traded as Sampling International, into administration.

For the year ended 31 December 2019, pre-tax losses widened to £2.3m from £308K as revenue was flat at £21.8m.

The wider losses included the £3.5m losses from CEM and Sampling International, part of which was the £1.2m exceptional cost resulting from the write-down of assets to their net realisable value, the company said.

'This year we decided that we were unable to continue supporting the merged CEM and Sampling International as the losses and cash requirement grew to unacceptable levels,' the company said.

The company said it expected the businesses would be sold in 2020 after delaying the sale to maximise the chances of an employee led buy-out.

'Therefore, whilst our intention was to enter the new year with a clear, trouble-free profile we were not able to achieve this before the current circumstances have, effectively, put a clean set of accounts on hold until at least 2021,' it added.

At 9:40am: [LON:CEPS] CEPS PLC share price was 0p at 29.5p

Story provided by