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Published on: October 5, 2023

H1 performance shows strategy delivering

CEPS has continued to make progress with its companies, and key growth drivers remain intact despite the challenging economic backdrop. First-half revenue (to 30 June) increased 15.9% to £15.05m (H1 22: £12.99m), driven by improvements in both the underlying business and recent acquisitions. Profitability has continued to improve, with operating profit up 47% to £1.37m (H1 22: £930k). Recent acquisitions have integrated well and some challenges faced in FY22, such as input cost inflation and skills shortages, have abated. Group companies have made good progress and the ‘buy and build’ strategy is proving successful. Management has signalled an intention to revisit dividends through a balance sheet reconstruction. We expect further progress in H2, although significant economic uncertainties persist.

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