Published on: May 19, 2023
Solid FY22 performance
CEPS continues to deliver on its key strategic initiatives and growth drivers despite a challenging economic backdrop. Total revenue in FY22 (to 31 December 2022) increased 30% to £26.5m (FY21: £20.3m), driven by both an increase in the underlying business and recent acquisitions. Profitability has also improved, with operating profit up 31% to £2.1m (FY21: £1.6m). The subsidiaries have made good progress following the restructuring measures over the past three years and the ‘buy and build’ strategy is proving successful. However, given continued economic uncertainty, management has flagged that although performance in the first quarter of FY23 has been ahead of expectations, significant uncertainties remain for the rest of the year, and the companies are being managed accordingly.