New Risk • Mar 31
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (3.0x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Share price has been volatile over the past 3 months (8.1% average weekly change). Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (UK£8.51m market cap, or US$11.2m). New Risk • Feb 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (3.0x net interest cover). Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (UK£7.98m market cap, or US$10.9m). Announcement • Feb 11
CERTANIA Holding GmbH agreed to acquire ICA Group Ltd. from CEPS PLC (AIM:CEPS) for an enterprise value of £30.4 million. CERTANIA Holding GmbH agreed to acquire ICA Group Ltd. from CEPS PLC (AIM:CEPS) for an enterprise value of £30.4 million on February 11, 2026. The Total Consideration for the Disposal comprises an Upfront Payment and an Earn-Out Payment. The CEPS Consideration is included in the Upfront Payment, with CEPS receiving full consideration for 100% of its equity ownership in ICA upon Completion. CEPS will not participate in the Earn-Out Payment. Accordingly, the CEPS Consideration is fully de-risked upon Completion, as it does not include any contingent or performance-based elements. The CEPS Consideration is a total of £14 million receivable by the Company comprising £12.74 million due for 100% of CEPS' equity ownership in ICA and £1.27 million for the repayment of outstanding Loan Notes and interest thereon that will be received in full upon approval of the Disposal by shareholders. The Upfront Payment amounts to an enterprise value of £30.45 million on a debt free cash free basis, which represents approximately 10 times the FY25 unaudited adjusted EBITDA of ICA.
The Disposal is conditional on the consent of CEPS' shareholders at a general meeting of CEPS in respect of which irrevocable undertakings to vote in favour of the Disposal have been received from CEPS shareholders owning 54.41% of the CEPS shares. Of the net sale proceeds receivable by the Company upon Completion, it is proposed that £4.95 million will be used to repay all of the Company's existing external debt. The remaining Sale Proceeds will provide the Company with additional resources dedicated to advancing the strategic business drivers that CEPS uses as the foundation for delivering sustained long-term value for shareholders. Announcement • Dec 12
CEPS PLC Confirms Negotiations to Sell ICA Group Limited CEPS PLC (AIM:CEPS) notes recent press speculation and confirms that it is in negotiations with a third party regarding a possible disposal of one of its subsidiaries, ICA Group Limited. No agreement has been reached, and the Board emphasizes that there can be no certainty that any firm offer for ICA Group will be made, nor as to the terms on which any offer might be made. A further announcement will be made if and when appropriate. Reported Earnings • Sep 15
First half 2025 earnings released: EPS: UK£0.016 (vs UK£0.023 in 1H 2024) First half 2025 results: EPS: UK£0.016 (down from UK£0.023 in 1H 2024). Revenue: UK£16.8m (up 5.8% from 1H 2024). Net income: UK£326.0k (down 32% from 1H 2024). Profit margin: 1.9% (down from 3.0% in 1H 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. New Risk • Aug 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (UK£7.35m market cap, or US$9.87m). Minor Risks High level of debt (162% net debt to equity). Share price has been volatile over the past 3 months (11% average weekly change). Announcement • May 30
CEPS PLC, Annual General Meeting, Jun 23, 2025 CEPS PLC, Annual General Meeting, Jun 23, 2025. Location: 11 laura place, ba2 4bl, bath United Kingdom Reported Earnings • May 29
Full year 2024 earnings released: EPS: UK£0.028 (vs UK£0.026 in FY 2023) Full year 2024 results: EPS: UK£0.028 (up from UK£0.026 in FY 2023). Revenue: UK£31.6m (up 6.3% from FY 2023). Net income: UK£580.0k (up 4.3% from FY 2023). Profit margin: 1.8% (down from 1.9% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Announcement • May 05
Ceps plc Appoints Harry Horner as Alternate Director Effective May 2, 2025 CEPS announced the appointment of Mr. Harry Horner as an Alternate Director to Executive Chairman, David Horner, with immediate effect. David Horner will remain in position as Executive Chairman and will continue his duties as an executive director and the Chairman of CEPS. Harry Horner is the son of David Horner and will attend certain Board meetings in the event of David's absence. Harry Horner will be unpaid for his role as Alternate Director. This appointment has been approved by the Board of Directors of the Company. Since 2020 Harry Horner has served as the Strategy & Insights Lead at cCarbon.info (a division of cKinetics), where he oversees the evolution of cCarbon.info's products, is the editor-in-chief for its insight reports, and helps guide the team into newer markets and opportunities. FromJanuary 2022 to date, Harry Horner was appointed aDirector of Idyll Company LDA. Idyll Company LDA is based in Portugal and is involved inrural hospitality and environmental regeneration. Between 2015 and 2018 Harry Horner was the European Content Manager at Climate Connect Technologies, based in India and the Netherlands and a Director of Chelverton Asset Management Holdings Limited from 2017 to 2024. Mr. Horner graduated from Oxford University in 2015 with an MA in History and Economics. Mr. Harry Roy Horner (aged 30):
Current Directorships: Idyll Company LDA (Portugal). Previous Directorships held in the past five years: Chelverton Asset Management Holdings Limited. New Risk • Mar 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (UK£4.94m market cap, or US$6.39m). Minor Risks High level of debt (105% net debt to equity). Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Board Change • Jan 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 4 non-independent directors. Non-Executive Director Kevin Allen was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Sep 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 9.4% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.4% average weekly change). Market cap is less than US$10m (UK£5.15m market cap, or US$6.76m). Minor Risk High level of debt (105% net debt to equity). Announcement • Jul 26
CEPS PLC Appoints Kevin John Allen as a Non-Executive Director and Chairman of the Audit Committee and Member of the Remuneration Committee CEPS PLC announced the appointment of Mr. Kevin John Allen as a Non-Executive Director of the Company and Chairman of the Audit Committee and member of the Remuneration Committee with immediate effect. Mr. Allen is a qualified accountant with over 30 years' experience working as a director in both public and private companies across a range of sectors. Mr. Allen currently serves as a director at Bovingdon Aviation Ltd, his family consultancy vehicle since 2017 (also previously from 2012 to 2015). He was also a director and chairman at Chelverton Growth Trust PLC ("CGT") between November 1994 and November 2023. CGT is currently in the process of undergoing a members' voluntary liquidation which commenced in November 2023. Mr. Allen was a director at Bakabo PLC from 2002 to 2010, director at Globalwave Group PLC from 2000 to 2002, Chief Financial Officer at Brockbank Group PLC from 1994 to 2000 and a similar role at Kellock Ventures Ltd. from 1991 to 1993. Mr. Allen graduated from Imperial College London in 1977 with a BSc(Eng) in Mechanical Engineering following which he was employed at PricewaterhouseCoopers, qualifying as a chartered accountant and admitted to the Institute of Chartered Accountants in England & Wales (ICAEW) in 1980. Mr. Allen is also a qualified commercial pilot having gained his Commercial Pilots Licence (CPL) in 2004 and remains active in the industry, most recently being employed as a pilot with Jet2.com between 2013 and 2020. Current Directorships: Bovingdon Aviation Limited; Previous Directorships held in the past five years: Chelverton Growth Trust PLC. Announcement • Jun 19
Geoff Martin to Retire as Non-Executive Director of CEPS PLC The Board of CEPS will announce at the Annual General Meeting to be held on June 17, 2024 that Geoff Martin will be retiring as a Non-Executive Director with immediate effect. Geoff joined CEPS in 1981 and was appointed Finance Director in 1986. He retired as Finance Director on 28 February 2010 and became a Non-Executive Director with effect from 1 March 2010. Board Change • Jun 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. No independent directors (4 non-independent directors). Non-Executive Director David Johnson was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • May 05
Full year 2023 earnings released: EPS: UK£0.027 (vs UK£0.022 in FY 2022) Full year 2023 results: EPS: UK£0.027 (up from UK£0.022 in FY 2022). Revenue: UK£29.7m (up 12% from FY 2022). Net income: UK£556.0k (up 21% from FY 2022). Profit margin: 1.9% (up from 1.7% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • May 05
CEPS PLC, Annual General Meeting, Jun 10, 2024 CEPS PLC, Annual General Meeting, Jun 10, 2024, at 10:30 Coordinated Universal Time. Location: 11 Laura Place Bath United Kingdom New Risk • Mar 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (UK£4.41m market cap, or US$5.55m). Minor Risks High level of debt (150% net debt to equity). Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Share price has been volatile over the past 3 months (8.4% average weekly change). New Risk • Feb 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (UK£5.78m market cap, or US$7.25m). Minor Risks High level of debt (150% net debt to equity). Share price has been volatile over the past 3 months (7.5% average weekly change). New Risk • Nov 02
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£8.19m (US$10.00m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (UK£8.19m market cap, or US$10.00m). Minor Risk High level of debt (150% net debt to equity). Reported Earnings • Sep 11
First half 2023 earnings released: EPS: UK£0.019 (vs UK£0.011 in 1H 2022) First half 2023 results: EPS: UK£0.019 (up from UK£0.011 in 1H 2022). Revenue: UK£15.1m (up 16% from 1H 2022). Net income: UK£405.0k (up 81% from 1H 2022). Profit margin: 2.7% (up from 1.7% in 1H 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 07
Full year 2022 earnings released: EPS: UK£0.022 (vs UK£0.016 in FY 2021) Full year 2022 results: EPS: UK£0.022 (up from UK£0.016 in FY 2021). Revenue: UK£26.4m (up 30% from FY 2021). Net income: UK£460.0k (up 55% from FY 2021). Profit margin: 1.7% (up from 1.5% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 10% per year. Announcement • May 06
CEPS PLC, Annual General Meeting, Jun 12, 2023 CEPS PLC, Annual General Meeting, Jun 12, 2023, at 10:30 Coordinated Universal Time. Location: 11 Laura Place, Bath BA2 4BL Bath United Kingdom Recent Insider Transactions • Mar 25
Executive Chairman recently bought UK£138k worth of stock On the 17th of March, David Horner bought around 350k shares on-market at roughly UK£0.40 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. No independent directors (4 non-independent directors). Non-Executive Director David Johnson was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Sep 30
First half 2022 earnings released: EPS: UK£0.011 (vs UK£0.007 in 1H 2021) First half 2022 results: EPS: UK£0.011 (up from UK£0.007 in 1H 2021). Revenue: UK£13.0m (up 45% from 1H 2021). Net income: UK£224.0k (up 81% from 1H 2021). Profit margin: 1.7% (up from 1.4% in 1H 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 13% per year. Announcement • May 12
CEPS PLC, Annual General Meeting, Jun 13, 2022 CEPS PLC, Annual General Meeting, Jun 13, 2022, at 10:30 Coordinated Universal Time. Location: 11 Laura Place Bath BA2 4BL Bath United Kingdom Reported Earnings • May 11
Full year 2021 earnings released: EPS: UK£0.016 (vs UK£0.055 loss in FY 2020) Full year 2021 results: EPS: UK£0.016 (up from UK£0.055 loss in FY 2020). Revenue: UK£20.3m (up 71% from FY 2020). Net income: UK£296.0k (up UK£1.24m from FY 2020). Profit margin: 1.5% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 2 highly experienced directors. No independent directors (4 non-independent directors). Non-Executive Director David Johnson was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Sep 19
CEPS PLC has completed a Follow-on Equity Offering in the amount of £1.6 million. CEPS PLC has completed a Follow-on Equity Offering in the amount of £1.6 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 4,000,000
Price\Range: £0.4
Transaction Features: Subsequent Direct Listing Reported Earnings • May 26
Full year 2020 earnings released The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2020 results: Revenue: UK£11.9m (down 46% from FY 2019). Net loss: UK£939.0k (loss narrowed 65% from FY 2019). Is New 90 Day High Low • Jan 23
New 90-day high: UK£0.28 The company is up 17% from its price of UK£0.23 on 23 October 2020. The British market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Industrials industry, which is up 12% over the same period. Is New 90 Day High Low • Dec 23
New 90-day high: UK£0.26 The company is up 2.0% from its price of UK£0.25 on 24 September 2020. The British market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Industrials industry, which is up 3.0% over the same period. Announcement • Dec 20
Vale Brothers Limited acquired Davies Odell Ltd. from CEPS PLC (AIM:CEPS). Vale Brothers Limited acquired Davies Odell Ltd. from CEPS PLC (AIM:CEPS) on December 18, 2020. For the year ended December 31, 2019, Davies Odell reported revenue of £3.6 million and total common equity of £0.551 million. Andrew Gregory, the Managing Director of Davies Odell, is leaving the business to facilitate the merger, but has entered into a two-month part-time consultancy role from January 1, 2021 to facilitate an orderly handover. David Horner, Chairman of CEPS, will become a director of VBH representing CEPS' interests. James Caithie and Sandy Jamieson of Cairn Financial Advisers LLP acted as financial advisor to CEPS PLC.
Vale Brothers Limited completed the acquisition of Davies Odell Ltd. from CEPS PLC (AIM:CEPS) on December 18, 2020. Is New 90 Day High Low • Oct 26
New 90-day low: UK£0.23 The company is down 21% from its price of UK£0.28 on 28 July 2020. The British market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Industrials industry, which is down 3.0% over the same period. Is New 90 Day High Low • Oct 08
New 90-day low: UK£0.23 The company is down 20% from its price of UK£0.29 on 10 July 2020. The British market is flat over the last 90 days, indicating the company underperformed over that time. It also underperformed the Industrials industry, which is up 5.0% over the same period. Reported Earnings • Sep 28
First half earnings released Over the last 12 months the company has reported total losses of UK£2.63m, with losses widening by 226% from the prior year. Total revenue was UK£17.9m over the last 12 months, down 8.8% from the prior year. 
