Ceps Group (AIM:CEPS) reported an exceptional profit of £11.058m from the March sale of its ICA Group (Inspection, Compliance and Audit) division in its unaudited half-yearly results for the six months to 30 June.
The AIM-listed conglomerate, which holds businesses spanning promotional merchandise, gymnastics apparel and inspection services, said the ICA disposal process began in June 2025 and completed in March 2026, contributing two months of trading to these results before its exit.
Proceeds from the sale allowed Ceps to repay £4.95m of outstanding loans, cutting net finance costs to £192,000 from £403,000 a year earlier, with the remaining £8.64m placed on deposit.
Group cash rose to £9.742m, or 46.4p per share, while net asset value per share climbed to 59.6p from 19.32p.
Group revenue fell to £8.998m from £16.817m, reflecting the loss of ICA's contribution, while operating profit dropped to £35,000 from £1.354m, a comparison chairman David Horner described as not meaningful given the disposal.
Within continuing operations, Aford Awards grew EBITDA to £433,000 from £417,000 on revenue of £2.232m, and used its cash generation to begin repaying loan notes tied to its Impact Promotional Merchandise acquisition.
Friedman's improved EBITDA to £282,000 from £237,000 on revenue of £2.143m, but its Milano Pro-Sport gymnastics leotard subsidiary, acquired in 2019, was placed into voluntary liquidation in July after National Insurance and minimum wage increases drove it back into loss, compounded by cheaper Chinese imports.
"UK manufacture was no longer viable," Horner said of the decision to close Milano.
With no external debt and enlarged revenue reserves, the board said its preferred method for returning cash to shareholders is now share buybacks, though none has yet commenced.
