CEPS

CEPS · AIM · Financial Services · mcap £8.2m · 39.0p

CEPS is a small UK holding company that owns controlling stakes in unrelated private businesses, with Aford Awards now its main remaining operating group. It buys, builds and sells these subsidiaries rather than running a single business.

Target	Promise	Said	Status
2024
2 May 2024	Seek shareholder approval for share capital reduction to create distributable reserves for future dividends	5 Feb 2024	✓ Kept
	“will put the Company in a position to pay dividends more quickly than it would have done had it not requested Shareholder approval” Also stated 1 Mar 2024 How it developed 5 Feb 2024 Said “To put the Company in a position to pay dividends in the future, the Company intends to convene a General Meeting to seek shareholder approval.” 1 Mar 2024 Said “will put the Company in a position to pay dividends more quickly than it would have done had it not requested Shareholder approval” 1 May 2024 ✓ Kept “on 30 April 2024, an order of the High Court of Justice, Chancery Division confirmed the reduction of the share capital in the Company and the cancellation...” 14 May 2024 ✓ Kept “the share capital reduction is now expected to become effective on or around the 15 May 2024.” Result High Court confirmed the reduction and it became effective in mid-May 2024, slightly later than the 2 May date first expected. “on 30 April 2024, an order of the High Court of Justice, Chancery Division confirmed the reduction of the share capital in the Company and the cancellation of its share premium account, which was approved by a special resolution of the Company passed on 20 March 2024.”1 May 2024 · Share Capital Reduction Update “the share capital reduction is now expected to become effective on or around the 15 May 2024.”14 May 2024 · Further re: Share Capital Reduction Update
31 Dec 2024	Milano International to increase profitability further in 2024	3 May 2024	✗ Missed
	“is now responding well to management treatment and has now moved into profitability in 2023 and is expected to increase its profitability further in 2024” How it developed 3 May 2024 Said “is now responding well to management treatment and has now moved into profitability in 2023 and is expected to increase its profitability further in 2024” 6 Jul 2026 ✗ Missed “In the year ended 31 December 2025, Milano achieved turnover of £1.85 million and made a loss before tax of £156,571.” Result Milano lost £156,571 before tax in 2025 and was placed into creditors' voluntary liquidation in July 2026. “In the year ended 31 December 2025, Milano achieved turnover of £1.85 million and made a loss before tax of £156,571.”6 Jul 2026 · Liquidation of Milano International Limited
2025
29 May 2025	Be technically able to buy back and cancel shares by publication of audited results for next year	3 May 2024	◐ Partly kept
	“once the Company has sufficient distributable reserves, anticipated to be by the publication of the audited results for next year, the Company is expected to be in a position where it can technically buy back and cancel shares” How it developed 3 May 2024 Said “once the Company has sufficient distributable reserves, anticipated to be by the publication of the audited results for next year, the Company is expected...” 12 May 2026 ◐ Partly “Thirdly, recognising the fundamental change in the CEPS structure and scale following the disposal of ICA, the Board considers it may be appropriate to...” Result The reduction created distributable reserves, but no buyback was announced; in 2026 the Board only said it is considering a return of capital. “Thirdly, recognising the fundamental change in the CEPS structure and scale following the disposal of ICA, the Board considers it may be appropriate to propose a return of capital to shareholders. The Board is considering various options and will look to come forward with an appropriate strategy in due course.”12 May 2026 · Final Results
31 Dec 2025	Repay the £2m third-party loan in 2025	6 Sep 2024	✗ Missed · target changed
	“leading firstly to the repayment of the £2m third party loan in 2025” How it developed 6 Sep 2024 Said “leading firstly to the repayment of the £2m third party loan in 2025” 9 May 2025 ↻ Changed / dropped “the Loan has been extended for a further 12 months such that it is repayable on or before 30 June 2026. The annual interest rate has been increased to 9 per...” 10 Mar 2026 ↻ Changed / dropped “it has repaid, in full, both the £2,950,000 loan provided by Chelverton Asset Management Limited and the £2,000,000 loan provided by a third party, together...” Result Loan extended to June 2026 at 9% interest in May 2025; it was repaid in March 2026 from ICA sale proceeds. “the Loan has been extended for a further 12 months such that it is repayable on or before 30 June 2026. The annual interest rate has been increased to 9 per cent effective from 15 May 2025.”9 May 2025 · Third party loan and related party transaction “it has repaid, in full, both the £2,950,000 loan provided by Chelverton Asset Management Limited and the £2,000,000 loan provided by a third party, together with all accrued interest (the "Repayments"), in total, £5,011,014”10 Mar 2026 · Full Repayment of Outstanding External Debt
31 Dec 2025	Employee Share Ownership Trust operational by fourth quarter 2025	29 May 2025	✗ Missed · target changed
	“we expect to be operational by the fourth quarter of this year” How it developed 29 May 2025 Said “we expect to be operational by the fourth quarter of this year” 17 Oct 2026 ↻ Changed / dropped Result Not mentioned in the 2 results reports since the deadline (2025-12-31) – treated as dropped.