Preliminary Statement

For the year ended 30 September 2003

Group Profit and Loss Account
				2003	2002
			Notes	£’000	£’000
	Turnover – continuing operations		1	31,683	30,740
	Cost of sales			-23,035	-21,662
	Gross profit			8,648	9,078
	Net operating costs
		- exceptional items	2	-139	-739
		- other operating costs		-6,352	-6,140
	Operating profit			2,157	2,199
	Net interest payable			-208	-167
	Profit on ordinary activities before taxation			1,949	2,032
	Tax on profit on ordinary activities		3	-545	-554
	Profit on ordinary activities after taxation			1,404	1,478
	Dividends		4	-865	-864
	Retained profit for the year			539	614
	Dividends per ordinary share		4	8.4p	8.4p
	Earnings per share
		Basic
		- after exceptional items	5	13.6	14.6
		- before exceptional items	5	14.6	19.7
		Diluted	5	13.6	14.6
Group Statement of Total Recognised Gains and Losses
				2003	2002
				£’000	£’000
	Profit for the financial year before dividends			1,404	1,478
	Exchange differences on foreign currency net investments			-246	-235
	Total recognised gains and losses			1,158	1,243
	The figures for the years ended 30 September 2003 and 2002 are an abridged version of the group's audited financial statements, these are not statutory accounts. The figures for the year ended 30 September 2002 have been delivered to the Registrar of Companies. These statements received an unqualified audit opinion and the auditors' report contained no statement under section 237(2) or 237(3) of the Companies Act 1985.
Group Balance Sheet
	2003   2002   £’000 £’000 £’000 £’000 Tangible fixed assets   9,911   9,523 Current Assets         Stocks 10,987   10,080   Debtors 5,439   6,006   Cash at bank and in hand           - restricted -   561     - unrestricted 304   156     304   717     16,730   16,803   Creditors: amounts falling due within one year         Loan -150   -159   Bank overdraft -2,061   -1,776   Other creditors -4,209   -4,325     -6,420   -6,260   Net current assets   10,310   10,543 Total assets less current liabilities   20,221   20,066     Creditors: amounts falling due after more than one year         Loan   -2,631   -2,941 Deferred tax   -362   -194 Net assets   17,228   16,931 Capital and reserves         Share capital   1,029   1,029 Share premium account   2,143   2,139 Profit and loss account   14,056   13,763 Shareholders' funds - equity interests   17,228   16,931
Group Cash Flow Statement
				2003	2002
				£’000	£’000
	Cash inflow from operating activities			2,263	968
	Return on investments and servicing of finance			-208	-167
	Taxation			-355	-943
	Capital expenditure and financial investment			-819	-1,507
	Equity dividends paid			-860	-820
	Cash inflow/(outflow) before financing			21	-2,469
	Financing
		- issue of shares		4	195
		- increase in debt		-162	-85
	Decrease in unrestricted funds in the year			-137	-2,359
Reconciliation of Net Cash Flow to Increase in Debt
	Decrease in unrestricted funds in the year			-137	-2,359
	Cash outflow from change in debt			-383	-1,545
	Exchange difference			141	168
	Increase in net debt in the year			-379	-3,736
	Net debt at 1 October 2002			-4,159	-423
	Net debt at 30 September 2003			-4,538	-4,159
	Notes to the Preliminary Statement
				2003	2002
				£’000	£’000
1.	Turnover by destination:
	United Kingdom			6,918	7,597
	Rest of Europe			9,441	8,044
	The Americas			7,649	8,375
	Rest of the World			7,675	6,724
				31,683	30,740
2.	Exceptional items:
	The operating exceptional items referred to in the Group Profit and Loss Account are categorised as follows:
				2003	2002
				£’000	£’000
	Reorganisation costs			139	148
	Impairment of fixed assets			-	591
				139	739
				2003	2002
				£’000	£’000
3.	Taxation:
	UK current year corporation tax charge			468	414
	Overseas current year tax charge			-13	248
	Transfer to/(from) deferred tax			103	-31
	UK prior year corporation tax			-41	-5
	Overseas prior year tax			-37	-72
	Prior year deferred tax			65	-
				545	554
				2003	2002
				£’000	£’000
4.	Dividends:
	Interim declared of 2.7p (2002: 2.7p) per share			278	278
	Final proposed of 5.7p (2002: 5.7p) per share			587	586
	Total for the year			865	864
	Subject to approval at the Annual General Meeting on 23 February 2004, the final dividend for the year ended 30 September 2003 will be payable on 8 April 2004 to those shareholders on the Register at the close of business on 12 March 2004 (ex-dividend date 10 March 2004).
5.	(a) Basic earnings per share:
	Basic earnings per share is based on the weighted average number of ordinary shares in issue and ranking for dividend during the year of 10,290,872 (2002: 10,132,905) and earnings of:
	-   £1,404,000 (2002: £1,478,000), being the profit on ordinary activities after taxation and exceptional items
	-   £1,501,300 (2002: £1,996,000) being the profit on ordinary activities, after taxation, excluding the net impact of exceptional items of £139,000 and tax thereon of £41,700
	(b) Diluted earnings per share:
	Diluted earnings per share is based on the weighted average number of ordinary shares in issue and ranking for dividend during the year adjusted for the effect of all dilutive potential ordinary shares, of 10,290,872 (2002: 10,135,757), and the same earnings as above