Interim Statement

For the six months ended 31 March 2003

Group Profit and Loss Account

				Six months ended		Year ended
				31 March	31 March	30 Sept
				2003	2002	2002
				(Unaudited)	(Unaudited)	(Audited)
			Notes	£’000	£’000	£’000
Turnover			3	15,216	14,454	30,740
Cost of sales				-11,101	-10,233	-21,662
Gross profit				4,115	4,221	9,078
Net operating costs
	Exceptional items			0	0	-739
	Other operating costs			-3,033	-2,889	-6,140
				-3,033	-2,889	-6,879
Operating profit				1,082	1,332	2,199
Net interest payable and similar charges				-127	-77	-167
Profit on ordinary activities before taxation				955	1,255	2,032
Tax on profit on ordinary activities			5	-287	-384	-554
Profit on ordinary activities after taxation				668	871	1,478
Dividends				-278	-273	-864
Transfer to reserves				390	598	614
Dividends per share				2.7p	2.7p	8.4p
Earnings per share
	Basic
	- after exceptional items		6	6.5p	8.6p	14.6p
	- before exceptional items		6	6.5p	8.6p	19.7p
	Diluted		6	6.5p	8.5p	14.6p
Group Balance Sheet
				As At
				31 March	31 March	30 Sept
				2003	2002	2002
				(Unaudited)	(Unaudited)	(Audited)
				£’000	£’000	£’000
TANGIBLE FIXED ASSETS				10,098	7,989	9,523
CURRENT ASSETS
Stocks				11,144	10,013	10,080
Debtors				6,432	6,379	6,006
Cash at bank
		- restricted		227	1,827	561
		- unrestricted		219	233	156
				446	2,060	717
				18,022	18,452	16,803
CREDITORS: amounts falling due within one year
Bank overdrafts				-2,838	-1,086	-1,776
Other creditors				-4,697	-4,574	-4,484
				-7,535	-5,660	-6,260
Net Current Assets				10,487	12,792	10,543
Total Assets less Current Liabilities				20,585	20,781	20,066
CREDITORS: amounts falling due after more than one year				-3,084	-3,482	-2,941
Deferred Tax				-193	-225	-194
Net Assets				17,308	17,074	16,931
Share capital				1,029	1,010	1,029
Share premium account				2,142	1,963	2,139
Profit and loss account				14,137	14,101	13,763
SHAREHOLDERS’ FUNDS				17,308	17,074	16,931
The financial information set out in this document does not constitute statutory accounts within the meaning of the Companies Act 1985. The figures for the year ended 30 September 2002 are an abridged version of the Group's audited financial statements which have been delivered to the Registrar of Companies. These statements received an unqualified audit opinion. The figures for the six months ended 31 March 2003 and 2002 are unaudited. This interim report was approved by the Board on 19 May 2003.
				Six months ended		Year ended
				31 March	31 March	30 Sept
				2003	2002	2002
				(Unaudited)	(Unaudited)	(Audited)
			Notes	£’000	£’000	£’000
Cash inflow/(outflow) from operating activities			1	74	-817	968
Returns on investments and servicing of finance				-127	-77	-167
Taxation				-82	-307	-943
Capital expenditure and financial investment				-592	-626	-1,507
Equity dividends paid				-277	-264	-820
Cash outflow before financing				-1,004	-2,091	-2,469
Financing
		- Decrease in debt		-	-	-85
		- Issue of ordinary share   capital		3	-	195
Decrease in cash in the period			2	-1,001	-2,091	-2,359
Notes
				Six months ended		Year ended
				31 March	31 March	30 Sept
				2003	2002	2002
				(Unaudited)	(Unaudited)	(Audited)
				£’000	£’000	£’000
1	Reconciliation of operating profit to cash inflow/(outflow) from operating activities
	Operating profit			1,082	1,332	2,199
	Depreciation charges			327	372	480
	Net increase in working capital and other items			-1,335	-2,521	-1,711
	Cash inflow/(outflow) from operating activities			74	-817	968
2	Reconciliation of net cash flow to increase in net debt
	Decrease in cash in the period			-1,001	-2,091	-2,359
	Cash outflow from change in net debt			-331	-	-1,545
	Exchange and other non-cash movements			14	6	168
	Decrease in net funds in the period			-1,318	-2,085	-3,736
	Net debt at 1 October 2002			-4,159	-423	-423
	Net debt at 31 March 2003			-5,477	-2,508	-4,159
3	Turnover by destination
	United Kingdom			3,313	3,819	7,597
	Rest of Europe			4,626	3,864	8,044
	The Americas			3,477	4,015	8,375
	Rest of the World			3,800	2,756	6,724
	Total			15,216	14,454	30,740
4	Statement of recognised gains and losses
	Profit for the period before dividends			668	871	1,478
	Currency translation differences on foreign
	currency net investments			-16	119	-235
	Total recognised gains and losses			652	990	1,243
5	Taxation
	Taxation has been provided at 30.1 per cent (2002: 30.5 per cent) which is the effective group rate currently anticipated for the financial year ending 30 September 2003.
6	Earnings per share
	(a) Basic earnings per share for the six months ended 31 March 2003 are based on the weighted average number of shares in issue in the period of 10,289,970 (2002: 10,102,749) and earnings of £668,000 (2002: £871,000) being the profit on ordinary activities after taxation.
	(b) Diluted earnings per share for the six months ended 31 March 2003 are based on the weighted average number of shares in issue in the period, adjusted for the effects of all dilutive potential ordinary shares of 10,289,970 (2002: 10,197,701) and the same earnings as above.
7	Accounting Policies
	The interim financial statements have been prepared on the basis of the accounting policies set out in the Group's 30 September 2002 annual report.