Preliminary Statement

For the year ended 30 September 2004

Group Profit and Loss Account
				2004	2003
			Notes	£’000	£’000
	Turnover – continuing operations		1	31,809	31,683
	Cost of sales			-23,354	-23,035
	Gross profit			8,455	8,648
	Net operating costs
		– exceptional items	2	-70	-139
		– other operating costs		-6,025	-6,352
	Operating profit			2,360	2,157
	Exceptional profit on sale of fixed assets		2	131	–
	Net interest payable			-123	-208
	Profit on ordinary activities before taxation			2,368	1,949
	Tax on profit on ordinary activities		3	-669	-545
	Profit on ordinary activities after taxation			1,699	1,404
	Dividends		4	-893	-865
	Retained profit for the year			806	539
	Dividends per ordinary share		4	8.8p	8.4p
	Earnings per share
		Basic
		– after exceptional items	5	16.6p	13.6p
		– before exceptional items	5	16.0p	14.6p
		Diluted	5	16.6p	13.6p
Group Statement of Total Recognised Gains and Losses
				2004	2003
				£’000	£’000
	Profit for the financial year before dividends			1,699	1,404
	Exchange differences on foreign currency net investments			-431	-246
	Total recognised gains and losses			1,268	1,158
	The figures for the years ended 30 September 2004 and 2003 are an abridged version of the group's audited financial statements, these are not statutory accounts. The figures for the year ended 30 September 2003 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
	2004   2003   £’000 £’000 £’000 £’000 Tangible fixed assets   9,536   9,911 Current Assets         Stocks 8,355   10,987   Debtors 6,007   5,439   Cash at bank and in hand 809   304     15,171   16,730   Creditors: amounts falling due within one year         Loan -141   -150   Bank overdraft –   -2,061   Other creditors -4,451   -4,209     -4,592   -6,420   Net current assets   10,579   10,310 Total assets less current liabilities   20,115   20,221     Creditors: amounts falling due after more than one year         Loan   -2,271   -2,631 Deferred tax   -519   -362 Net assets   17,325   17,228 Capital and reserves         Share capital   1,029   1,029 Share premium account   2,143   2,143 Own shares in share trust   -278   – Profit and loss account   14,431   14,056 Shareholders' funds – equity interests   17,325   17,228
Group Cash Flow Statement
				2004	2003
				£’000	£’000
	Cash inflow from operating activities			4,952	2,263
	Return on investments and servicing of finance			-123	-208
	Taxation			-312	-355
	Capital expenditure and financial investment			-646	-819
	Equity dividends paid			-861	-860
	Cash inflow before financing			3,010	21
	Financing
		– issue of shares		–	4
		– acquisition of own shares by share trust		-278	–
		– decrease in debt		-142	-162
	Increase/(decrease) in funds in the year			2,590	-137
Reconciliation of Net Cash Flow to Decrease/(Increase) in Debt
	Increase/(decrease) in funds in the year			2,590	-137
	Cash inflow/(outflow) from change in debt			142	-383
	Exchange difference			203	141
	Decrease/(increase) in net debt in the year			2,935	-379
	Net debt at 1 October 2003			-4,538	-4,159
	Net debt at 30 September 2004			-1,603	-4,538
	Notes to the Preliminary Statement
				2004	2003
				£’000	£’000
1.	Turnover by destination:
	United Kingdom			6,725	6,918
	Rest of Europe			8,674	9,441
	The Americas			8,756	7,649
	Rest of the World			7,654	7,675
				31,809	31,683
2.	Exceptional items:
	The exceptional items referred to in the Group Profit and Loss Account are categorised as follows :
				2004	2003
				£’000	£’000
	Reorganisation costs			70	139
	Profit on the sale of fixed assets			-131	–
				2004	2003
				£’000	£’000
3.	Taxation:
	UK current year corporation tax charge			395	468
	Overseas current year tax charge			109	-13
	Transfer to/(from) deferred tax			176	103
	UK prior year corporation tax			-10	-41
	Overseas prior year tax			18	-37
	Prior year deferred tax			-19	65
				669	545
				2004	2003
				£’000	£’000
4.	Dividends:
	Interim declared of 2.7p (2003: 2.7p) per share			278	278
	Final proposed of 6.1p (2003: 5.7p) per share			615	587
	Total for the year			893	865
	Subject to approval at the Annual General Meeting on 28 February 2005, the final dividend for the year ended 30 September 2004 will be payable on 11 March 2005 to those shareholders on the Register at the close of business on 11 February 2005 (ex-dividend date 9 February 2005).
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 10,248,749 (2003 : 10,290,872) and earnings of :
	–   £1,699,000 (2003 : £1,404,000), being the profit on ordinary activities after taxation and exceptional items
	–   £1,643,000 (2003: £1,501,000) being the profit on ordinary activities, after taxation, excluding the net impact of exceptional items of (£61,000) and tax thereon of (£5,000).
	(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 10,259,601 (2003 :10,290,872), and the same earnings as above.