Interim Statement
For the six months ended 31 March 2004
Group Profit and Loss Account
Six months ended | Year ended | |||||
31 March | 31 March | 30 Sept | ||||
2004 | 2003 | 2003 | ||||
(Unaudited) | (Unaudited) | (Audited) | ||||
Notes | £’000 | £’000 | £’000 | |||
Turnover | 1 | 15,073 | 15,216 | 31,683 | ||
Cost of sales | -11,382 | -11,101 | -23,035 | |||
Gross profit | 3,691 | 4,115 | 8,648 | |||
Net operating costs | ||||||
Exceptional items | - | - | -139 | |||
Other operating costs | -2,791 | -3,033 | -6,352 | |||
Operating profit | 900 | 1,082 | 2,157 | |||
Net interest payable and similar charges | -108 | -127 | -208 | |||
Profit on ordinary activities before taxation | 792 | 955 | 1,949 | |||
Tax on profit on ordinary activities | 2 | -270 | -287 | -545 | ||
Profit on ordinary activities after taxation | 522 | 668 | 1,404 | |||
Dividends | -278 | -278 | -865 | |||
Transfer to reserves | 244 | 390 | 539 | |||
Dividends per share | 2.7p | 2.7p | 8.4p | |||
Earnings per share | ||||||
Basic | ||||||
- after exceptional items | 3 | 5.1p | 6.5p | 13.6p | ||
- before exceptional items | 3 | 5.1p | 6.5p | 14.6p | ||
Diluted | 3 | 5.1p | 6.5p | 13.6p | ||
Group Statement of Total Recognised Gains and Losses | ||||||
Six months ended | Year ended | |||||
31 March | 31 March | 30 Sept | ||||
2004 | 2003 | 2003 | ||||
(Unaudited) | (Unaudited) | (Audited) | ||||
£’000 | £’000 | £’000 | ||||
Profit for the period before dividends | 522 | 668 | 1,404 | |||
Currency translation differences on foreign currency net investments | -479 | -16 | -246 | |||
Total recognised gains and losses | 43 | 652 | 1,158 | |||
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 2003 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 2004 and 2003 are unaudited. This interim report was approved by the Board on 21st May 2004. | ||||||
Group Balance Sheet | ||||||
As At | ||||||
31 March | 31 March | 30 Sept | ||||
2004 | 2003 | 2003 | ||||
(Unaudited) | (Unaudited) | (Audited) | ||||
£’000 | £’000 | £’000 | ||||
Tangible fixed assets | 9,797 | 10,098 | 9,911 | |||
Current assets | ||||||
Stocks | 9,278 | 11,144 | 10,987 | |||
Debtors | 5,606 | 6,432 | 5,439 | |||
Cash at bank | ||||||
- restricted | 70 | 227 | - | |||
- unrestricted | 578 | 219 | 304 | |||
648 | 446 | 304 | ||||
15,532 | 18,022 | 16,730 | ||||
Creditors: amounts falling due within one year | ||||||
Loan | -139 | - | -150 | |||
Bank overdrafts | -1,221 | -2,838 | -2,061 | |||
Other creditors | -4,244 | -4,697 | -4,209 | |||
-5,604 | -7,535 | -6,420 | ||||
Net Current Assets | 9,928 | 10,487 | 10,310 | |||
Total Assets less Current Liabilities | 19,725 | 20,585 | 20,221 | |||
Creditors: amounts falling due after more than one year | -2,375 | -3,084 | -2,631 | |||
Deferred Taxation | -357 | -193 | -362 | |||
Net Assets | 16,993 | 17,308 | 17,228 | |||
Share capital | 1,029 | 1,029 | 1,029 | |||
Share premium account | 2,143 | 2,142 | 2,143 | |||
Profit and loss account | 13,821 | 14,137 | 14,056 | |||
Shareholders' funds | 16,993 | 17,308 | 17,228 | |||
Group Cash Flow Statement | ||||||
Six months ended | Year ended | |||||
31 March | 31 March | 30 Sept | ||||
2004 | 2003 | 2003 | ||||
(Unaudited) | (Unaudited) | (Audited) | ||||
£’000 | £’000 | £’000 | ||||
Cash inflow from operating activities | 2,039 | 74 | 2,263 | |||
Returns on investments and servicing of finance | -108 | -127 | -208 | |||
Taxation | -99 | -82 | -355 | |||
Capital expenditure and financial investment | -394 | -592 | -819 | |||
Equity dividends paid | -282 | -277 | -860 | |||
Cash inflow/outflow before financing | 1,156 | -1,004 | 21 | |||
Financing | ||||||
- Decrease in debt | - | - | -162 | |||
- Issue of ordinary share capital |
- | 3 | 4 | |||
Increase/(decrease) in cash in the period | 1,156 | -1,001 | -137 | |||
Reconciliation of Net Cash Flow to Movement in Net Debt | ||||||
Increase/(decrease) in cash in the period | 1,156 | -1,001 | -137 | |||
Cash outflow from change in net debt | - | -331 | -383 | |||
Exchange and other non-cash movements | 295 | 14 | 141 | |||
Increase/(decrease) in net funds in the period | 1,451 | -1,318 | -379 | |||
Net debt at 1 October 2003 | -4,538 | -4,159 | -4,159 | |||
Net debt at 31 March 2004 | -3,087 | -5,477 | -4,538 | |||
Notes to the Interim Statement | ||||||
Six months ended | Year ended | |||||
31 March | 31 March | 30 Sept | ||||
2004 | 2003 | 2003 | ||||
(Unaudited) | (Unaudited) | (Audited) | ||||
£’000 | £’000 | £’000 | ||||
1 | Turnover by destination | |||||
United Kingdom | 3,410 | 3,313 | 6,918 | |||
Rest of Europe | 4,042 | 4,626 | 9,441 | |||
The Americas | 4,298 | 3,477 | 7,649 | |||
Rest of the World | 3,323 | 3,800 | 7,675 | |||
15,073 | 15,216 | 31,683 | ||||
2 | Taxation has been provided at 34.09 per cent (2003: 30.05 per cent) which is the effective group rate currently anticipated for the financial year ending 30 September 2004. | |||||
3 | (a) Basic earnings per share for the six months ended 31 March 2004 are based on the weighted average number of shares in issue in the period of 10,292,089 (2003: 10,289,970) and earnings of £522,000 (2003: £668,000) being the profit on ordinary activities after taxation. | |||||
(b) Diluted earnings per share for the six months ended 31 March 2004 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 10,292,665 (2003: 10,289,970) and the same earnings as above. | ||||||
4 | The interim financial statements have been prepared on the basis of the accounting policies set out in the Group's 30 September 2003 annual report. |