Summary Financials

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.