Interim Statement

For the six months ended 31 March 2005

Group Profit and Loss Account

				Six months ended		Year ended
				31 March	31 March	30 Sept
				2005	2004	2004
				(Unaudited)	(Unaudited)	(Audited)
			Notes	£’000	£’000	£’000
Turnover			1	14,713	15,073	31,809
Cost of sales				-10,314	-11,382	-23,354
Gross profit				4,399	3,691	8,455
Net operating costs
	Exceptional items			–	–	-70
	Other operating costs			-3,042	-2,791	-6,025
Operating profit				1,357	900	2,360
Exceptional profit on sale of fixed assets				–	–	131
Profit on ordinary activities before interest				1,357	900	2,491
Net interest payable and similar charges				-54	-108	-123
Profit on ordinary activities before taxation				1,303	792	2,368
Tax on profit on ordinary activities			2	-408	-270	-669
Profit on ordinary activities after taxation				895	522	1,699
Dividends				-308	-278	-893
Transfer to reserves				587	244	806
Dividends per share				3.1p	2.7p	8.8p
Earnings per share
	Basic
	– after exceptional items		3	8.9p	5.1p	16.6p
	– before exceptional items		3	8.9p	5.1p	16.0p
	Diluted		3	8.8p	5.1p	16.6p
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 2004 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 2005 and 2004 are unaudited. This interim report was approved by the Board on 20 May 2005.
Group Statement of Total Recognised Gains and Losses
				Six months ended		Year ended
				31 March	31 March	30 Sept
				2005	2004	2004
				(Unaudited)	(Unaudited)	(Audited)
				£’000	£’000	£’000
Profit for the period before dividends				895	522	1,699
Currency translation differences on foreign currency net investments				-160	-479	-431
Total recognised gains and losses				735	43	1,268
Group Balance Sheet
				As At
				31 March	31 March	30 Sept
				2005	2004	2004
				(Unaudited)	(Unaudited)	(Audited)
				£’000	£’000	£’000
Tangible fixed assets				9,142	9,797	9,536
Current assets
Stocks				9,774	9,278	8,355
Debtors				6,224	5,606	6,007
Cash at bank
		– restricted		67	70	–
		– unrestricted		–	578	809
				67	648	809
				16,065	15,532	15,171
Creditors: amounts falling due within one year
Loan				-135	-139	-141
Bank overdrafts				-291	-1,221	–
Other creditors				-4,788	-4,244	-4,451
				-5,214	-5,604	-4,592
Net Current Assets				10,851	9,928	10,579
Total Assets less Current Liabilities				19,993	19,725	20,115
Creditors: amounts falling due after more than one year				-2,175	-2,375	-2,271
Deferred Taxation				-511	-357	-519
Net Assets				17,307	16,993	17,325
Share capital				1,029	1,029	1,029
Share premium account				2,143	2,143	2,143
Own shares in share trust				-723	–	-278
Profit and loss account				14,858	13,821	14,431
Shareholders' funds				17,307	16,993	17,325
Group Cash Flow Statement
				Six months ended		Year ended
				31 March	31 March	30 Sept
				2005	2004	2004
				(Unaudited)	(Unaudited)	(Audited)
				£’000	£’000	£’000
Cash inflow from operating activities				918	2,039	4,952
Returns on investments and servicing of finance				-54	-108	-123
Taxation				-352	-99	-312
Capital expenditure and financial investment				-234	-394	-646
Equity dividends paid				-881	-282	-861
Cash (outflow)/inflow before financing				-603	1,156	3,010
Financing
		– Decrease in debt		–	–	-142
		– Acquisition of own   shares in share trust		-445	–	-278
(Decrease)/increase in cash in the period				-1,048	1,156	2,590
Reconciliation of Net Cash Flow to Movement in Net Debt
(Decrease)/increase in cash in the period				-1,048	1,156	2,590
Cashflow from change in net debt				–	–	142
Exchange and other non-cash movements				117	295	203
(Decrease)/increase in net funds in the period				-931	1,451	2,935
Net debt at 1 October 2004				-1,603	-4,538	-4,538
Net debt at 31 March 2005				-2,534	-3,087	-1,603
Notes to the Interim Statement
				Six months ended		Year ended
				31 March	31 March	30 Sept
				2005	2004	2004
				(Unaudited)	(Unaudited)	(Audited)
				£’000	£’000	£’000
1	Turnover by destination
	United Kingdom			2,907	3,410	6,725
	Rest of Europe			4,092	4,042	8,674
	The Americas			3,941	4,298	8,756
	Rest of the World			3,773	3,323	7,654
				14,713	15,073	31,809
2	Taxation Taxation has been provided at 31.31 per cent (2004: 34.09 per cent) which is the effective group rate currently anticipated for the financial year ending 30 September 2005.
3	Earnings per share (a) Basic earnings per share for the six months ended 31 March 2005 are based on the weighted average number of shares in issue and ranking for dividend in the period of 10,109,727 (2004: 10,292,089) and earnings of £895,000 (2004: £522,000) being the profit on ordinary activities after taxation.
	(b) Diluted earnings per share for the six months ended 31 March 2005 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 10,127,653 (2004: 10,292,665) and the same earnings as above.
4	Accounting Policies The interim financial statements have been prepared on the basis of the accounting policies set out in the Group's 30 September 2004 annual report.