FII GROUP PLC
UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2003
 
 
 Unaudited Audited
 2003  2002
 -------------------------------- -----------------------------------
 
 
 Before Before
 exceptional Exceptional  exceptional Exceptional
 items items Total items items Total
 £'000 £'000 £'000 £'000 £'000 £'000
 
Turnover 12,868 - 12,868 13,646 - 13,646
- continuing
- discontinued 1,061 - 1,061 3,836 - 3,836
 ------- -------- ------- ------- ------- -------
 13,929 - 13,929 17,482 - 17,482
 
Cost of sales (10,110) - (10,110) (9,861) - (9,861)
- continuing
- discontinued (1,583) - (1,583) (3,573) - (3,573)
 ------- -------- ------- ------- ------- -------
 (11,693) - (11,693) (13,434) - (13,434)
 
Gross profit 2,758 - 2,758 3,785 - 3,785
- continuing
- discontinued (522) - (522) 263 - 263
 ------- -------- ------- ------- ------- -------
 2,236 - 2,236 4,048 - 4,048
Operating
Expenses-continuing (3,927) - (3,927) (4,152) - (4,152)
- discontinued (430)  - (430) (301) (155) (456)
 ------- -------- ------- ------- ------- -------
 (4,357) - (4,357) (4,453) (155) (4,608)
 
Operating loss 
-continuing (1,169) - (1,169) (367) - (367)
-discontinued (952) - (952) (38) (155) (193)
 ------- --------  ------- ------- ------- -------
 (2,121) - (2,121) (405) (155) (560)
 
Non-operating
exceptional
items
Loss on termination of
an operation -
discontinued - (1,769) (1,769) - - -
Fundamental
restructuring -
discontinued - (254) (254) - - -
 ------- -------- ------- ------- ------- -------
Profit on
disposal of
fixed assets -
discontinued - 1,298 1,298 - - -
 ------- -------- ------- ------- ------- -------
  - (725) (725) - - -
Net interest & (171) - (171) (130) - (130)
similar charges ------- -------- ------- ------- ------- -------
payable
 
Loss on
ordinary
activities
before
taxation (2,292) (725) (3,017) (535) (155) (690)
Taxation on loss on - - - 21 - 21
ordinary activities ------- -------- ------- ------- ------- -------
 
Loss on
ordinary
activities
after
taxation (2,292) (725) (3,017) (514) (155) (669)
Dividends -  - - - - -
 ------- -------- ------- ------- ------- -------
Loss for thefinancial(2,292) (725) (3,017) (514) (155) (669)
year ------- -------- ------- ------- ------- -------
 
Loss per share (9.9)p (3.1)p (13.0)p (2.2)p (0.7)p (2.9)p
- basic ------- -------- -------  ------- ------- -------
Loss per share - - (13.0)p - - (2.9)p
- diluted ------- -------- ------- ------- ------- -------
 
 
 
UNAUDITED CONSOLIDATED BALANCE SHEET
AS AT 31 MAY 2003
 
 Group Company
 Unaudited Audited Unaudited Audited
 2003 2002 2003 2002
 £'000 £'000 £'000 £'000
Fixed assets
Intangible fixed assets - - - -
Tangible fixed assets 393 1,388 - -
Investments - - 5,360 5,863
 --------- -------- --------- --------
 393 1,388 5,360 5,863
  --------- -------- --------- --------
Current assets
Stocks 1,268 2,545 - -
Assets held for resale 64 - - -
Debtors  3,069 2,910 468 470
Cash at bank and in hand - 211 2,038 2,035
 --------- -------- --------- --------
  4,401 5,666 2,506 2,505
 --------- -------- --------- --------
 
Creditors - amounts falling due (4,059) (3,318) (7,651) (5,401)
within one year
Net current assets/(liabilities)  342 2,348 (5,145) (2,896)
 --------- -------- --------- --------
Total assets less current 735 3,736 215 2,967
liabilities
Creditors falling due after more (14) (28) - -
than one year
Provisions for liabilities and (39) (9) - -
charges --------- -------- --------- --------
Net assets 682 3,699 215 2,967
 --------- -------- --------- --------
Capital and reserves
Called up share capital 5,798 5,798 5,798 5,798
Share premium account 10,238 10,238 10,238 10,238
Capital redemption reserve 331 331 331 331
Profit and loss account (15,685) (12,668) (16,152) (13,400)
 --------- --------  --------- --------
Equity shareholders' funds 682 3,699 215 2,967
 --------- -------- --------- --------
 
 
 
UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2003
 
 Unaudited Audited
 2003 2002
 £'000 £'000 £'000 £'000
 
Net cash outflow from operating (2,907) (747)
activities
 
Returns on investments and servicing
of finance
Interest received 16 2
Interest paid (169) (135)
Interest element of finance lease (2) (1)
payments -------- ------- -------- -------
Net cash outflow for returns on
investments and servicing of finance (155)  (134)
 
Taxation - 21
 
Capital expenditure
Payments to acquire tangible fixed (58) (65)
assets
Sales of tangible fixed assets 2,484 94
 -------- ------- -------- -------
Net cash inflow for capital 2,426 29
expenditure
 
Acquisitions and disposals
Sale of businesses 33  253
 -------- ------- -------- -------
Net cash inflow from acquisitions and 33 253
disposals
 
Financing
Invoice discounting 239  726
Capital element of finance leases (82) (134)
 -------- ------- -------- -------
Net cash inflow from financing 157 592
  ------- -------
(Decrease)/increase in cash (446) 14
 ======= =======
 
 
UNAUDITED RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN 
NET DEBT AS AT 31 MAY 2003
 
 Unaudited Audited
 2003 2002
  £'000 £'000
 
(Decrease)/increase in cash for the year (446) 14
Additional finance leases - (28)
Cash from increase in financing (157) (592)
 --------- --------
Change in net debt (603) (606)
Net debt at 1 June  (625) (19)
 --------- --------
Net debt at 31 May (1,228) (625)
 ========= ========
 
 
 
 
 
UNAUDITED EARNINGS PER SHARE CALCULATION
FOR THE YEAR ENDED 31 MAY 2003
 
 
The calculation of earnings per share, in accordance with FRS 14, is based on
the loss on ordinary activities after taxation.
 
  Unaudited Audited
 2003 2002
 £'000 pence per £'000 pence per
 share  share
 
Loss for the financial (3,017) (13.0) (669) (2.9)
year: -------- ------- -------- --------
Exceptional items: 725 (3.1) 155 (0.7)
Loss before exceptional (2,292) (9.9) (514) (2.2)
items -------- ------- -------- --------
Loss per ordinary share (13.0) (2.9)
fully diluted ======== ======= ======== ========
 
The weighted average number of shares used in the earnings per share calculation
is as follows:
 
 Unaudited Audited
  2003 2002
 number number
 
Weighted average Ordinary Shares in issue during 23,191,679 23,191,679
the year
Potentially dilutive share options under the - -
Group's share option scheme ---------- ----------
Weighted average Ordinary Shares for fully 23,191,679 23,191,679
diluted earnings per share  ========== ==========
 
 
The earnings per share before exception items, and the effect of the exceptional
items, are presented to show the earnings per share attributable to the
underlying business of the Group.