Consolidated Profit and Loss Account
for the year ended 31 May 2004
2004 2003
note £000 £000
Sales 2, 3 237,203 241,268
-------- --------
Operating profit 2, 3 3,707 6,715
-------- --------
Exceptional profit on disposal of business 5 4,546 -
-------- --------
Net interest payable and similar charges 6 (5,550) (7,995)
Net financing currency exchange (loss)/gain 7 (614) 4,236
Exceptional net (loss)/gain on repayment of 8 (2,498) 881
debt -------- --------
(8,662) (2,878)
-------- --------
-------- --------
(Loss)/profit on ordinary activities before (409) 3,837
taxation
Taxation on (loss)/profit on ordinary 9 (2,598) (2,753)
activities -------- --------
(Loss)/profit on ordinary activities after (3,007) 1,084
taxation
Dividends 10 (2,015) (2,006)
-------- --------
Deficit for the year (5,022) (922)
-------- --------
(Loss)/earnings per share
Basic 11 (4.04)p 1.46p
Diluted 11 (4.04)p 1.45p
Dividend per share 10 2.70p 2.70p
All the results relate to continuing
operations.
Consolidated Balance Sheet
for the year ended 31 May 2004
2004 2003
£000 £000
Fixed assets
Intangible assets 30,902 35,769
Tangible assets 86,300 96,272
-------- --------
117,202 132,041
-------- --------
Current assets
Stocks 36,618 34,344
Debtors 54,480 50,908
Cash at bank and in hand 2,070 6,522
-------- --------
93,168 91,774
Creditors: amounts falling due within one 51,767 38,821
year
-------- --------
Net current assets 41,401 52,953
-------- --------
Total assets less current liabilities 158,603 184,994
Creditors: amounts falling due after one 44,000 61,942
year
Provision for deferred tax 582 750
Deferred income 12,908 13,143
-------- --------
Net assets 101,113 109,159
-------- --------
-------- --------
Capital and reserves
Called up share capital 7,465 7,430
Share premium account 137,641 135,851
Shares to be issued 2,255 4,321
Revaluation reserve 106 106
Other reserve 2,020 828
Profit and loss account (48,374) (39,377)
-------- --------
Equity shareholders' funds 101,113 109,159
-------- --------
Consolidated Cash Flow Statement
for the year ended 31 May 2004
2004 2003
note £000 £000
Net cash flow from operating activities A 16,864 38,528
-------- -------
Returns on investment and servicing of finance
Interest received 95 231
Interest paid (4,852) (7,638)
Bank loan arrangement fee paid (500) -
Premium paid on repayment of debt (1,517) -
-------- -------
Net cash flow from returns on investment and (6,774) (7,407)
servicing of finance -------- -------
Tax paid (2,706) (4,128)
-------- -------
Capital expenditure
Purchase of tangible fixed assets (11,369) (8,198)
Sale of tangible fixed assets 305 1,378
Government grants received 1,297 1,319
-------- -------
Net cash flow from capital expenditure (9,767) (5,501)
-------- -------
Disposals (note 5)
Cash consideration received 6,544 -
Disposal costs paid (442) -
-------- -------
Net cash flow from disposals 6,102 -
-------- -------
Equity dividends paid (2,008) (2,002)
-------- -------
-------- -------
Net cash flow before financing 1,711 19,490
-------- -------
Financing
Issue of shares 275 -
Loans taken out 60,000 -
Loans repaid (66,947) (22,107)
-------- -------
Net cash flow from financing (6,672) (22,107)
-------- -------
-------- -------
Decrease in cash B (4,961) (2,617)
-------- -------