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)

                                                              --------   -------