21st Jun 2005 07:01
Photo-Me International PLC21 June 2005 PHOTO-ME INTERNATIONAL PLC - PRELIMINARY ANNOUNCEMENT A record PBT by a wide margin PMI, the FTSE 250 digital imaging company, announces, for the year to 30 April2005, a record year in terms of turnover, pre-tax profit and earnings per share.The adjusted pre-tax profit(1), which totals £34.5m, has again exceededexpectations. Prospects for further progress remain good. Financial Highlights •Turnover up 7.3% to £236.0m. •EBITDA, before exceptional items, up 12.9% to £58.9m. •Adjusted pre-tax profit(1) up 62.0% to £34.5m and pre-tax profit up 56.4% to £33.0m. •EPS increased by 54.7% to 6.28p (adjusted (1)) and 48.6% to 5.96p (reported). •Dividends per share doubled to 2.0p (2004: 1.0p), of which the final dividend is 1.2p (2004 first and final: 1.0p). •Net cash balances increased to £4.1m (2004: £2.9m), after capex and financial investment of £34.5m (2004: £21.0m). (1) "Adjusted" excludes an exceptional charge of £0.8m (2004: exceptional creditof £0.4m) and a goodwill amortisation charge of £0.7m (2004: £0.5m). In the caseof adjusted EPS, a tax credit on the exceptional charge of £0.3m is alsoreflected in respect of 2005. Commercial Highlights •In the Vending Division (which has an unrivalled network of 28,000 sites worldwide), operating profit improved although turnover decreased by 2.4%. Cash generation by the portfolio of 20,000 photobooths remained strong. • Results for digital media kiosks, which are capable of printing from both digital cameras and digital camera phones, to date have been encouraging. At the year end, 3,000 had been manufactured: 1,600 had been sold and 1,400 were operated by PMI, of which 1,000 in France. It is planned that a further 5,000, manufactured by a sub-contractor in Shanghai at a significantly lower cost, should be operated or sold by 31 December 2005. •Manufacturing turnover increased by 24.8% to £98.0m, representing 42% (2004: 36%) of total turnover. Manufacturing contributed the bulk of the Group profit and its increase, benefiting from the increased volumes and higher margins following the transfer of minilab manufacture to a sub-contractor in Poland in January 2004. •Imaging Solutions, the Swiss-based wholesale lab manufacturing business, increased its turnover by 16.9% to £15.9m and made another useful profit. Serge Crasnianski, CEO, stated "In the current year, in Vending, bothphotobooths and digital media kiosks should continue to make a positivecontribution. In Manufacturing, another good performance is expected. Overall,the Directors are confident of further progress in the current year. Further out, in Vending, photobooths will benefit from changes in ID regulationsin France and Japan, two of PMI's leading markets. Additionally, the roll-out ofdigital media kiosks is expected to contribute significantly to Groupperformance. In Manufacturing, the DKS 3 minilab (which is the first digitalminilab of the third generation) enhances the product range, whilst the NorthAmerican market represents a significant opportunity. Overall, prospects forsustained profitable growth remain good." Legal Disclaimer: Certain statements made in this announcement are forward looking statements.Such statements are based on current expectations and are subject to a number ofrisks and uncertainties that could cause actual events or results to differmaterially from any expected future events or results referred to in theseforward looking statements. Presentation: A presentation to investors and brokers' analysts will be given from 09.00 to10.00 today at Regus, CityPoint, 1 Ropemaker Street, London EC2 (approximately200 yards from Moorgate Station). Enquiries: Photo-Me International 01372-453 399Vernon Sankey (Chairman)Serge Crasnianski (CEO) Bankside Consultants Charles Ponsonby 020-7367 8851 mb: 07789-202 312 CHIEF EXECUTIVE'S STATEMENT I am delighted to announce a record year in terms of turnover, pre-tax profitand earnings per share. The adjusted pre-tax profit(1), which totals £34.5m, hasagain exceeded market expectations. Prospects for further progress remain good. FINANCIAL REVIEW Group turnover for the year to 30 April 2005 increased by 7.3% to £236.0m (2004:£219.9m). Adjusted operating profit(1) increased by 57.2% to £35.8m (2004: £22.8m), whichrepresents an operating margin of 15.2% (2004: 10.4%). With net interest payabledecreasing to £1.3m from £1.5m, adjusted pre-tax profit(1) advanced by 62.0% to£34.5m (2004: £21.3m). Adjusted EPS(1) were 54.7% higher at 6.28p (2004: 4.06p),reflecting an increased effective tax rate of 32.6% (2004: 28.5%). The reported figures are an operating profit of £34.3m (2004: £22.3m), up 53.9%,a pre-tax profit of £33.0m (2004: £21.1m), up 56.4%, and EPS of 5.96p (2004:4.01p), up 48.6%. EBITDA, before exceptional items, increased by 12.9% to £58.9m (2004: £52.1m). The balance sheet further strengthened. Shareholders' funds increased by 20.7%to £83.5m (2004: £69.1m). The net cash balance rose to £4.1m (2004: £2.9m),after capital expenditure and financial investment of £34.5m (2004: £21.0m).This was principally in the following areas: digital media kiosks (£12.1m),photobooths (£10.9m), the purchase of kiddie ride activities which leverage offPMI's UK infrastructure (£2.2m), and the acquisition of the 30.3% minorityinterest in PMI's German subsidiary, FOTOFIX - Schnellphotoautomaten GmbH(£2.5m). The transformation from net debt of £51.4m at 30 April 2002 and £33.4m at 30April 2003 reflects the cash-generative nature of the Vending business and theimproved Manufacturing results in the last two years. (1) "Adjusted" excludes an exceptional charge (in connection with restructuringin Japan) of £0.8m (2004: exceptional credit of £0.4m) and a goodwillamortisation charge of £0.7m (2004: £0.5m). DIVIDENDS A final dividend per share of 1.2p (2004: 1.0p) is proposed. Together with theinterim dividend of 0.8p (2004: nil), dividends per share are doubled at 2.0p(2004: 1.0p) and are three times (2004: four times) covered. If approved at the AGM on 28 September 2005, the final dividend will be paid on2 November 2005 to shareholders on the register at close of business on 7October 2005. The ex-dividend date is 5 October 2005. BOOKHAM FIRE On 22 December 2004, the Group's 62,000 sq.ft. warehouse and workshop atBookham, Surrey were destroyed by fire, together with their contents. Theseprincipally comprised minilabs for resale, operating equipment beingrefurbished, spare parts and consumables. The adjacent Group Head Officebuilding was undamaged by the fire. The Group successfully minimised the disruption caused to its business. A substantial payment on account was received during the year from the Group'sinsurers, and the Board is confident that the risk was fully covered.Furthermore, since the insurance cover is based on replacement cost, a materialaccounting surplus could arise. However, as parts of the claim will not befinalised for some months, no gain has been recognised in these accounts. INTERNATIONAL FINANCIAL REPORTING STANDARDS The Group will be required to prepare its accounts for the year to 30 April 2006under International Financial Reporting Standards ("IFRS"). The interim resultsto 31 October 2005 will be the first reported in line with IFRS. There are three principal changes which will be required to the Group'saccounting policies under IFRS. These are in relation to the accounting forshare options and goodwill amortisation and to the translation of results ataverage exchange rates. The net impact on both profits and the balance sheet isnot expected to be significant. BUSINESS REVIEW Geographical Analysis of Turnover and Profit Turnover Pre-tax Profit+Year to 30 April 2005 2004 Variance 2005 2004 £m £m % £m £mContinental Europe 141.5 130.8 +8.2 30.6 17.3UK & Republic of Ireland 60.9 54.0 +12.6 0.3 2.7Asia and Australia 30.8 31.2 -1.4 3.0 1.1USA 2.8 3.9 -29.1 - (0.3) 236.0 219.9 +7.3 33.9 20.8 + before exceptional items Continental Europe, which includes the great majority of the Manufacturingturnover, contributed 60% (2004: 59%) of Group turnover and, again,substantially all of pre-tax profit. In the UK and Ireland, the result has been depressed by a small reduction inprofits from operating divisions, by an increase in Head Office overheads, andby a decrease in both profit on foreign exchange and other income. The improved profitability in Asia - which is primarily Japan - mainly resultedfrom a reduction in depreciation, old technology photobooths having been fullydepreciated since 30 April 2004. Divisional Analysis of Turnover Year to 30 April 2005 2004 Variance £m £m % Vending 138.0 141.4 -2.4Manufacturing 98.0 78.5 +24.8 236.0 219.9 +7.3 As the table indicates, the 7.3% increase in Group turnover was the net of asmall decrease in Vending and a 24.8% increase in Manufacturing. Vendingaccounted for 58% (2004: 64%) of Group turnover. Although the Board believes that detailed disclosure of the results of theindividual activities could be prejudicial to the Group's commercial interests,certain trends are commented on below. Vending The Vending business comprises the operation of photobooths and other vendingequipment. During the year, the total number of Vending sites worldwideincreased by approximately 2,000 to 28,000, including some 20,000 photobooths.PMI is a global company, operating in 20 countries, with three major Vendingterritories: France, the UK and Ireland, and Japan - in all of which itcontinues to enjoy a leading market position. Globally, the turnover of the Vending Division, whose photobooth operations aremature, decreased by 2.4%. Its contribution to profits, however, improved and itagain generated substantial cashflow. Geographical Analysis Vending turnover in France (with 9,300 sites, including 5,900 photobooths, ofwhich 98% are digital) increased by 1%. The increase in the number of sites,from 8,500 last year, reflects the siting of digital media kiosks. Demand for IDphotographs in France will be boosted by the planned introduction ofphoto-identity on personal National Health cards, resulting in 48 millionreplacement cards from calendar 2006. Vending turnover in the UK and Ireland (with 9,300 sites, including 5,600photobooths, of which 78% are digital) was flat. The increase of 1,000 sitesover the year mainly reflects expansion in the area of kiddie rides. Vending turnover in Japan (with 4,700 sites, including 4,600 photobooths)decreased by 5% despite a 12% increase in the number of machines and an increasein the proportion of digital machines from 72% to 84%. Despite the reduction inturnover, profits in Japan have increased. During the year, the maintenanceworkforce was reduced by one-third, reducing annual costs by £1.5m. The JapaneseGovernment announced during the year that ID photographs will play an integralpart in the new generation of passports to be introduced in March 2006. Thesetwo developments are expected to improve Japan's profitability. Digital Media Kiosks Following successful trials, mainly in Continental Europe, the roll-out ofdigital media kiosks commenced in May 2004. Digital media kiosks are capable ofprinting from both digital cameras and digital camera phones. By the year end,3,000 had been manufactured; 1,600 had been sold and 1,400 were operated by PMI,of which 1,000 in France. To date, results have been encouraging. The manufacture in China of thermal (i.e dry process) digital media kioskscommenced in May 2005 and by 31 December 2005 it is planned that 5,000 of thesewill be in operation or sold. The move of production to China reduces the costof digital media kiosks significantly whilst improving a number of features. Manufacturing Manufacturing turnover primarily derives from the sale to third parties ofphoto-processing equipment manufactured by PMI or, increasingly, bysub-contractors located in low cost territories. PMI has a unique andcomprehensive range covering all market segments, from wholesale labs, viaprofessional and retail labs, to end-consumer vending kiosks. In output terms,processing labs range from 250 to 20,000 prints per hour. This Divisionincreased its turnover by 24.8% in the full year; in the second half, theincrease was 40.5%. Manufacturing contributed the bulk of the Group profit andits increase. Wholesale Labs Imaging Solutions' wholesale lab business was acquired in April 2003 andcomfortably repaid its purchase price in the first year of ownership. Based nearZurich in Switzerland, Imaging Solutions is involved in the development,manufacture, sale and technical support of equipment and systems for high volumephoto-finish laboratories (up to 20,000 prints per hour). In the year, Imaging Solutions increased its turnover by 16.9% to £15.9m andmade another useful profit. An increased contribution is anticipated in thecurrent year. Professional Labs A substantial majority of Manufacturing turnover is represented by sales of theDKS 15xx range of minilabs. Their success reflects their quality, as evidencedby the award of the DIMA minilab prize at the Photo Marketing Association (PMA)Convention and Trade Show in Orlando, Florida in February 2005, uniquely for athird successive year. These minilabs have an output of 800 to 1,500 prints anhour. In the year, unit sales of minilabs increased by 40%. A significant proportionof the growth was in relation to contracts signed in September 2004 and November2004 with Tesco, the UK's largest retailer, and Klick, the UK's largestindependent photo-processing retailer, respectively. Margins benefited from theeffect of the move of production to PMI's sub-contractor in Poland, Flextronics,in January 2004. Trialling of PMI's minilabs in North America continues satisfactorily. Retail Labs PMI's retail lab is the DKS 900, the world's first thermal digital minilab,capable of printing from 250 to 1,000 prints per hour. Its compactness,reliability, ease of use and price make it particularly suited for offering adigital printing capability in a small retail environment. The first deliveries of the DKS 900 were made in August 2004. An increased rateof sale is expected in the current year. Consumer Labs Digital media kiosks provide vending machine convenience for digital camera andcamera-phone customers. Manufacture of digital media kiosks in Grenoble, France ceased in April 2005 andcommenced at a sub-contractor in Shanghai, China in May 2005. BOARD On 1 February 2005, Dan David retired as Chairman, having fulfilled that rolefor the past 12 years. Mr David continues as a non-executive Director and hasbeen appointed Life President. Dan David was succeeded as non-executive Chairman by Vernon Sankey, who has heldthe position of non-executive Deputy Chairman since his appointment to the Boardin October 2000. On 1 June 2005, David Scotland resigned as a non-executive Director. He issucceeded by Hugo Swire who brings to the Board wide-ranging experience inbusiness development in Asian markets, with a specific focus on China. The Board, accordingly, numbers nine, of whom four executive and fivenon-executive Directors. THE DIGITAL IMAGING MARKET PMI believes that it enjoys a strong position in a substantial and fast growingmarket which is developing to its advantage: •the installed base of digital cameras is expected shortly to exceed that of analogue equipment; •the installed base of camera phones is rising fast, as is the average of the megapixels offered, improving the quality of photographs taken; •home printing is fast losing market share, for reasons mainly of cost, quality and convenience; and •digital photographers are printing an increasing proportion of the photographs that they take. PMI is positioned optimally to exploit these trends: •PMI benefits from a unique vending infrastructure of 28,000 sited machines worldwide, with related arrangements for maintenance and cash collection. This network greatly facilitates the roll-out of digital media kiosks; •PMI is the only manufacturer globally to offer a comprehensive digital range, covering the entire spectrum of client needs with an outstanding and recognised quality at realistic pricing points, for both customers and the Group; •PMI has only two significant competitors to its minilab manufacturing business and only one competitor, currently in receivership, for its wholesale lab manufacturing business; •PMI has two products of particular potential: the digital media kiosk, whose volume roll-out of lower cost, Chinese-manufactured models has recently commenced, and the next generation of DKS minilab, which is expected to be available in the middle of calendar 2006; and •PMI, with its long track record of technical innovation, has the capability to develop further market-leading products. STRATEGIC OBJECTIVES PMI has reached a stepping stone: financially, with its net cash balance andstrong cash generation, and commercially, with its extensive Vending network,principally imaging-based, and proven and comprehensive digital imagingManufacturing range. PMI intends to use its financial strength to grow organically and throughacquisitions. In Vending, PMI intends to leverage its infrastructure and extend its productrange beyond photobooths, increasing its relevance to key site owners. In Manufacturing, PMI intends to strengthen its footprint and commercial networkwith a view to obtaining a substantial and rewarding share of the world marketfor digital photo-processing equipment. PROSPECTS In the current year, in Vending, both photobooths and digital media kiosksshould continue to make a positive contribution. In Manufacturing, another goodperformance is expected. Overall, the Directors are confident of furtherprogress. Further out, in Vending, photobooths will benefit from changes in ID regulationsin France and Japan, two of PMI's principal markets. Additionally, the roll-outof digital media kiosks is expected to contribute significantly to Groupperformance. In Manufacturing, the DKS 3 minilab (which is the first digitalminilab of the third generation) enhances the product range, whilst the NorthAmerican market represents a significant opportunity. Overall, prospects forsustained profitable growth remain good. Serge CrasnianskiChief Executive Officer 21 June 2005 GROUP PROFIT AND LOSS ACCOUNT for the year ended 30 April 2005 Notes Audited Audited 2005 2004 £'000 £'000 Turnover - continuing operations 236,054 219,949Less: share of turnover of joint venture (82) - ______ _______ Group turnover - continuing operations 1 235,972 219,949 Cost of sales (176,013) (177,826) Exceptional cost of sales 2 (816) - (176,829) (177,826) Gross profit 59,143 42,123Administrative expenses (26,256) (20,847)Other operating income 1,468 983 ______ ______ Operating profit - continuing operations 34,355 22,259Share of operating loss of joint venture (78) -Share of operating profit of associates 34 32 ______ ______ Total operating profit 34,311 22,291 Profit on the sale of a joint venture - 358 ______ ______ Profit on ordinary activities before interest 34,311 22,649Interest receivable 415 195Interest payable (1,689) (1,714) ______ ______ Profit on ordinary activities before taxation 2 33,037 21,130 Tax charge on profit on ordinary activities (11,253) (6,018)Tax credit on exceptional item 343 - ______ ______ Total tax charge 3 (10,910) (6,018) Profit on ordinary activities after taxation 22,127 15,112Minority interests (389) (535)- equity interests- non-equity interests (18) (19) ______ ______ Profit attributable to members of the holding 4 21,720 14,558companyDividends (7,285) (3,643)- equity interests ______ ______ Retained profit for year 14,435 10,915 ______ ______ Earnings per shareBasic earnings per share 5 5.96p 4.01pAdjusted basic earnings per share(1) 5 6.28p 4.06p Diluted earning per share 5 5.90p 3.97pAdjusted diluted earnings per share(1) 5 6.21p 4.02p (1) The alternative measure of earnings per share is provided because it reflectstheGroup's underlying trading performance excluding the effects of goodwillamortisationand exceptional items. Dividends per share 4 2.00p 1.00p GROUP BALANCE SHEET as at 30 April 2005 Notes Audited Audited 2005 2004 £'000 £'000 Fixed assets 6 24,231 21,395Intangible assetsTangible assets 6 71,856 63,971Investments 260 282 ______ ______ 96,347 85,648 ______ ______ Current assets 23,126 23,018Stocks 42,728 32,345Debtors 14,278 13,983Investments and short-term deposits 19,637 18,026Cash at bank and in hand ______ ______ 99,769 87,372 ______ ______ Creditors 78,292 68,649Amounts falling due within one year ______ ______ Net current assets 21,477 18,723 ______ ______ Total assets less current liabilities 117,824 104,371 Creditors 18,477 17,651Amounts falling due after more than one year ______ _______ Provisions for liabilities and charges 99,347 86,720Provisions 4,760 6,323Deferred taxation 9,075 8,747Provision for joint venture deficit- gross assets (461) - - gross liabilities 546 - 85 - ______ ______ 13,920 15,070 ______ ______ Minority interests 85,427 71,650- equity interests 1,187 1,713- non-equity interests 764 803 ______ ______ 83,476 69,134 ______ ______ Capital and reserves 7 2,022 2,022Called-up share capital 7 3,487 3,487Reserves: 7 2,806 2,765Share premium account 75,161 60,860Other reservesProfit and loss account ______ ______ 83,476 69,134 ______ ______ Shareholders' funds are attributable to: 83,275 68,933Equity interests 201 201Non-equity interests ______ _______ 83,476 69,134 ______ ______ GROUP CASH FLOW STATEMENT for the year ended 30 April 2005 Note Audited Audited 2005 2004 £'000 £'000 Net cash inflow from operating activities (a) 51,827 58,743 Dividends from associated undertakings 55 26 Returns on investments and servicing of finance (1,301) (1,553) Taxation (5,912) (1,102) Capital expenditure and financial investment (34,529) (20,979) Acquisitions and disposals (2,456) (154) Dividends paid-equity shareholders (6,557) - ______ ______ Cash inflow before use of liquid resources andfinancing 1,127 34,981 Management of liquid resources (292) (12,876) Financing 3,674 (15,103) ______ ______ Increase in cash in the year 4,509 7,002 ______ ______ Reconciliation of net cash flow to movement in netdebt Increase in cash in the year 4,509 7,002 Repayment of capital element of finance leases 622 2,151 Cash flow from (increase)/decrease in debt (4,286) 13,942 Cash flow from increase in liquid resources 292 12,876 ______ ______ Change in net cash/debt resulting from cash flows 1,137 35,971 Foreign exchange translation differences 1 355 ______ ______ Movement in net cash in the year 1,138 36,326 Opening net cash/(debt) 2,925 (33,401) ______ ______ Closing net cash (b) 4,063 2,925 ______ ______ NOTES TO THE CASH FLOW STATEMENT (a) Reconciliation of operating profit to operating cash flow 2005 2004 £'000 £'000 Operating profit (before operating exceptional item) 35,171 22,259Depreciation and amortisation charges 23,684 29,863Loss on sale of assets 128 467Exceptional item 816 -Other non-cash movements 142 200 ______ ______Gross cash inflow 58,309 52,789Increase in stocks (142) (3,422)Increase in debtors (9,244) (7,058)Increase in creditors 4,397 15,162(Decrease)/increase in provisions (1,493) 1,272 ______ ______Net cash inflow from operating activities 51,827 58,743 ______ ______(b) Net cash/(debt) 30 April 30 April 2005 2004 £'000 £'000 Overdrafts (2,857) (5,674)Debt due within one year (11,120) (8,436)Debt due after one year (15,865) (14,342)Finance leases (10) (632) ______ ______ (29,852) (29,084)Cash at bank and in hand 19,637 18,026Current asset investments and short-term deposits 14,278 13,983 ______ ______Net cash 4,063 2,925 ______ ______ GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES 2005 2004 £'000 £'000 Profit attributable to shareholders 21,720 14,558Exchange and other adjustments (93) (2,476) ______ ______Total recognised gains and losses for the year 21,627 12,082 ______ ______ NOTES 1 Turnover 2005 2004 £'000 £'000 Area of activityManufacturing:Total sales 110,286 82,448Sales of capital equipment to Group undertakings for own use (12,272) (3,889) _______ ______ 98,014 78,559Vending 137,958 141,390 _______ _______ 235,972 219,949 _______ _______Geographical analysis by originContinental Europe 141,526 130,765United Kingdom and Republic of Ireland 60,870 54,035Asia 30,782 31,210Unites States of America 2,794 3,939 _______ ______ 235,972 219,949 _______ ______ 2 Profit/(loss) before tax Geographical areaContinental Europe 30,547 17,344United Kingdom and Republic of Ireland 299 3,016Asia and Australia 2,191 1,096United States of America - (326) ______ ______ 33,037 21,130 ______ ______ UK and Ireland profit is stated after charging head officecosts. 2005 Profit is stated after an exceptional item of £816,000shown as exceptional cost of sales. This relates tore-structuring in Japan, arising from the reduction in theworkforce. 3 Taxation United Kingdom 33 368 Overseas 10,877 5,650 ______ ______ 10,910 6,018 _______ ______ 4 Dividends Year to Year to 30 April 30 April 2005 2004 £000 £000 Dividends on equity - Ordinary Shares: Interim dividend paid of: 0.8p per share(2004: Nil) 2,914 - Proposed final dividend of: 1.2p pershare (2004: 1.0p) 4,371 3,643 ____ ____ Total dividend of: 2.0p pr share (2004:1.0p) 7,285 3,643 The Directors are proposing a final dividend for the year of 1.2p (2004: 1.0p)per Ordinary Share. If approved at the AGM on 28 September 2005, the dividendwill be paid on 2 November 2005 to shareholders on the register at the close ofbusiness on 7 October 2005. 5 Earnings per share 2005 2004 The calculation of earnings per share isbased on the following: Basic earnings attributable toshareholders (£'000) 21,720 14,558 Adjustment for exceptional items 816 (358) Adjustment for tax on exceptional items (343) - Adjustment for goodwill amortisation 676 545 Adjusted earnings attributable toshareholders (£'000) 22,869 14,745 Weighted average number of shares in issue inthe period - basic ('000) 364,253 363,387 - including dilutive share options('000) 368,174 367,000 _______ ______ 6 Fixed assets Other Goodwill intangible Tangible £'000 £'000 £'000 Net book value at 1 May 2004 7,984 13,411 63,971 Exchange adjustment 2 16 (362) Reclassification - - (121) Additions - Operating equipment - - 27,119 - Other 1,762 6,366 2,317 Depreciation provided in the year (676) (4,634) (18,374) Disposals at net book value - - (2,694) _____ ______ ______Net book value at 30 April 2005 9,072 15,159 71,856 ______ ______ ______ 7 Reserves Share Other Revenue premium reserves reserves account £'000 £'000 £'000 Balance at 1 May 2004 3,487 2,765 60,860 Exchange and other adjustments - 41 (134) Profit for year - - 21,720 Dividend - - (7,285) ______ ______ ______ Balance at 30 April 2005 3,487 2,806 75,161 ______ ______ ______ 9 Publication of non-statutory accounts This preliminary statement was approved by the Board of Directors on 20 June2005. The financial information contained in this preliminary announcement doesnot constitute statutory accounts as defined in Section 240 of the Companies Act1985. The figures have been extracted from statutory accounts on which anunqualified audit report has been issued. Those accounts are yet to be deliveredto the Registrar of Companies. The financial information for the preceding yearis based on the statutory accounts for the year ended 30 April 2004. Thoseaccounts, upon which the auditors issued an unqualified opinion, have beendelivered to the Registrar of Companies. Copies of the Report and Accounts, for the year ended 30 April 2005, will bemailed to shareholders by 15 July 2005 and will be available from the Company'sregistered office at Church Road, Bookham, Surrey KT23 3EU (telephone:01372-453399, fax: 01372-459064, e-mail: [email protected]) after that date. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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