Preliminary Results

Gresham Computing PLC 16 April 2002 GRESHAM COMPUTING PLC ('Gresham' or the 'Group') Preliminary Results for the 14 months ended 31 December 2001 Financial Highlights 2001 2000 Turnover Â£24.8m Â£23.3m Pre-tax profit* Â£0.9m Â£(3.6)m Loss before tax Â£(1.0)m Â£(4.3)m Earnings per share (3.32)p (9.38)p *before goodwill amortisation and impairment Gresham Computing plc, provider of enterprise software and solutions, announces its preliminary results for the 14 month period ended 31 December 2001. The main results highlights are as follows: * Group profit before tax, goodwill amortisation and impairment increased to Â£0.9m (2000: loss before tax Â£3.6m) * Significant strategic partnership with Cable & Wireless for Real-Time Nostro software * Disposal of first tranche of SIM shares completed for Â£5.85m. Disposal of remaining shares in SIM completed on 15 April 2002 for an initial consideration of Â£6.9m plus 10% of SIM's turnover to October 2002 * Business now focused on 3 core areas of operation: - Storage Management - Casablanca - Real-Time Nostro Andrew Walton-Green, Chief Executive of Gresham commenting on the results said: 'Despite difficult trading conditions in 2001, the disposal of the first tranche of SIM shares has returned the Group to a net cash position. This is strengthened by the completion of the second tranche of shares today. After a review of operations, the Board is confident that its continued investment into intellectual property is the right direction for Gresham. We are now focused on three areas of operation which we believe will show significant long- term growth potential.' For further information, please contact: Gresham Computing plc 01489 555522 Andrew Walton-Green, Chief Executive Dean Osman, Finance Director Weber Shandwick Square Mile 020 7950 2800 Tim Jackaman Sally Lewis 16 April 2002 GRESHAM COMPUTING PLC ('Gresham' or the 'Group' or the 'Company') Preliminary Results for the 14 months ended 31 December 2001 Chairman's Statement Results In this statement the period refers to the 14 months ended 31 December 2001 and the comparative figures are for the year ended 31 October 2000. Turnover for the period was Â£24.8 million (2000: Â£23.3 million). The profit before tax and goodwill amortisation was Â£0.9 million (2000: loss of Â£3.6 million), while the loss per ordinary share after goodwill amortisation was 3.32 pence (2000: 9.38 pence). Turnover from ongoing operations was Â£18.3 million (2000: Â£18.8 million). SIM Group Limited, which is classified as a discontinued operation following the disposal of 50% plus one controlling share by the group on 25 June 2001, contributed revenue up to that date of Â£6.4 million (year ended 31 October 2000: Â£4.5 million). The total operating loss before goodwill amortisation and impairment was Â£1.7 million (2000: Â£3.3 million). A profit on disposal of operations and fixed assets contributed Â£2.7 million, and the charge for goodwill amortisation during the period was Â£1.9 million, which included an exceptional charge for impairment of Â£1.2 million and a charge of Â£0.3 million in respect of SIM Group. Trading conditions throughout the period were difficult, in particular for our solutions business, however the Board has continued to invest in research and development to maximise the Group's intellectual property for the long term. The Group's financial position has significantly improved following the disposal of the first tranche of shares in SIM Group and careful cash management. At 31 December 2001, the Group had a net cash balance of Â£0.5 million compared with net debt at 31 October 2000 of Â£3.2 million. Disposal of SIM Group The disposal of the SIM Group, which is consistent with our corporate strategy, realised Â£5.85 million for the first tranche of shares, resulting in a profit on disposal of Â£2.6 million in the results for the period. The completion of the disposal of our remaining shares in SIM Group was completed today for initial proceeds of Â£6.9 million. Further proceeds of ten per cent of the turnover achieved by SIM Group in the year ending 31 October 2002 will be payable in cash by 30 December 2002.. This will result in a profit on disposal of approximately Â£5 million being recorded in the first half of 2002. These proceeds further strengthen the Group's financial position. The total proceeds for the disposal of SIM Group are expected to exceed Â£13 million, an excellent return on the Â£6 million cost of acquiring SIM Group in April 1999. Strategy Two years ago, the initial action of the executive team was to evaluate the potential value within the group of companies, following the series of acquisitions which commenced four years ago. That process identified intellectual property of immense potential within the Group even though it required further investment to be fully developed. Despite the difficult trading and financial position of the Group at that time, the Board have continued to invest in our intellectual property throughout the period and will continue the investment in order to recognise that potential. Our strategy is to focus primarily on the three areas of operation that we consider to have significant long-term growth prospects: Storage Management, Casablanca and Real Time Nostro. These three areas will be underpinned by the traditional strength of Gresham in its ongoing support and maintenance of customers. Loss-making businesses that have no part in our strategy have been greatly reduced in size. This process has led to the closure in March 2002 of the Automated Solutions business and a resultant write-off of goodwill of Â£1.2 million in the preliminary results. Storage management The Extended Data Technology (EDT) family of products provide enhanced integration and efficiency for Tivoli Storage Manager and StorageTek library users. Sales of EDT during the period have not yet met our expectations, as a result of difficult market conditions in the US. In addition, our channel relationships are taking longer than expected to become fully operational. However, we consider that EDT and its successors have considerable market potential. To realise this potential we are forging business relationships with world-class providers of storage media, including our global distribution agreement announced with Tivoli-IBM in June 2001. Casablanca Casablanca is the Group's flagship enterprise application integration (EAI) engine. Through its orchestration layer, Casablanca has the capability not only of integrating large numbers of applications but other EAI software tools as well. During the period, contracts have been signed with two leading banks for Casablanca software. This resurgence of interest has arisen from the development of the new 'C3' version of Casablanca, adding speed and scalability to what was already a fine product. This will provide an excellent platform for further sales to financial organisations. Casablanca has a wide range of applications and we intend to use the financial sector as a platform to advance into other markets. Real Time Nostro The revenue sharing contract with Cable & Wireless to provide the Real Time Nostro software is possibly our most exciting opportunity. With the combination of Gresham's thought leadership and the backing and renowned technical and delivery resources of Cable & Wireless, Real Time Nostro is now positioned to be commercially realised. The Real Time Nostro service remains on target to be operational in the second half of the year. Whilst the build-up of revenues will initially be slow as the service is rolled out, the directors consider that this service provides the Group with an excellent opportunity for significant recurring revenue growth in 2003 and beyond. Outlook We are committed to continue to invest in order to deliver the potential long-term growth within the business. This continued investment, combined with the difficult trading conditions experienced by all our businesses including SIM Group during the first quarter of 2002 is expected to result in an operating loss for 2002, although this is expected to be more than offset by the profit realised on the disposal of the Tranche 2 SIM Group shares. We anticipate that our significant business opportunities will come on stream during the second half of 2002 and build in 2003, providing the Group with a platform for growth in 2003 and beyond. The past three years have been the most difficult period in the history of Gresham, and shareholders will naturally have felt concern for the security of their investment during this period. Being a significant shareholder myself, I have no hesitation in expressing my total confidence in the executive arm of the board. We have chosen a strategy for recovery that needs great courage and, due to the skill and determination of the board and management team, we are now beginning to deliver on this strategy. There is still much to do, but I believe that your company is now firmly back on track to regain growth and prosperity. This position would never have been possible without the loyalty and ingenuity of our staff. They have weathered the worst of the recent times and yet have given unstintingly of their efforts, and to every one of them I extend my heartfelt gratitude and thanks. Sid Green Chairman For further information, please contact: Gresham Computing plc 01489 555522 Andrew Walton-Green, Chief Executive Dean Osman, Finance Director Weber Shandwick Square Mile 020 7950 2800 Tim Jackaman Sally Lewis GRESHAM COMPUTING PLC Group Profit and Loss Account for the 14 months ended 31 December 2001 Before goodwill Goodwill Total amortisation amortisation Group 14 months ended 31 December Notes 2001 2001 2001 Â£'000 Â£'000 Â£'000 ------------------------------------------------------------------------------ TURNOVER Continuing operations 18,321 - 18,321 Discontinued operations 6,440 - 6,440 ------------------------------------------------------------------------------ Group Turnover 2 24,761 - 24,761 Cost of sales 13,988 - 13,988 ------------------------------------------------------------------------------ GROSS PROFIT 10,773 - 10,773 ------------------------------------------------------------------------------ Administrative expenses - pre-exceptional items 12,643 627 13,270 Administrative expenses - exceptional items 260 1,155 1,415 ------------------------------------------------------------------------------ Administrative expenses 12,903 1,782 14,685 ------------------------------------------------------------------------------ OPERATING LOSS (2,130) (1,782) (3,912) ------------------------------------------------------------------------------ Continuing operations (3,034) (1,533) (4,567) Discontinued operations 904 (249) 655 Share of operating profit in associate 450 (88) 362 ------------------------------------------------------------------------------ TOTAL OPERATING LOSS: GROUP AND SHARE OF ASSOCIATE (1,680) (1,870) (3,550) ------------------------------------------------------------------------------ Profit on disposal of tangible fixed assets (continuing operations)3 84 - 84 Profit on sale of operations (discontinued operations) 3 2,647 - 2,647 ------------------------------------------------------------------------------ PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE INTEREST AND TAXATION 1,051 (1,870) (819) Net interest payable (154) - (154) ------------------------------------------------------------------------------ PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION 897 (1,870) (973) Taxation on profit/(loss) on ordinary activities 444 - 444 ------------------------------------------------------------------------------ PROFIT/(LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION 453 (1,870) (1,417) Dividends- non-equity interests 66 - 66 ------------------------------------------------------------------------------ RETAINED LOSS FOR THE PERIOD/YEAR 387 (1,870) (1,483) ------------------------------------------------------------------------------ Basic and diluted earnings per share (pence) 4 0.87 (4.19) (3.32) ------------------------------------------------------------------------------ GRESHAM COMPUTING PLC Group Profit and Loss Account for the 14 months ended 31 December 2001 Before goodwill Goodwill Total amortisation amortisation Group Year ended 31 October Notes 2000 2000 2000 Â£'000 Â£'000 Â£'000 ----------------------------------------------------------------------------- TURNOVER Continuing operations 18,792 18,792 Discontinued operations 4,533 4,533 ------------------------------------------------------------------------------ Group Turnover 2 23,325 - 23,325 Cost of sales 13,796 - 13,796 ------------------------------------------------------------------------------ GROSS PROFIT 9,529 - 9,529 ------------------------------------------------------------------------------ Administrative expenses - pre-exceptional items 11,357 703 12,060 Administrative expenses - exceptional items 3 1,489 - 1,489 ------------------------------------------------------------------------------ Administrative expenses 12,846 703 13,549 ------------------------------------------------------------------------------ OPERATING LOSS (3,317) (703) (4,020) Continuing operations (3,371) (322) (3,693) Discontinued operations 54 (381) (327) Share of operating profit in associate - - - ------------------------------------------------------------------------------ TOTAL OPERATING LOSS: GROUP AND SHARE OF ASSOCIATE (3,317) (703) (4,020) ------------------------------------------------------------------------------ Profit on disposal of tangible fixed assets (continuing operations) 3 - - - Profit on sale of operations (discontinued operations) 3 - - - ------------------------------------------------------------------------------ PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE INTEREST AND TAXATION (3,317) (703) (4,020) Net interest payable (253) - (253) ------------------------------------------------------------------------------ PROFIT/(LOSS) ON ORDINARY ACTIVITIES BEFORE TAXATION (3,570) (703) (4,273) Taxation on profit/(loss) on ordinary activities (267) - (267) ------------------------------------------------------------------------------ PROFIT/(LOSS) ON ORDINARY ACTIVITIES AFTER TAXATION (3,303) (703) (4,006) Dividends- non-equity interests 66 - 66 ------------------------------------------------------------------------------ RETAINED LOSS FOR THE PERIOD/YEAR (3,369) (703) (4,072) ------------------------------------------------------------------------------ Basic and diluted earnings per share (pence) 4 (7.76) (1.62) (9.38) ------------------------------------------------------------------------------ GRESHAM COMPUTING PLC Group Balance Sheet at 31 December 2001 31 31 December October 2001 2000 Â£'000 Â£'000 ------------------------------------------------------------------------------ FIXED ASSETS Intangible assets 1,274 8,047 Tangible assets 1,832 2,737 Investment in Associate 2,865 - ------------------------------------------------------------------------------ 5,971 10,784 ------------------------------------------------------------------------------ CURRENT ASSETS Debtors 4,008 6,851 Cash at bank and in hand 958 343 ------------------------------------------------------------------------------ 4,966 7,194 ------------------------------------------------------------------------------ Creditors: amounts falling due within one year 4,146 6,807 ------------------------------------------------------------------------------ NET CURRENT ASSETS 820 387 ------------------------------------------------------------------------------ TOTAL ASSETS LESS CURRENT LIABILITIES 6,791 11,171 ------------------------------------------------------------------------------ Creditors: amounts falling due after more than one year 763 3,658 ------------------------------------------------------------------------------ 6,028 7,513 ------------------------------------------------------------------------------ CAPITAL AND RESERVES Called up share capital 2,332 2,714 Share premium account 5,614 5,232 Special reserve 313 313 Merger reserve 726 726 Profit and loss account (2,957) (1,472) ------------------------------------------------------------------------------ 6,028 7,513 ------------------------------------------------------------------------------ SHAREHOLDERS' FUNDS Equity interests 6,028 7,003 Non-equity interests - 510 ------------------------------------------------------------------------------ 6,028 7,513 ------------------------------------------------------------------------------ GRESHAM COMPUTING PLC Group Statement of Cash Flow for the period ended 31 December 2001 14 months Year ended 31 ended 31 December October Notes 2001 2000 Â£'000 Â£'000 ------------------------------------------------------------------------------ NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES 6 (848) 695 ------------------------------------------------------------------------------ RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest received 39 11 Interest paid (207) (264) Dividends paid to preference shareholders (132) - ------------------------------------------------------------------------------ (300) (253) ------------------------------------------------------------------------------ TAXATION Tax paid (144) (288) ------------------------------------------------------------------------------ (144) (288) ------------------------------------------------------------------------------ CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT Payments to acquire tangible fixed assets (477) (503) Receipts from sale of tangible fixed assets 442 133 ------------------------------------------------------------------------------ (35) (370) ------------------------------------------------------------------------------ ACQUISITIONS AND DISPOSALS Sale of subsidiary undertaking 5,850 - Costs of disposal (434) - Net cash disposed of with subsidiary undertaking (363) - Purchase consideration for subsidiary undertakings - (66) ------------------------------------------------------------------------------ 5,053 (66) ------------------------------------------------------------------------------ EQUITY DIVIDENDS PAID - - ------------------------------------------------------------------------------ NET CASH INFLOW/(OUTFLOW) BEFORE FINANCING 3,726 (282) ------------------------------------------------------------------------------ FINANCING New long-term loans - 500 Repayment of long-term loans (2,500) - Receipt of short-term loans 250 (4) Repayment of short-term loans (219) - Repayments of finance leases (216) (272) ------------------------------------------------------------------------------ Net (outflow)/inflow from financing (2,685) 224 ------------------------------------------------------------------------------ INCREASE/(DECREASE) IN CASH IN THE PERIOD/YEAR 1,041 (58) ------------------------------------------------------------------------------ Reconciliation of Net Cash Flows to Movement in Net Funds/(Debt) Increase/(Decrease) in cash 1,041 (58) Cash inflow from increase in loans (31) (500) Repayments of loans 2,500 4 Repayments of capital element of finance leases 216 272 ------------------------------------------------------------------------------ Change in net funds resulting from cashflows 3,726 (282) Finance lease obligations disposed of with subsidiary undertaking 109 - Other (105) - Exchange differences - (25) ------------------------------------------------------------------------------ MOVEMENT IN NET FUNDS 3,730 (307) NET DEBT AT 1 NOVEMBER (3,217) (2,910) ------------------------------------------------------------------------------ NET FUNDS/(DEBT) AT 31 DECEMBER/31 OCTOBER 513 (3,217) ------------------------------------------------------------------------------ GRESHAM COMPUTING PLC Group Statement of Total Recognised Gains and Losses for the period ended 31 December 2001 14 months Year ended 31 ended 31 December October 2001 2000 Â£'000 Â£'000 ------------------------------------------------------------------------------ Loss for the financial period/year (1,417) (4,006) Exchange difference on retranslation of net assets of subsidiary undertakings (2) (92) ------------------------------------------------------------------------------ Total recognised gains and losses relating to the period (1,419) (4,098) ------------------------------------------------------------------------------ Reconciliation of consolidated shareholders' funds for the period ended 31 December 2001 14 months Year ended 31 ended 31 December October 2001 2000 Â£'000 Â£'000 ------------------------------------------------------------------------------ Total recognised gains and losses (1,419) (4,098) Dividends (66) (66) Issue of shares - 2,925 Shares to be issued - (2,925) ----------------------- Total movements during the year (1,485) (4,164) Opening shareholders' funds 7,513 11,677 ------------------------------------------------------------------------------ Closing shareholders' funds 6,028 7,513 ------------------------------------------------------------------------------ GRESHAM COMPUTING PLC NOTES TO THE PRELIMINARY RESULTS ANNOUNCEMENT FOR THE PERIOD ENDED 31 DECEMBER 2001 1. The above financial information does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. The results for the period ended 31 December 2001 and the balance sheet at that date are extracted from the statutory accounts (on which the auditors have given an unqualified opinion), which will be filed with the Registrar of Companies. The comparative financial information is extracted from the statutory accounts for the year ended 31 October 2000 (on which the auditors have given an unqualified opinion), which have already been sent to shareholders and filed with the Registrar of Companies. 2. Turnover and segmental analysis Geographical analysis of turnover by source and destination Analysis of turnover by segment Turnover Inter External Turnover Inter External segment segment turnover turnover turnover turnover 14 months Year ended ended 31 December 31 October 2001 2001 2001 2000 2000 2000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 ------------------------------------------------------------------------------ Solutions 4,748 (2) 4,746 7,112 - 7,112 Specialist contract staff 6,167 (1,291) 4,876 4,757 (1,365) 3,392 ------------------------------------------------------------------------------ Enterprise Solutions 10,915 (1,293) 9,622 11,869 (1,365) 10,504 Enterprise Software 8,699 - 8,699 8,288 - 8,288 ------------------------------------------------------------------------------ Continuing operations 19,614 (1,293) 18,321 20,157 (1,365) 18,792 SIM Testing (discontinued)6,449 (9) 6,440 4,533 - 4,533 ------------------------------------------------------------------------------ 26,063 (1,302) 24,761 24,690 (1,365) 23,325 ------------------------------------------------------------------------------ Geographical analysis of turnover by source Turnover Inter External Turnover Inter External segment segment turnover turnover turnover turnover 14 months ended 31 December Year ended 31 October 2001 2001 2001 2000 2000 2000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 ------------------------------------------------------------------------------ United Kingdom- continuing operations 12,742 (1,244) 11,498 12,673 (1,545) 11,128 United Kingdom- discontinued operations 6,449 (9) 6,440 4,533 - 4,533 North America 4,710 (226) 4,484 5,590 (56) 5,534 Rest of world 2,765 (426) 2,339 2,206 (76) 2,130 ------------------------------------------------------------------------------ 26,66 (1,905) 24,761 25,002 (1,677) 23,325 ------------------------------------------------------------------------------ Geographical analysis of turnover by destination 14 months Year ended 31 December ended 31 October 2001 2000 Â£'000 Â£'000 ------------------------------------------------------------------------------ United Kingdom-continuing operations 10,002 8,199 United Kingdom-discontinued operations 6,440 4,118 Europe - continuing operations 1,730 3,124 Europe - discontinued operations - 415 North America 4,498 5,669 Rest of world 2,091 1,800 ------------------------------------------------------------------------------ 24,761 23,325 ------------------------------------------------------------------------------ Analysis of profit/(loss) on ordinary activities before taxation by segment. Common costs comprise the costs of all central group services Profit/(loss) Profit/(loss) before before goodwill Goodwill goodwill Goodwill amortisation amortisation amortisation amortisation 14 months ended 31 December Year ended 31 October 2001 2001 2001 2000 2000 2000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 ------------------------------------------------------------------------------ Enterprise Solutions(2,106) (72) (2,178) (2,249) (60)(2,309) Enterprise software 737 (1,461) (724) 1,612 (262) 1,350 ------------------------------------------------------------------------------ Continuing operations(1,369) (1,533) (2,902) (637) (322) (959) SIM Testing (discontinued) 904 (249) 655 54 (381) (327) ------------------------------------------------------------------------------ (465) (1,782) (2,247) (583) (703)(1,286) Common costs (1,665) - (1,665) (2,734) - (2,734) ------------------------------------------------------------------------------ Operating loss (2,130) (1,782) (3,912) (3,317) (703)(4,020) Share of operating profit of associate 450 (88) 362 - - - Non-operating exceptional items 2,731 - 2,731 - - - Net interest payable (154) - (154) (253) - (253) ------------------------------------------------------------------------------ Profit/(Loss)on ordinary activities before taxation 897 (1,870) (973) (3,570) (703)(4,273) ------------------------------------------------------------------------------ Analysis of profit / (loss) on ordinary activities before taxation by source Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 ------------------------------------------------------------------------------ United Kingdom (238) (238) (383) - (383) North America (977) (1,411) (2,388) 6 (220) (214) Rest of world (154) (122) (276) (260) (102) (362) ------------------------------------------------------------------------------ (1,369) (1,533) (2,902) (637) (322) (959) United Kingdom (discontinued) 904 (249) 655 54 (381) (327) ------------------------------------------------------------------------------ (465) (1,782) (2,247) (583) (703) (1,286) ------------------------------------------------------------------------------ Common costs (1,665) (1,665) (2,734) - (2,734) Share of operating profit of associate 450 (88) 362 - - - ------------------------------------------------------------------------------ Total operating loss: Group and share of associate (1,680) (1,870) (3,550) (3,317) (703) (4,020) Non-operating exceptional items 2,731 - 2,731 - - - Net interest payable (154) - (154) (253) - (253) ------------------------------------------------------------------------------ Profit/(Loss)on ordinary activities before taxation 897 (1,870) (973) (3,570) (703) (4,273) ------------------------------------------------------------------------------ 3. Exceptional items 14 months Year Recognised in arriving at operating loss: ended 31 December ended 31 October 2001 2000 Â£'000 Â£'000 ------------------------------------------------------------------------------ Compensation for loss of office - 237 Reorganisation and restructuring costs 263 982 Bad debts - 175 Provision for impairment in value of goodwill 1,155 - Reversal of previous provision for impairment in value of freehold property (125) - Provision for impairment in value of leasehold property improvements 122 95 ------------------------------------------------------------------------------ TOTAL EXCEPTIONAL COSTS 1,415 1,489 ------------------------------------------------------------------------------ Recognised below operating loss: Profit on disposal of tangible fixed assets 84 - Profit on sale of 50.01% interest in SIM Group Limited2,647 - ------------------------------------------------------------------------------ Exceptional Profits 2,731 - ------------------------------------------------------------------------------ 4. Earnings per share (EPS) The calculation of earnings per ordinary share has been based on the loss attributable to shareholders, adjusted for preference dividends of Â£1,483,000 (2000: Â£4,072,000) and on a weighted average number of shares of 44,625,110 (2000 43,427,491). Diluted earnings per share are identical to basic earnings per share because potential diluting events would have the effect of reducing the loss per ordinary share. 5. Dividends The directors do not propose the payment of an ordinary dividend in respect of the period ended 31 December 2001. 6. Reconciliation of operating loss to net cash flow from operating activities 14 months Year ended 31 December ended 31 October 2001 2000 Â£'000 Â£'000 ------------------------------------------------------------------------------ Operating loss (3,912) (4,020) Depreciation and impairment of tangible fixed assets 887 1,033 Amortisation and impairment in value of goodwill 1,903 821 (Profit) / loss on sale of fixed assets - (22) Decrease in debtors 1,150 1,406 (Decrease)/increase in creditors (876) 1,580 Foreign exchange movement - (103) ------------------------------------------------------------------------------ Net cash (outflow)/inflow from operating activities (848) 695 ------------------------------------------------------------------------------ 7.This preliminary statement of results will not appear as an advertisement in any newspaper but the annual report is being sent to all shareholders by 23 April 2002 and copies will be available to members of the public from the company's registered office: Sopwith House, Brook Avenue, Warsash, Southampton SO31 9ZA. This information is provided by RNS The company news service from the London Stock Exchange

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