Final Results
M&C Saatchi PLC
11 April 2005
M&C Saatchi
Preliminary Results for Year Ended 31 December 2004
M&C Saatchi plc, the international advertising agency with offices in 13
locations including London, New York and across the Asia Pacific Regions
announces its preliminary results for the year ended 31st December 2004.
Financial Highlights:
•Revenues (Gross Profit) up 4.8% to £62.2 million (2003: £59.3 million)
•Operating profit up 5.3% to £7.2 million (2003: £6.9 million)
•Underlying operating margins (excluding plc and one-off float costs of
£501k) improved to 12.4%
•Profit before taxation up 8.5% to £8.1 million (2003: £7.5 million)
•Earnings per share up 6.8% to 9.28 pence (2003: 8.69 pence)
•Final dividend of 1.16 pence
Operational Highlights:
•Successful admission to AIM in July 2004
•Strong new business performance in the UK, with wins including Privilege
Insurance (part of the Royal Bank of Scotland group), US Department of
Commerce (Tourism), Krug and Halfords.
•Strong growth in Asia Pacific
•America returned to profit
•Ongoing international expansion, with a new office established in
Thailand during the year and currently in negotiations with partners of
choice in France
Commenting on the results, Chief Executive David Kershaw said:
'This is the 10th successive year of organic revenue growth for the Group. We
have had a successful maiden year as a listed company with profit before tax up
over 8%. We continue to see good opportunities for organic growth and further
international expansion and are encouraged by the new business performance in
the current year.'
Except where otherwise stated, this report refers to the unaudited pro forma
profit and loss account for M&C Saatchi plc (The 'Group'). This has been
prepared to show, for illustrative purposes only, the Group's results as if the
reorganisation which occurred immediately prior its admission to trading on AIM
on 14 July 2004, has occurred on 1st January 2003. The unaudited pro forma
profit and loss account excludes the write off of the goodwill & exceptional
charges that was created as a result of the reorganisation.
Performance Overview
Financial Review
Revenues increased 4.8% to £62.2 million (2003: £59.3 million). This represents
the 10th successive year of organic revenue growth, driven by revenue from new
clients and securing new assignments from existing clients.
Operating profits increased by 5.3% to £7.2 million. This was driven by improved
contributions from our Asia Pacific business, which grew operating profits by
39% and our American business, which returned to profit.
Profit before taxation and goodwill amortisation increased by 8.5% to £8.1
million (2003: £7.5 million).
Administrative expenses increased to £54.9 million (2003: £52.4 million). As
indicated at the interim results, in the 2nd half of 2004 we incurred some
one-off IPO-related costs totalling £138k. There was also a slight increase in
underlying costs relating to our plc status, totalling £293k. Additionally,
during the 2nd half of 2004 we incurred some incremental costs relating to
exploratory work in Europe amounting to £70k. During 2004 these costs were
charged to the UK business. As a result of the restructuring associated with our
IPO, in 2005, the costs associated with running the holding company will be
reclassified as a group cost and then recharged to the regional businesses
(including the additional plc related costs). This will have a positive effect
on the UK margin and negative effect on the Asia Pacific and American margins.
The reallocation will not have any impact on Group profits in 2005. In 2005, the
costs associated with expansion into Europe will be classified within the
operating analysis for that region.
Our underlying operating margin grew to 12.4%. However, the impact of additional
costs mentioned above kept the operating margin flat at 11.6%.
Group net interest receivable increased to £901k (2003: £630k), principally
resulting from interest earned on the cash raised at the IPO.
The Group's tax rate increased slightly to 32.8% (2003: 31.6%) due to the effect
of profits taken straight to reserves.
Minority interest increased by 4.0% to £441k (2003: £424k) but as a percentage
of profit reduced from 8.3% to 8.1%. The earnings growth of the group's 100%
owned subsidiaries have grown at a faster rate than those with a substantial
minority, principally Walker Media.
Group earnings per share increased by 6.8% to 9.28 pence (2003: 8.69 pence). The
Board is recommending a final ordinary dividend of 1.16p payable on 10 June 2005
to shareholders on the register as at 11 May 2005. The dividend is being paid on
the basis that the company was listed for half the year.
Segmental Analysis
UK
The UK saw a strong new business performance over the year. Revenues were
broadly flat on the prior year at £36.5 million, with a strong new business
performance off-setting the lost revenue resulting from Matalan and Rover taking
their accounts in-house in mid-2003.
Operating profits fell to £4.3 million from £5.2 million as a result of an
increase in costs associated with the IPO, our plc status and investment in
Europe totalling £501k, and the release of a rent accrual in 2003. Stripping out
these effects, underlying operating profits increased 3.1%.
New client wins in the agency included Privilege Insurance, Halfords, US
Department of Commerce (Tourism), Thames Water, and Krug.
Amongst our subsidiaries, Walker Media had a good year and notably won KFC and
Halfords. Walker Media extended their service offering through the formation of
a new media strategy company 'Spark'. LIDA, our direct and digital marketing
subsidiary won new projects from British Airways and Nat West. Talk PR had a
strong year with new clients including American Express and Dixons. M&C Saatchi
Sponsorship won business from Orange, Coca Cola, Reebok and London 2012 and won
the 2004 Sponsorship Agency of the Year from Marketing Magazine.
As part of our strategy of continuing to expand our service offering in the UK,
we formed Play, an interactive marketing agency. Since its launch in December
2004 it has already won its first two clients.
Asia Pacific
The business in Asia Pacific performed well. Revenues increased 11.2% to £23.1
million and operating profit increased by 38.9% to £2.7 million, as the business
benefited from the first full year contribution from the Optus and Medibank
accounts (won in 2003). The operating margin increased to 11.6% from 9.3% as a
result of the elimination of one-off new business costs incurred in 2003.
The Group has successfully expanded in the region and the established network of
10 offices now has sufficient scale to start attracting pan-regional revenue. We
will continue to look for opportunities for additional new offices in the
regions high growth markets. During the year we established an office in
Thailand and are in advanced negotiations for a further opening in Indonesia.
Other markets where we see potential include India, Korea, the Philippines and
further offices in Greater China.
America
America returned to profit in 2004. Revenues increased by 40.6% to £2.5 million,
and the region is now making a positive contribution to the Group, with
operating profit growing to £200k from a loss of £251k in 2003.
In addition to new assignments from foundation clients Ketel One Vodka and
Crystal Cruises, our LA office won some new accounts including San Diego Zoo and
our New York office undertook a high profile assignment for the National
Football League's season opening.
Our US business while a small part of the Group, is strategically important. We
are encouraged by the early success of our office in Los Angeles and investment
in additional creative resource in New York has helped deliver an improved
performance in that office. The region has recently undergone a reorganisation
and both offices are now being run as a single region, reporting into Tom Dery
(Chairman of Asia Pacific). Our strategy is to grow our presence in America and
we now have a good platform on which to build.
Europe
Europe remains a key growth area for the Group and we have made encouraging
progress with our exploratory work in our target markets, particularly France
and Spain.
It is critical that the local management team are 'best in class' in the market
and accordingly our key priority is to find the right people to spearhead the
establishment of our business in each market. In France, we have conducted a
very thorough process and are now in detailed discussions with partners of
choice. We remain on track to open two European offices by the end of the year.
Outlook
We continue to make progress with our strategy of growing our underlying
business and expanding our international footprint. As stated at the time of the
IPO, while the expansion in Europe will have an impact on profits during the
investment period, it will provide us with significant local, regional and
global revenue opportunities in the future. We are pleased to report that our
underlying business has started the year well with new assignments in the Group
from British Airways, Dyson, ITV, Mini, Royal Bank of Scotland, Twinings, and
most recently Ribena (GSK).
M&C Saatchi plc
Unaudited Pro Forma Consolidated Profit and Loss Account
Year Ended 31 December 2004
It is management's view that, given the complexity of the accounting entries
required as a result of the reorganisation and flotation on the 14 July 2004,
the best way to show the underlying performance of the business this year is to
restate our results. The results are restated by showing the business as if the
reorganisation occurred on the 1 January 2003, excluding exceptional costs and
the amortisation of goodwill.
2004 2003
£000 £000
Turnover - continuing operations 106,884 101,219
- acquisitions 180,864 152,728
_______ _______
Turnover 287,748 253,947
Cost of sales (225,570) (194,629)
_______ _______
Gross profit 62,178 59,318
Administrative expenses - ordinary (54,944) (52,448)
- exceptional - -
- amortisation of
goodwill - -
_______ _______
Operating profit - continuing operations 5,829 5,452
- acquisitions 1,405 1,418
_______ _______
Operating profit 7,234 6,870
Share of operating profit of associates - -
Interest receivable 931 686
Interest payable (30) (56)
_______ _______
Profit on ordinary activities before 8,135 7,500
taxation
Taxation on profits on ordinary activities (2,666) (2,368)
_______ _______
Profit on ordinary activities after 5,469 5,132
taxation
Minority interests (441) (424)
_______ _______
Profit for the financial year 5,028 4,708
_______ _______
Earnings Per Share
- Basic 9.28p 8.69p
- Diluted 9.24p 8.65p
M&C Saatchi plc
Unaudited Pro Forma Consolidated Profit and Loss Account (continued)
Year Ended 31 December 2004
2004 2003
Gross profit £000 £000
Gross profit arises from the principal activity
of the Group.
By origin
UK 36,518 36,711
Asia Pacific 23,126 20,805
America 2,534 1,802
______ ______
62,178 59,318
______ ______
Operating profit / (loss) before exceptional
items and amortisation of goodwill
By origin
UK(1) 4,348 5,187
Asia Pacific 2,686 1,934
America 200 (251)
______ ______
7,234 6,870
______ ______
Profit / (loss) before taxation, exceptional
items and amortisation of goodwill
By origin
UK(1) 5,200 5,794
Asia Pacific 2,736 1,958
America 199 (252)
______ ______
8,135 7,500
______ ______
(1) The 2004 UK results include costs associated with one-off non exceptional
IPO expenses £138k, additional costs related to our plc status £293k, and the
exploratory work in European amounting to £70k. This Totals £501k.
M&C Saatchi plc
Preliminary Consolidated Profit and Loss Account
Year Ended 31 December 2004
Note Unaudited Audited
2004 2003
£000 £000
Turnover - continuing operations 106,884 101,219
- acquisitions 108,300 -
_______ ________
Turnover 2 215,184 101,219
Cost of sales 3 (155,807) (47,608)
_______ ________
Gross profit 59,377 53,611
Administrative expenses - ordinary (52,907) (48,159)
- exceptional 4 (2,795) -
- amortisation (777) -
of goodwill
_______ ________
Administrative expenses 3 (56,479) (48,159)
_______ ________
Operating profit - continuing operations 2,257 5,452
- acquisitions 641 -
_______ ________
Operating profit 2,898 5,452
Share of operating profit of 352 652
associates
Interest receivable 5 800 457
Interest payable 6 (30) (55)
_______ ________
Profit on ordinary activities before 4,020 6,506
taxation
Taxation on profits on ordinary 7 (2,033) (2,117)
activities
_______ ________
Profit on ordinary activities after 1,987 4,389
taxation
Minority interests (531) (944)
_______ ________
Profit for the financial year 1,456 3,445
Dividends 8 (2,942) (4,641)
_______ ________
Retained loss for the year 10 (1,486) (1,196)
_______ ________
Earnings Per Share 9
- Basic 3.42p 10.61p
- Diluted 3.41p 10.61p
All amounts relate to continuing activities.
The reconciliation of movements in shareholders' funds is shown in note 11 to
the unaudited preliminary financial statements.
M&C Saatchi plc
Preliminary Consolidated Statement of Total Recognised Gains and Losses
Year Ended 31 December 2004
Unaudited Audited
2004 2003
£000 £000
Profit for the financial year
- Group 1,140 2,812
- Associates 316 633
______ ______
1,456 3,445
Exchange differences on retranslation
of opening reserves 260 526
______ ______
Total recognised gains and losses 1,716 3,971
for the financial year ______ ______
M&C Saatchi plc
Preliminary Consolidated Balance Sheet
At 31 December 2004
Note Unaudited Unaudited Audited Audited
2004 2004 2003 2003
£000 £000 £000 £000
Fixed assets
Intangible assets 16,158 -
Tangible assets 3,047 3,453
Investments 15 985
______ _______
19,220 4,438
Current assets
Work in progress 3,368 1,334
Debtors - due within one
year 46,374 16,028
- due after more
than one year 731 1,061
______ ______
47,105 17,089
Cash at bank and in hand 17,323 5,047
______ ______
67,796 23,470
Creditors - amounts
falling due
within one year 55,980 21,367
______ ______
Net current assets 11,816 2,103
______ _______
Total assets less current
liabilities 31,036 6,541
Creditors - amounts
falling due
after more
than one year 774 950
Provisions for
liabilities and charges 218 208
______ _______
30,044 5,383
______ _______
Capital and reserves
Share capital 10 542 12
Share premium 10 9,618 -
account
Merger reserve 10 15,959 -
Share option 10 514 -
reserve
Profit and loss 10 2,948 3,961
account
______ _______
Shareholders'
funds - equity 10 29,581 3,973
Minority
interests - equity 463 1,410
______ _______
30,044 5,383
______ _______
M&C Saatchi plc
Preliminary Consolidated Cash Flow Statement
Year Ended 31 December 2004
Note Unaudited Unaudited Audited Audited
2004 2004 2003 2003
£000 £000 £000 £000
Cash inflow
from operating
activities 12 4,953 139
Dividend received
from associates 728 810
Returns on investments
and servicing of finance
Interest received 687 261
Interest paid (3) (7)
Interest element
of finance
lease rental
payments (27) (45)
Minority interest
dividend paid (1,296) (743)
_______ _______
Net cash
outflow from
returns on
investment and
servicing of
finance (639) (534)
Taxation
UK taxation paid (1,136) (1,269)
Overseas taxation
paid (664) (470)
_______ _______
(1,800) (1,739)
Capital expenditure and
financial investment
Purchase of
tangible
fixed assets (922) (1,591)
Sale of
tangible
fixed assets 417 133
Sale of a part share
of a subsidiary
undertaking 527 -
_______ _______
Net cash inflow/
(outflow) from
capital expenditure
and financial
investment 22 (1,458)
Acquisitions
and disposals
Investment in
subsidiary (382) -
Cash acquired
with subsidiary
undertakings 2,243 -
Investment
in associate - 1
_______ _______
1,861 1
Equity dividends
paid (2,313) (4,641)
_______ _______
Net cashinflow/
(outflow)before
financing 2,812 (7,422)
Financing
Share placement 10,537 -
Share placement
costs (835) -
Shares issued to
minorities 107 6
Repayment of
bank loans (21) (34)
Capital
element of
finance lease
rental payments (225) (165)
_______ _______
Net cash inflow/
(outflow)from
financing 9,563 (193)
_______ _______
Increase/
(decrease)
in cash in
the year 14 12,375 (7,615)
_______ _______
M&C Saatchi plc
Notes forming part of the Preliminary Financial Statements
Year Ended 31 December 2004 (Continued)
1. Statutory Information
The financial information contained in this announcement, for the years
ended 31 December 2004 or 2003, does not constitute statutory financial
statements within the meaning of section 240 of the Companies act 1985. The
financial information for the year ended 31 December 2003 is derived from
the statutory accounts for that year which have been delivered to the
Registrar of Companies. The auditors reported on those accounts was
unqualified. The statutory accounts for the year ended 31 December 2004 will
be finalised on the basis of the financial information presented by the
directors in this unaudited preliminary announcement and will be delivered
to the Registrar of Companies following the company's annual general
meeting. The audit report for the year ended 31 December 2004 has yet to be
signed.
The preliminary announcement was approved by the board of directors on 7
April 2005.
M&C Saatchi plc
Notes forming part of the Preliminary Financial Statements
Year Ended 31 December 2004 (Continued)
2. Turnover, profit and net assets
Turnover and profit before taxation are attributable to the provision of
advertising and marketing services.
Unaudited Audited
2004 2003
£000 £000
Turnover
Analysis by
geographical market:
By origin
UK 168,809 56,716
Asia Pacific 41,736 41,928
America 4,639 2,575
_______ _______
215,184 101,219
_______ _______
Gross profit
Analysis by geographical
market:
By origin
UK 33,717 31,004
Asia Pacific 23,126 20,805
America 2,534 1,802
_______ _______
59,377 53,611
_______ _______
Operating profit / (loss)
Analysis by geographical market:
By origin
UK 12 3,769
Asia Pacific 2,686 1,934
America 200 (251)
_______ _______
2,898 5,452
_______ _______
Profit / (loss) before taxation
Analysis by geographical market:
By origin
UK 1,085 4,802
Asia Pacific 2,736 1,956
America 199 (252)
_______ _______
4,020 6,506
_______ _______
M&C Saatchi plc
Notes forming part of the Preliminary Financial Statements
Year Ended 31 December 2004 (Continued)
2. Turnover, profit and net assets (Continued)
Unaudited Audited
2004 2003
£000 £000
Net assets
Analysis by geographical
market:
By origin
UK 30,574 6,055
Asia Pacific 2,466 1,957
America (2,367) (2,629)
_______ _______
30,673 5,383
_______ _______
3. Cost of sales and administrative expenses
Unaudited Audited
2004 2003
£000 £000
Cost of sales
Continuing operations 50,554 47,608
Acquisitions 105,253 -
_______ _______
155,807 47,608
_______ _______
Administrative expenses
Continuing operations 54,073 48,159
Acquisitions 2,406 -
_______ _______
56,479 48,159
_______ _______
M&C Saatchi plc
Notes forming part of the Preliminary Financial Statements
Year Ended 31 December 2004 (Continued)
4. Exceptional items
During the year the Group reorganised and floated on London's AIM market.
The resulting cost incurred totalled £3,998k. Of which £2,795k was charged
directly to the profit and loss account, £368k included in cost of
investments and £835k was charged against share premium.
5. Interest receivable
Unaudited Audited
2004 2003
£000 £000
Group 687 261
Associates 113 196
_______ _______
800 457
_______ _______
6. Interest payable
Unaudited Audited
2004 2003
£000 £000
Bank overdrafts 1 7
Interest on 27 45
finance leases
Associates - 1
Other 2 2
_______ _______
30 55
_______ _______
M&C Saatchi plc
Notes forming part of the Preliminary Financial Statements
Year Ended 31 December 2004 (Continued)
7. Taxation on profits from ordinary activities
Unaudited Unaudited Audited Audited
2004 2004 2003 2003
£000 £000 £000 £000
Current tax
UK corporation tax
on profits 1,204 1,333
for the year
Overseas tax 1,024 611
payable
Adjustment in
respect of 15 (34)
previous years
Associates 148 214
_______ _______
Total current tax 2,391 2,124
Deferred tax
Origination and
reversal of (358) (7)
timing differences
_______ _______
Movement in
deferred tax (358) (7)
provision ______ _______
Taxation on profit
on ordinary 2,033 2,117
activities
______ _______
The tax charged for the year differs from that obtained by using the
standard rate of corporation tax in the UK (30%). The differences are
explained below:
Unaudited Audited
2004 2003
£000 £000
Profit on ordinary 4,020 6,506
activities before tax
______ _______
Profit on ordinary
activities at the
standard rate of 1,206 1,952
corporation tax in
the UK
of 30% (2003 - 30%)
Effects of:
Expenses not 150 242
deductible for tax
Exceptional expenses
not deductible for 379 -
tax
Goodwill amortisation 233 -
Exchange adjustment
taken to reserves 81 -
subject to tax
Utilisation of tax 31 32
losses
Differences between
capital allowances (25) 5
and
depreciation
Short term timing 175 -
differences
Short term timing
differences due to
provision on options 214 -
& phantom bonus
accruals
Adjustment to tax
charge in respect of 15 (34)
previous years
Tax rate differences (68) (73)
______ _______
Current tax charge 2,391 2,124
for year
______ _______
M&C Saatchi plc
Notes forming part of the Preliminary Financial Statements
Year Ended 31 December 2004 (Continued)
8. Dividends
Unaudited Audited
2004 2003
£000 £000
Paid prior to
reorganisation and
flotation on AIM(1)
Ordinary shares of £1 -
£144 per share 1,800 4,560
(2003 - £365)
Ordinary shares of £1 - 338 -
£135 per share(2)
'B' shares of £1- £41,100
per share (2003 164 74
- £18,400)
'C' shares of £1 - £10,924
per share (2003 11 7
- £6,900)
______ _______
2,313 4,641
Proposed final dividend of
M&C Saatchi plc 629 -
- 1.16p per share
______ _______
2,942 4,641
______ _______
(1)These dividends were paid by M&C Saatchi Worldwide Limited (the previous
ultimate holding company of the M&C Saatchi Group). Its share capital,
before reorganisation, consisted of 12,500 ordinary shares of £1, 4 'B'
shares of £1 and 1 'C' share of £1.
(2)Dividend waived by all the Ordinary £1 shareholders, with the exception of
Charles Saatchi who held 2,500 shares.
9. Earnings per share
The calculation of basic and diluted earnings per share is based on the
profit after tax and minority interest, divided by the number of shares in
issue during the year. The number of shares stated for 2003 and brought
forward into 2004 is the number of shares that M&C Saatchi plc would have
issued had the acquisition of additional of M&C Saatchi Worldwide Limited
occurred at the beginning of 2003. (The actual number of shares that exist
on 31 December was 12,500.)
Earnings per share is calculated as follows:
Unaudited Audited
2004 2003
Basic
Profit for £1,456k £3,445k
the year
Weighted average number of 42,542k 32,484k
ordinary shares
Basic earnings per 3.42p 10.61p
share
Diluted
Profit for the year £1,456k £3,445k
Weighted average number of 42,732k 32,484k
ordinary shares
Basic earnings per 3.41p 10.61p
share
The outstanding options at 31 December 2004 was 411,050 (2003 nil), and
their weighted average for
the year was 190,322.
M&C Saatchi plc
Notes forming part of the Preliminary Financial Statements
Year Ended 31 December 2004 (Continued)
10. Reserves
Ordinary Share Share premium Merger reserve Share(1) option Profit and loss Total
Capital account reserve account
Group £000 £000 £000 £000 £000 £000
At 1 January
2004 12 - - - 3,961 3,973
(audited)
Exchange
differences - - - - 260 260
Scrip 312 - - - (312) -
issue
Ordinary
shares
issued
in respect 134 - 16,484 - - 16,618
of
acquisitions
Issue of
options - - - 514 - 514
Share
placement 84 10,453 - - - 10,537
Share issue
costs - (835) - - - (835)
Redemption
of
redeemable
preference
shares by - - 50 - (50) -
subsidiary
Merger
reserve
release on
Goodwill - - (575) - 575 -
amortisation
Retained
Profit for
the - - - - (1,486) (1,486)
year
_______ _______ _______ ______ _______ _______
At 31
December
2004 542 9,618 15,959 514 2,948 29,581
(unaudited)
_______ _______ _______ ______ _______ _______
M&C Saatchi plc
Notes forming part of the Preliminary Financial Statements
Year Ended 31 December 2004 (Continued)
11. Reconciliation of movement in shareholders' funds
Unaudited Audited
2004 2003
Group Group
£000 £000
Profit for the
financial year
- Group 1,140 2,812
- Associates 316 633
Dividend (2,942) (4,641)
_______ _______
(1,486) (1,196)
Exchange differences 260 526
Issue of shares 27,155 -
Share issue cost (835) -
Issue of options 514 -
_______ _______
Net addition/
(reduction) to 25,608 (670)
shareholders'
funds
Opening shareholders' 3,973 4,643
funds
_______ _______
Closing shareholders' 29,581 3,973
funds
_______ _______
12. Net cash inflow from operating activities
Unaudited Audited
2004 2003
£000 £000
Operating profit 2,898 5,452
Amortisation of intangible 777 -
fixed assets
Non cash flow expenses
associated with 460 -
reorganisation
Depreciation 1,167 1,141
Profit on sale of tangible (34) (1)
fixed assets
(Increase)/Decrease in work (2,062) 463
in progress
Increase in debtors (16,233) (2,998)
Increase/(Decrease) 17,902 (4,183)
in creditors
Exchange differences 78 265
_______ _______
4,953 139
_______ _______
M&C Saatchi plc
Notes forming part of the Preliminary Financial Statements
Year Ended 31 December 2004 (Continued)
13. Analysis of changes in net funds
Balance at 1 Cash Finance Exchange Balance at 31
January 2004 inflow leases movements December 2004
(Audited) (Unaudited)
£000 £000 £000 £000 £000
Cash at
bank 5,047 12,375 - (99) 17,323
and in hand
Debt due
within (21) 21 - - -
one year
Finance (450) 225 (31) 12 (244)
leases
_______ _______ _______ _______ _______
Total 4,576 12,621 (31) (87) 17,079
_______ ______ _______ _______ _______
14. Reconciliation of net cash flow to movement in net funds
Unaudited Unaudited Audited Audited
2004 2004 2003 2003
£000 £000 £000 £000
Increase in 12,375 (7,615)
cash in the
year
Cash outflow
from decrease 225 165
in lease
financing
Inception of (31) (96)
finance leases
Exchange (87) 228
differences
Cash outflow
from repayment 21 34
of bank loan
_______ ______
Movement in
net funds in 12,503 (7,284)
the year
Net funds at 4,576 11,860
start of year _______ _______
Net funds at 17,079 4,576
end of year
_______ _______
This information is provided by RNS
The company news service from the London Stock Exchange
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