Final Results
Photo-Me International PLC
9 July 2002
PHOTO-ME INTERNATIONAL plc - PRELIMINARY ANNOUNCEMENT
• PMI, the world's leading operator of photobooths and a leading
manufacturer of digital photoprocessing minilabs, announces an underlying
pre-tax profit of £2.5m (2000/01: £23.7m) - slightly ahead of indications in
the 28 March 2002 trading statement - and a reported pre-tax loss (after
exceptional items) of £10.0m (2000/01: £0.4m) on a turnover of £186.9m (2000
/01: £208.8m)
• None of PMI's principal business segments performed well. Turnover from
the operation of photobooths and other vending equipment decreased by 10% to
£147.1m (79% of total turnover) from £163.4m (78% of turnover).
Manufacturing turnover decreased by 12.5% to £39.8m from £45.4m
• Continental Europe, which includes the majority of the Manufacturing
turnover, was the principal contributor to turnover and profit
• Despite the modest underlying profit and earnings figures, EBITDA remained
substantial at £38.4m (2000/01: £59.2m). The depreciation charge of £32.8m
(2000/01: £32.4m) compared with net capital expenditure of £21.8m (2000/01
£36.8m)
• During the year, net debt was reduced by £4.8m to £51.4m
• With regard to prospects, Serge Crasnianski, Chief Executive, stated: 'PMI
believes that the UK is unlikely to return to profit for at least two years.
This reflects the effect of competitor action (which it believes to be
unsustainable in the medium term) on margins and turnover. In the current
year, however, Continental Europe and Asia should increase their profits and
the USA should reduce its losses.
Once the DKS 2 digital minilab (which can produce 1,500 prints an hour, as
against 650 for the DKS 1) enters into volume production in the Autumn of 2002,
PMI's Manufacturing business has the potential to generate significant returns.
Recovery in the current year is likely to be limited and to be dependent on a
strong second half for Manufacturing. Further out, both parts of PMI's business
have significant potential - Operations for cash generation, Manufacturing for
increased turnover and profits.'
Presentation to brokers' analysts:
A presentation will be made today from 9:30 a.m. to 10:30 a.m., at the London
Capital Club, 15 Abchurch Lane, London EC4.
Notes for editors:
PMI is the world's leading operator of photobooths, with some 20,000 photobooths
and some 5,000 other Operations sites in a total of 15 territories worldwide.
Its three major Operations territories are the UK, France and Japan, in all of
which it continues to enjoy the leading market position in photobooths.
PMI's Manufacturing business, which is based in Grenoble in South East France,
principally comprises the manufacture of digital photoprocessing minilabs, for
sale to third parties.
Enquiries:
Photo-Me International plc
Vernon Sankey (Deputy Chairman) (on 9 July up to 3:00 p.m., PMI will be
Serge Crasnianski (CEO) available through Bankside, thereafter
Jean-Luc Peurois (Group Finance Director) on 01372-453399)
Bankside Consultants Limited 020-7444 4166
Charles Ponsonby
CHIEF EXECUTIVE'S STATEMENT
2001/02 was a most disappointing year. None of PMI's principal business
segments performed well. However, the underlying profit for the year, at £2.5
m, whilst falling very substantially short of both initial expectations for the
year and 2000/01's underlying pre-tax profit of £23.7 m, is ahead of our
indications made at the time of our most recent trading statement on 28 March.
FINANCIAL OVERVIEW
In order to make comparisons more meaningful, exceptional items have been
excluded from the analysis in this Financial Overview, but are described
separately below.
On turnover down 10.5% at £186.9 m (2000/01: £208.8 m), profit before interest
and tax totalled £5.5m (2000/01: £26.8 m) and profit before tax amounted to £2.5
m (2000/01: £23.7 m). Basic earnings per share were 0.03 p (2000/01: 4.01 p),
reflecting the effect of an unusually high effective tax rate. Despite the
modest profit and earnings figures, EBITDA remained substantial, at £38.4 m
(2000/01: £59.2 m). The depreciation charge of £32.8 m (2000/01: £32.4 m)
compared with net capital expenditure (including intangible assets) of £21.8 m
(2000/01: £36.8 m).
Operating turnover decreased by 10.0 % to £147.1 m (79% of total turnover) from
£163.4 m (78% of total turnover). Manufacturing turnover decreased by 12.5% to
£39.8 m from £45.4 m.
Continental Europe, which includes the majority of the Manufacturing turnover,
contributed 48.5% (2000/01: 45.9%) of turnover, with the UK and the Republic of
Ireland accounting for 28.9% (2000/01: 29.8%). Continental Europe was also the
principal contributor to profit, followed by Asia.
EXCEPTIONAL ITEMS
The exceptional charge in 2001/02 totalled £12.5 m, comprising £8.4 m of
provisions in respect of business activities (certain technological areas
(£5.8m) and certain geographic areas (£2.6m)) which the Board has decided not
to pursue on account of their insufficient profit potential, £3.5m in respect of
one-off items (joint venture start-up £1.5m, Euro conversion £1.0m, and
litigation £1.0m) and write-off of goodwill, previously written-off to reserves,
of £0.6m. The cash cost of this charge amounts to £2.0m. The exceptional charge
in the previous year totalled £24.1m and related to an impairment provision in
respect of old technology analogue equipment.
DIVIDENDS
An interim dividend per share of 0.3p (2000/01: 0.5p) was paid on 7 April 2002.
As was indicated in the 28 March 2002 trading statement, no final dividend (2000
/01: 1.4p per share) is being proposed. Accordingly, dividends per share for the
year total 0.3p (2000/01: 1.9p).
BORROWINGS AND INTEREST
During the year, net debt was reduced by £4.8 m to £51.4 m (2000/01: £56.2 m).
Gearing, however, increased to 83.8% from 77.9% on net assets before minority
interests which reduced to £61.3m from £72.1 m resulting from the impact of the
exceptional items.
Despite the fall in operating profit, net cash inflow from operating activities
was similar at £43.7 m (2000/01: £44.2 m), reflecting an improvement in working
capital.
The net interest charge was slightly reduced to £3.0m from £3.1m.
BUSINESS OVERVIEW
Operations
Operations comprises the operation of photobooths and other vending equipment .
At the year end, the total number of Operations sites worldwide was similar to
that a year previously at around 25,000, including some 20,000 photobooths
(approximately two-thirds of which are now digital, including almost all of
those in France but only one-third of those in Japan).
PMI is a global company with three main Operations countries - the UK, France
and Japan - in all of which it continues to enjoy the market leading position.
In all three territories, a slight weakening in underlying demand was discerned.
Operations turnover in the UK and the Republic of Ireland (with 7,600 sites,
including 5,900 photobooths) decreased by 9%. As a mature market, this area
probably suffered more than most from weaker demand, added to which was the loss
of the Crown Post Office contract from November 2000. The results were also
impacted by the effect of competition in forcing increases in site owner
commissions. Going forward, further contracts will be forfeited as a result of
PMI's refusal to pay uneconomic levels of commission, such as that with Safeway,
from October 2002.
Operating turnover in France (with 8,200 sites, including 5,700 photobooths)
decreased by 3%, reflecting the effect of the disruption occasioned by the
introduction of the Euro in the period December-February (as were Germany and
other Euro-zone territories in which the Group operates).
Operating turnover in Japan (with 3,700 sites, including 3,600 photobooths)
decreased by 16%, reflecting sustained recession, changes in regulations as
regards photographic driving licences in certain prefectures, and weakness of
the Yen (without which the turnover decease would have been 11%).
Operating turnover in the Americas fell by 31% as a result of the sale of a
controlling share in the Brazilian operation in March 2001 (but for which the
turnover decrease would have been 13%) and the impact of the events of 11
September on the 'fun' (as against ID) market, on which the American market is
focused, including the substantial subsequent reduction in the number of
photobooths; until that time, year-on-year performance was in line with budget.
PMI's DigitalPortal joint venture in the US with SanDisk, to operate digital
self-service photoprocessing kiosks manufactured by PMI in Grenoble, has to date
not performed in line with original expectations. This may reflect in part the
size of the installed base of digital cameras and low market awareness of a new
service. The £1.5m cost of establishing the joint venture has been written off
and is included within exceptional items.
Manufacturing
Manufacturing turnover primarily derives from the manufacture of photoprocessing
equipment (mainly minilabs) for operation by third parties, although PMI also
manufactures photobooths, for operation by the Group (such inter-company sales
being eliminated from the Group accounts).
The DKS range of photoprocessing minilabs
Following a reduction in sales in the second half of the year of DKS 1 (Digital
Kis System) minilabs, fewer units were sold in the year than in the previous
year. This disappointing outcome is principally due to the effect on Kodak,
PMI's principal customer, of the events of 11 September and of the necessity to
establish a special sales force and to customers generally waiting for the
launch of the DKS 2. The year under review was also adversely affected by an
increase in the cost base in the first half in anticipation of a higher level of
sales, which was then reduced in the second half when those sales did not
materialise.
During the year and subsequently, PMI concluded the development of the DKS 2
machine, which can produce 1,500 prints an hour (against 650 for the DKS 1),
permitting PMI to cover 95% of the market as against some 40% previously. The
DKS 2 was very well received at its official launch at the PMA (Photo Marketing
Association) exhibition held in Florida in February and production of 30 units
is scheduled for next month. PMI has received non-binding expressions of
interest from customers for substantial quantities of DKS 2 and DKS I machines,
mostly for delivery in the second half of the current financial year.
Digital minilabs remain a huge opportunity for PMI, with the market being
possibly worth as much as £5 billion. PMI could begin to exploit this market
profitably with effect from the second half of the current financial year,
assuming it can manufacture substantial quantities, on a timely basis and to a
high standard. The reasons for believing that the market has significant
potential include:
• analogue minilabs are incapable of processing pictures taken by digital
cameras and are unable to offer the digital enhancement (for example, red-eye
reduction, over-exposure compensation and cropping) which is possible with a
digital minilab when processing pictures taken by conventional film cameras;
• the installed base of minilabs is approximately 200,000; at the end of
2001, approximately 10,000 of these were digital and 190,000 analogue;
• in 2002 the worldwide demand for additional digital minilabs is
estimated to be approximately 10,000 units, with further increases in each of
the following years;
• with digital cameras currently comprising around half of all new camera
sales in the USA, Europe and Japan, the installed base of digital cameras could
triple in the three years to 31 December 2004 worldwide, including the USA,
which comprises more than one-third of the market and is potentially much the
most important territory for PMI;
• commercial photoprocessing from digital cameras produces a better
quality and cheaper print than is available from domestic computers and
printers; and
• worldwide, due to their convenience, minilabs are capturing an
increasing share of commercial photoprocessing.
BOARD
At his own request, Peter Ogborne has today retired from his executive duties,
after 30 years with PMI. He will, however, be remaining as a non-executive
Director to enable the Board to benefit from his extensive experience in
Operations.
STRATEGY
On 29 May 2002, PMI announced that it was no longer pursuing the possible
disposal of its Operations businesses in certain territories as a means of
optimising shareholder value. This reflects the Board's belief that PMI's
Operations businesses have a significant value, however depressed the Company's
share price is, having regard to their exceptionally strong cash flows and
network of some 25,000 sites in high footfall areas throughout the world.
PMI's strategy can now be summarised as follows:
• to obtain a substantial share of the world market for the manufacture of
digital photoprocessing equipment;
• to exploit further the network of Operations sites and to diversify the
services on offer outside photography into related areas;
• materially to reduce indebtedness, mainly through substantial reductions
in capital expenditure, which in the past five financial years has totalled
£186m - an average of over £37m per annum - mainly due to the conversion of
many of the installed photobooths from analogue to digital technology, and
by not paying a final dividend in respect of the year under review; and
• to reduce the cost base generally.
PROSPECTS
Operations
PMI believes that the UK is unlikely to return to profit for at least two years.
This reflects the effect of competitor action (which it believes to be
unsustainable in the medium term) on both margins and turnover. In the current
year, however, Continental Europe and Asia should increase their profits and the
USA should reduce its losses.
Manufacturing
Once the DKS 2 enters into volume production in the Autumn of 2002, PMI's
Manufacturing business has the potential to generate significant returns.
Overall
Recovery in the current year is likely to be limited and to be dependent on a
strong second half for Manufacturing. Further out, both parts of PMI's
business, Operations and Manufacturing, have significant potential - for cash
generation and increased turnover and profits, respectively.
Serge Crasnianski
Chief Executive Officer 9 July 2002
GROUP PROFIT AND LOSS ACCOUNT
for the year ended 30 april 2002
2002 Audited 2001 Audited
______________________________ ______________________________
Before Exceptional After Before Exceptional After
Exceptional Items Exceptional Exceptional Items Exceptional
Items (note 3) Items Items (note 3) Items
Notes £'000 £'000 £'000 £'000 £'000 £'000
Turnover - continuing operations 187,374 - 187,374 208,816 - 208,816
Less: sales to joint venture (876) - (876) - - -
Add: share of turnover of joint 393 - 393 - - -
venture
_______ _______ _______ _______ _______ _______
Turnover 1 186,891 - 186,891 208,816 - 208,816
Cost of sales (158,522) (10,479) (169,001) (158,532) (24,116) (182,648)
______ ______ ______ ______ ______ ______
Gross profit/(loss) 28,369 (10,479) 17,890 50,284 (24,116) 26,168
Administrative expenses (23,832) - (23,832) (25,146) - (25,146)
Other operating income 957 - 957 1,528 - 1,528
_______ _______ _______ _______ _______ _______
Operating profit/(loss)
- continuing operations 5,494 (10,479) (4,985) 26,666 (24,116) 2,550
Share of operating loss of joint (44) (1,476) (1,520) - - -
venture
Share of operating profit of 90 - 90 120 - 120
associates
_______ _______ _______ _______ _______ _______
Total operating profit/(loss) 5,540 (11,955) (6,415) 26,786 (24,116) 2,670
(Loss)/profit on termination/disposal
of Group undertakings 3 - (570) (570) - 44 44
_______ _______ _______ _______ _______ _______
Profit/(loss) on ordinary activities
before interest 5,540 (12,525) (6,985) 26,786 (24,072) 2,714
Interest receivable 343 - 343 488 - 488
Interest payable (3,390) - (3,390) (3,598) - (3,598)
_______ _______ _______ _______ _______ _______
Profit/(loss) on ordinary activities
before taxation 2 2,493 (12,525) (10,032) 23,676 (24,072) (396)
Tax on profit/loss on ordinary 4 (2,176) 2,750 574 (8,829) 7,720 (1,109)
activities
_______ _______ _______ _______ _______ _______
Profit/(loss) on ordinary activities
after taxation 317 (9,775) (9,458) 14,847 (16,352) (1,505)
Minority interests
- equity interests (183) 52 (131) (308) 549 241
- non-equity interests (23) - (23) (24) - (24)
______ ______ ______ _______ _______ _______
Profit/(loss) attributable to members
of the holding company 111 (9,723) (9,612) 14,515 (15,803) (1,288)
Dividends
- equity interests 5 (1,089) - (1,089) (6,875) - (6,875)
_______ ______ ______ _______ _______ _______
Retained (loss)/profit for year (978) (9,723) (10,701) 7,640 (15,803) (8,163)
______ ______ ______ ______ ______ ______
Basic earnings per share
- before exceptionals 6 0.03p - - 4.01p - -
- exceptional items - (2.68p) - - 4.37p -
Basic earnings per share - - (2.65p) - - (0.36p)
Diluted earnings per share
- before exceptionals 6 0.03p - - 3.99p - -
- exceptional item - (2.68p) - - 4.37p -
Diluted earnings per share - - (2.65p) - - (0.36p)
______ ______ ______ ______ ______ ______
Dividends per share 5 0.30p - 0.30p 1.90p - 1.90p
______ ______ ______ ______ ______ ______
GROUP BALANCE SHEET
as at 30 april 2002
Audited Audited
2002 2001
Notes £'000 £'000
Fixed assets
Intangible assets
- goodwill 7 8,806 9,122
- development costs 7 6,789 6,034
Tangible assets 7 90,152 104,741
Investments 1,393 720
Investment in joint venture (148) -
______ ______
106,992 120,617
______ ______
Current assets
Stocks 22,454 28,366
Debtors 31,926 40,653
Investments and short-term deposits 2,157 1,643
Cash at bank and in hand 8,484 10,452
______ ______
65,021 81,114
______ ______
Creditors
Amounts falling due within one year 69,605 77,860
______ ______
Net current (liabilities)/assets (4,584) 3,254
______ ______
Total assets less current liabilities 102,408 123,871
Creditors
Amounts falling due after more than one year 29,456 38,647
______ ______
72,952 85,224
Provisions for liabilities and charges
Provisions 5,041 4,842
Deferred taxation 6,573 8,258
______ ______
61,338 72,124
Minority interests
- equity interests 1,068 1,085
- non-equity interests 931 925
______ ______
59,339 70,114
______ ______
Capital and reserves
Called-up share capital 2,016 2,010
Reserves:
Share premium account 8 2,729 2,443
Other reserves 8 2,371 8,622
Profit and loss account 8 52,223 57,039
______ ______
59,339 70,114
______ ______
Shareholders' funds are attributable to:
Equity interests 59,138 69,913
Non-equity interests 201 201
______ ______
59,339 70,114
______ ______
GROUP CASH FLOW STATEMENT
for the year ended 30 april 2002
Audited Audited
2002 2001
Note £'000 £'000
Net cash inflow from operating activities (a) 43,625 44,235
Dividends from associated undertakings 73 133
Returns on investments and servicing of finance (b) (3,123) (3,195)
Taxation (b) (5,643) (5,601)
Capital expenditure and financial investment (b) (21,856) (36,822)
Acquisitions and disposals (b) (2,322) (129)
Dividends paid - equity shareholders (6,155) (6,150)
______ _______
Cash inflow / (outflow) before use of liquid resources and financing 4,599 (7,529)
Management of liquid resources (b) (802) 1,514
Financing (b) (8,684) 1,086
______ _______
Decrease in cash in the year (4,887) (4,929)
______ ______
Reconciliation of net cash flow to movement in net debt
Decrease in cash for the year (4,887) (4,929)
Repayment of capital element of finance leases 1,815 1,737
Cash flow from decrease / (increase) in debt 7,161 (2,823)
Cash flow from increase / (decrease) in liquid resources 802 (1,514)
______ ______
Change in net debt resulting from cash flows 4,891 (7,529)
Decrease in debt on disposal of subsidiary undertakings - 335
Finance leases - (15)
Foreign exchange translation differences (110) (2,108)
______ ______
Movement in net debt in the year 4,781 (9,317)
Net debt at 1 May 2001 (56,185) (46,868)
______ _______
Net debt at 30 April 2002 9 (51,404) (56,185)
______ ______
(a) Reconciliation of operating profit to operating cash flow
2002
Before After
Exceptional Exceptional Exceptional
Items Items Items 2001
£'000 £'000 £'000 £'000
Operating profit/(loss) 5,494 (10,479) (4,985) 2,550
Depreciation and amortisation charges 32,834 1,796 34,630 52,641
Non-cash charge relating to exceptional - 6,636 6,636 3,912
items
Loss/(profit) on sale of assets 451 - 451 (230)
Other non-cash movements (151) - (151) 441
______ ______ ______ ______
Gross cash inflow/(outflow) 38,628 (2,047) 36,581 59,314
Decrease/(increase) in stocks 3,003 - 3,003 (3,796)
Decrease/(increase) in debtors 8,166 - 8,166 (9,837)
Decrease in creditors (4,468) - (4,468) (3,349)
Increase in provisions 343 - 343 1,903
______ ______ ______ ______
Net cash inflow/(outflow) from operating 45,672 (2,047) 43,625 44,235
activities
______ ______ ______ ______
(b) Analysis of cash flows for headings netted in the cash flow statement
Audited Audited
2002 2001
£000 £000
Returns on investments and servicing of finance
Interest received 340 475
Interest paid (3,159) (3,297)
Interest element of finance lease rentals paid (231) (301)
Dividends paid to minorities (73) (72)
______ ______
Net cash outflow from returns on investments and servicing of finance (3,123) (3,195)
______ ______
Taxation
UK corporation tax paid (962) (1,040)
Overseas tax paid (4,681) (4,561)
______ ______
Net cash outflow for taxation (5,643) (5,601)
______ ______
Capital expenditure and financial investment
Purchase of intangible assets (3,910) (4,057)
Purchase of tangible assets (18,185) (34,840)
Sale of tangible assets 239 2,075
______ ______
Net cash outflow for capital expenditure and financial investments (21,856) (36,822)
______ ______
Acquisitions and disposals
Purchase of shares from minority interests (166) -
Sale of subsidiary undertakings 50 (51)
Investment in joint venture (1,476) -
Purchase of associates and other investments (730) (78)
______ ______
Net cash outflow for acquisitions and disposals (2,322) (129)
______ ______
Management of liquid resources
Sale of liquid resources 67 17
Purchase of liquid resources - (285)
Net movement in term deposits (869) 1,782
______ ______
Net cash (outflow)/inflow from management of liquid resources (802) 1,514
______ ______
Financing
Issue of Ordinary Shares 292 -
Debt due within one year - increase in short-term borrowings - 48
- repayment of short-term borrowings (17,618) (14,602)
Debt due after one year - increase in long-term borrowings 10,913 19,367
- repayment of long-term borrowings (456) (1,990)
- capital element of finance lease rental payments (1,815) (1,737)
______ ______
Net cash (outflow)/inflow from financing (8,684) 1,086
______ ______
NOTES
Year to Year to
30 April 30 April
2002 2001
£000 £000
1 Turnover
Area of activity
Manufacturing 39,770 45,431
Operating 147,121 163,385
______ ______
186,891 208,816
______ ______
Geographical area
United Kingdom and Republic of Ireland 53,931 62,277
Overseas - Continental Europe 90,770 95,747
- The Americas 7,238 9,454
- Asia 34,952 41,338
______ ______
186,891 208,816
______ ______
2 Profit before tax (before exceptional items)
Geographical area
United Kingdom and Republic of Ireland (799) 6,981
Overseas - Continental Europe 3,417 13,841
- The Americas (1,696) (1,349)
- Asia 1,571 4,203
______ ______
2,493 23,676
______ ______
3 Exceptional items
Operating exceptional items
Exceptional items related to withdrawal from specific business areas:
- Impairment of development costs 1,067 1,847
- Impairment of tangible fixed assets 729 18,357
- Provision against fixed asset investments 319 -
- Exceptional debtor provisions 3,626 -
- Exceptional stock provisions 2,691 -
- Other costs - 3,912
______ ______
8,432 24,116
______ ______
One-off items:
- Write-off of joint venture set-up costs 1,476 -
- Litigation costs of prosecuting a claim for patent infringement 1,008 -
- Write-off of Euro conversion costs 1,039 -
______ ______
3,523 -
______ ______
Total operating exceptional items 11,955 24,116
Non-operating exceptional item
Loss/(profit) on termination of group undertakings - write-off of goodwill 570 (44)
previously debited to reserves
______ ______
12,525 24,072
______ ______
Year to Year to
30 April 30 April
2002 2001
£000 £000
4 Taxation
United Kingdom (1,049) 1,022
Overseas 475 87
______ ______
(574) 1,109
______ ______
5 Dividends
Dividends on equity - Ordinary Shares:
Interim dividend paid of: 0.3p per share (2001: 0.5p) 1,089 1,809
Proposed final dividend of nil per share (2001: 1.4p) - 5,066
______ ______
Total dividend of: 0.3p per share (2001: 1.9p) 1,089 6,875
______ ______
Year to Year to
30 April 30 April
2002 2001
6 Earnings per share
The calculation of earnings per share is based on the following:
Earnings attributable to shareholders before exceptional items (£000) 111 14,515
Earnings attributable to shareholders after exceptional items (£000) (9,612) (1,288)
Weighted average number of shares in issue in the period
- basic ('000) 362,401 361,765
- including dilutive share options ('000) 364,724 364,119
______ ______
7 Fixed assets
Other
Goodwill intangible Tangible
£000 £000 £000
Net book value at 1 May 2001 9,122 6,034 104,741
Exchange adjustment - (12) (805)
Additions
- Operating equipment - - 15,936
- Other 222 3,777 2,188
Depreciation provided in the period (538) (3,010) (31,082)
Disposals at net book value - - (826)
______ ______ ______
Net book value at 30 April 2002 8,806 6,789 90,152
______ ______ ______
8 Reserves
Share
premium Other Revenue
account reserves reserves
£000 £000 £000
Balance at 1 May 2001 2,443 8,622 57,039
Exchange adjustment - (73) (863)
Loss for year - - (10,701)
Arising on share issues 286 - -
Transfer between reserves - (6,178) 6,178
Goodwill written back on business terminations - - 570
______ ______ ______
Balance at 30 April 2002 2,729 2,371 52,223
______ ______ ______
9 Net debt
30 April 30 April
2002 2001
£000 £000
Overdrafts 13,192 10,284
Debt due within one year 17,548 18,399
Debt due after one year 26,896 33,360
Finance leases 4,409 6,237
______ ______
62,045 68,280
Cash at bank and in hand (8,484) (10,452)
Current asset investment and short-term deposits (2,157) (1,643)
______ ______
51,404 56,185
______ ______
10 Publication of non-statutory accounts
The financial information contained in this preliminary announcement does
not constitute statutory accounts as defined in Section 240 of the Companies Act
1985. The financial information for the preceding year is based on the
statutory accounts for the financial year ended 30 April 2001. Those accounts,
upon which the auditors issued an unqualified opinion, have been delivered to
the Registrar of Companies.
Copies of the Report and Accounts, for the financial year ended 30 April
2002, will be mailed to shareholders by 7 August and will be available from the
Company's registered office at Church Road, Bookham, Surrey KT23 3EU (telephone:
01372-453399, fax: 01372-459064) after that date.
This information is provided by RNS
The company news service from the London Stock Exchange
Monday, 20th May 2024
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