Final Results
Photo-Me International PLC
21 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 April
2005, 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 exceeded
expectations. 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 credit
of £0.4m) and a goodwill amortisation charge of £0.7m (2004: £0.5m). In the case
of adjusted EPS, a tax credit on the exceptional charge of £0.3m is also
reflected 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, both
photobooths and digital media kiosks should continue to make a positive
contribution. 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 regulations
in France and Japan, two of PMI's leading markets. Additionally, the roll-out of
digital media kiosks is expected to contribute significantly to Group
performance. In Manufacturing, the DKS 3 minilab (which is the first digital
minilab of the third generation) enhances the product range, whilst the North
American market represents a significant opportunity. Overall, prospects for
sustained 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 of
risks and uncertainties that could cause actual events or results to differ
materially from any expected future events or results referred to in these
forward looking statements.
Presentation:
A presentation to investors and brokers' analysts will be given from 09.00 to
10.00 today at Regus, CityPoint, 1 Ropemaker Street, London EC2 (approximately
200 yards from Moorgate Station).
Enquiries:
Photo-Me International 01372-453 399
Vernon 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 profit
and earnings per share. The adjusted pre-tax profit(1), which totals £34.5m, has
again 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), which
represents an operating margin of 15.2% (2004: 10.4%). With net interest payable
decreasing 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 off
PMI's UK infrastructure (£2.2m), and the acquisition of the 30.3% minority
interest 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 30
April 2003 reflects the cash-generative nature of the Vending business and the
improved Manufacturing results in the last two years.
(1) 'Adjusted' excludes an exceptional charge (in connection with restructuring
in Japan) of £0.8m (2004: exceptional credit of £0.4m) and a goodwill
amortisation charge of £0.7m (2004: £0.5m).
DIVIDENDS
A final dividend per share of 1.2p (2004: 1.0p) is proposed. Together with the
interim 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 on
2 November 2005 to shareholders on the register at close of business on 7
October 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 at
Bookham, Surrey were destroyed by fire, together with their contents. These
principally comprised minilabs for resale, operating equipment being
refurbished, spare parts and consumables. The adjacent Group Head Office
building 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's
insurers, and the Board is confident that the risk was fully covered.
Furthermore, since the insurance cover is based on replacement cost, a material
accounting surplus could arise. However, as parts of the claim will not be
finalised 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 2006
under International Financial Reporting Standards ('IFRS'). The interim results
to 31 October 2005 will be the first reported in line with IFRS.
There are three principal changes which will be required to the Group's
accounting policies under IFRS. These are in relation to the accounting for
share options and goodwill amortisation and to the translation of results at
average exchange rates. The net impact on both profits and the balance sheet is
not 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 £m
Continental Europe 141.5 130.8 +8.2 30.6 17.3
UK & Republic of Ireland 60.9 54.0 +12.6 0.3 2.7
Asia and Australia 30.8 31.2 -1.4 3.0 1.1
USA 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 Manufacturing
turnover, 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 in
profits from operating divisions, by an increase in Head Office overheads, and
by a decrease in both profit on foreign exchange and other income.
The improved profitability in Asia - which is primarily Japan - mainly resulted
from a reduction in depreciation, old technology photobooths having been fully
depreciated since 30 April 2004.
Divisional Analysis of Turnover
Year to 30 April 2005 2004 Variance
£m £m %
Vending 138.0 141.4 -2.4
Manufacturing 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 a
small decrease in Vending and a 24.8% increase in Manufacturing. Vending
accounted for 58% (2004: 64%) of Group turnover.
Although the Board believes that detailed disclosure of the results of the
individual 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 vending
equipment. During the year, the total number of Vending sites worldwide
increased by approximately 2,000 to 28,000, including some 20,000 photobooths.
PMI is a global company, operating in 20 countries, with three major Vending
territories: France, the UK and Ireland, and Japan - in all of which it
continues to enjoy a leading market position.
Globally, the turnover of the Vending Division, whose photobooth operations are
mature, decreased by 2.4%. Its contribution to profits, however, improved and it
again generated substantial cashflow.
Geographical Analysis
Vending turnover in France (with 9,300 sites, including 5,900 photobooths, of
which 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 ID
photographs in France will be boosted by the planned introduction of
photo-identity on personal National Health cards, resulting in 48 million
replacement cards from calendar 2006.
Vending turnover in the UK and Ireland (with 9,300 sites, including 5,600
photobooths, of which 78% are digital) was flat. The increase of 1,000 sites
over 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 increase
in the proportion of digital machines from 72% to 84%. Despite the reduction in
turnover, profits in Japan have increased. During the year, the maintenance
workforce was reduced by one-third, reducing annual costs by £1.5m. The Japanese
Government announced during the year that ID photographs will play an integral
part in the new generation of passports to be introduced in March 2006. These
two developments are expected to improve Japan's profitability.
Digital Media Kiosks
Following successful trials, mainly in Continental Europe, the roll-out of
digital media kiosks commenced in May 2004. Digital media kiosks are capable of
printing 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 kiosks
commenced in May 2005 and by 31 December 2005 it is planned that 5,000 of these
will be in operation or sold. The move of production to China reduces the cost
of digital media kiosks significantly whilst improving a number of features.
Manufacturing
Manufacturing turnover primarily derives from the sale to third parties of
photo-processing equipment manufactured by PMI or, increasingly, by
sub-contractors located in low cost territories. PMI has a unique and
comprehensive range covering all market segments, from wholesale labs, via
professional and retail labs, to end-consumer vending kiosks. In output terms,
processing labs range from 250 to 20,000 prints per hour. This Division
increased its turnover by 24.8% in the full year; in the second half, the
increase was 40.5%. Manufacturing contributed the bulk of the Group profit and
its increase.
Wholesale Labs
Imaging Solutions' wholesale lab business was acquired in April 2003 and
comfortably repaid its purchase price in the first year of ownership. Based near
Zurich in Switzerland, Imaging Solutions is involved in the development,
manufacture, sale and technical support of equipment and systems for high volume
photo-finish laboratories (up to 20,000 prints per hour).
In the year, Imaging Solutions increased its turnover by 16.9% to £15.9m and
made another useful profit. An increased contribution is anticipated in the
current year.
Professional Labs
A substantial majority of Manufacturing turnover is represented by sales of the
DKS 15xx range of minilabs. Their success reflects their quality, as evidenced
by 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 a
third successive year. These minilabs have an output of 800 to 1,500 prints an
hour.
In the year, unit sales of minilabs increased by 40%. A significant proportion
of the growth was in relation to contracts signed in September 2004 and November
2004 with Tesco, the UK's largest retailer, and Klick, the UK's largest
independent photo-processing retailer, respectively. Margins benefited from the
effect 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 a
digital printing capability in a small retail environment.
The first deliveries of the DKS 900 were made in August 2004. An increased rate
of sale is expected in the current year.
Consumer Labs
Digital media kiosks provide vending machine convenience for digital camera and
camera-phone customers.
Manufacture of digital media kiosks in Grenoble, France ceased in April 2005 and
commenced at a sub-contractor in Shanghai, China in May 2005.
BOARD
On 1 February 2005, Dan David retired as Chairman, having fulfilled that role
for the past 12 years. Mr David continues as a non-executive Director and has
been appointed Life President.
Dan David was succeeded as non-executive Chairman by Vernon Sankey, who has held
the position of non-executive Deputy Chairman since his appointment to the Board
in October 2000.
On 1 June 2005, David Scotland resigned as a non-executive Director. He is
succeeded by Hugo Swire who brings to the Board wide-ranging experience in
business development in Asian markets, with a specific focus on China.
The Board, accordingly, numbers nine, of whom four executive and five
non-executive Directors.
THE DIGITAL IMAGING MARKET
PMI believes that it enjoys a strong position in a substantial and fast growing
market 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 and
strong cash generation, and commercially, with its extensive Vending network,
principally imaging-based, and proven and comprehensive digital imaging
Manufacturing range.
PMI intends to use its financial strength to grow organically and through
acquisitions.
In Vending, PMI intends to leverage its infrastructure and extend its product
range beyond photobooths, increasing its relevance to key site owners.
In Manufacturing, PMI intends to strengthen its footprint and commercial network
with a view to obtaining a substantial and rewarding share of the world market
for digital photo-processing equipment.
PROSPECTS
In the current year, in Vending, both photobooths and digital media kiosks
should continue to make a positive contribution. In Manufacturing, another good
performance is expected. Overall, the Directors are confident of further
progress.
Further out, in Vending, photobooths will benefit from changes in ID regulations
in France and Japan, two of PMI's principal markets. Additionally, the roll-out
of digital media kiosks is expected to contribute significantly to Group
performance. In Manufacturing, the DKS 3 minilab (which is the first digital
minilab of the third generation) enhances the product range, whilst the North
American market represents a significant opportunity. Overall, prospects for
sustained profitable growth remain good.
Serge Crasnianski
Chief 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 236,054 219,949
Less: 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 42,123
Administrative expenses (26,256) (20,847)
Other operating income 1,468 983
______ ______
Operating profit - continuing operations 34,355 22,259
Share 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 22,649
Interest receivable 415 195
Interest 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 15,112
Minority interests (389) (535)
- equity interests
- non-equity interests (18) (19)
______ ______
Profit attributable to members of the holding 4 21,720 14,558
company
Dividends (7,285) (3,643)
- equity interests
______ ______
Retained profit for year 14,435 10,915
______ ______
Earnings per share
Basic earnings per share 5 5.96p 4.01p
Adjusted basic earnings per share(1) 5 6.28p 4.06p
Diluted earning per share 5 5.90p 3.97p
Adjusted diluted earnings per share(1) 5 6.21p 4.02p
(1) The alternative measure of earnings per share is provided because it reflects
the
Group's underlying trading performance excluding the effects of goodwill
amortisation
and 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 21,395
Intangible assets
Tangible assets 6 71,856 63,971
Investments 260 282
______ ______
96,347 85,648
______ ______
Current assets 23,126 23,018
Stocks 42,728 32,345
Debtors 14,278 13,983
Investments and short-term deposits 19,637 18,026
Cash at bank and in hand
______ ______
99,769 87,372
______ ______
Creditors 78,292 68,649
Amounts falling due within one year
______ ______
Net current assets 21,477 18,723
______ ______
Total assets less current liabilities 117,824 104,371
Creditors 18,477 17,651
Amounts falling due after more than one year
______ _______
Provisions for liabilities and charges 99,347 86,720
Provisions 4,760 6,323
Deferred taxation 9,075 8,747
Provision 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 2,022
Called-up share capital 7 3,487 3,487
Reserves: 7 2,806 2,765
Share premium account 75,161 60,860
Other reserves
Profit and loss account
______ ______
83,476 69,134
______ ______
Shareholders' funds are attributable to: 83,275 68,933
Equity interests 201 201
Non-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 and
financing 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 net
debt
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 22,259
Depreciation and amortisation charges 23,684 29,863
Loss on sale of assets 128 467
Exceptional item 816 -
Other non-cash movements 142 200
______ ______
Gross cash inflow 58,309 52,789
Increase 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 18,026
Current 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 14,558
Exchange 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 activity
Manufacturing:
Total sales 110,286 82,448
Sales of capital equipment to Group undertakings for own use (12,272) (3,889)
_______ ______
98,014 78,559
Vending 137,958 141,390
_______ _______
235,972 219,949
_______ _______
Geographical analysis by origin
Continental Europe 141,526 130,765
United Kingdom and Republic of Ireland 60,870 54,035
Asia 30,782 31,210
Unites States of America 2,794 3,939
_______ ______
235,972 219,949
_______ ______
2 Profit/(loss) before tax
Geographical area
Continental Europe 30,547 17,344
United Kingdom and Republic of Ireland 299 3,016
Asia and Australia 2,191 1,096
United States of America - (326)
______ ______
33,037 21,130
______ ______
UK and Ireland profit is stated after charging head office
costs.
2005 Profit is stated after an exceptional item of £816,000
shown as exceptional cost of sales. This relates to
re-structuring in Japan, arising from the reduction in the
workforce.
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 per
share (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 dividend
will be paid on 2 November 2005 to shareholders on the register at the close of
business on 7 October 2005.
5 Earnings per share
2005 2004
The calculation of earnings per share is
based on the following:
Basic earnings attributable to
shareholders (£'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 to
shareholders (£'000) 22,869 14,745
Weighted average number of shares in issue in
the 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 June
2005. The financial information contained in this preliminary announcement does
not constitute statutory accounts as defined in Section 240 of the Companies Act
1985. The figures have been extracted from statutory accounts on which an
unqualified audit report has been issued. Those accounts are yet to be delivered
to the Registrar of Companies. The financial information for the preceding year
is based on the statutory accounts for the year ended 30 April 2004. 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 year ended 30 April 2005, will be
mailed to shareholders by 15 July 2005 and will be available from the Company's
registered office at Church Road, Bookham, Surrey KT23 3EU (telephone:
01372-453399, fax: 01372-459064, e-mail: ir@photo-me.co.uk) after that date.
This information is provided by RNS
The company news service from the London Stock Exchange
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