Interim Results
Photo-Me International PLC
29 January 2001
PHOTO-ME INTERNATIONAL plc - 2000/01 INTERIMS
* EBITDA increased to £32.5 m (99/00: £32.3 m) on reduced turnover of £
105.7 m (99/00: £108.7 m)
* £24.1m impairment provision for old technology analogue equipment, as
announced on 18 January 2001
* Net debt £4.6 m lower than at 30 April 2000 at £42.3 m
* Major OEM contract agreed with Kodak for DKS digital photoprocessing
minilab
* DigitalPortal Inc (DPI) JV established with SanDisk for digital
self-service photoprocessing kiosk
Serge Crasnianski, CEO, stated 'In the half year ended 31 October 2000, PMI
achieved a profit before tax and exceptionals of £15.1 m and signed agreements
with Kodak and SanDisk. These represent the basis of its future in the field
of digital photography and illustrate its technological advance.
If the DKS digital photoprocessing minilab and the DigitalPortal digital
self-service photoprocessing kiosk meet our ambitions, supported by a solidly
profitable photobooth business, PMI's future is bright.'
Presentation to brokers' analysts and investors:
A presentation will be made to brokers' analysts and investors at 9.30 a.m.
today at Regus, 120 Old Broad Street, London EC2 (approximately 100 yards from
The Stock Exchange).
Notes for Editors:
PMI is the world's leading operator and manufacturer of photobooths. PMI is
also a major manufacturer of photographic development and printing equipment,
which represents its highest growth opportunity. In both cases, its focus is
firmly on digital technology.
Notes for Picture Editors:
High - resolution photographs of Serge Crasnianski, CEO, with a DKS digital
photoprocessing minilab are available to the media, without charge, for
download from www.newscast.co.uk.
Enquiries:
Photo-Me International plc 01372-453399
Vernon Sankey (Deputy Chairman) )
Serge Crasnianski (Chief Executive Officer) ) on 29 January 020-72 20 74 77
Jean-Luc Peurois (Group Finance Director) )
Robert Lowes (Company Secretary)
Bankside Consultants Limited 020-72 20 74 77
Charles Ponsonby
INTERIM STATEMENT
OVERVIEW OF THE RESULTS
In order to make comparisons more meaningful, the exceptional items included
in these Interim Results and explained below have been excluded from this
analysis. Further, the 1999/2000 Interim Results have been restated to ensure
that the accounting treatment of the acquisition of the minority interest in
Nippon Auto-Photo K.K. is consistent with that adopted in the 1999/2000 year
end accounts. In addition, comparatives have been adjusted to take account of
the 5 for 1 share split effected in November 1999. The interim statement has
been subject to an independent review by the joint auditors Ernst & Young and
Menzies.
On turnover of £105.7 million (1999/2000: £108.7 million), PMI achieved a
pre-tax profit of £15.1 million (1999/2000: £19.1 million). As announced on 18
January 2001, the principal reason for the variance from expectations for the
2000/01 Interim Result was the effect on the Operating business of the fuel
strikes and disruption of the transport infrastructure in the UK and France in
the important months of September and October. Basic earnings per share were
2.81p (1999/2000: 3.49p), reflecting an effective tax rate of 31.0 per cent
(1999/2000: 33.8 per cent). EBITDA increased to £32.5 million (1999/2000: £
32.3 million).
Turnover from Operations turnover increased to £90.6 million (86 per cent of
total turnover) from £90.0 million. The Manufacturing business turnover
reduced to £15.1 million (14 per cent of total turnover) from £18.7 million,
reflecting the transition from analogue to digital technology.
Geographically, Continental Europe was the principal contributor to pre-tax
profit, with £8.3 million (1999/2000: £8.6 million) on a lower turnover of £43.5
million (1999/2000: £50.5 million). Whilst profit in France declined, most other
territories within Continental Europe achieved improvements.
The UK & the Republic of Ireland contributed a profit of £5.4 million (1999/
2000:£8.9 million) on an increased turnover of £33.5 million (1999/2000: £30.8
million).
Profit in Asia reduced to £1.7 million (1999/2000: £2.8 million) on an
increased turnover of £23.2 million (1999/2000: £22.3 million).
The loss in the Americas reduced to £0.3 million (1999/2000: £1.2 million) on
an increased turnover of £5.5 million (1999/2000: £5.1 million), reflecting
improved cost control.
An explanation of the Operating profit variances in the principal markets of
France, the UK and Japan is included in the Business Review below.
THE IMPAIRMENT PROVISION
On 18 January 2001, PMI announced that it would be making an impairment
provision in these Interim Results in respect of old technology analogue
equipment as a consequence of the acceleration of the take-up of PMI's digital
technology which has been particularly evident in the last months of 2000.
Totalling £24.1 million, the provision comprises £18.1 million against the
written down value of older generation photobooths (which at 30 April 2000
were included in the Group's balance sheet at a written down value of £33
million), a write-down mainly of related stocks and property of £4.2 million
and £1.8 million in respect of development costs of analogue minilabs. The
provision is included in these Interim Results as an exceptional charge and is
a non-cash item.
The analogue equipment will now be depreciated over 31/2 years and digital
equipment over five to eight years. In accordance with FRS 11, PMI will be
regularly conducting an impairment review to ensure that the estimated
discounted cash flows from the equipment - analogue and digital - cover their
net book values. However, the Directors believe that these useful lives are
prudent.
DIVIDEND
A maintained interim dividend of 0.5p per ordinary share is declared. The
dividend will be paid on 6 April 2001 to holders of ordinary shares on the
register at close of business on
9 March 2001.
BORROWINGS, CASH AND INTEREST
During the half year, net debt decreased by £4.6 million to £42.3 million,
notwithstanding £22.2 million of capital expenditure, of which £17.4 million
relates to Operating equipment. Following the impairment review, net assets
before deducting minority interests reduced by £6.3 million to £72.1 million,
but gearing decreased to 58.6 per cent from 59.8 per cent.
As compared to the half year ended 31 October 1999, net cash inflow from
operating activities fell to £30.4 million from £35.1 million.
Net interest payable reduced to £1.4 million from £1.5 million and was covered
12 times by profit before interest and exceptional items (1999/2000: 13
times).
BUSINESS REVIEW
Operating
Operating comprises the running of photobooths and other vending equipment. At
the period end, the total number of sites operating world-wide was around
26,000, including some 20,000 photobooths.
PMI is a global company, but it has three major operational territories - the
UK, France and Japan. Reference has already been made to the adverse trading
conditions affecting the UK and France in September and October. In the UK,
together with Ireland (with 7,800 sites, including 5,800 photobooths), the
increase in turnover reflects a net increase of photobooth locations and a
price increase for ID photographs. Profit, however, decreased, mainly due to
additional costs arising from the installation of new booths, including
PhotoPlanets and digital minibooths. In France (with 7,900 sites, including
5,300 photobooths), as already stated, turnover and profit would have
increased but for the events referred to above, whilst the reduction in the
profit in Japan (with 3,600 sites, including 3,500 photobooths) reflected an
increased depreciation charge.
In April 2000, PMI, in collaboration with BT, installed the first PhotoPlanet,
their jointly developed photobooth with Internet access. By the end of the
half year, approximately 200 PhotoPlanets were sited and the roll-out
continues.
Manufacturing
Manufacturing comprises the manufacture of photoprocessing equipment for
operation by third parties or in joint venture and of photobooths, primarily
for operation by PMI.
Third party manufacturing turnover in the period was principally represented
by sales of the AKS (analogue KIS system) range of minilabs, but turnover was
limited by the introduction of the DKS (digital KIS system) range with effect
from July 2000 and by the Group's focus on the development of other
applications for its LCD booster technology. Overall, manufacturing activity
increased if production for Group Operations was taken into account.
The DKS range of digital photoprocessing minilabs
Amongst the most important events of the half year were the launch of the DKS
in July and September's OEM agreement with Kodak.
The Board believes that the DKS digital photoprocessing minilab will be an
extremely important product for PMI as:
* the world market for digital minilabs is estimated at some 160,000;
* numbers manufactured are now increasing substantially, no fundamental
technological problems have been encountered, and customer satisfaction
has been pleasing;
* it considers that the DKS is the best model currently available in terms
of reliability, compactness and ease of use, in addition to which it
currently costs some 40 per cent less than the principal competitor
machine;
* the DKS benefits from PMI's patented LCD booster technology, which PMI
considers superior to the laser technology used by the principal
competition; and
* whilst the September agreement with Kodak referred to Asia (excluding
Japan), to which first deliveries were made in November, PMI is continuing
its discussions for a geographical extension of such agreements. Initial
orders have recently been received in respect of Africa, the Middle East
and Latin America. In addition, PMI is currently in negotiation in respect
of North America (Kodak's largest market), Europe and Japan.
The DKS has a full order book for the next six months at increased production
levels. Nevertheless, as little more than 100 DKS machines were delivered in
the half-year to 31 October 2000, their contribution for that period was
minimal.
The DigitalPortal digital self-service photoprocessing kiosk
Also of potentially considerable importance for PMI's future was the
establishment in August of a 50/50 joint venture, DigitalPortal Inc ('DPI'),
with SanDisk, the world's leading supplier of flash data storage products, to
operate digital self-service photoprocessing kiosks in the USA and Canada,
with a targeted annual production by PMI in Grenoble of 2,000 machines for
those markets.
The kiosks - the world's first silver halide process digital self-service
photo kiosk - will be located in mass merchandisers, department stores, club
stores and supermarkets where sales of digital cameras are made. The kiosks
will allow digital camera owners conveniently, quickly and inexpensively to
print 6' x 4' photos from flash memory cards, floppy disks and CD-Roms. The
kiosks will also be connected to the Internet and this will also allow users
to store, share and send images and to order enlargements.
The rapid growth of digital photography in the USA offers a tremendous
opportunity for the DPI photoprocessing kiosk. It is estimated that 100
billion photos will be taken in 2002, of which 20 billion will be digital.
The first kiosks are now scheduled for delivery in the early part of 2001/02.
PMI will be accounting for its share of the Operating result of the joint
venture, but will not be generating a manufacturing profit.
BOARD
In October, PMI announced the appointment of Vernon Sankey to the Board as
independent non-executive Deputy Chairman and to the Audit, Nomination and
Remuneration Committees. Mr Sankey, 51, is a non-executive Director of
Pearson, The Zurich Financial Services Group and several other companies and
was formerly Chief Executive of Reckitt & Colman and Chairman of Thomson
Travel.
During the period, three non-executive Directors resigned from the Board -
Daniel Amar, Peter Berridge and David Miller.
The recruitment of other independent non-executive Directors is in hand.
STRATEGY
PMI's strategy for both Manufacturing and Operating remains firmly rooted in
the application of digital technology and the Internet to photography, using
its unique, patented LCD booster technology, which translates digital
information into high quality and low cost images.
This technology should allow it, with its partners, Kodak and SanDisk, to
capture an important part of the global market for digital photoprocessing.
PMI intends to exploit its network of sites in high footfall areas around the
world by extending the range of services offered (some of them
Internet-related) and to accelerate the movement from analogue to digital
technology.
PMI also proposes to extend its photobooth business in Asia.
PROSPECTS
On 18 January 2001, the Board publicly reiterated its belief that the trading
results for the year ending 30 April 2001 would be broadly in line with market
expectations. This reflects the Board's belief in PMI's ability to achieve
substantial increases in monthly production of the DKS minilabs.
Further out, if the DKS digital photoprocessing minilab and the DigitalPortal
digital self-service photoprocessing kiosk meet our ambitions, supported by a
solidly profitable photobooth business, PMI's future is bright.
Serge Crasnianski 29 January 2001
Chief Executive Officer
GROUP PROFIT AND LOSS ACCOUNT
for the six months ended 31 October 2000
Unaudited Unaudited Audited
6 months to 31 October 2000 6 months
to
Before Exceptional After 31 year to
October
exceptional items exceptional 1999 30
April
items (Note 3) items (restated) 2000
Note £000 £000 £000 £000 £000
Turnover - 2 105,728 - 105,728 108,733 200,074
continuing
operations
Cost of sales (77,093) (24,116) (101,209) (76,676)(156,799)
Gross profit/ 28,635 (24,116) 4,519 32,057 43,275
(loss)
Administration expenses (12,844) - (12,844) (11,638) (21,072)
Other operating income 500 - 500 153 413
Operating profit/(loss) 16,291 (24,116) (7,825) 20,572 22,616
- continuing operations
Share of operating profit 77 - 77 46 97
of associates
Total operating profit/ 16,368 (24,116) (7,748) 20,618 22,713
(loss)
Profit/(loss) on disposal 73 - 73 - 1,799
of Group undertakings
Profit/(loss) on ordinary 16,441 (24,116) (7,675) 20,618 24,512
activities before
interest
Interest receivable 280 - 280 225 670
Interest payable (1,651) - (1,651) (1,753) (3,428)
Profit/(loss) on 3 15,070 (24,116) (9,046) 19,090 21,754
ordinary activities
before taxation
Tax on profit/ 4 (4,676) 7,720 3,044 (6,455) (10,579)
(loss) on ordinary
activities
Profit/(loss) on ordinary 10,394 (16,396) (6,002) 12,635 11,175
activities after taxation
Minority interests (141) 549 408 (132) 1,120
- equity and non-equity
interests
Profit/(loss) 10,253 (15,847) (5,594) 12,503 12,295
attributable to members
of the holding company
Dividends 5 (1,809) - (1,809) (1,801) (6,149)
- equity interests
Retained profit/ (15,847) (7,403) 10,702 6,146
(loss) for period 8,444
Basic earnings per
share
- before 6 2.81p 3.49p 2.92p
exceptionals
- exceptional items 6 (4.36p) - 0.50p
Basic earnings per 6 (1.55p) 3.49p 3.42p
share
Diluted earnings
per share
- before 6 2.80p 3.44p 2.89p
exceptionals
- exceptional items 6 (4.36p) - 0.50p
Diluted earnings 6 (1.55p) 3.44p 3.39p
per share
Dividends per share 5 0.50p - 0.50p 0.50p 1.70p
The figures for the 6 months to 31 October 1999 have been restated to ensure
that the accounting treatment of the 1999 acquisition of Nippon Auto-Photo K.K.
is consistent with that adopted in the year end accounts to 30 April 2000 (see
note 1).
GROUP BALANCE SHEET
as at 31 October 2000
Unaudited Unaudited Audited
31 31 30 April
October October
2000 1999 2000
(restated)
Note £000 £000 £000
Fixed assets
Intangible assets - goodwill 7 8,918 14,545 9,117
- other 7 6,171 5,605 6,181
Tangible assets 7 102,573 110,769 117,132
Investments 540 688 726
118,202 131,607 133,156
Current assets
Stocks 28,257 30,265 25,213
Debtors 33,588 31,578 29,323
Investments and short-term deposits 2,960 3,165 2,973
Cash at bank and in hand 13,362 14,039 8,908
78,167 79,047 66,417
Creditors
Amounts falling due within one year 79,794 71,323 69,336
Net current (liabilities)/assets (1,627) 7,724 (2,919)
Total assets less current liabilities 116,575 139,331 130,237
Creditors
Amounts falling due after more than one 35,177 36,649 35,058
year
81,398 102,682 95,179
Provisions for liabilities and charges
Provisions 3,423 2,289 3,169
Deferred taxation 5,866 12,923 13,612
72,109 87,470 78,398
Minority interests - equity interests 946 2,567 1,398
- non-equity interests 900 776 824
70,263 84,127 76,176
Capital and reserves
Called-up share capital 2,010 1,997 2,010
Reserves:
Share premium account 8 2,443 1,327 2,443
Capital reserves 8 7,474 10,632 6,919
Profit and loss account 8 58,336 70,171 64,804
70,263 84,127 76,176
Shareholders' funds are attributable to:
Equity interests 70,062 83,926 75,975
Non-equity interests 201 201 201
70,263 84,127 76,176
GROUP CASH FLOW STATEMENT
for the six months ended 31 October 2000
Unaudited Unaudited Audited
6 months 6 months year
to
to to
31 31 30
October October April
2000 1999 2000
Note £000 £000 £000
Net cash inflow from operating activities a 30,414 35,141 58,530
Dividends from associates - - 72
Returns on investments and servicing of (1,414) (1,558) (2,798)
finance
Taxation (3,561) (799) (4,037)
Capital expenditure and financial investment (20,928) (11,672) (25,124)
Acquisitions and disposals (104) (2,455) (2,537)
Dividends paid - equity shareholders - - (5,610)
Cash inflow before use of liquid resources and 4,407 18,657 18,496
financing
Management of liquid resources 26 (957) (927)
Financing - increase in debt (1,193) 2,241 (6,438)
- shares issued - 262 1,391
Increase in cash in the period 3,240 20,203 12,522
Reconciliation of net cash flow to movement b
in net debt
Increase in cash in the period 3,240 20,203 12,522
Cash flow from decrease/(increase) in debt and 1,193 (2,241) 6,438
lease financing
Cash flow from (decrease)/increase in liquid (26) 957 927
resources
Change in net debt resulting from cash flows 4,407 18,919 19,887
Decrease in debt on disposal of subsidiary 315 - -
undertaking
Finance leases - - (8,272)
Other non-cash changes (15) - -
Foreign exchange translation differences (125) 582 3,469
Movement in net debt in the period 4,582 19,501 15,084
Net debt at 1 May 2000 (46,868) (61,952) (61,952)
Net debt at 31 October 2000 (42,286) (42,451) (46,868)
NOTES TO THE CASH FLOW STATEMENT
for the six months ended 31 October 2000
(a) Reconciliation of operating profit to operating
cash flow
Unaudited Unaudited Audited
6 months 6 months year to
to to
31 31 30
October October April
2000 1999 2000
(restated)
£000 £000 £000
Operating (loss)/profit (7,825) 20,572 22,616
Depreciation and amortisation charges 36,954 11,689 27,140
Non-cash charge relating to other exceptional 3,239 - -
provisions
Loss/(profit) on sale of assets 43 (155) 516
Gross cash inflow 32,411 32,106 50,272
Net movement in working capital (1,997) 3,035 8,258
Net cash inflow from operating activities 30,414 35,141 58,530
(b) Analysis of net debt
At
1 Other At At
May Cash non-cash Exchange 31 Oct 31 Oct
2000 flow Disposals changes movement 2000 1999
£000 £000 £000 £000 £000 £000 £000
Cash at bank and
in hand 8,908 4,040 - - 414 13,362 14,039
Overdrafts (3,651) (800) - - (9) (4,460) (1,971)
3,240
Debt due after
one year (28,223) (4,381) - 5,033 (310) (27,881)(36,040)
Debt due within
one year (19,395) 4,582 315 (5,033) (231) (19,762)(21,636)
Finance leases (7,480) 992 - - (17) (6,505) (8)
1,193
Current asset
investments 2,973 (26) - (15) 28 2,960 3,165
and short-term
deposits
Total (46,868) 4,407 315 (15) (125) (42,286)(42,451)
GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the six months ended 31 October 2000
Unaudited Unaudited Audited
6 months 6 months year to
to to
31 31 30
October October April
2000 1999 2000
(restated)
£000 £000 £000
(Loss)/profit attributable to shareholders (5,594) 12,503 12,295
Exchange adjustments 1,563 335 (2,506)
Total recognised gains and losses for the (4,031) 12,838 9,789
period
NOTE OF HISTORICAL COST PROFITS AND LOSSES
for the six months ended 31 October 2000
The Group prepares its accounts on the historical cost basis and has not
revalued its properties. Consequently, no note of historical cost profits and
losses is required.
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the six months ended 31 October 2000
Unaudited Unaudited Audited
6 months 6 months year to
to to
31 31 30
October October April
2000 1999 2000
(restated)
£000 £000 £000
(Loss)/profit for the period before dividends (5,594) 12,503 12,295
Dividends (1,809) (1,801) (6,149)
Exchange adjustments 1,563 335 (2,506)
Shares issued including share premium - 262 1,391
Goodwill written-back on disposal of subsidiary (73) - (1,683)
undertakings
Net movement in shareholders' funds (5,913) 11,299 3,348
Shareholders' funds at 1 May 2000 76,176 72,828 72,828
Shareholders' funds at 31 October 2000 70,263 84,127 76,176
NOTES ON THE ACCOUNTS
for the six months ended 31 October 2000
1 Basis of preparation of the interim accounts
The interim accounts, which are unaudited, have been prepared on the
basis of accounting policies set out in the Group's 1999/2000 Report and
Accounts.
For the preparation of the interim accounts, the results of overseas
undertakings have been translated at exchange rates ruling on 31 October
2000.
Turnover and operating profit are derived from continuing operations.
There have been no acquisitions nor discontinued operations in the six
months to 31 October 2000.
The figures for the 6 months to 31 October 1999 have been restated to
ensure that the accounting treatment of the 1999 acquisition of Nippon
Auto-Photo K.K. is consistent with that adopted in the 1999/2000 Accounts.
The adjustments, which comprise an increase in the cost of sales of £
4,364,000 together with £2,845,000 and £72,000 reductions to tangible asset
depreciation and goodwill amortisation respectively and a £36,000 reduction
in taxation, result in a net decrease of £1,411,000 in the retained profit
for the six months to 31 October 1999.
The figures for the year ended 30 April 2000 have been extracted from
the Report and Accounts which have been filed with the Registrar of
Companies, in which the auditors' report was unqualified and did not
contain any statement under Section 237 (2) or (3) of the Companies Act
1985.
2 Turnover
Turnover was contributed as follows:
6 months to 6 months to Year to
31 October 31 October 30 April
2000 1999 2000
£000 £000 £000
Area of activity
Manufacturing 15,144 18,670 34,123
Operating 90,584 90,063 165,951
Total sales to third parties 105,728 108,733 200,074
Geographical area
United Kingdom and Republic of Ireland 33,524 30,792 60,755
Overseas - Continental Europe 43,477 50,508 82,624
- The Americas 5,499 5,140 11,428
- Asia 23,228 22,293 45,267
105,728 108,733 200,074
3 Profit on ordinary activities before
taxation
6 months to 31 October
2000
Before After 6 months to Year
to
exceptional exceptional 31 October 30
April
items items 1999 2000
(restated)
£000 £000 £000 £000
Geographical area
United Kingdom and Republic of 5,443 2,692 8,888 12,127
Ireland
Overseas - Continental Europe 8,284 775 8,618 4,919
- The Americas (309) (6,547) (1,202) (2,885)
- Asia 1,652 (5,966) 2,786 7,593
15,070 (9,046) 19,090 21,754
In accordance with Financial Reporting Standard (FRS) 11, an impairment review
has been undertaken. This review of the carrying value of fixed assets and of
related stocks of components resulted in a total exceptional charge against
profit of £24,116,000 in the 6 months to 31 October 2000.
4 Taxation
6 months to 6 months to Year
to
31 October 31 October 30
2000 1999 April
2000
(restated)
£000 £000 £000
United Kingdom 295 1,777 3,803
Overseas (3,339) 4,678 6,776
(3,044) 6,455 10,579
The charges for taxation for the six months ended 31 October 2000 have been
computed by applying the estimated effective tax rates for the full financial
year.
5 Dividends
6 months to 6 months to Year
to
31 October 31 October 30
2000 1999 April
2000
£000 £000 £000
Interim - 0.5p per share (1999: 0.5p) 1,809 l,801 1,808
Final - 1.2p per share - - 4,341
1,809 1,801 6,149
The directors have declared an interim dividend of 0.5p (1999: 0.5p) per
ordinary share. The interim dividend will be paid on 6 April 2001 to
shareholders on the register at the close of business on 9 March 2001.
6 Earnings per share
The calculation of earnings per share is based on the following:
6 months to 6 months to Year to
31 October 31 October 30 April
2000 1999
2000
(restated)
£000 £000 £000
Profit attributable to shareholders
- before exceptional items (£000) 10,180 12,503 10,496
- exceptional items (£000) (15,774) - 1,799
- after exceptional items (£000) (5,594) 12,503 12,295
Weighted average number of shares in issue in
the period
- basic (000) 361,748 358,707 359,679
- including dilutive share options (000) 363,416 363,986 362,996
The loss after exceptional items attributable to ordinary shareholders and the
weighted average number of ordinary shares for the purpose of calculating the
diluted earnings per share are identical to those used for the basic earnings
per share. This is because the exercise of share options would have the effect
of reducing the loss per ordinary share and is therefore not dilutive under
the terms of FRS14.
7 Fixed assets
Other
Goodwill intangible Tangible
£000 £000 £000
Net book value at 1 May 2000 9,117 6,181 117,132
Exchange adjustment - 15 1,793
Additions - operating equipment - - 17,408
- other - 3,135 1,641
Depreciation provided in the period (199) (1,313) (14,565)
Impairment - (1,847) (19,030)
Disposals at net book value - - (1,806)
Net book value at 31 October 2000 8,918 6,171 102,573
8 Reserves
Share Capital Profit
Premium Reserves and loss
£000 £000 £000
Balance at 1 May 2000 2,443 6,919 64,804
Exchange adjustment - 849 714
Transfer between reserves - (294) 294
Goodwill written back on disposal of group - - (73)
undertaking
Retained profit for the period - - (7,403)
Balance at 31 October 2000 2,443 7,474 58,336
9 Copies of the Interim Report
Copies of the Interim Report will be mailed to shareholders on 8
February 2001 and from that date will be available from the Company's Registered
Office at Church Road, Bookham, Surrey KT23 3EU (tel: 01372-453399).
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