Final Results

RNS Number : 7913M
Printing.com plc
01 June 2010
 



FOR RELEASE                                                                                      

7.00AM

1 June 2010

PRINTING.COM PLC

("Printing.com" or "the Group")

 

Preliminary Results for year ended 31 March 2010

 

 

Printing.com, a specialist retail chain with 288 Outlets opened and pending across the UK and Ireland, today announces its preliminary results for the year ended 31 March 2010.

 

Financial highlights

 


2010

2009

Change

Total Retail Sales

£26.56m

£26.29m

+1.0%

Turnover

£14.46m

£14.47m

-0.1%

EBITDA

£3.11m

£3.27m

-4.9%

Operating Profit

£1.74m

£1.93m

-9.8%

Profit Before Tax

£1.70m

£2.06m

-17.4%





Earnings Per Share - Basic

2.87p

3.28p

-12.5%

EPS - Fully Diluted

2.86p

3.27p

-12.5%

Dividend

3.15p

3.15p

-

Special Dividend

-

2.00p

-





Capital expenditure

£1.04m

£0.59m


Net Cash

£2.14m

£3.39m

        

Net Funds

£1.29m

£1.81m


 

Operational highlights


·    Profitable and cash generative in difficult market conditions


·    Ordinary dividend maintained

·    Number of outlets increased to 288 sites (2009: 283 sites)


·    Growth continues in international markets


·    New markets via 'Templates'


·    Strong pipeline of new Franchisees

·    Optimistic of prospects irrespective of conditions improving

 

Commenting on the results, Tony Rafferty, Chief Executive of Printing.com, said:  "Notwithstanding the challenging trading conditions over the past year, these results demonstrate the robustness of Printing.com's business model." 

 

For further information:

 

Printing.com plc

Tony Rafferty (Chief Executive)

Alan Roberts (Finance Director)

 

 

07966 517 336

0161 848 5713

Cubitt Consulting

Chris Lane / Nicola Krafft / James Verstringhe

 

0207 367 5100

Brewin Dolphin Ltd (Nominated Adviser)


Mark Brady

0845 213 4730

 

 


Chairman's Statement

 

 

Total Retail Sales ("TRS"), the Company's estimate of the value of sales to the end user in the UK & Ireland (via both its Franchise and directly owned outlets), increased 1% to £26.56m (2009: £26.29m). Turnover decreased 0.1% to £14.46m (2009: £14.47m) whilst Profit Before Tax ("PBT") decreased by 17.4% to £1.70m (2009: £2.06m).

 

The previous year had been characterised by trading during the first half that had proved encouraging, whilst the second half reflected the decline in the economic situation. The trading result for the year under review reflects sustained difficult conditions for the whole of the year.

 

However, notwithstanding the economic challenges, your Company has remained profitable and cash generative together with modest network expansion.

 

Cash

Your Company finished the financial year with cash of £2.14m (2009: £3.39m).

 

During the year, capital investment totalled £1.04m (2009: £0.59m) with the on-going development of the Company's Flyerlink software representing the majority of this investment. In common with the previous year, none of the capital expenditure was financed. The closing cash position reflects the additional payment of a Special Dividend amounting to £0.89m paid on 26 June 2009.

 

Return of Shareholders Funds

Beginning with the Maiden Dividend in 2005 and including all subsequent Dividends paid up to the Interim for the year under review, the cumulative funds returned to Shareholders is in excess of £6m.

 

Final Dividend

Your Board is proposing a Final Dividend of 2.10p for the year, to be paid on 21 July 2010 to Shareholders on the register at the close of business on 11 June2010. This makes a total dividend for the year of 3.15p per ordinary share (2009: 3.15p).

 

People at Printing.com

Printing.com is very much a people business and in these challenging times, I would like to thank our Franchisees and all of the employees in the Printing.com network for their efforts.

 

Outlook

In these difficult times, we remain of the belief that our market share is growing but are mindful that this is not presently reflected by a growth in network sales.

Given that the economic climate may not improve in the short term, we believe that with the introduction of our new software 'Templates', the scope exists to address additional market segments. This initiative essentially exploits the same Printing.com infrastructure and we believe will contribute to earnings in the current financial year.

Also, with the advent of this software platform, we believe we will gain additional traction with regards to Printing.com Master Licences for other territories. 

Encouragingly the domestic pipeline of prospective Bolt-on Franchises is at its most positive for some time. Accordingly, your Directors believe that, moving forward, the prospects for Printing.com remain positive even if market conditions do not materially improve. However, as and when the economic cycle improves we remain of the view that Printing.com is well placed to exploit the increase in demand.

 

 

 

 

 

George Hardie

Chairman

1 June 2010



Chief Executive's Statement

 

Trading and Estate Development UK & Ireland

 

31 March 2010

31 March 2009

Company Owned Stores

8

7

Territory Franchise Stores

28

35

Bolt-on and Boutique Franchises

252

241

 

 

 

Total

288

283

 

 

In the year under review trading revenues in the UK increased by 1.6% from £13.37m to £13.58m. Disappointingly, in Ireland the severity of the recession was reflected with revenue falling £0.29m, 40.8%, to £0.42m from £0.71m.

 

Over the year we are pleased to report that your Company recorded growth in the number of outlets. We are mindful that the network is slightly below the total of 300 previously anticipated, but still believe that any growth, given the economic conditions, bodes well.

 

Across the network we encounter some instances of Franchise consolidation or indeed 'merger'. For instance this may reflect a Bolt-on Franchisee electing to change their overall strategy or simply where the Bolt-on element no longer 'fits.' In these circumstances we endeavour to redeploy the business to a neighbouring Printing.com outlet or indeed pass it on to a new Bolt-on partner in the area. During the year we have also encountered instances where Territory Franchisees have elected to change to the Bolt-on format.

 

We are mindful that the network contracted slightly in the second half of the year but do not believe, moving forward, that a downward trend is likely to prove the norm. Indeed, the Company has a stronger pipeline of prospective Bolt-on Franchise partners than of late, and we anticipate the grant of additional licences over the coming months. Whether this will lead to absolute network growth is at present difficult to predict. Overall we remain committed to the quality, not just the quantity, of our outlets.

 

 

Printing.com France

We are pleased to report that your Company has established a Printing.com Store in Montpellier, in the Languedoc region. This Store commenced trading shortly after the close of the financial year and will form the base for the further development of Printing.com in France.

 

Over the course of the year, the French business has more than doubled its 'run rate', albeit from a relatively modest level. It is the intention to introduce an additional facet to the French strategy which the Directors believe will accelerate growth within the French marketplace. 

 

New Zealand Master Licence

Printstop, our New Zealand Master Licence partners, continues to perform strongly in their local market, albeit a market that is relatively small. During the year, Printing.com has assisted in the delivery of certain new sales and marketing strategies. With the New Zealand network now approaching 50 outlets the growth of sales per outlet takes on a greater importance in progressing the Printing.com royalty stream.

 

US Master Licence

Printing.com US has gained traction, essentially in North Florida and the southern counties of the State of Georgia. To date our US partners have 22 outlets across this region. We are working with our partners to devise strategies to extend the geographic coverage of Printing.com from this initial 'beach head' in the US market.

 

Other International Opportunities

Your Company remains committed to developing opportunities that enable it to commercially exploit its intellectual property across a broader international market. We remain of the view that, whilst elements of our strategy may need to be adapted to do this, the scope exists to generate meaningful revenues in this way. To this end we are presently engaged in a number of purposeful discussions and advanced negotiations, however subsequently, these may or may not progress to fruition.

 

Production Hub

Previously we have stated the view that Hub capacity, measured by TRS, was in excess of £40m, meaning that circa £13m of TRS remained unutilised. Taking into account the increased proportion of discounted orders and the present product 'mix', unutilised capacity is presently lower. However, material capacity still exists without significant investment in additional plant.

 

The efficiency and reliability of your Company's Manchester Production Hub, measured by numerous performance indicators, is at an all time high. Overall these factors have made an important contribution in the preservation of operational margin.

 

Moving forward we have further objectives centred on the realisation of additional efficiencies and ongoing improvements.

 

IT Infrastructure and the Development of Online Channels

 

The greater part of our capital investment remains the development of the Company's proprietary software, Flyerlink. In last year's Annual Report, we set out the Company's vision for developing online tools that would make the interaction between the Company's outlets and the end client more efficient. This functionality was to include 'templates', allowing simple orders and reorders to be made online. A number of online tools have already been released. The cornerstone of this strategy remains the Template component. We believe that this component is fundamental to the development of the next stage of Printing.com's strategy - and is hoped that it will be fully operational by the end of the half year.

 

Moving forward, we believe that we can best exploit the Printing.com opportunity by retaining our established network of dispersed Franchisees and equipping them with advanced online solutions. We believe many existing Printing.com clients will ordinarily alternate between online ordering and the traditional channel given the complexity of some design and print projects versus the simplicity of others (e.g. a business card name change). However, in both instances we believe that our Franchisees will be at the fulcrum of maintaining and progressing these important client relationships.

 

With the advent of the new software component, the scope for an offering particularly suited to the needs of multi-site businesses is opened up. Indeed, day-in-day-out, many major multi-site businesses already place orders with Printing.com, albeit on an ad-hoc basis. With the launch of this initiative, Franchisees will be able to vend a new strategic solution extending their market reach.

 

 

 

Websites and Network Partners

These initiatives allow Printing.com Franchisees to produce low-cost Website solutions and access via the Printing.com system, a range of promotional goods (provided by third party manufacturing partners) including pens and work apparel.

 

These solutions provide an incremental contribution to your Company's profits which whilst at a relatively modest level (circa £0.5million TRS) provide an additional offering for our Franchisees. It is hoped that, moving forward, these solutions will grow organically and add to the appeal of the Printing.com Franchise.

 

Environment

During the year the Company retained 'FSC' accreditation across its entire core stocks and retained its ISO14001 accreditation.  In relation to packaging, non biodegradable components were eliminated and the proportion of recycled raw material significantly increased.  Improvements to packaging also reduced the carbon footprint relating to distribution.

 

Of note the Company was awarded a prestigious Green Apple Award, reflecting its commitment to the environment and retained its association with David Bellamy and the Tree Appeal, where the present objective is to plant 100,000 trees.

 

Current Trading

Since our last update, across the UK and Ireland, trading has undulated but overall remains in line with the Company's internal budget. Given the current strong pipeline of prospective Franchisees, we are optimistic of the grant of additional franchise licences during the first half of the current financial year.

 

 

 

Tony Rafferty

Chief Executive

1 June 2010



Financial Review

Total Retail Sales (TRS)

The Group's key metric of Network growth, across the UK and Ireland, is TRS, being the estimated retail price paid by the client for product sourced from the Group's Production Hub. This does not correspond with revenue recognised in the Statement of Comprehensive Income as the Group recognises the price paid by the Franchisee.  The performance of Printing.com in this challenging period to March 2010 is illustrated by estimated TRS increasing 1% to £26.56m (2009:£26.29m).

Like For Like TRS

This metric reports on the like for like progress of our Territory Franchisees (or equivalent Group owned operations) that have operated for a minimum of three years. Therefore, the earliest figures that could be reported for a Territory Franchise are its third versus second year. In presenting these figures we believe that it is essential to consider both the performance of the Store within the Territory Franchise and the growth in revenues from its associated Bolt-On Franchises. On this basis like for like comparison for the year under review was a decline of 1.26% (growth 2009:10.73%) with 35 (2009:38) Territory Franchises (or Group owned equivalents) contributing to this metric. 

Revenue

Although TRS increased overall Company revenue decreased by 0.1% to £14.46m from £14.47m. This was due in the main to a reduction in licence fee income received from the home and international markets. Network sales continued to be dominated by Bolt-on Franchises where 38 new licences were completed and 6 Territory Franchises reverted to Bolt-on status however, this was offset by 33 terminations. The Manchester Territory Franchise was taken back under Company ownership. 

Gross Profit

The Group's simple definition of Gross Profit is revenue less direct materials (including the cost of distribution, when made direct to customers).

Gross Profit decreased by 2.6% to £9.49m from £9.74m.  In percentage terms it reduced to 65.6% (2009:67.3%) of revenue as the Company continued to follow its strategy of supporting the Franchise network through monthly sales offers.

EBITDA

At £3.11m (2009:£3.27m) EBITDA decreased by 4.9%. 

Pre-Tax Profit

The Group recorded a pre tax profit of £1.70m (2009:£2.06m) being 11.8% (2009:14.2%) of Group revenue and 6.4% (2009:7.8%) of TRS.

Staff costs decreased in the year to £3.57m (2009:£3.60m) and fell as a percentage of revenue from 24.9% to 24.8%. However, the increase in the number of Group Stores raised head count, retail staff costs and operational overhead. The depreciation and amortisation charge for the year was £1.36m (2009:£1.33m).

Interest Received and Charged

Interest received of £0.06m (2009:£0.18m) reflects interest on the cash balances held and interest charged to Franchisees on loans to them from Printing.com. Interest paid of £0.07m (2009:£0.11m) primarily on lease finance repayments.

 

Financial Review (continued)

Taxation

In the year the standard rate for tax was 28% (2009:28%). The charge for the current year is £0.43m or 25.3% of PBT (2009:£0.60m or 29.2%).

The effective tax rate was reduced through the inclusion of enhanced tax relief on research and development expenditure.

Earnings Per Share (EPS)

Basic EPS achieved was 2.87p (2009:3.28p), the weighted average number of shares used was 44,360,807. Diluted EPS achieved was 2.86p (2009:3.27p), the weighted average number of shares used was 44,643,698. The year closed with 44,993,465 ordinary shares in issue, with 613,702 of these held in Treasury by the Group.

Cash Flow

At the year end the Group had cash balances of £2.14m (2009:£3.39m) and Net Funds (comprising cash less finance lease creditors) of £1.29m (2009:£1.81m). Operational cash inflow remained strong at £3.42m (2009: £3.52m). The most significant cash outflow being dividends paid of £2.28m (2009: £1.36m).  

Capital Expenditure

The total expenditure for the year was £1.04m (2009:£0.59m). The major item was Software development and computing infrastructure £0.44m.

Share Capital and Share Options

Employee options over 30,000 shares were exercised during the year and were satisfied from treasury.  There were no options granted.

During the year the Company did not purchase any shares. The maximum number of shares held by the Company during the year was 643,702 (1.4% of the total called up share capital).  The shares are to be held in treasury by the Company with the intention of satisfying future exercise of share options.

Treasury Policies and Financial Risk

Surplus funds are intended to support the Group's short term working capital requirements.  These funds are invested through the use of short term deposits and the policy is to maximise returns as well as provide the flexibility required to fund on-going operations. It is not the Group's policy to enter into financial derivatives for speculative or trading purposes.

Interest rate risk, liquidity risk and currency risk

Interest rate risks are limited to the fixed element of finance lease or hire purchase agreements.  The Group uses leasing or hire purchase at periods of up to 5 years to finance purchases of some of its assets where it is considered to be a more effective use of funds.

The Group has no material overseas assets or liabilities and thus any currency movements have no material impact.

 

Alan Q. Roberts

Finance Director

1 June 2010

 

Consolidated Statement of Comprehensive Income

for the year ended 31 March 2010

 

 

Note

 

 

2010

2009

 

 

 

 

£000

£000

 

 

 

 

 

 

Revenue

3

 

 

14,456

14,468

 

 

 

 

 

 

Changes in inventory of finished goods and work in progress

 

 

 

31

1

Raw materials and consumables used

 

 

 

(5,002)

(4,727)

 

 

 

 

             

             

Gross profit

 

 

 

9,485

9,742

 

 

 

 

 

 

Staff costs

 

 

 

(3,571)

(3,598)

Other operating charges

 

 

 

(2,809)

(2,877)

Depreciation and amortisation

 

 

 

(1,361)

(1,334)

 

 

 

 

             

             

Total expenses

 

 

 

(7,741)

(7,809)

 

 

 

 

             

             

Operating profit

 

 

 

1,744

1,933

 

 

 

 

 

 

Financial income

 

 

 

55

238

Financial expenses

 

 

 

(95)

(108)

 

 

 

 

             

             

Net financing (expense)/income

 

 

 

(40)

130

 

 

 

 

 

 

 

 

 

 

             

             

Profit before tax

 

 

 

1,704

2,063

 

 

 

 

 

 

Taxation

4

 

 

(429)

(603)

 

 

 

 

             

             

Profit for the year

 

 

 

1,275

1,460

 

 

 

 

 

 

Other comprehensive income for the year

 

 

 

-

-

 

 

 

 

             

             

Total comprehensive income for the year

 

 

 

1,275

1,460

 

 

 

 

             

             

Basic earnings per share

5

 

 

2.87p

3.28p

Diluted earnings per share

5

 

 

2.86p

3.27p

 



Consolidated Statement of Changes in Shareholder Equity

 

Group - year ended 31 March 2009

 

Share

Capital

Share

premium

Merger

reserve

Translation

reserve

Retained

earnings

 

Total

 

£000

£000

£000

£000

£000

£000

 

 

 

 

 

 

 

Opening shareholders' funds at 1 April 2008

450

3,871

211

-

2,626

7,158

 

 

 

 

 

 

 

Profit and total comprehensive income for the year

-

-

-

-

1,460

1,460

Dividends paid

-

-

-

-

(1,364)

(1,364)

 

 

 

 

 

 

 

Attributable to equity holders of the company

 

 

 

 

 

 

Equity settled share based payments

-

-

-

-

-

-

Own shares acquired

-

-

-

-

(263)

(263)

Shares issued & released from Treasury

-

10

-

-

65

75

 

             

             

             

             

             

             

Total movement in shareholders' funds

-

10

-

-

(102)

(92)

 

 

 

 

 

 

 

Closing shareholders' funds at 31 March  2009

450

3,881

211

-

2,524

7,066

 

             

             

             

             

             

             

Group - year ended 31 March 2010

 

 

 

 

 

 

 

Opening shareholders' funds at 1 April 2009

450

3,881

211

-

2,524

7,066

 

 

 

 

 

 

 

Profit and total comprehensive income for the year

-

-

-

-

1,275

1,275

Dividends paid

-

-

-

-

(2,284)

(2,284)

 

 

 

 

 

 

 

Attributable to equity holders of the company

 

 

 

 

 

 

Equity settled share based payments

-

-

-

-

-

-

Own shares acquired

-

-

-

-

-

 

Shares released from Treasury

-

-

-

-

10

10

 

             

             

             

             

             

             

Total movement in shareholders' funds

-

-

-

-

(999)

(999)

 

 

 

 

 

 

 

 

             

             

             

             

             

             

Closing shareholders' funds at 31 March 2010

450

3,881

211

-

1,525

6,067

 

             

             

             

             

             

             

 

 



 

Consolidated Statement of Financial Position

At 31 March 2010

 

 

 

 

2010

2009 

 

£000

£000

Non-current assets

 

 

Property, plant and equipment

3,672

4,328

Investments in subsidiaries

-

-

Intangible assets

1,614

1,283

Deferred tax assets

3

2

Other receivables

103

253

 

             

             

Total non-current assets

5,392

5,866

 

             

             

Current assets

 

 

Inventories

141

110

Trade and other receivables

3,239

3,313

Cash and cash equivalents

2,138

3,391

 

             

             

Total current assets

5,518

6,814

 

             

             

Total assets

10,910

12,680

 

             

             

Current liabilities

 

 

Other interest-bearing loans and borrowings

(653)

(689)

Trade and other payables

(2,118)

(1,887)

Current tax payable

(221)

(370)

Accruals and deferred income

(993)

(1,057)

Other liabilities

(145)

(165)

 

             

             

Total current liabilities

(4,130)

(4,168)

 

             

             

Non-current liabilities

 

 

Other interest-bearing loans and borrowings

(200)

(889)

Deferred tax liabilities

(513)

(557)

 

             

             

Total non-current liabilities

(713)

(1,446)

 

             

             

Total liabilities

(4,843)

(5,614)

 

             

             

Net assets

6,067

7,066

 

             

             

Equity attributable to equity holders of the parent

 

 

Share capital

450

450

Share premium

3,881

3,881

Merger reserve

211

211

Translation reserve

-

-

Retained earnings

1,525

2,524

 

             

             

Total equity

6,067

7,066

 

             

             



Consolidated Statement of Cash Flows

for year ended 31 March 2010

 

 

 

 

 

2010 

2009 

 

£000

£000

Cash flows from operating activities

 

 

Profit for the year

1,275

1,460

Adjustments for:

 

 

Depreciation, amortisation and impairment

1,361

1,334

Net finance expense / (income)

40

(130)

Gain on sale of property, plant and equipment

-

2

Equity settled share-based payment transactions

-

-

Foreign exchange (loss)/gains

(28)

61

Tax expense / (income)

429

603

 

             

             

Operating cash flow before changes in working capital and provisions

 

3,077

 

3,330

Change in trade and other receivables

224

114

Change in inventories

(31)

(1)

Change in trade and other payables

147

76

 

             

             

Cash generated from / (used in) Operations

3,417

3,519

Interest paid

(67)

(108)

Income tax paid

(624)

(715)

 

             

             

Net cash inflow/(outflow) from operating activities

2,726

2,804

 

             

             

Cash flows from investing activities

 

 

Proceeds from sale of plant and equipment

-

9

Interest received

55

177

Acquisition of plant and equipment

(268)

(70)

Development expenditure

(767)

(522)

Dividends received

-

-

 

             

             

Net cash (used in) / generated by investing activities

(980)

(406)

 

             

             

Cash flows from financing activities

 

 

Proceeds from the issue of share capital

10

65

Repurchase of own shares

-

(263)

Payment of finance lease liabilities

(725)

(839)

Dividends paid

(2,284)

(1,364)

 

             

             

Net cash used in financing activities

(2,999)

(2,509)

 

             

             

Net (decrease)/increase in cash and cash equivalents

(1,253)

(111)

Exchange losses on cash and cash equivalents

-

-

Cash and cash equivalents at start of year

3,391

3,502

 

             

             

Cash and cash equivalents at 31 March

2,138
             

 

3,391
             

 

 

 

 

 

 

 



Notes

(forming part of the financial statements)

1          Basis of preparation

Printing.com plc (the "Company") is a company incorporated and domiciled in the UK.

The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the "Group"). 

The Group financial statements are authorised for issue by the Board of Directors on 1 June 2010.

The financial information does not constitute the Company's statutory accounts for the years ended 31 March 2010 or 31 March 2009 (but is derived from those accounts).  Statutory accounts for 2009 have been delivered to the registrar of companies, and those for 2010 will be delivered in due course.  The auditors have reported on those accounts; their reports were (i) unqualified, (ii) did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their reports and (iii) did not contain statements under section 237 (2) or (3) of the Companies Act of 1985 in respect of the accounts for 31 March 2009 nor a statement under section 498(2) or (3) of the Companies Act 2006 in respect of the accounts for 31 March 2010. The statutory accounts for the financial year ended 31 March 2010 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

2          Going concern

The Group has considerable financial resources and the number of franchise outlets continues to grow.  This is expected to continue due to the comparatively low level of capital required to set up a franchise under the Printing.com business model.  As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully despite the current uncertain economic outlook.  After making enquiries the Directors have a reasonable expectation that the Group have adequate resources to continue in operational existence for the foreseeable future.  Cash flow forecasts indicate continuing cash inflows to ensure that sufficient cash is available for future trading and dividends.  The Group's only external funding is made up of finance leases.  Accordingly they continue to adopt the going concern basis in preparing the annual report and financial statements.

 

3          Segmental information

 

 

In adopting IFRS 8 - Operating Segments for the first time, the Group has disclosed two reportable segments, being printing services and franchise income.  This disclosure correlates with the information which is presented to the Chief Operating Decision Maker, the Chief Executive, who reviews revenue (which is considered to be the primary growth indicator ahead of TRS) by segment.  The Groups costs, finance income, tax charges, net assets and capital expenditure are only reviewed by the Chief Operating Decision Maker at a consolidated level and therefore have not been allocated between segments in the analysis below. 

Of the Group revenue of £14,456,000, £13,580,000 was generated in the UK (2009: £13,372,000).  Revenue generated outside the UK is primarily attributable to the Republic of Ireland (£424,000, 2009: £708,000) and France (£326,000, 2009: £81,000)  No single customer provided the Group with over 10% of its revenue.  



3  Segmental information (continued)

Analysis by type

 

 

 

Printing services  

Franchise Income

Total

 

 

 

 

£000

£000

£000

 

Period ended 31 March 2010

 

 

 

 

 

 

Segment revenues

 

 

 13,458

998

14,456 

 

 

 

 

            

            

            

 

Operating expenses

 

 

 

 

 (12,712)

 

 

 

 

 

 

            

 

Results from operating activities

 

 

 

 

1,744

 

Net finance costs

 

 

 

 

(40)

 

 

 

 

 

 

            

 

Profit before tax

 

 

 

 

1,704

 

Tax

 

 

 

 

(429)

 

Profit for the period

 

 

 

 

1,275

 

 

 

 

 

 

            

 

Assets

 

 

 

 

 

 

Unallocated assets

 

 

 

 

6,067

 

 

 

 

 

 

            

 

 

 

 

Printing services  

Franchise Income

Total

 

 

 

 

£000

£000

£000

 

Period ended 31 March 2009

 

 

 

 

 

 

Segment revenues

 

 

13,275

1,193

14,468 

 

 

 

 

            

            

            

 

Operating expenses

 

 

 

 

(12,535) 

 

 

 

 

 

 

            

 

Results from operating activities

 

 

 

 

1,933

 

Net finance income

 

 

 

 

   130

 

 

 

 

 

 

            

 

Profit before tax

 

 

 

 

2,063

 

Tax

 

 

 

 

(603)

 

Profit for the period

 

 

 

 

1,460

 

 

 

 

 

 

            

 

Assets

 

 

 

 

 

 

Unallocated assets

 

 

 

 

7,066

 

 

 

 

 

 

           

 

 

             

             

             

             

             

             

 

4             Taxation

Recognised in the income statement

   

2010

2009

 

£000

£000

Current tax expense

 

 

Current year

682

742

Foreign tax

11

8

Adjustments for prior years

(219)

(42)

 

             

             

 

474

708

Deferred tax expense

 

 

Origination and reversal of temporary differences(see note 10)

(154)

(108)

Prior year adjustment recognising deferred tax on intangibles

110

-

Other adjustments for prior years

(1)

3

 

             

             

Total tax in income statement

429

603

 

             

             

5             Earnings per share

The calculations of earnings per share are based on the following profits and numbers of shares.

   

2010

2009

 

£000

£000

 

 

 

Profit after taxation for the financial year

1,275

1,460

 

             

             

Weighted average number of shares.

   

2010

2009

 

Number of

Shares

Number of

shares

 

 

 

For basic earnings per ordinary share

44,360,807

44,485,293

Exercise of share options

282,891

216,330

 

                  

                   

For diluted earnings per ordinary share

44,643,698

44,701,623

 

                  

                  

6          Dividends

 

2010

2009

 

£000

£000

 

 

 

Final dividends paid in respect of prior year but not recognised as liabilities in that year

931

896

Interim dividends paid in respect of the current year

466

468

Special Dividend declared in the prior year

887

-

 

             

             

Total dividend paid in the year

2,284

1,364

 

             

             

After the balance sheet date dividends of £932,000/2.10p per qualifying ordinary share (2009: £931,000/2.10p per qualifying ordinary share) were proposed by the Directors. The dividends have not been provided for.

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
FR EAFSFDESEEFF
UK 100

Latest directors dealings