Interim Results

Printing.com plc 23 November 2004 For Release 7.00 AM 23 November 2004 PRINTING.COM PLC ('Printing.com' or 'the Company') Specialist retail chain with 88 Outlets(plus 12 pending) across the UK INTERIM RESULTS FOR THE PERIOD ENDED 10 OCTOBER 2004 Â£(000) 28 week period 28 week period Change Ended Ended 10 October 12 October 2004 2003 Turnover 5,564 4,769 +17% Operating profit 726 388 +87% Profit before tax 631 251 +151% EPS - Basic 1.09p 0.45p +142% EPS - Fully Diluted 1.08p 0.42p +157% Outlets Active at Period End ------------------------------ Stores 25 19 +32% Bolt-ons 58 41 +41% ---- ---- Total Active 83 60 +38% Contracted 13 12 +8% ---- ---- Total Active and Contracted 96 72 +33% ---- ---- Total Retail Sales 7,518 5,354 +40% -------------------- ------- ------- ------ â€¢ Move to AIM achieved, placing over subscribed â€¢ Profits up 151% â€¢ Turnover up 17% â€¢ Total Retail Sales up 40% â€¢ Substantial increase in earnings per share up 142% â€¢ All Store Franchisees now upgraded to Territory Franchise â€¢ Optimistic about prospects For further information: Printing.com plc Tony Rafferty (Chief Executive) 07966 51 73 36 Alan Roberts (Finance Director) 0161 848 5713 Beattie Financial Brian Coleman-Smith / John Moriarty / Jo Clewlow 020 7398 3300 Background notes: Background note: Printing.com Printing.com offers a broad product range including leaflets, booklets, postcards, promotional cards, invitations, letterheads and business cards to consumers and small and medium sized companies. Unlike its competitors, Printing.com Stores and Franchises do not depend on any printing equipment on location. The Company's printing and ancillary equipment is based at the centralised Production Hub with the head office in Manchester. All work is produced in full four colour rather than two colour. Delivery to the customer is usually within three days. The printing sector has traditionally been served by smaller printing companies or other On Demand Printers and is estimated to be worth some Â£1 billion. Printing.com has three routes to market: Franchise Stores, Bolt-on Franchises and Company owned Stores. Company Stores -------------------------------------------------------------------------------- Dublin Store Ireland Dublin Dublin 2 -------------------------------------------------------------------------------- Nottingham Store Midlands Nottingham NG1 6DQ -------------------------------------------------------------------------------- Birmingham Store Midlands Birmingham B5 4JL -------------------------------------------------------------------------------- Oxford Store Midlands Oxford OX2 7HT -------------------------------------------------------------------------------- Sheffield Store North East Sheffield S1 4GF -------------------------------------------------------------------------------- Hull Store North East Hull HU1 2AG -------------------------------------------------------------------------------- Manchester Store North West Manchester M3 4BQ -------------------------------------------------------------------------------- The Hub North West Trafford Park M17 1FG -------------------------------------------------------------------------------- Edinburgh Store Scotland Edinburgh EH3 6QY -------------------------------------------------------------------------------- Edinburgh Store Scotland Edinburgh EH3 9LY -------------------------------------------------------------------------------- Bristol Store South West Bristol BS1 3LZ -------------------------------------------------------------------------------- Franchised Stores -------------------------------------------------------------------------------- Central London Store London Baker Street NW1 6UY -------------------------------------------------------------------------------- Hampstead Store London Hampstead NW3 5HS -------------------------------------------------------------------------------- Watford Store London Watford WD17 1RA -------------------------------------------------------------------------------- Harrow Store London Harrow HA7 2QJ -------------------------------------------------------------------------------- Reading Store London Reading RG1 4TA -------------------------------------------------------------------------------- Ealing Store London Ealing W13 8SB -------------------------------------------------------------------------------- Leicester Store Midlands Leicester LE1 1LB -------------------------------------------------------------------------------- Wolverhampton Midlands Wolverhampton WV1 4BL -------------------------------------------------------------------------------- Newcastle Store North East Newcastle NE1 5EE -------------------------------------------------------------------------------- Leeds Store North East Leeds LS1 3DL -------------------------------------------------------------------------------- Liverpool Store North West Liverpool L2 2HF -------------------------------------------------------------------------------- Lancaster Store North West Lancaster LA1 1XN -------------------------------------------------------------------------------- Warrington North West Warrington WA1 1EP -------------------------------------------------------------------------------- Glasgow Store Scotland Glasgow G3 8LZ -------------------------------------------------------------------------------- Ashford Store South East Ashford TN24 8UU -------------------------------------------------------------------------------- Plymouth Store South West Plymouth PL4 0AU -------------------------------------------------------------------------------- Bolt-on Franchises Red Hot Media East Lowestoft NR32 1EB -------------------------------------------------------------------------------- Expocentric - Wardour London Soho W1V 3AU -------------------------------------------------------------------------------- Color Co. - Canary Wharf London Canary Wharf E14 4PZ -------------------------------------------------------------------------------- Expocentric - Dover London Mayfair W1X 3PH -------------------------------------------------------------------------------- London & General London Chelsea SW10 0XF -------------------------------------------------------------------------------- Full Colour Store London Clapham SW17 9SH -------------------------------------------------------------------------------- Print Express London Colindale NW9 5DL -------------------------------------------------------------------------------- 0800 Promote London Finchley N3 1TR -------------------------------------------------------------------------------- Printer Net Services London Wimbledon SW19 8TY -------------------------------------------------------------------------------- London Print Company London Shaftesbury Avenue WC2H 8EB -------------------------------------------------------------------------------- Printhouse London Nottinghill W11 3HT -------------------------------------------------------------------------------- 0800 Promote London North Finchley N12 9QG -------------------------------------------------------------------------------- Kaleidoscope Midlands Leamington Spa CV31 1BZ -------------------------------------------------------------------------------- Albry Printing Company Midlands Wallingford OX10 9DA -------------------------------------------------------------------------------- Final Imaging Midlands Sawtry PE28 5SB -------------------------------------------------------------------------------- Dove Signs Midlands Nuneaton CV11 6GX -------------------------------------------------------------------------------- Multiprint Midlands Normanton WF6 2AF -------------------------------------------------------------------------------- Custard Creative Midlands Northampton NN3 6WL -------------------------------------------------------------------------------- Cre8ive Design Midlands Kenilworth CV8 1JD -------------------------------------------------------------------------------- For Colour Midlands Newark, Nottingham NG24 1LE -------------------------------------------------------------------------------- Sign It Midlands Beeston, Nottingham NG9 2AY -------------------------------------------------------------------------------- Ozmedia Print Midlands Barrow Upon Soar LE12 8JH -------------------------------------------------------------------------------- Pewter Design Midlands Market Harborough LE16 7DS -------------------------------------------------------------------------------- St Ives Quickprint Midlands St Ives PE27 3WS -------------------------------------------------------------------------------- Artichoke Design Midlands Birmingham B18 6NN -------------------------------------------------------------------------------- The Ideas Room Midlands Leicester LE3 0DL -------------------------------------------------------------------------------- Ideas Taking Shape Midlands Rugby CV21 2SD -------------------------------------------------------------------------------- Graphic Results Midlands Belper DE56 1AY -------------------------------------------------------------------------------- Colour Box Design North East York YO23 1NA -------------------------------------------------------------------------------- Print House Direct North East Bishop Auckland DL14 0LZ -------------------------------------------------------------------------------- The Factory North East Leeds LS12 2DS -------------------------------------------------------------------------------- Maskerade Design North East Sunderland SR2 7PR -------------------------------------------------------------------------------- Pro-Actif Communications North East Darlington DL3 7TD -------------------------------------------------------------------------------- GOWEB North East Wakefield WF2 9BL -------------------------------------------------------------------------------- Creative Web design UK North East Alnwick NE71 6EA -------------------------------------------------------------------------------- Blah D Blah North Wales Bangor LL57 1NY -------------------------------------------------------------------------------- Granthams - Preston North West Preston PR1 2UQ -------------------------------------------------------------------------------- Granthams - Blackpool North West Blackpool FY1 4PE -------------------------------------------------------------------------------- Print Design Warehouse North West Marple SK6 7AD -------------------------------------------------------------------------------- RAS Limited North West Chester CH3 5AG -------------------------------------------------------------------------------- Silverback North West Isle of Man IM1 2LA -------------------------------------------------------------------------------- Mailboxes North West Stockport SK1 1LE -------------------------------------------------------------------------------- Printel North West Widnes WA3 8LG -------------------------------------------------------------------------------- ER Design & Print North West Alsager CW2 5PR -------------------------------------------------------------------------------- Impact Advertising North West Timperley WA15 7SP -------------------------------------------------------------------------------- Masterprint North West St Helens WA10 1DH -------------------------------------------------------------------------------- Copycat North West Maghull L31 2HB -------------------------------------------------------------------------------- Bradbury Graphics Northern Ireland Belfast BT7 1BS -------------------------------------------------------------------------------- Xpress Creative Northern Ireland Newtonabbey BT36 4PU -------------------------------------------------------------------------------- Mooney Media Northern Ireland County Down BT32 4QD -------------------------------------------------------------------------------- Color Co. - Edinburgh Scotland Edinburgh EH2 2PA -------------------------------------------------------------------------------- Glasgow Print Scotland North Glasgow G64 1RX -------------------------------------------------------------------------------- TRS Graphics South East Croydon CR2 6EB -------------------------------------------------------------------------------- Felix Communications South East Rochester ME2 4HZ -------------------------------------------------------------------------------- Studio Direct South East Chelmsford CM2 6HE -------------------------------------------------------------------------------- Lussh Creative South East Chesterfield S40 2BY -------------------------------------------------------------------------------- Inprint South East Colchester CO1 1PB -------------------------------------------------------------------------------- Anneset South West Weston-Super-Mare BS23 3DE -------------------------------------------------------------------------------- Presto Print South West Christchurch BH23 1QD -------------------------------------------------------------------------------- Malthouse South West Taunton TA1 3EP -------------------------------------------------------------------------------- Print Creative South West Bath BA1 2JB -------------------------------------------------------------------------------- PRINTING.COM PLC ('Printing.com' or 'the Company') Specialist retail chain with 88 Outlets(plus 12 pending) across the UK INTERIM RESULTS FOR THE PERIOD ENDED 10 OCTOBER 2004 Chairman's & Chief Executive's Statement Trading Results We are pleased to announce that, for the interim period of 28 weeks ending 10 October 2004, your Company increased pre-tax profits by 151% to Â£631,000 (2003: Â£251,000), turnover increased by 17% to Â£5,564,000 (2003: Â£4,769,000) and earnings per share rose by 142% to 1.09p (2003: 0.45p). Total Retail Sales, the Company's estimate of the retail sales value of all Printing.com transactions, rose by 40% to Â£7,518,000 (2003: Â£5,354,000). The total number of Outlets active at the end of the interim period was 83 (2003: 60) with a further 13 Outlets pending. Operational Review Territory Franchise and Store development During the period, Printing.com Stores, both Company-owned and franchised, accounted for estimated Total Retail Sales of Â£3,855,000 (2003: Â£2,646,000), an increase of Â£1,209,000 or 46%. With little more than a year elapsed since the Company announced the crystallisation of its Territory Franchise model, significant progress has been made. Firstly, the process of formally upgrading the early adopters of the Printing.com Store Franchise to the Printing.com Territory Franchise was successfully completed. Essentially this means that the Franchisee is not only granted a licence to operate a Printing.com Store but also required to establish a network of Printing.com Bolt-on Franchises. In the interim period, a new Company-owned outlet opened at Printing.com's Manchester Hub. Printing.com Stores (each pertaining to a Territory Franchise) were opened in Harrow and Reading. The previously Company-owned Store in Ealing was franchised, whilst conversely, the previously franchised Store in Oxford was 'bought back' by Printing.com due to the changed circumstances of the Franchisee. The intention is to re-franchise the Oxford Store when a suitable candidate emerges. Additionally, Franchise agreements were completed for the Middlesbrough, Bournemouth, Warrington and Wolverhampton territories. Since the close of the interim period, the Warrington and Wolverhampton Stores have commenced trading, with Middlesbrough and Bournemouth openings anticipated soon. During the interim period 'Options' (granted in consideration of a non-refundable payment of Â£6,000) were granted for the London South East, Coventry and Dublin North territories. An Option was also entered into covering the presently Company-owned outlet in Kingston-upon-Hull. Two earlier Options lapsed. Post the interim period Options have been granted covering the Cardiff and Brighton territories. To date the Store estate comprises 27 open units, 11 of which are Company owned and 16 Franchised. Two stores are in the final stages of preparing to open. A further six Options are in place for additional Stores. Following the recent National Franchise Exhibition, a strong pipeline of prospective Franchisees are currently being interviewed and assessed. Accordingly, the Directors are optimistic that another wave of Options will be granted prior to the close of the current fiscal year. As the focus on the Territory Franchise is not only building a Store but also developing a network of Bolt-on Franchises, the Directors believe that reporting conventional like-for-like Store sales would present an incomplete picture. This is also true of the Company's own Stores which essentially double-up as regional Franchise support bases. Moving forward, it is intended to report like-for-like Total Retail Sales for Territory Franchises (embracing both the Store and its associated Bolt-on Franchises) once sufficient operational data has been collated to enable a meaningful comparison. Bolt-on Franchise Development During the period, sales through the Bolt-on Franchises rose by 78% to an estimated Â£2,867,000 (2003: Â£1,613,000) in Total Retail Sales value. Over the period an additional 12 Bolt-on Franchise agreements were completed, 18 Bolt-on Franchises commenced trading and four Bolt-on Franchise agreements were terminated. Post 10th October a further three Bolt-on Franchises have commenced trading. To date the estate comprises 61 operational Bolt-on Franchises, with a further four preparing to launch. In the latest 'four-week' trading periods (ending 10 October and 7 November respectively), the estimated value of Total Retail Sales generated by Printing.com Bolt-on Franchises exceeded Â£500,000 per period. Moreover, segmenting the Bolt-on Franchises by length of operation clearly indicates a steady growth in transactional levels as the Bolt-on Franchises adopt Printing.com's methods of operation. An important facet of the Territory Franchise structure is the marketing of the Bolt-on Franchise opportunity by every Territory Franchisee. Clearly the identification, scrutiny and proposal of a prospective Bolt-on Franchise is a complex marketing cycle. It is thought that the success of this programme will accelerate, as established Territory Franchisees gain experience. This belief is supported by the success of the Leicester and Newcastle Territory Franchises, having added 3 and 2 Bolt-on Franchises respectively in little over a year. Both of these Franchisees hail from buyouts by experienced employees, which would appear to indicate that the Territory Franchise potential is realised once the Printing.com methodology is successfully adopted. The Company has developed with its bankers, the Royal Bank of Scotland ('RBS'), a mechanism whereby RBS will provide development finance to assist further copyshops, printers and graphic designers to adopt Printing.com Bolt-on Franchises. The scheme has been designed to dovetail with the launching of Bolt-on Franchises, funding both the licence fee and some additional working capital. RBS has provided an indicative facility of Â£500,000, which Printing.com anticipates will support in the order of 40 investments. Whilst the Company is exposed to guarantees in respect of these loans, the Directors note the success of the Bolt-on Franchise programme to date and believe the upside of accelerating the Bolt-on Franchises rollout is disproportionate to the risks involved. The Agency The Company's 'Traditional Markets' division has been re-branded 'the Agency'. Whereas most Company Stores focus on the SOHO and SME community, the Agency continues to foster relationships with larger clients. The Directors believe that the methodology developed and its success in servicing such larger clients bodes well for any Company Franchise that may wish to expand their businesses in such a manner. However, trading overall proved disappointing for the division, with turnover down 16% at Â£897,000 (2003: Â£1,074,000). Options are being explored whereby the Agency might be franchised. Operational infrastructure The Directors have previously estimated that the capacity of the Company's Manchester Hub, measured in terms of Total Retail Sales, is in the order of Â£20-25 million. Annualising the last 'four-week' period indicates that the Total Retail Sales run rate has now reached Â£16 million. It is anticipated that additional capacity will be required during the next fiscal year and alternative options for increasing capacity are now being reviewed. Cash At the close of the interim period the Company had cash-in-hand of Â£1,807,000. During the period, bank loans of Â£117,000 were paid off early and the consideration for the buyback of the Oxford Franchise was paid in cash. Had these events not taken place, the corresponding cash-in-hand position would have exceeded Â£2 million and the net increase in cash from operational activity (excluding the proceeds from the AIM placing and the execution of share options) would have been Â£372,000. The Company also makes certain interest bearing loans, principally where a Company-owned Store is franchised. This is due to a technicality caused by Printing.com having used the 'Government Small Firms Loan Guarantee Scheme' scheme in March 2000, prior to its Ofex listing in that year which now prevents a franchisee from utilising this Scheme. The Directors consider that an appropriate prudent provision has been made in the Company's accounts in respect of these loans and the balances are regularly reviewed. At the close of the period the sum of these loans was Â£251,000. Outlook The franchise nature of Printing.com's business model has been structured so that the Company is insulated from the loss-making phase of a new outlet or one that continues to under perform and that each new outlet should yield a positive contribution from its inception. The growth of the number of outlets, coupled with the prospect of increasing volume as new and fledgling outlets mature should, in the opinion of the Directors, result in ongoing volume growth. Significant unutilised capacity still exists in Printing.com's Manchester Hub. In the short-term, additional volumes should incur only the marginal cost of production leading to the prospect an increased contribution from the Hub. Moving forward, the Directors intend to follow a strategy of proportionally scaling the production infrastructure to allow for growth in both volumes and profit. The Company has previously set out its objective of achieving 175 outlets by September 2005. The Directors believe achieving this objective will be dependant upon Franchisees securing suitable premises and each Territory Franchisee respectively developing their network of Bolt-on Franchises. Further, the Directors believe that the foundations are now in place for a substantial increase in the size of the Company's network. It is for these reasons that the Directors are optimistic about the prospects for Printing.com. George Hardie Tony Rafferty Chairman Chief Executive 23 November 2004 23 November 2004 Unaudited Consolidated Profit and Loss Account for the 28 week period ended 10 October 2004 28 Weeks ended 28 Weeks ended Year Ended 10 October 12 October 2004 2003 31 March Unaudited Unaudited 2004 Â£'000 Â£'000 Audited Â£'000 TURNOVER 5,564 4,769 9,328 Changes in stocks of finished goods 31 (7) (6) 5,595 4,763 9,322 Other operating income 0 0 11 5,595 4,763 9,332 Raw materials and consumables 1,531 1,157 2,231 4,064 3,605 7,102 Staff costs 1,739 1,561 2,998 Depreciation and amortisation 381 340 698 Other operating charges 1,217 1,315 2,212 OPERATING PROFIT 726 388 1,193 Investment income 27 7 10 Interest payable and similar charges (122) (144) (264) PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 631 251 940 Taxation (189) (75) (346) PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 442 175 593 === === === Earnings per ordinary share - basic 1.09p 0.45p 1.53p Earnings per ordinary share - fully diluted 1.08p 0.42p 1.43p Note. The Interim accounts have been prepared on the basis of the accounting policies set out In the 2003/4 Group Accounts. Unaudited Consolidated Group Balance Sheet as at 10 October 2004 28 Weeks ended 28 Weeks ended Year 10 October 12 October 2004 2003 Ended Unaudited Unaudited 31 March Â£'000 Â£'000 2004 Audited Â£'000 FIXED ASSETS Intangible assets 108 46 54 Tangible assets 3,698 4,053 3,901 3,806 4,099 3,954 CURRENT ASSETS Stocks 104 72 73 Debtors 2,161 1,774 1,716 Cash at bank and in hand 1,807 545 789 4,072 2,391 2,577 --- --- --- CREDITORS: Amounts falling due within one year (2,474) (2,523) (2,316) NET CURRENT ASSETS 1,598 (132) 260 TOTAL ASSETS LESS CURRENT LIABILITIES 5,404 3,966 4,215 CREDITORS: Amounts falling due after more than one year (1,300) (1,668) (1,497) 4,104 2,298 2,718 === === === CAPITAL AND RESERVES Called up share capital 442 388 389 Share premium 3,765 2,875 2,876 Merger reserve 211 211 211 Other reserve 1 1 1 Profit and loss account (315) (1,177) (759) SHAREHOLDERS' FUNDS 4,104 2,298 2,718 === === === Unaudited Group Cash Flow Statement for the 28 week period ended 10 October 2004 28 Weeks ended 28 Weeks ended Year 10 October 12 October 2004 2003 Ended Unaudited Unaudited 31 March Â£'000 Â£'000 2004 Audited Â£'000 Cash flow from operating activities 838 969 1,537 Returns on investments and servicing of finance (95) (137) (253) Capital expenditure (233) (736) (629) --- --- --- Taxation 0 (22) (12) CASH INFLOW BEFORE FINANCING 510 74 643 Financing 508 (397) (722) INCREASE/(DECR EASE) IN CASH IN PERIOD 1,018 (323) (80) RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN DEBT (Decrease)/Inc rease in cash in the period 3c 1,018 (323) (80) Cash outflow from decrease in net debt financing 3b 430 397 724 Change in net debt resulting from cash flows 1,448 74 644 New finance leases 0 (566) (897) MOVEMENT IN NET DEBT IN THE PERIOD 1,448 (492) (253) NET DEBT AT START OF PERIOD 3c (1,346) (1,093) (1,093) ---- ---- ---- NET DEBT AT END OF PERIOD 3c 102 (1,585) (1,346) ==== ==== ==== Being: Net Cash 3c 1,807 545 789 Finance Leases (1,705) (1,914) (1,968) Bank Loans 0 (216) (167) ---- ---- ---- 3c 102 (1,585) (1,346) ==== ==== ==== Notes to the unaudited Interim accounts for the 28 week period ended 10 October 2004 The information set out does not constitute statutory accounts within the meaning of s240 CA85. 1. The Interim Report was approved by the directors on 22 November 2004. The Interim Report, which is the responsibility of the directors, has not been audited but has been reviewed by our auditors Baker Tilly to the extent described in the review report. The Interim Report has been prepared using established Group accounting policies. 2. Turnover and profit before taxation were all derived from the Group's principal activity carried out in the UK and Republic of Ireland. 3. The Debtors figure of Â£2,161,000 includes amounts falling due after more than one year of Â£143,000. 4. Earnings per share for the period have been calculated using 40,408,746 shares, the weighted average number of shares in issue over the 28 weeks. The diluted earnings per share includes 671,369 shares arising from the dilutive effect of share options. The weighted average number of shares used was 41,080,115. 5. The movement in shareholders' funds is analysed as follows: 28 Weeks ended 10 October 2004 Â£(000) Opening shareholders' funds 2,718 Profit for the financial period 442 Exchange gain 2 Proceeds from issue of shares 53 Share premium 889 Closing shareholders' funds 4,104 6. Cash Flow 28 Weeks ended 28 Weeks ended Year 10 October 12 October 2004 2003 Ended Unaudited Unaudited 31 March Â£'000 Â£'000 2004 Audited Â£'000 a Reconciliation of operating profit to net cash inflow from operating activities Operating profit 726 388 1,193 Amortisation & Depreciation 382 340 698 Increase/(decrease) in stocks (31) 7 6 Increase in debtors (495) (405) (622) Increase in creditors 256 639 272 Profit on sale of fixed assets 0 0 (11) --------------- --------------- -------------- 838 969 1,537 ============== ============== ============== b Analysis of Cash Flows For Headings Netted Off in the Cash Flow Statement RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest received 27 7 10 Interest paid (4) (9) (14) Interest element of finance lease (118) (135) (249) rental payments --------------- --------------- -------------- Net cash outflow from returns on investments and (95) (137) (253) servicing of finance ============== ============== ============== CAPITAL EXPENDITURE Purchase of intangible assets (71) 0 (41) Purchase of tangible assets (174) (794) (668) Sale of tangible assets 12 58 79 Net cash outflow from capital expenditure (233) (736) (629) FINANCING Issue of ordinary share capital 1,220 0 1 Issue Costs (278) 0 0 Other new long term loan 0 0 0 Repayment of bank loan (168) (64) (113) Capital elements of hire purchase 15 0 0 contracts Capital elements of hire purchase (281) (333) (610) contracts --------------- --------------- -------------- Net cash inflow/(outflow) from 508 (397) (722) financing ============== ============== ============== c Analysis of Net Funds At 31 March Cash Flow Other Non At 10 October 2004 Â£(000) Cash 2004 Audited Changes Unaudited Â£(000) Â£(000) Â£(000) Net cash: Cash at bank and in hand 789 1,018 0 1,807 --- --- ---- 789 1,018 0 1,807 Debt: Finance leases (1,967) 277 (15) (1,705) Bank loan due within 1 year (110) 110 0 0 Bank loan due after 1 year (58) 58 0 0 --- --- ---- (2,135) 445 (15) (1,705) --- --- ---- Net cash/(debt) (1,346) 1,463 (15) 102 7. Taxation 28 Weeks ended 10 October 2004 Â£(000) Corporation tax at 30% 189 Overprovision in prior year - Total current tax 189 Deferred tax Originating from timing differences - based on standard rate of corporation tax in the UK of 30% (50) Tax on profit on ordinary activities 139 8. Interim Statement The Interim Report will be posted to all shareholders of the Company and copies will be available upon application to the registered office, Printing.com plc, Focal Point, 3rd Avenue, The Village, Trafford Park, Manchester M17 1FG. INDEPENDENT REVIEW REPORT BY BAKER TILLY TO PRINTING.COM PLC Introduction We have been instructed by the company to review the financial information set out on pages 9 to 14 and we have read the other information in the interim statement and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report, including the conclusion, has been prepared for and only for the company for the purpose of their interim statement and for no other purpose. We do not, therefore in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Directors' responsibilities The interim statement, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the Interim Statement in accordance with the Alternative Investment Market Rules which require that the accounting policies and presentation applied to the interim figures must be consistent with those that will be adopted in the company's annual accounts. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board as if that Bulletin applied. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and based thereon assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the 28 weeks months ended 10 October 2004. BAKER TILLY Chartered Accountants Brazennose House Lincoln Square Manchester M2 5BL This information is provided by RNS The company news service from the London Stock Exchange

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