Interim Results

Printing.com plc 21 November 2005 For Release 7.00 AM 21 November 2005 PRINTING.COM PLC ('Printing.com' or 'the Company') Specialist retail chain with 147 Outlets open and pending across the UK INTERIM RESULTS FOR THE PERIOD ENDED 16 OCTOBER 2005 £000 28 week period 28 week period Change Ended Ended 16 October 10 October 2005 2004 Total Retail Sales 9,383 7,518 +25% -------------------- ------- ------- ------ Turnover 6,404 5,564 +15% Operating profit 1,108 726 +53% Profit before tax 1,107 631 +75% EPS - Basic 1.75p 1.09p +61% EPS - Fully Diluted 1.66p 1.08p +54% Dividend 0.50p N/A Outlets Active at Period End ------------------------------ Stand alone Stores 41 25 +64% Bolt-ons 91 58 +57% ---- ---- Total Active 132 83 +59% Contracted 13 13 ---- ---- Total open and pending 145 96 +51% ----- ---- * 28 new Outlets open and pending since March 2005 * Printing.com Stores now span North, South, East & West of the UK * Printing.com's three pronged strategy of Franchise Stores, Bolt-on Franchises and Company owned Stores remain attractive to the market. Alongside profit margins significantly higher compared to sector competitors * Main printing HUB facility being upgraded o Total Retail Sales capacity to be increased to around £45 - £50 million * Optimistic that growth will continue 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 / Nia Thomas / Grace Dewhurst 020 7053 6400 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 £1 billion. Printing.com has three routes to market: Franchise Stores, Bolt-on Franchises and Company owned Stores. A complete list of Printing.com's 147 outlets is included at the end of the release. High resolution images are available for the media to view and download free of charge from www.vismedia.co.uk PRINTING.COM PLC ('Printing.com' or 'the Company') Specialist retail chain with 147Outlets open and pending across the UK INTERIM RESULTS FOR THE PERIOD ENDED 16 OCTOBER 2005 Chairman's & Chief Executive's Statement Trading Results and Dividend We are pleased to announce that, for the interim period covering the 28 weeks ending 16 October 2005, your Company increased pre-tax profits by 75% to £1,107,000 (2004: £631,000) on turnover up by 15% to £6,404,000 (2004: £5,564,000). Fully diluted earnings per share rose by 54% to 1.66p (2004: 1.08p). At the close of the interim period, the Company had cash-in-hand of £2,734,000. During the period, working capital increased by £703,000, the Company paid its maiden dividend of £222,000 and capital expenditure amounted to £467,000. In view of the trading in the first half of year and the outlook for the second half of the year, the directors are declaring an interim dividend of 0.5p per share to be paid on 16 December 2005 to shareholders on the register at 2 December 2005. Total Retail Sales, the Company's estimate of the retail sales value of all Printing.com transactions, rose by 25% to £9,383,000 (2004: £7,518,000). The Company's estate expanded significantly, via its various franchise formats, whilst transactional volumes proved robust and in-line with our internal budget. Estate Development The Company's current estate and recent growth is reflected in the table below: 18 November 31 March 2005 2005 Company owned Stores 8 9 Franchised Stores - open and pending under option 39 33 Bolt-on Franchises 100 77 Total open and pending 147 119 Specifically, in the first half of the year: * Territory Franchise Agreements were completed in Bristol (through a Management Buy In), Guildford, Birmingham East, Birmingham South West, Brighton, Bradford, Cardiff, Northampton, Exeter and Manchester North. * Stores opened in Coventry and Dublin North (the latter having previously commenced trading from temporary premises) pertaining to Agreements completed before the period under review. Stores also opened in Guildford, Birmingham East and Brighton. Manchester North and Bradford commenced trading, albeit from temporary premises with permanent premises likely to be secured imminently. * A further 2 'Options' (each involving the payment of a non-refundable deposit of £6,000) were taken out over the Southampton and Norwich Territory Franchises with openings expected before the close of the financial year. Glasgow East is also expected to have opened by the year end. Post the close of the period, Stores have opened in Birmingham South West and Exeter. Property has also been secured for the Northampton Store, and the shop-fit is presently taking place in Cardiff. During the first half, 21 Bolt-on Franchise agreements were completed with an additional five completed post the close of the half year period. The Company also terminated, by mutual agreement, three Bolt-on Franchise Agreements. Also, a Bolt-on Franchisee, who had previously operated its business from two locations, elected to consolidate business onto a single site, further reducing the estate by an outlet, but not necessarily the related trade. Of these Bolt-on Franchises, seven could be classified as 'Guerrilla', whereby a fledgling entrepreneur establishes what is essentially a Bolt-on Franchise, but a new start-up, 'bolted' onto their existing business contacts and industry skills. Following the recent National Franchise Exhibition, the Company is once again scrutinising a high number of enquiries. Also, a strong pipeline of prospective Bolt-on Franchises exists, and it is expected that another wave of agreements will be completed shortly. Master Franchise The release of Printing.com's international strategy was brought forward to 14th November 2005, to enable journalists from around the world to be briefed at the IPEX 2006 Press Inward Mission. The strategy is centred on following elements: * the granting of Master Franchises to established commercial printers overseas at an initial licence fee of between £170,000 and £510,000; * an ongoing royalty of approximately 3% of Total Retail Sales * a royalty of approximately 20% of local Printing.com licence fees This structure was adopted as it should generate a cash and profit contribution from the inception of any such agreement. It is also thought that it will enable a faster and more robust roll out than would be possible by other means. It is believed that this offering should appeal to the owners of commercial printing companies who wish to diversify, and who are attracted to the Printing.com model by profit margins significantly higher than sector norms. A number of exploratory discussions have taken place with such businesses but these are still at an early stage and may or may not progress. It is believed that many of the journalists attending the IPEX 2006 Press Inward Mission found the Master Franchise proposition intriguing and it is anticipated that encouraging press coverage will be generated. Hub Development As previously reported, we are upgrading the Company's Manchester Hub to facilitate a Total Retail Sales capacity circa £45-50million. A principal element of this is an additional Komori printing press, representing an investment of approximately £1.8million which is due to be installed April 2006. The project also involves the building of a mezzanine floor, to provide an extra 50% floor space together with the installation of various handling and print finishing equipment. Additionally, a bespoke 'sortation' system has been specified that should allow the Hub to ship around 3,000 cartons per day, whilst eliminating significant manual handling. Collectively, this represents an overall investment of about £3.2 million. Outlook Whilst the international Master Franchise program is still at an embryonic stage, the directors are optimistic that the proposition will appeal to overseas franchisees. Current trading in existing outlets has continued to be robust and, with the significant pipeline of new outlets, we remain optimistic that growth will continue. Against this background, we see no reason why the remainder of the financial year should not perform in line with our internal budget. George Hardie Tony Rafferty Chairman Chief Executive 21 November 2005 21 November 2005 Unaudited Consolidated Profit and Loss Account for the 28 week period ended 16 October 2005 28 Weeks 28 Weeks ended Year ended 10 October ended 16 October 2004 31 March 2005 Unaudited 2005 Unaudited £'000 Audited £'000 (restated *) £'000 TURNOVER 6,404 5,564 10,717 Changes in stocks of finished goods (12) 31 35 ------- ------- ------- 6,392 5,595 10,752 Other operating income - - - ------- ------- ------- 6,392 5,595 10,752 Raw materials and consumables 1,840 1,531 2,924 ------- ------- ------- 4,552 4,064 7,828 Staff costs 1,872 1,739 3,243 Depreciation and amortisation 416 382 728 Other operating charges 1,156 1,217 2,225 ------- ------- ------- OPERATING PROFIT 1,108 726 1,632 Investment income 77 27 67 Interest payable and similar charges (78) (122) (191) ------- ------- ------- PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 1,107 631 1,508 Taxation (332) (189) (350) ------- ------- ------- PROFIT ON ORDINARY ACTIVITIES AFTER TAXATION 775 442 1,158 Dividends (222) - - ------- ------- ------- 553 442 1,158 ======= ======= ======= Earnings per ordinary share - basic 1.75p 1.09p 2.74p Earnings per ordinary share - fully 1.66p 1.08p 2.66p diluted * The restatement of the prior year results relates to the new accounting treatment for proposed dividends as required by Financial Reporting Standard 21 (note 8) Unaudited Consolidated Group Balance Sheet as at 16 October 2005 28 Weeks ended 28 Weeks ended Year Ended 16 October 10 October 31 March 2005 2004 2005 Unaudited Unaudited Audited £'000 £'000 (restated) £'000 FIXED ASSETS Intangible assets 93 108 65 Tangible assets 3,652 3,698 3,637 ------- ------- ------- 3,745 3,806 3,702 ------- ------- ------- CURRENT ASSETS Stocks 94 104 108 Debtors 2,813 2,161 2,150 Cash at bank and in hand 2,734 1,807 2,864 ------- ------- ------- 5,641 4,072 5,122 CREDITORS: Amounts falling due within one year (2,975) (2,474) (2,784) ------- ------- ------- NET CURRENT ASSETS 2,666 1,598 2,338 ------- ------- ------- TOTAL ASSETS LESS CURRENT LIABILITIES 6,411 5,404 6,040 CREDITORS: Amounts falling due after more than one year (695) (1,300) (904) PROVISION FOR LIABILITIES AND CHARGES (312) - (312) ------- ------- ------- 5,404 4,104 4,824 ======= ======= ======= CAPITAL AND RESERVES Called up share capital 445 442 443 Share premium 3,797 3,765 3,769 Merger reserve 211 211 211 Other reserve 1 1 1 Profit and loss account 950 (315) 400 ------- ------- ------- EQUITY SHAREHOLDERS' FUNDS 5,404 4,104 4,824 ======= ======= ======= Unaudited Group Cash Flow Statement for the 28 week period ended 16 October 2005 28 Weeks ended 28 Weeks ended Year Ended 16 October 10 October 31 March 2005 2004 2005 Unaudited Unaudited Audited £'000 £'000 £'000 Cash flow from operating activities 6a 821 838 2,425 Returns on investments and servicing of finance 6b (1) (95) (124) Taxation - - 12 Capital expenditure 6b (467) (233) (425) Equity Dividends paid (222) - - ------- ------- ------- CASH INFLOW BEFORE FINANCING 131 510 1,888 Financing 6b (261) 508 187 ------- ------- ------- (DECREASE)/ INCREASE IN CASH IN PERIOD (130) 1,018 2,075 ======= ======= ======= RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN DEBT (Decrease)/Increase in cash in the period 6c (130) 1,018 2,075 Cash outflow from decrease in net debt financing 6b 291 430 760 b ------- ------- ------- Change in net debt resulting from cash flows 161 1,448 2,835 New finance leases - - (51) ------- ------- ------- MOVEMENT IN NET FUNDS IN THE PERIOD 161 1,448 2,784 NET FUNDS/(DEBT) AT START OF PERIOD 6c 1,438 (1,346) (1,346) ------- ------- ------- NET FUNDS AT END OF PERIOD 6c 1,599 102 1,438 ======= ======= ======= Being: Net Cash 6c 2,734 1,807 2,864 Finance Leases (1,135) (1,705) (1,426) ------- ------- ------- 6c 1,599 102 1,438 ======= ======= ======= Notes to the unaudited Interim accounts for the 28 week period ended 16 October 2005 1. The Group's Interim Results consolidate the results of the Company and its subsidiary companies made up to 16 October 2005. The interim financial information has been prepared on the basis of the accounting policies set out in the statutory accounts for the year ended 31 March 2005, with the exception of events after the balance sheet date and earnings per share. FRS 21 'Events after the Balance Sheet Date' is effective from 1 January 2005 and is therefore applicable for the first time and has a prior year impact which is detailed in note 8. FRS 22 'Earnings Per Share', also effective from 1 January 2005, has been applied but has no impact. The financial information contained in this interim statement does not constitute statutory accounts as defined in the Companies Act 1985. The financial information for the full preceding year is based on the financial statements for the financial year ended 31 March 2005. These accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. The Board of Directors approved the interim report on 18 November 2005. 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 £2,813,000 (28 weeks ended 10 October 2004: £2,161,000; year ended 31 March 2005: £2,150,000) includes amounts falling due after more than one year of £285,000 (28 weeks ended 10 October 2004: £143,000; year ended 31 March 2005: £296,000). 4. Earnings per share for the period have been calculated using 44,347,127 (28 weeks ended 10 October 2004: 40,408,746; year ended 31 March 2005: 42,208,789) shares, the weighted average number of shares in issue over the 28 weeks. The diluted earnings per share includes share options granted at less than fair value. The weighted average number of shares used was 46,617,324 (28 weeks ended 10 October 2004: 41,080,115; year ended 31 March 2005: 43,510,026) 5. The movement in shareholders' funds is analysed as follows: 28 Weeks ended 16 October 2005 £000 Opening shareholders' funds as previously stated 4,602 Liability for 2005 dividend not declared at 31 March 2005 222 ------- Opening shareholders' funds as restated 4,824 Profit for the financial period 775 Dividends (222) Exchange gain (3) Proceeds from issue of shares 2 Share premium 28 ------- Closing shareholders' funds 5,404 ======= 6. Cash Flow 28 Weeks ended 28 Weeks ended Year Ended 16 October 10 October 31 March 2005 2004 2005 Unaudited Unaudited Audited £'000 £'000 £'000 a Reconciliation of operating profit to net cash inflow from operating activities Operating profit 1,108 726 1,632 Amortisation & Depreciation 416 382 727 Increase/(decrease) in stocks 12 (31) (35) Increase in debtors (626) (495) (485) (Decrease)/Increase in creditors (89) 256 586 ------ ------ ------- 821 838 2,425 6. Cash Flow (continued) b Analysis of Cash Flows For Headings Netted Off in the Cash Flow Statement RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest received 77 27 67 Interest paid - (4) (4) Interest element of finance lease rental payments (78) (118) (187) ------ ------ ------- Net cash outflow from returns on investments and servicing of finance (1) (95) (124) ====== ====== ======= CAPITAL EXPENDITURE Purchase of intangible assets (7) (71) (43) Purchase of tangible assets (460) (174) (405) Sale of tangible assets - 12 23 ------ ------ ------- Net cash outflow from capital expenditure (467) (233) (425) ====== ====== ======= FINANCING Issue of ordinary share capital 30 1,220 1,232 Issue Costs - (278) (285) Repayment of bank loan - (168) (168) Capital elements of hire purchase contracts - 15 - Capital elements of hire purchase contracts (291) (281) (592) ------ ------ ------- Net cash (outflow)/ inflow from financing (261) 508 187 ====== ====== ======= c Analysis of Net Funds At 31 March Cash Flow Other Non At 16 October 2005 £000 Cash 2005 Audited Changes Unaudited £000 £000 £000 Net cash: Cash at bank and in hand 2,864 (130) - 2,734 ------ ------ ------- ------- 2,864 (130) - 2,734 Debt: Finance leases (1,426) 291 - (1,135) ------ ------ ------- ------- Net cash 1,438 161 - 1,599 ====== ====== ======= ======= 7. Taxation 28 Weeks 28 Weeks ended Year ended 10 October Ended 16 October 2004 31 March 2005 2005 £000 £000 £000 Corporation tax at 30% 332 189 - Overprovision in prior year - - (12) ----- ------ ------ Total current tax 332 189 (12) Deferred tax Originating from timing differences - based on standard rate of corporation tax in the UK of 30% - (50) 362 ----- ------ ------ Tax on profit on ordinary activities 332 139 350 ===== ====== ====== 8. FRS21 The new standard requires dividends to be debited to the profit & loss account when they are paid or approved at an Annual General Meeting. Previously the Companies Act 1985 required that proposed dividends be reported in the profit & loss account. Conforming to this change in accounting practice has resulted in a restatement of the previously reported figures. Accordingly, shareholders' funds at 31 March 2005 increased by £222,000. 9. 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 TO PRINTING.COM PLC Introduction We have been instructed by the company to review the financial information set out in the interim report which comprises the consolidated profit and loss account, consolidated balance sheet, consolidated cash flow statement and related notes 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 AIM 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 ended 16 October 2005. BAKER TILLY Chartered Accountants Brazennose House Lincoln Square Manchester M2 5BL 18 November 2005 Printing.com Outlets Outlet Region Town Post Code Red Hot Media East Lowestoft NR32 1EB Goldengate East Suffolk IP30 9QS Dublin Store Ireland Dublin Dublin 2 North Dublin Store Ireland Dublin Dublin 7 TMC Ireland Tullow EE1 1EE Central London Store London Baker Street NW1 6UY Shiver London Camden NW1 0AG Source Grafic Design London Catford SE6 1TJ Full Colour Store London Clapham SW17 9SH Print Express London Colindale NW9 5DL Ealing Store London Ealing W13 8SB 0800 Promote London Finchley N3 1TR Guildford Store London Guildford GU1 3HY Hampstead Store London Hampstead NW3 5HS Harrow Life London Harrow HA1 2EA Harrow Store London Harrow HA7 2QJ Luton Store London Luton LU1 2PL Expocentric - Dover London Mayfair W1X 3PH Printhouse London Nottinghill W11 3HT Orpington Store London Orpington BR6 0JY Reading Store London Reading RG1 4QA London Print Compamy London Shaftesbury Avenue WC2H 8EB Expocentric - Wardour London Soho W1V 3AU Toppers London Stevenage SG1 3HR Kink Design London Thornton Heath CR7 7AX Talon Graphics London Thornton Heath CR7 7JW Watford Store London Watford WD17 1RA Printer Net Services London Wimbledon SW19 8TY Sign It Midlands Beeston, Nottingham NG9 2AY Graphic Results Midlands Belper DE56 1AY South West Birmingham Midlands Birmingham B16 9RD Artichoke Design Midlands Birmingham B18 6NN East Birmingham Midlands Birmingham B26 3JR Birmingham Store Midlands Birmingham B5 4JL Coventry Store Midlands Coventry CV2 4BE First Image Midlands Coventry CV5 7FW Hussellworks Midlands Halesowen B63 3HR Cre8ive Design Midlands Kenilworth CV8 1JD Clientel Midlands Kibworth LE8 0HS Kaleidoscope Midlands Leamington Spa CV31 1BZ Leicester Store Midlands Leicester LE1 1LB The Ideas Room Midlands Leicester LE3 0DL Ozmedia Print Midlands Loughborough LE12 8JH Pewter Design Midlands Market Harborough LE16 7DS For Colour Midlands Newark, Nottingham NG24 1LE Custard Creative Midlands Northampton NN3 6WL Nottingham Store Midlands Nottingham NG1 6DQ Dove Signs Midlands Nuneaton CV11 6GX Oxford Store Midlands Oxford OX2 7HT Ideas Taking Shape Midlands Rugby CV21 2SD Final Imaging Midlands Sawtry PE28 5SB St Ives Quickprint Midlands St Ives PE27 3WS High Tide Midlands Sutton Coldfield B18 6NF Albry Printing Company Midlands Wallingford OX10 9DA The Studio Midlands Walsall WS1 1JQ Wolverhampton Store Midlands Wolverhampton WV1 4BL Creative Web design UK North East Alnwick NE71 6EA Print House Direct North East Bishop Auckland DL14 0LZ Bradford North East Bradford BD1 5BD Pro-Actif Communications North East Darlington DL3 7TD Doncaster North East Doncaster DN3 3TW Web Rocket Design North East Durham DH1 1RF Hull Store North East Hull HU1 2AG Leeds Store North East Leeds LS1 3DL The Factory North East Leeds LS12 2DS Middlesbrough Store North East Middlesbrough TS1 1LY Newcastle Store North East Newcastle NE1 5EE Multiprint North East Normanton WF6 2AF Bluprint North East Rotheram S60 8LZ Sheffield Store North East Sheffield S1 4GF Maskerade Design North East Sunderland SR2 7PR GOWEB North East Wakefield WF2 9BL Colour Box Design North East York YO23 1NA Colour Box Design North East York YO24 1AR Blah D Blah North Wales Bangor LL57 1NY ER Design & Print North West Alsager CW2 5PR Rhino Design North West Ashton-under-Lyne OL6 6XJ Utopia North West Birkenhead CH41 7AB Granthams - Blackpool North West Blackpool FY1 4PE Print Hub Design North West Bolton BL1 3QJ Wild Thang North West Bootle L31 2HB Fluid Media North West Bury BB5 2LB Brightspark North West Carlisle CA2 5BB RAS Limited North West Chester CH3 5AG Mailboxes North West Didsbury M20 6UG ScissorsPaperStone North West Eccles M30 8GH Soda North West Golbourne WA3 3BU Lancaster Store North West Lancaster LA1 1XN Liverpool Store North West Liverpool L2 2HF Copycat North West Maghull L31 2HB Alert 2 Media North West Manchester M1 1DZ Openhouse North West Manchester M1 6DE Manchester Store North West Manchester M3 4BQ North Manchester Store North West Manchester M3 4BQ Print Design Warehouse North West Marple SK6 7AD Granthams - Preston North West Preston PR1 2UQ Masterprint North West St Helens WA10 1DH Mailboxes North West Stockport SK1 1LE Impact Advertising North West Timperley WA15 7SP The Hub North West Trafford Park M17 1FG Warrington Store North West Warrington WA1 1EP Printel North West Widnes WA3 8LG Bradbury Graphics Northern Ireland Belfast BT7 1BS Mooney Media Northern Ireland County Down BT32 4QD Xpress Creative Northern Ireland Newtonabbey BT36 4PU X Display Systems Scotland Coatbridge ML5 4AS Color Co. - Edinburgh Scotland Edinburgh EH2 2PA Edinburgh Store Scotland Edinburgh EH3 6QY Edinburgh Store Scotland Edinburgh EH3 9LY Glasgow Store Scotland Glasgow G3 8LZ Hamilton (662c) Scotland Hamilton ML3 7AR Academy Press Scotland Livingstone EH54 6QD Glasgow Print Scotland North Glasgow G64 1RX South Glasgow Store Scotland South Glasgow G5 9RR Republique South Brighton BN1 4GH Brighton Store South Brighton BN2 8AA Tudor Print South Worthing BN11 1UY Ashford Store South East Ashford TN24 8UU Studio Direct South East Chelmsford CM2 6HE Lussh Creative South East Chesterfield S40 2BY Inprint South East Colchester CO1 1PB TRS Graphics South East Croydon CR2 6EB Jelly Bean Graphics South East Croydon CR9 6YJ Felix Communications South East Rochester ME2 4HZ Haus of Print South West Andover SP11 6RU Print Creative South West Bath BA1 2JB Bournemouth Store South West Bournemouth DT1 1HS Bristol South West Bristol BS1 3LZ Presto Print South West Christchurch BH23 1QD Exeter South West Exeter EX4 3AJ Wessex Direct South West Minehead TA24 5UB Plymouth Store South West Plymouth PL4 0AU Malthouse South West Taunton TA1 3EP Printing South West South West Totnes TQ9 5DW Anneset South West Weston-Super-Mare BS23 3DE Australian Welsh Wales Cardiff CF14 3JP This information is provided by RNS The company news service from the London Stock Exchange
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