Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Kingsbridge Hldgs (PNC)

  Print      Mail a friend

Thursday 01 November, 2001

Kingsbridge Hldgs

Final Results

Kingsbridge Holdings PLC
1 November 2001

                         KINGSBRIDGE HOLDINGS PLC

                             Preliminary Results

Kingsbridge Holdings Plc, ('Kingsbridge') a provider of financial services and
advice to sports and entertainment clients and other high net worth
individuals, announces its Preliminary Results for the since formation in the
period April 2001 to 31 August 2001.  The first results since flotation in
July 2000.

  * Considerable progress made, growth accelerating

  * Acquisitions integrated, new technology platform implemented

  * Profit before tax and goodwill amortisation £1.5 million, ahead of
    market expectations

  * EPS, excluding goodwill amortisation, 1.81p

  * Moves into other sports proving fruitful

  * IFP acquisition broadens client base, adds a new dimension to the Group

  * Now established alongside the largest national IFA's

Charles Green, Chairman, commented:

'I am pleased to be able to report a very active and successful period of some
fourteen months since the flotation of the Company on the Alternative
Investment Market.

'Following the acquisition of Benson McGarvey we are now undoubtedly the No. 1
football related IFA and the addition of IFP to the Group further strengthens
our infrastructure and enhances the Group's buying power, which will benefit
all clients.

'The Board believe that the future for the enlarged Group is exciting and we
are optimistic that the current year will be a year of continuing progress and
expansion.'

1st November 2001

ENQUIRIES:

Kingsbridge Holdings Plc                          Tel:  0115 852 3620
Martin Greenwood, Chief Executive                 Tel:  07950 932914
David McKee, Director                             Tel:  07768 390896

College Hill Associates                           Tel:  020 7457 2020
Michael Padley / Nicholas Nelson




CHAIRMAN'S STATEMENT

I am pleased to be able to report a very active and successful period of some
fourteen months since the flotation of the Company on the Alternative
Investment Market.  The Group has made significant progress, through both
organic growth and acquisition, in the period.  Our commercial and
professional reputation as a premier provider of financial services has been
enhanced by our public status and we have cemented our position as the leading
football related IFA.

Results

The results show a profit before amortisation of goodwill and tax of £1.51
million for the period on turnover of £7.35 million.  The basic earnings per
share for the period was 0.63p whilst the earnings per share before goodwill
amortisation was 1.81p.  At 31 August 2001, the Group had cash reserves of £
284,244.  Goodwill amortisation of £683,619 reduces the profit before taxation
to £824,247.  As stated in the prospectus, there will be no dividend payment
although this policy will be reviewed in future years.

Acquisitions

We highlighted our intention to make acquisitions in the prospectus, and I am
pleased to report that we have been very active in this area.  Our first
acquisition in September 2000 was Murray Management Group Limited ('Murray
Management') for the sum of £3.99 million, with £0.81 million deferred for one
year.  Murray Management is based in Glasgow, Scotland and has close links
with Scottish football at the highest levels.  I am pleased to report that
Murray Management had an excellent year, achieving their earn-out target in
the year to 31 August 2001.

Our next large acquisition was Stafford Group Limited ('Stafford') and its
principal trading subsidiary Independent Financial Partnership Limited ('IFP
'), based in Harrogate, in April 2001.  Stafford was acquired for the sum of £
12.6 million with a maximum deferred payment of £2.50 million, based on
profits.  They are making good progress towards achieving this target.  IFP's
high net worth client base, their expertise, particularly in pensions matters,
and their administration infrastructure gives an extra dimension to the Group,
enabling it to add further businesses whilst maintaining the high service and
regulatory standards necessary to succeed in this competitive market.

In July 2001, the Group purchased Benson McGarvey Limited ('Benson McGarvey')
the main rival to Kingsbridge among the top earning soccer players, for the
sum of £13.50 million with a maximum deferred element of £3.0 million.  Benson
McGarvey, which is also based in Nottingham provides an opportunity for cost
savings through a close integration of their activities.

Two smaller acquisitions were also made during the period, Kingweb Limited and
Max Delta Limited.  Kingweb purchased from the League Managers Association ('
LMA') for a consideration to be issued when certain earnings targets have been
reached, manages the LMA website.  This is being considerably upgraded and now
carries interviews with club managers as well as current football information.
The main income will be from sponsorship and subscription services which
should start to flow strongly in the next few months.

Max Delta was acquired from Keysports Management Limited to provide
introductions to high net worth entertainers.

Premises

Kingsbridge expects to close its present office in Nottingham in November and
move to larger premises in the town centre.  Benson McGarvey will join them
there as soon as lease formalities will permit.  The Harrogate office has also
been expanded, taking on additional premises in the complex, to ensure
adequate space to house the additional staff required for the continuing
development of the business.

Directors and Management

We welcomed John Murray, Ross Hyett and Peter McGarvey to the Board on
completion of the acquisition of their respective companies, which they
continue to manage.  Martin Greenwood, formerly a non-executive director, was
appointed Group Chief Executive in May 2001 and has already made considerable
progress towards the integration of the group and formulation of its future
growth plans.

We recognise that the present structure is too heavily biased towards
executive directors, with insufficient representation of independent
directors.  We shall be actively addressing this issue over the forthcoming
months.

I would like to thank all members of staff for their sterling contribution
during this year of considerable change.  Their responsiveness and willingness
to accept responsibility has considerably helped your Board and we are
grateful to them all.

Prospects

The Board believe that the future for the enlarged Group is exciting.  We are
seeking suitable acquisition opportunities which will expand our base among
sporting and other high net worth clients.  We are also recruiting quality
IFA's to assist us in servicing the new clients that we are signing on a
regular basis.  Your Board is optimistic that the current year will be a year
of continuing progress and expansion.

CHIEF EXECUTIVE'S STATEMENT

Introduction

I am delighted to have been appointed Chief Executive following the completion
of the acquisition of the Stafford Group Limited in April of this year and to
be able to play a part in the future growth of the Company.  This growth is
taking place against a background of continuing structural change within the
financial services industry.

Operations

The period ended 31 August 2001 has been one of significant growth both
organically and through acquisition.  Kingsbridge (Financial) Ltd the original
core operating company within the Group continued to focus on and expand its
client base of professional footballers.  During the period profits before tax
of £0.84 million were generated on turnover of £3.35 million.

A key element of our success in the world of football is our various
appointments to the League Managers Association, the FA Premier League, the
Nationwide Football League and the Scottish Premier and Football Leagues.  As
a consequence of the close relationship the company has developed with the FA,
we have been appointed as an adviser to nineteen individual football academies
providing an opportunity for the company to assist the players throughout each
stage of their career.

The Group's position as the premier provider of independent financial advice
to football has been further enhanced by the acquisition of Murray Management
and Benson McGarvey.

Murray Management based in Glasgow is ideally placed to service the needs of
our sports and other high net worth clients throughout Scotland.  Generating
profits before tax of £0.35 million on turnover of £1.25 million the company
outperformed the targets set at the time of acquisition.

The addition in June 2001 of Nottingham based Benson McGarvey boosted by over
100 the number of sports related clients advised by the Group.  In the three
months post acquisition, the company has performed very strongly generating
profits before tax of £0.35 million on turnover of £0.66 million.  Much of the
performance directly results from product synergies with Kingsbridge
(Financial) Ltd.

Recognising the value of our service offering and its relevance to other
sports persons who enjoy high earnings but short careers the enlarged group
has opened up new markets.  Clients at the top of their sports from
horseracing, rugby, golf and cricket have all been attracted.  In addition an
agreement has been signed with The Professional Cricketers' Association to
provide our services to their members.

The growing reputation of Kingsbridge will allow us to continue to grow our
client base within the above mentioned sports over the coming year.

The client base of the Group was broadened during the year by the acquisition
of the Independent Financial Partnership ('IFP') based in Harrogate. Since the
date of acquisition IFP has generated turnover of £1.83 million giving rise to
profits before tax of £0.22 million.  Whilst not sports orientated, IFP's
clients are nevertheless focused towards high net worth individuals and face
many challenges which are common with the clients of other Group companies.
The combined expertise and enhanced buying power of the Group will be of
benefit to all clients.

The management of IFP are confident that changes introduced by the FSA will
directly benefit the company as many professional firms are expected to
outsource the provision of advice.

The Group now has 175 employees of which 52 are advisers and 35 are qualified
support staff.  The FSA in recently published research found that clients are
attracted by large and reputable organisations with highly qualified advisers.
The enlarged Group meets the criteria both in terms of size and the quality
of our advisers, a high proportion of whom have achieved qualifications in
excess of the standard required by the regulator.

Regulatory Environment

From 1 December 2001 our current regulator the Personal Investment Authority
(PIA) will be replaced by the Financial Services Authority (FSA) a date widely
referred to as N2.  With the new regulator come changes to the way in which
independent financial advice will be regulated in future.

In recognition of the limited ability of the current welfare system to respond
to the needs of an ageing population the government is keen to encourage
savings for both retirement and long term care.  This is being achieved by the
introduction of catmarks, decision trees and comparative tables.  In addition
new products have been introduced in the form of Stakeholder Pensions and
ISAs, charges on the former being limited to 1 per cent.

An industry wide debate is also taking place regarding the differentiation
between independent financial advisers able to select their recommended
products from all those available in the market place and tied advisers who
are limited to the products provided by their host company.  This
differentiation is known as polarisation.

It is against this background of uncertainty that Kingsbridge has been
successfully established as a new name ranked alongside the largest national
firms of independent financial advisers.

Current Trading

Recent trading has continued the trends of the last fourteen months.  The
events in America of September 11 have occurred too soon after August 31 for
us to accurately assess their medium to long term effect on the Group.  In
common with most businesses, we have seen some disruption in the period
immediately following the disaster.  The economic climate will dictate the
level of business and this will in part

depend on how successful the measures taken by world governments are in
restoring consumer confidence.  This will become clearer over the coming weeks
and months.  However, we consider that it is unlikely that our sports related
clients will be materially affected.

Future Developments

Over the next twelve months the Group will concentrate on fully integrating
the acquisitions completed to date.  To facilitate this exercise the FSA
regulated companies will be reorganised to operate under the one brand name
Kingsbridge Financial.  The current branch structure will be maintained and
the service currently enjoyed by our clients will be further enhanced.
Support services, for example, compliance, training and competence, research,
accounting and information technology will be provided on a central basis.
The management, accounting and client support systems currently operated by
IFP are in the process of being adopted as the standard throughout the Group.

Clearly the key to successfully achieving the above is the establishment of a
consistent technology platform at every location.  This work is already
nearing completion.

The Group will continue to seek out complementary acquisitions whilst at the
same time stimulating organic growth by the continued penetration of parallel
sports markets and the recruitment of additional highly qualified advisers.
We anticipate that high net worth clients from both sport and other areas will
be attracted by our highly specialist service and product offerings.

Finally, the Directors believe that the structural changes facing the
industry, whilst challenging, will be the source of further opportunity.


Consolidated profit and loss account

For the period ended 31 August 2001


                                                                           2001
                                                            Notes             £
Turnover
Acquisitions                                                  3       7,346,793
                                                                     __________
Continuing operations                                                 7,346,793

Cost of sales                                                       (1,539,147)
                                                                     __________
Gross profit                                                          5,807,646
Administrative expenses                                             (5,024,768)
                                                                     __________
Operating profit
Existing operations                                                   (436,691)
Acquisitions                                                          1,219,569
                                                                     __________
Continuing operations                                                   782,878
                                                                     __________
Profit on ordinary activities before finance charges                    782,878
Net interest receivable                                                  41,369
                                                                     __________
Profit on ordinary activities before taxation                           824,247

 - after goodwill amortisation                                          824,247
 - goodwill amortisation                                                683,619
                                                                     __________
Profit on ordinary activities before goodwill amortisation            1,507,866
                                                                     __________

Tax on profit on ordinary activities                                  (457,221)
                                                                     __________
Profit on ordinary activities after taxation

and retained for the year                                               367,026
                                                                     __________
Earnings per share                                            4
Basic                                                                     0.63p
Basic EPS excluding goodwill amortisation                                 1.81p
Diluted                                                                   0.62p
                                                                     __________


Consolidated balance sheet

31 August 2001


                                                                           2001
                                                                              £
Fixed assets
Licences                                                              1,437,500
Goodwill                                                             37,394,035
                                                                     __________
Intangible assets                                                    38,831,535
Tangible assets                                                         948,888
Investments                                                              11,195
                                                                     __________
                                                                     39,791,618
                                                                     __________
Current assets
Debtors                                                               3,617,315
Loan note deposit                                                    11,626,092
Cash at bank and in hand                                                681,750
                                                                     __________
                                                                     15,925,157
Creditors: Amounts falling due within one year                     (10,998,710)
                                                                     __________
Net current assets                                                    4,926,447
                                                                     __________
Total assets less current liabilities                                44,718,065
Creditors: Amounts falling due after more than one year             (6,663,126)
                                                                     __________
Net assets                                                           38,054,939
                                                                     __________
Capital and reserves
Called-up share capital                                                 970,075
Share premium account                                                20,112,810
Shares to be issued                                                   5,159,155
Merger reserve                                                       11,445,873
Profit and loss account                                                 367,026
                                                                     __________
Equity shareholders' funds                                           38,054,939



Consolidated cash flow statement

For the period ended 31 August 2001


                                                             Notes         2001
                                                                              £
Net cash inflow from operating activities                               587,961
Returns on investments and servicing of finance                         151,277
Taxation paid                                                          (55,320)
Capital expenditure and financial investment                          (250,159)
Acquisitions and disposals                                          (9,328,614)
                                                                     __________
Cash outflow before management of liquid resources and
financing
                                                                    (8,894,855)
Management of liquid resources                                     (11,533,126)
Financing                                                            20,712,225
                                                                     __________
Increase in cash in the period                                          284,244
                                                                     __________


Notes:

1.                  Financial information

The financial information set out herein does not comprise the Company's
statutory accounts.  The auditors have given an unqualified opinion on the
statutory accounts for the period ended 31 August 2001 which will be delivered
to the Registrar of Companies following the Annual General Meeting.

2.         Accounting policies

The principal accounting policies are summarised below.  They have all been
applied consistently throughout the period.

The accounts have been prepared in accordance with applicable accounting
standards and under the historical cost convention.

Basis of consolidation

The group accounts consolidate the accounts of Kingsbridge Holdings plc and
its subsidiary undertakings drawn up to 31 August 2001 which is the first
accounting period of the group and company.  The results of subsidiaries
acquired or sold are consolidated for the periods from or to the date on which
control passed.  Acquisitions are accounted for under the acquisition method.

Goodwill

Goodwill arising on the acquisition of subsidiary undertakings and businesses,
representing any excess of the fair value of the consideration given over the
fair value of the identifiable assets and liabilities acquired, is capitalised
and written off on a straight line basis over its useful economic life, which
is twenty years.  Provision is made for any impairment.

Negative goodwill is similarly included in the balance sheet and is credited
to the profit and loss account in the periods in which the acquired
non-monetary assets are recovered through depreciation or sale.

Intangible assets

Licenses are included at cost and depreciated in equal annual instalments over
a period of 10 years which is their estimated useful economic life.  Provision
is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any
provision for impairment.  Depreciation is provided on all tangible fixed
assets, other than freehold land, at rates calculated to write off the cost,
less estimated residual value, of each asset over its expected useful economic
life, as follows:

Improvements to leasehold property      Over the remaining period of the lease
Motor vehicles                                      25% per annum on net book
value
Office fixtures and equipment                25% per annum on net book value


Residual value is calculated on prices prevailing at the date of acquisition.

Investments

Except as stated below, fixed asset investments are shown at cost less
provision for impairment.

In the company balance sheet, for investments in subsidiaries acquired for
consideration including the issue of shares qualifying for merger relief, cost
is measured by reference to the nominal value only of the shares issued.  Any
premium is ignored.

Associates

In the group financial statements, investments in associates are accounted for
using the equity method.  The consolidated profit and loss account includes
the group's share of associates' operating results made up to 30 April 2001,
while the group's share of the net assets of the associates is shown in the
consolidated balance sheet.

Taxation

Current tax, including UK corporation tax is provided at amounts expected to
be paid (or recovered) using the tax rates and laws that have been enacted or
substantially enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have
originated but not reversed at the balance sheet date where transactions or
events that result in an obligation to pay more tax in the future or a right
to pay less tax in the future have occurred at the balance sheet date.  Timing
differences are differences between the group's taxable profits and its
results as stated in the financial statements that arise from the inclusion of
gains and losses in tax assessment in periods different from those in which
they are recognised in the financial statements.

Net deferred tax assets are regarded as recoverable and therefore recognised
only when, on the basis of all available evidence, in can be regarded as more
likely than not there will be suitable taxable profits from which the future
reversal of the underlying timing differings can be deducted.

Deferred tax is not recognised when fix assets are sold and it is more likely
than not that the taxable gain will be rolled over, being charged to tax only
if and when the replacement assets are sold.

Deferred is measured at the average tax rates that are expected to apply in
the periods in which the timing differences are expected to reverse, based on
tax rates and laws that have been enacted or substantively enacted by the
balance sheet date.  Deferred tax is measured on a non-discounted basis.

Turnover

Turnover represents commissions and fees receivable for services provided in
the normal course of business.

Commission is recognised as income on the date that the relevant policy is
placed on risk with the insurance company. Commission earned on the sale of
investments in film and property schemes is only recognised once the minimum
level of investment for a particular scheme has been reached.

Some initial commission is paid on indemnity terms and as a result commission
may subsequently be clawed back by insurance companies upon cancellation of a
policy by the policy holder.  Commission clawed back by the insurance
companies is provided for when the directors consider it likely to be due.

Pension costs

For defined contribution schemes the amount charged to the profit and loss
account in respect of pension costs and other post-retirement benefits is the
contributions payable in the period.  Differences between contributions
payable in the period and contributions actually paid are shown as either
accruals or prepayments in the balance sheet.

Leases

Assets held under finance leases and other similar contracts, which confer
rights and obligations similar to those attached to owned assets, are
capitalised as tangible fixed assets and are depreciated over the shorter of
the lease terms and their useful economic lives.

The capital elements of future lease obligations are recorded as liabilities,
while the interest elements are charged to the profit and loss account over
the period of the leases to produce a constant rate of charge on the balance of 
capital repayments outstanding.  Hire purchase transactions are dealt with 
similarly, except that assets are depreciated over their useful economic lives.

Rentals under operating leases are charged on a straight line basis over the
lease term, even if the payments are not made on such a basis.

Derivative financial instruments

The group is not significantly exposed to the effects of exchange rate
fluctuations since all income and costs are denominated in sterling.  The
group does not enter into derivatives transactions and does not trade in
financial instruments.

3.                  Segment information

All turnover is derived from a single class of business, being the group's
principal activity of the provision of financial services and advice.  All
turnover originates in the United Kingdom.

Acquisitions:

The analyses presented above include the following amounts in respect of
operations acquired during the period:


                   Kingsbridge        Murray   Stafford     Benson
                     Financial    Management      Group   McGarvey        Other
                       Limited Group Limited    Limited    Limited Acquisitions
                                                                 
                             £             £          £          £            £

Sales to third       3,351,817     1,249,491  1,832,154    664,829      248,502
parties
Segment profit         840,156       347,666    215,162    349,282      150,922
Segment net            790,574       237,956  1,450,597  3,351,238      736,015
assets
                    __________      ________     ______   ________     ________


In relation to the acquisition of Kingsbridge Financial Limited, continuing
operations in the period includecost of sales of £663,655, gross profit of £
2,688,162 and administrative expenses of £1,848,006.

In relation to the acquisition of Murray Management Group Limited continuing
operations in the period include administrative expenses of £97,580.

In relation to the acquisition of Stafford Group Limited, continuing
operations in the period include cost of sales of £757,932, gross profit of £
1,074,222 and administrative expenses of £859,060.

In relation to the acquisition of Benson McGarvey Limited continuing
operations in the period include cost of sales of £112,030, gross profit of £
552,799 and administrative expenses of £203,517.

In relation to other acquisitions, continuing operations in the period include
cost of sales of £5,530 gross profit of £242,972 and administrative expenses
of £92,050.

4.                  Earnings per share

The calculations of earnings per share are based on the following profits and
numbers of shares.
                                                                           2001
                                                                              £
Profit on ordinary activities after taxation                            367,026
Goodwill amortisation                                                   683,619
                                                                     __________
Profit before goodwill amortisation                                   1,050,645
                                                                     __________
                                                                           2001
                                                                         Number

                                                                      of shares
Weighted average number of shares:
For basic earnings per share                                         57,984,106
Contingently issuable shares                                            748,662
Exercise of share options                                               847,525
                                                                     __________
For diluted earnings per share                                       59,580,293
                                                                     __________



5.                  Reconcilliation of operating profit to operating cash flows


                                                                           2001

                                                                              £
Operating profit                                                        782,878
Depreciation charges                                                    125,343
Amortisation of goodwill                                                683,619
Amortisation of licences                                                 62,500
Increase in debtors                                                 (1,911,884)
Increase in creditors                                                   845,505
                                                                     __________
Net cash inflow from operating activities                               587,961
                                                                     __________



6.                  Report & Accounts



The annual report & accounts will be posted to members in due course following
which copies will be made available to the public at the Company's registered
office: 9,Weekday Cross, The Lace Market, Nottingham NG1 2GB