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Ulster T.V. PLC (UTV)

  Print      Mail a friend       Annual reports

Monday 16 September, 2002

Ulster T.V. PLC

Interim Results

Ulster Television PLC
16 September 2002

Embargoed until 0700                         16 September 2002

                     ULSTER TELEVISION plc
                    ('UTV' or 'the Group')

                        Interim Results
              for the six months to 30 June 2002

Ulster  Television  plc  ('UTV') today announces  its  interim
results for the six month period ended 30 June 2002.

Summary of Results:

* Profit on ordinary activities before goodwill amortisation
  increased to £7.0m (2001: £6.9m).

* Group turnover up 8.1% to £22.5m (2001 : £20.9m).

* Television advertising revenue increased by 0.3% compared to an
  estimated downturn of 5.6% in total ITV advertising.

* Internet business delivers profit of £0.2m (2001 : £0.4m loss).

* Earnings before interest, tax, depreciation and amortisation of
  goodwill (E.B.I.T.D.A.) increased to £7.7m (2001 : £7.6m).

* Adjusted earnings per share of 9.12p (2001 : 9.29p).

* Interim dividend up 4% to 3.95p (2001 : 3.80p).

* Acquisition on 24 June 2002 of Treaty Radio Limited, a radio
  broadcasting business based in Limerick.

* Net debt at 30 June 2002 increased to £22.0m (2001 : £10.9m)
  largely due to acquisitions of Treaty Radio Ltd and Bocom Ltd.

Key Dates:

* 27 September 2002 - record date for payment of dividends.
* 4 October 2002 - payment of dividends.

                           - ends -

For Further Information:

Ulster Television plc
John McCann,   Group Chief Executive                028 9026 2202
Jim Downey, Group Finance Director                  028 9026 2176

Weber Shandwick Square Mile
Chris Lynch/Becky Haywood                           0207 950 2800

                     ULSTER TELEVISION plc
                    ('UTV' or 'the Group')

                        Interim Results
              for the six months to 30 June 2002


I   am   pleased  to  report  a  period  of  good  operational
performance  and further strategic development  in  what  were
very testing markets.  Our TV revenues continued to outperform
ITV,  and  our  radio operations performed in  line  with  our
expectations.   We completed the acquisition  of  the  leading
local  radio  station in Limerick at the end  of  the  period,
strengthening our presence and position in Irish  radio.   UTV
Internet Ltd maintained its profitable growth in both Northern
Ireland and the Republic of Ireland.

Profit on ordinary activities before interest and amortisation
of  goodwill increased to £7.0m (2001: £6.9m).  A decrease  in
television  operating profit to £6.0m (2001: £6.8m)  was  more
than  offset by a full six months' contribution from our radio
operations of £0.8m (2001: £0.5m) and an operating  profit  of
£0.2m  (2001:  loss of £0.4m) in our internet business.   With
net  interest payable of £0.2m (2001: net interest  receivable
of  £0.1m),  the  group profit before tax and amortisation  of
goodwill was £6.8m (2001: £7.0m).  Adjusted earnings per share
were 9.12p (2001: 9.29p).

Interim Dividend
Your  Board  has declared an interim dividend of 3.95p  (2001:
3.80p)  which  represents a 4% increase over last  year.   The
dividend will be paid on 4 October 2002 to all shareholders on
the Register at the close of business on 27 September 2002.

At  our  Annual General Meeting on 31 May 2002, I referred  to
the continuation of the global advertising downturn into 2002,
with  ITV's  advertising revenues down by  13%  in  the  first
quarter  while we maintained our outperformance  of  ITV  with
only  a  2% reduction.  The anticipated stimulus of the  World
Cup  brought  some  welcome  improvement  in  trading  and  we
recorded  a  2% increase in advertising revenue in the  second
quarter, which was in line with ITV's performance.  Television
turnover  in the six months period was up by £0.1m  to  £19.1m
(2001: £19.0m).

Our  record share of ITV advertising revenue in 2001  was  the
primary factor in driving our network programme costs for  the
period  up  by  £0.7m  but continuing stringent  cost  control
ensured  that  other television operating costs  increased  by
only £0.2m.  Television operating profits of £6.0m for the six
months  to  30 June 2002 were £0.8m lower than the  comparable
period in the previous year.

The  results of our radio station in Cork, County  Media  Ltd,
have  been  consolidated  for  the  full  six  months  period,
compared to consolidation from 12 April in our 2001 accounts.

The  radio advertising market in Ireland has followed that  of
television  with  the effect of cutbacks  in  the  budgets  of
national  advertisers  being  mitigated  by  growth  in  local
advertising  budgets.  The positive impact on  advertising  of
the World Cup was not as strong in Ireland as in Great Britain
and  total advertising revenue in County Media Ltd for the six
months was 5% down on the same period in 2001.

County Media's contribution to group operating profits for the
six months of £0.8m was £0.3m more than for the shorter period
last year and in line with our expectations in these difficult
national advertising markets.

We  were pleased to announce the completion of the acquisition
of  the leading local radio station in Limerick, Treaty  Radio
Ltd,  on 24 June 2002. This represented a further step in  our
strategy  of  building  a significant  radio  presence  within

Absolute Radio UK Ltd, the consortium in which we hold  a  one
third  share, applied unsuccessfully for the new, and  heavily
contested, East Midlands regional radio licence.  We intend to
apply selectively for further regional radio licences as  they
are advertised, including one in the West Midlands.  Our share
of Absolute Radio UK Ltd's losses to 30 June 2002 was oe0.1m.

New Media
Turnover at UTV Internet Ltd grew by more than 50% in the  six
months  to  30 June 2002 to £0.9m (2001 : £0.6m).  With  costs
reduced  by  £0.3m  to  £0.7m (2001  :  £1.0m),  our  internet
activities produced a profit for the period of £0.2m  (2001  :
loss of £0.4m).

Our 50% investment in Bocom Ltd was acquired on 15 March 2002.
This  investment leverages off our intimate knowledge  of  the
Irish  advertising  market  and  provides  an  opportunity  to
generate a new revenue stream through the provision of content
and  advertising via satellite to large plasma screens located
in  high  footfall  locations.  Along with our  partners,  our
efforts  have  been  focussed on  installing  the  screens  in
priority areas and building the appropriate infrastructure  to
support the development of this service.  Our share of  losses
in the period from acquisition was £0.04m.

The net debt in the period increased by £11.3m to £22.0m at 30
June  2002.   The  primary reason for this  increase  was  the
financing  of the acquisition of Treaty Radio Ltd.  The  other
major changes in cash flow related to the increase in net cash
from  operating  activities to £7.3m (2001 :  £5.8m)  and  the
reduction in taxation payments to £1.9m (2001 : £3.3m).

To  facilitate the financing of our acquisitions a €32.0m bank
loan  facility  was arranged. At 30 June 2002 €16.0m  of  this
facility had been drawn down.

A  much used phrase in media companies has been, and continues
to  be,  'limited visibility'.  This lack of confidence  about
future  revenues  is  unsettling  for  shareholders  but   is,
perhaps,  prudent given the uncertainties in the  marketplaces
in  which our advertisers operate and, indeed, in the  economy
as  a  whole.  In all this uncertainty, it would  not  yet  be
appropriate to predict a definite return to growth.

Nevertheless, it would be equally inappropriate to ignore some
positive  signals  which  are  beginning  to  emerge  in   our
television business where, in each of the four months  to  the
end  of August 2002, we have recorded significant improvements
in  our  advertising revenues.  In the quarter to 30 September
2002,  which is virtually all post-World Cup, we would  expect
to  increase our advertising revenue by 15% year on year, with
growth  being  achieved  in each of  our  geographic  markets.
Whether  or  not  this represents the first  green  shoots  of
recovery  remains  to be seen.  There are no firm  indications
yet  as  to the likely performance of the last quarter of  the
year  and, while encouraged by recent results, we will  remain
cautious   until  a  period  of  sustained  growth  has   been

Our  radio  businesses  in  Ireland  continue  to  follow  the
pattern,   set   earlier  by  television,  of  weak   national
advertising  supported by good demand  at  local  level.   Our
expectation  is  that  the factors impinging  upon  television
advertising will continue to influence and shape the prospects
for  radio  which will probably lag television in experiencing
an  upturn.   Our  stations  in Cork,  and  now  in  Limerick,
continue  to  enjoy  leading listenership positions  in  their
areas  which will leave them well placed to take advantage  of
growth opportunities.

UTV  Internet Ltd has added to a growing suite of products  by
recently  launching a flat rate off-peak internet  service  in
the  Republic of Ireland.  We already offer a similar  service
in  Northern  Ireland which complements a range  of  products,
including  broadband, available to consumers in  this  region.
Our  strategy remains to grow our customer base in both  parts
of   the  island  within  a  marketing  and  development  plan
consistent with improving profitability year on year.

John B McGuckian
16 September 2002

Ulster Television plc
Group Profit & Loss Account
For the six months ended 30 June 2002

                                                        Unaudited            Audited
                                                     Six months ended          ended
                                                          30 June        31 December

                                                        2002        2001        2001
                                                              (restated)  (restated)

                                                 Notes £'000       £'000       £'000

Group and share of joint ventures' turnover           22,679      20,853      42,973
Less share of joint ventures' turnover                  (143)          -           -
                                                     ________   ________    ________
Group turnover - continuing operations             2  22,536      20,853      42,973
                                                     ========   ========    ========

Operating profit before goodwill                       6,935       6,898      13,561

Amortisation of goodwill                           3  (1,021)       (584)     (1,560)
                                                     ________   ________    ________
Group operating profit - continuing operations         5,914       6,314      12,001

Share of operating profit in joint ventures               45           -           -
Amortisation of goodwill arising from
 acquisitions acquisition of joint venture         3     (91)          -           -
                                                     ________   ________    ________
Profit on ordinary activities before
interest and taxation                                  5,868       6,314      12,001

Net interest (payable)/receivable                  4    (166)         99        (117)
                                                     ________   ________    ________
Profit on ordinary activities before taxation          5,702       6,413      11,884

Taxation on profit on ordinary activities          5  (2,023)     (2,060)     (3,789)
                                                     ________   ________    ________

Profit for the period                                  3,679       4,353       8,095

Ordinary dividends                                    (2,076)     (1,997)     (4,835)
                                                     ________   ________    ________
Transfer to reserves                                   1,603       2,356       3,260
                                                     ========   ========    ========

Earnings per share                                 6
Diluted                                                 6.92p       8.20p      15.26p
Basic (FRS 14)                                          7.00p       8.28p      15.41p
Adjusted                                                9.12p       9.29p      18.37p
Diluted adjusted                                        8.97p       9.01p      18.14p
                                                     ========    ========    ========

Dividend per share                                      3.95p       3.80p       9.20p
                                                     ========    ========    ========

Group Statement of Total Recognised Gains and losses   £'000       £'000       £'000

Profit for the financial period
 excluding joint ventures                              3,668       4,353       8,095

Share of joint ventures' profit for the year              11           -           -
                                                     ________   ________   _________

                                                       3,679       4,353       8,095
Exchange difference on retranslation of
 net assets of subsidiary undertakings                   733        (368)        (59)
                                                     ________   ________   _________
Recognised gains and losses for the period             4,412       3,985       8,036
                                                                ========   =========

Prior year adjustment (as explained in note 1)          (216)
Total recognised gains and losses since last
 annual report                                         4,196

Ulster Television plc
Group Balance Sheet
at 30 June 2002
                                                   Unaudited    Unaudited       Audited
                                                     30 June      30 June   31 December
                                                        2002         2001          2001
                                                               (restated)    (restated)
                                                       £'000        £'000         £'000


Fixed Assets
Intangible assets - goodwill                  3       37,890       27,385        27,016
Tangible assets                                        8,248        7,675         7,265
Investment in joint ventures:-                       ___________________________________
           Share of gross assets                         780            -             -

           Share of gross liabilities                   (392)           -             -
                                                     ________     _________    _________
                                                         388            -             -
           Goodwill arising on acquisition               998            -             -
                                                     ________     _________    _________
                                                       1,386            -             -

           Loan to joint venture                          41            -             -
                                                       1,427            -             -

Other investments                                          1            1             1
                                                     ________     ________     _________
                                                      47,566       35,061        34,282
                                                     ________     ________     _________
Current assets
Stocks                                                 2,624        2,232         2,670
Debtors                                                9,614        7,995         9,545
Short-term cash deposits                               7,156        9,148         7,471
Cash at bank and in hand                               1,141        1,155         3,173
                                                     ________     ________     _________
                                                      20,535       20,530        22,859
                                                     ________     ________     _________
Creditors - due within one year
Creditors                                            (12,550)     (13,016)      (12,959)

Debentures                                     8     (15,375)     (17,116)      (17,550)

Loans                                         10      (2,088)           -             -
                                                     ________     ________     _________
                                                     (30,013)     (30,132)      (30,509)

                                                     ________     ________     _________

Net current liabilities                               (9,478)      (9,602)       (7,650)
                                                     ________     ________     _________

Total assets less current liabilities                 38,088       25,459        26,632

Creditors - due after one year
Convertible loan notes                        9       (3,750)      (3,750)       (3,750)

Amounts due for film rights                             (268)        (289)         (249)
Loans                                        10       (9,035)           -             -
Obligations under finance leases                         (40)           -             -

Provision for liabilities and charges                   (288)        (262)         (262)
                                                     ________     ________     _________
Net assets                                            24,707       21,158        22,371
                                                     ========     ========     =========
Shareholders' funds
Called-up equity share capital                         2,627        2,627         2,627
Share premium account                                    125          125           125
Revenue reserves                                      21,955       18,406        19,619
                                                     ________     ________     _________
Equity shareholders' funds                   11       24,707       21,158        22,371
                                                     ========     ========     =========

Ulster Television plc
Group Statement of Cash Flows
For the six months ended 30 June 2002

                                                             Unaudited          Audited
                                                         Six months ended    Year ended
                                                              30 June       31 December

                                                         2002        2001          2001
                                                        £'000       £'000         £'000


Net cash inflow from operating activities       12      7,304       5,777        12,701

Returns on investments and servicing of finance          (197)        228           119

Taxation paid                                          (1,917)     (3,245)       (7,288)

Capital expenditure & financial investment               (619)       (646)         (859)

Acquisitions                                          (11,577)     (4,512)       (4,512)

Equity dividends paid                                  (2,838)     (2,680)       (4,677)

                                                      ________     ________     _________

Cash outflow before use of liquid
 resources and financing                               (9,844)     (5,078)       (4,516)

Decrease in cash on deposit                               627       5,415         7,265

Financing                                               7,150      (2,323)       (2,727)
                                                      ________     ________     _________

(Decrease)/increase in cash in the period              (2,067)     (1,986)           22
                                                      ========     ========     =========

Reconciliation of net cashflow to movement in net debt

                                                        £'000       £'000         £'000

(Decrease)/increase in cash in the period              (2,067)     (1,986)           22

Cash inflow from decrease in cash on deposit             (627)     (5,415)       (7,265)

Cash inflow from increase in loans                    (10,372)          -             -

Cash outflow from repayment of loans and debentures     3,222       2,323         2,727
                                                      ________     ________     _________

Change in net debt arising from cash flows             (9,844)     (5,078)       (4,516)

Debentures issued on acquisition                            -     (18,031)      (18,031)

Net debt acquired on acquisition                         (794)     (2,343)       (2,343)

Translation difference                                   (687)        383            85
                                                      ________     ________     _________

Movement in net debt in the period                    (11,325)    (25,069)      (24,805)

Opening net (debt)/funds                              (10,678)     14,127        14,127
                                                      ________     ________     _________

Closing net debt                                      (22,003)    (10,942)      (10,678)
                                                      ========     ========     =========

Ulster Television plc
Notes to the Unaudited Interim Financial Information
at 30 June 2002

1. Basis of preparation
   The  interim financial information has been prepared on  the  basis
   of  the accounting policies set out in the Company's 2001 statutory
   accounts  except  for the adoption of Financial Reporting  Standard
   ('FRS')  19, Deferred Taxation. The impact of FRS 19 is to  restate
   Provisions  for  Liabilities and Charges  for  the  year  ended  31
   December  2001 by oe216,000 to oe262,000. The effect  of  this  is  a
   decrease  of oe11,000 in the profit after tax for the year ended  31
   December  2001 together with a decrease in the opening reserves  at
   1 January 2001 of oe205,000.

   Although  the  interim  results are unaudited,  the  auditors  have
   carried  out  a review of this Interim Statement. The  results  for
   the  year  ended  31 December 2001 are an abridged extract  of  the
   Company's  full accounts which have been filed with  the  registrar
   of  Companies and on which the auditors have issued an  unqualified
   report. The financial information contained in this Statement  does
   not  constitute full accounts within the meaning of Article 262  of
   the Companies (Northern Ireland) Order 1986.

2. Segmental analysis
   The  group operates in three principal areas of activity -
   commercial television, radio and internet.

   Turnover is generated principally from the UK and Ireland with  all
   radio  activity  generated in the Republic of  Ireland.   Turnover,
   group  operating profit on ordinary activities before tax  and  net
   assets are analysed as follows:

   Area of Activity
                                            Total  Intersegmental       Sales to
                                            sales           sales  Third Parties
                                            £'000           £'000          £'000


    Six Months ended 30 June 2002
    Television                             19,114            (55)         19,059
    Radio                                   2,563              -           2,563
    Internet                                  944            (30)            914
                                       __________     ___________    ____________
    Total                                  22,621            (85)         22,536
                                       ==========     ===========    ============

    Six Months ended 30 June 2001
    Television                             19,022            (51)         18,971
    Radio                                   1,292              -           1,292
    Internet                                  620            (30)            590
                                        __________     ___________    ____________
    Total                                  20,934            (81)         20,853
                                        ==========     ===========    ============

    Year ended 31 December 2001
    Television                             37,690            (51)         37,639
    Radio                                   3,976              -           3,976
    Internet                                1,418            (60)          1,358
                                        __________     ___________    ____________
    Total                                  43,084           (111)         42,973
                                        ==========     ===========    ============


                                                  Unaudited              Audited
                                               Six months ended       Year ended
                                                 30 June 2002        31 December
                                              2002          2001            2001
                                             £'000         £'000           £'000
   Group operating profit before
    amortisation of goodwill
   Television                                5,994         6,784          12,429
   Radio                                       791           490           1,365
   Internet                                    150          (376)           (233)
                                         __________     ___________    ___________
   Total                                     6,935         6,898          13,561

   Amortisation of goodwill

   Television                                    -             -               -
   Radio                                      (805)         (368)         (1,127)

   Internet                                   (216)         (216)           (433)
                                         __________     ___________    ___________
   Total                                    (1,021)         (584)         (1,560)

   Group operating profit
   Television                                5,994         6,784          12,429
   Radio                                       (14)          122             238
   Internet                                    (66)         (592)           (666)
                                         __________     ___________    ___________
   Total                                     5,914         6,314          12,001
                                         ==========     ===========    ===========

    As at                                Unaudited     Unaudited         Audited
                                           30 June       30 June     31 December
                                              2002          2001            2001
                                                      (restated)      (restated)
                                             £'000         £'000           £'000

   Television                               10,730        10,765          10,507
   Radio                                     1,216           140             632
   Internet                                    236           358             416
                                        __________     ___________    ___________
                                            12,182        11,263          11,555

   Unallocated net assets                   11,098         9,895          10,816
   Share of net assets of joint ventures     1,427             -               -
                                        __________     ___________    ___________
                                            24,707        21,158           22,371
                                        ==========     ===========    ===========

  Unallocated  net  assets  comprise  cash,  short  term  cash  deposits, investments,
  loans,  loan notes, debentures,  taxation,  goodwill  and proposed dividends.

3. Goodwill
   Goodwill is being amortised as follows:-

     - goodwill  arising from the purchase of  County Media Limited and Treaty Radio
       Limited is being amortised over estimated useful lives of 20 years.
     - goodwill arising from the purchase of UTV Internet Limited is being amortised
       over an estimated useful life of 10 years.
     - goodwill arising from the purchase of Bocom Limited is being amortised over an
       estimated useful life of 3 years.

4. Net interest (payable)/receivable

                                                  Unaudited              Audited
                                               Six months ended       Year ended
                                                 30 June 2002        31 December
                                              2002          2001            2001
                                             £'000         £'000           £'000

 Interest receivable                           147           379             568

 Interest payable - group                     (309)         (280)           (685)
                  - share of joint ventures'    (4)            -               -
                                            _______       _______        ________
                                              (166)           99            (117)
                                            =======       =======        ========

5. Taxation
                                                  Unaudited              Audited
                                               Six months ended       Year ended
                                                30 June 2002         31 December
                                              2002          2001            2001
                                                      (restated)      (restated)
                                             £'000         £'000           £'000

   Current Tax

   UK Corporation tax                        1,849        2,158            3,777
   Corporation tax overprovided in
    previous years                               -         (103)            (187)
                                          _________     _________       _________
                                             1,849        2,055            3,590
   ROI Corporation tax                         113            -              188
                                          _________     _________       _________
                                             1,962        2,055            3,778
   Share of joint ventures' current tax         30            -                -
                                          _________     _________       _________
                                             1,992        2,055            3,778
   Deferred tax

   Origination and reversal of timing
    differences                                 31            5               11
                                          _________     _________       _________
   Total tax on profit on ordinary
    activities                               2,023        2,060             3,789
                                          =========     =========       =========

6. Earnings per share

   Basic  earnings  per  share, in accordance with  Financial  Reporting
   Standard No14 (FRS 14), is calculated on the weighted average  number
   of  shares in issue during the period being 52,546,600  (June 2001  :
   52,546,600) and is based on the profit for the financial period after
   taxation of £3,679,000 (June 2001: £4,353,000 as restated).

   Diluted  earnings per share is calculated on 54,177,035 shares  (June
   2001  :  54,177,035 shares) reflecting the dilutive potential of  the
   Convertible  Loan  Notes of 1,630,435 shares (June 2001  :  1,630,435
   shares).  The  calculation  is based on  profit  for  the  period  of
   £3,749,000  (June  2001  :  £4,442,000  as  restated)  reflecting  an
   adjustment  for  net interest payable on Convertible  Loan  Notes  of
   £70,000 (June 2001 : £89,000).

   An  adjusted  earnings per share has been calculated to  exclude  the
   impact  of  net  interest receivable and goodwill amortisation.   The
   adjusted  earnings  per share is based on operating  profits  and  is
   intended to provide a comparable measure of historical performance.

                                                  Unaudited              Audited
                                               Six months ended       Year ended
                                                30 June 2002         31 December

                                              2002          2001            2001
                                                      (restated)      (restated)
                                                 p             p               p

   Diluted earnings per share                 6.92          8.20           15.26

   To reflect the dilutive potential of
    the Convertible Loan Notes                0.08          0.08            0.15
                                           ________     _________       _________

   Basic (FRS 14) earnings per share          7.00          8.28           15.41

   Net interest receivable
                                                 -         (0.18)              -
   Goodwill amortisation                      2.12          1.11            2.96

   Taxation relating to the above items          -          0.08               -
                                           ________     _________       _________

   Adjusted earnings per share                9.12          9.29           18.37

   To reflect the dilutive potential of
    the Convertible Loan Notes               (0.15)        (0.28)          (0.23)
                                           ________     _________       _________

   Diluted adjusted earnings per share        8.97          9.01           18.14
                                           ========     =========       =========

7. Treaty Radio Limited
   On  24  June  2002 the Group acquired Treaty Radio Limited,  a  radio
   station  based  in Limerick in the Republic of Ireland,  for  a  cash
   consideration  of  €15.619m. No amounts have been recognised  in  the
   profit  and  loss account for the period to 30 June 2002 due  to  the
   immaterial effect to the Group since the acquisition date.

8. Debentures
   Debentures  amounting  to  €29.332m were  issued  in  2001  as  part
   consideration  for the acquisition of County Media  Limited  bearing
   interest  at  Euribor  minus  1%. €0.645m  of  the  debentures  were
   redeemed  for  cash during 2001 and a further €4.971m were  redeemed
   for  cash  in  March 2002. All of the debentures are  guaranteed  by
   Ulster Television plc.

9. Convertible loan notes
   In  the  year  2000, Convertible loan notes amounting to £3.75m  were
   issued  as  part  consideration for the acquisition of  UTV  Internet
   Limited  and bear interest at base rate plus 0.45%.  The  loan  notes
   are  convertible into ordinary shares of 5p each fully  paid  in  the
   Company  on the basis of one ordinary share for each £2.30 of nominal
   value of loan notes.

10 Loans

   During the period Ulster  Television  plc  secured a €32m multi option
   bank loan facility. At 30 June 2002 the Company had drawn down €16m of
   this facility bearing interest at Euribor plus 0.8%.

11 Reconciliation of movements in shareholders'

                                                  Unaudited              Audited
                                               Six months ended       Year ended
                                                30 June 2002         31 December

                                              2002          2001            2001
                                                      (restated)      (restated)
                                             £'000        £'000            £'000

   Opening balance                          22,371       19,375           19,375
   Prior year adjustment (see below)             -         (205)            (205)
                                           ________   __________       __________
   Opening balance restated                 22,371       19,170           19,170
   Profit for the period                     3,679        4,353            8,095
   Dividends                                (2,076)      (1,997)          (4,835)
   Exchange difference on retranslation of
   net assets of subsidiary undertakings       733         (368)             (59)
                                           ________   __________       __________
   Closing Balance                          24,707       21,158           22,371
                                           ========   ==========       ==========

   The  prior  year  adjustment relates to a change in  accounting  policy for the
   recognition of deferred taxation liabilities to full provision  on a discounted
   basis on implementation of FRS 19, Deferred Taxation.

12 Reconciliation of operating profit to net cashflow from
   operating activities

                                                  Unaudited              Audited
                                               Six months ended       Year ended
                                                30 June 2002         31 December

                                              2002          2001            2001
                                                      (restated)      (restated)
                                             £'000        £'000            £'000

   Group operating profit                    5,914        6,314           12,001
   Depreciation charges                        729          727            1,477
   Amortisation of goodwill                  1,021          584            1,560
   Profit on sale of tangible fixed assets      (4)         (11)             (14)
   Decrease/(increase) in stocks                46          (25)            (463)
   Decrease/(increase) in debtors              466          473             (977)
   Decrease in creditors                      (863)      (2,280)            (872)
   Decrease in provisions                       (5)          (5)             (11)
                                           ________    _________       ___________
   Net cash inflow from operating activities 7,304        5,777           12,701
                                           ========    =========       ===========

                      This information is provided by RNS
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