Final Results

Final Results 

    LONDON--(BUSINESS WIRE)--Dec. 20, 2002--

C A Sperati (The Special Agency) Plc

PRELMINARY STATEMENT OF ANNUAL RESULTS                                    

For the 12 month period ended 31 October 2002

MANAGEMENT COMMENTARY

2002 has been a very difficult trading year.

After tax profit is down from £74,920 to £24,614 compared to 2001.
Turnover fell by only 14% but margins have been severely squeezed
throughout the period

The main changes in the balance sheet from 31 October 2001 are the
fall in debtors and the increase in creditors. These have all resulted
from the fall in trade and the increased credit terms obtained from
its main suppliers. A downturn in tourism internationally appears to
have affected the trade in general.

J Atkinson
Managing Director

PROFIT AND LOSS ACCOUNT
for the period ended 31 October 2002

                                                                                            Year to             Year to
                                                                                         31 October          31 October
                                                                                               2002                2001
                                                                                                  £                   £   

TURNOVER                                                                                    872,116           1,015,285

Cost of sales                                                                               551,743             605,363

Gross profit                                                                                320,373             409,922

Other operating expenses                                                                  (318,896)           (351,325)
Other operating income                                                                       10,638              13,183

OPERATING PROFIT                                                                             12,115              71,780
Investment income                                                                            17,378              24,239

PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION                                                                   29,493              96,019
Taxation                                                                                      4,879              21,099

PROFIT ON ORDINARY
ACTIVITIES AFTER TAXATION                                                                    24,614              74,920

Dividends                                                                                    12,500              25,000

RETAINED PROFIT FOR THE PERIOD                                                               12,114              49,920

EARNINGS PER ORDINARY SHARE OF 50p                                                            24.6p               49.9p     


BALANCE SHEET at 31 October 2002

                                                                                                 Year to       Year to
                                                                                              31 October    31 October         
                                                                                                    2002          2001
                                                                                                       £             £
FIXED ASSETS
  
Tangible assets                                                                                   79,943        89,828
CURRENT ASSETS
Stocks                                                                                           131,777       116,867
Debtors                                                                                          180,974       215,396
Cash at bank and in hand                                                                         555,721       522,187
                                                                                                 868,472       854,450
CREDITORS:
Amounts falling due within one year                                                              166,617       174,020
NET CURRENT ASSETS                                                                               701,855       680,430
TOTAL ASSETS LESS CURRENT LIABILITIES                                                            781,798       770,258
PROVISION FOR LIABILITIES AND CHARGES                                                              1,173         1,747
                                                                                                 780,625       768,511
CAPITAL AND RESERVES
Called up share capital                                                                           50,000        50,000
Revaluation reserve                                                                               22,128        22,128
Profit and loss account                                                                          708,497       696,383
SHAREHOLDERS' FUNDS                                                                              780,625       768,511

CASH FLOW STATEMENT 
for the period ended 31 October 2002

                                                                                               Year to          Year to                                                                                                      
                                                                                            31 October       31 October  
                                                                                                  2002             2001    
                                                                                                     £                £                                                                                               
                                                                                                  

Operating profit                                                                                12,115           71,780
Depreciation of tangible assets                                                                 10,498           11,902
Decrease in stock                                                                             (14,910)         (11,273)
Decrease/(Increase) in debtors                                                                  34,422         (86,019)
Decrease/(Increase) in creditors                                                                19,399           35,799
(Profit)/ loss on sale of fixed assets                                                               -            (563)
                                                                                                     
Net cash inflow/(outflow) from
      operating activities                                                                       61,524          21,626
Returns on investments and servicing of finance
Interest received                                                                                17,378          24,239
Taxation
Corporation tax paid                                                                            (19,755)       (17,136)
Capital expenditure
Purchase of fixed assets                                                                          (613)        (19,438)
Sale of fixed assets                                                                                  -           3,700
                                                                                                  (613)        (15,738)

Equity dividend paid                                                                           (25,000)        (25,000)

Increase/(Decrease) In cash in period                                                            33,534        (12,009)

Reconciliation of net cashflow to movement In net funds

Increase/(Decrease) in cash                                                                      33,534        (12,009)
Net funds at 1 November 2001                                                                    522,187         534,196
Net funds at 31 October 2002                                                                    555,721         522,187

Notes

1. The preliminary results for the year ended 31 October 2002 do not
constitute the Company's statutory financial statements within the
meaning of S227 of the Companies Act 1985. They have been reviewed by
the auditors.

The financial information for the year ended 31 October 2001 is
derived from the statutory accounts for that year which have been
delivered to the Registrar of Companies. The auditors' report on these
accounts was unqualified.

2. The Directors propose to recommend a dividend of 12.5p per share
for the year to 31 October 2002 payable 7th May 2003 to shareholders on
the Register on 4th April 2003.

   Short Name: Sperati(C.A).
   Category Code: FR
   Sequence Number: 00001474
   Time of Receipt (offset from UTC): 20021220T165133+0000