Interim Results

4imprint Group PLC 21 September 2004 4imprint Group plc Interim Report 2004 Half year Half year Full year Unaudited Unaudited Audited 26 June 28 June 27 December 2004 2003 2003 £'m £'m £'m Turnover 43.37 42.49 94.87 Operating profit/(loss) before exceptional 1.35 (1.90) (2.64) items, goodwill amortisation and impairment Exceptional operating expenses (0.31) - (0.42) Goodwill amortisation and impairment (0.14) (0.37) (7.78) Operating profit/(loss) 0.91 (2.27) (10.84) Interest 0.12 0.01 0.01 Pre tax profit/(loss) 1.03 (2.26) (10.83) Taxation credit 1.90 0.68 2.67 Profit/(loss) after tax 2.93 (1.58) (8.14) Basic earnings per share 10.19p (5.51p) (28.34p) Dividend per share 1.75p 1.00p 4.00p Net cash £8.24m £4.75m £7.65m Highlights • Sales increased on the first half of last year by 2% and 9% at constant exchange rates. • Operating profit plus interest but before taxation, goodwill amortisation and impairment and exceptional items at £1.47m compares with a loss of £1.89m for the first half of 2003. • Net cash of £8.24m at the end of the half year compares with £4.75m at 28 June 2003 and £7.65m at 27 December 2003. • Dividend increased by 75% to 1.75p/share. The benefits of the major restructuring of the 4imprint Group, carried out last year, were evident in the results of the first half of the year. Sales at £43.37m were 2% ahead of last year with a particularly strong performance by the US Direct Marketing business. At constant exchange rates, sales would be 9% above last year. Operating profit before exceptional items, goodwill amortisation and impairment, at £1.35m compares with a loss of £1.90m for the same period last year, with all sections of the business contributing to this turnaround. Net interest income of £0.12m reflected the further increase in net cash to £8.24m at the period end and better treasury management. The tax credit of £1.90m arose from the resolution of previous tax issues, allowing the release of £1.95m of tax provisions, being slightly reduced by a £0.05m tax charge for the period. Consequently, Group post tax profit was £2.93m compared with a loss of £1.58m for the same period last year. Earnings per share were 10.19p compared with a loss per share of 5.51p last year. The Group Defined Benefit Pension Fund deficit, net of deferred tax, at the end of the period was £13.16m and a payment of £0.66m was made to the Fund, in excess of normal funding, which has been treated as a prepayment in accordance with SSAP24 and based on the 2001 actuarial valuation. The 2004 triennial valuation is currently being prepared and will be available for the Annual Report and Accounts. In order to provide shareholders with more information and transparency on the Group's business, the segmental analysis featured later in this interim report has been further developed. The Group's business consists of four discrete divisions all managed as separate profit entities. These four divisions are as follows: - (a) European Premium Promotions This division comprises the Product Plus International company (PPI) based in London, which specialises in the supply of promotional products and services, to a range of blue chip clients. The products and services provided are large volume, 'one-off' and tailored to specific consumer products' advertising objectives. The majority of products supplied are sourced from China and the Far East, where PPI has a well established purchasing and inspection base. (b) European Direct Marketing and Corporate Programmes This division comprises the 4imprint business based in Manchester, together with its sister company, Kreyer in Germany. Unlike the Premium Promotions business, this division focuses on the regular supply of products for company promotions and advertising. These are supplied to a wide range of clients, which comprise end users and intermediate suppliers to end users. The division uses catalogue and internet selling techniques and provides bespoke printing and 'badging' services though its laser printing facilities. Its Corporate Programmes sector builds on its product base by providing sophisticated design and artwork and additional support functions, including warehousing, distribution and product range consultancy, for specific corporate promotional programmes for major clients. (c) US Direct Marketing This division based in Wisconsin USA provides products for company promotions to a wide range of end users in the USA and Canada using highly developed catalogue and internet mechanisms. The division has well established design resources supporting its products and a very competitive supply base. The division also has a small Corporate Programmes business which has recently been downsized and refocused. (d) US Franchising This division comprises the AIA promotional products franchising business. This division provides promotional products through a different approach to market than the Direct Marketing business. It uses a system of Franchisees, established throughout the USA, to sell promotional products. The business provides a range of support services to Franchisees in return for a service fee. Group overhead costs and other minor income/costs, which cannot accurately be allocated to the Divisions, are reported separately. The operations review accompanying this statement provides fuller details of the trading performance of each division. Board Mr. Craig Slater, who was Chief Operating Officer and Group Finance Director, resigned from the Group in July to pursue other interests. We thank him for his contribution to 4imprint over the 3 years he was with the Group. The recruitment of a new Group Finance Director is in its final stages and an announcement will be made shortly. Dividend In the light of the great improvements achieved in the Group's performance, the Board has declared a dividend of 1.75p/share an increase of 75% on last year's interim dividend. The interim dividend will be paid on 8th November 2004 to ordinary shareholders on the register at the close of business on 15th October 2004. Outlook In the USA, the markets we serve continue to be more buoyant than the previous year, whereas in the UK and Europe the positions remain stable. With this background, and with the benefit of further cost reductions currently being secured, the Board believes that the second half should show good progress over the first. Operations Review The trading performance of the four divisions, which comprise the 4imprint Group, during the first half of 2004 has been as follows: - (a) European Premium Promotions Half Year Half Year Full Year 2004 2003 2003 £'000 £'000 £'000 Sales 6,528 6,544 15,854 Operating Profit 459 412 1,663 (pre goodwill amortisation and operating exceptional) Trading conditions during the first half were difficult, with corporate spending subdued in the UK, and competition strong. These conditions have continued into the second half and are not expected to change in the short term. Sales in the first half were at the same level as last year and operating profit before exceptional expenses and goodwill amortisation was 11% ahead of last year helped by very tight control of costs. The division has undertaken a review of its supply chain management to secure further improvements to its competitive strengths. It is also focusing on extending its range of blue chip clients where the quality of its service has ensured sustained support. (b) European Direct Marketing and Corporate Programmes Half Year Half Year Full Year 2004 2003 2003 £'000 £'000 £'000 Sales 16,487 15,357 34,844 Operating Profit/(loss) 375 (135) 1,088 (pre goodwill amortisation) The division had a good first half with sales 7% ahead of last year despite only marginal improvements in the general market conditions. Operating profits were significantly ahead of last year, due largely to operational improvements and cost reductions, coupled with a strong performance from the product sourcing business. Further optimisation is underway, including cost reductions, restructuring and elimination of some unprofitable business streams. Kreyer increased its turnover by 13%, despite poor trading conditions in Germany. This was achieved through reinforced sales efforts which secured several new customers. (c) US Direct Marketing Half Year Half Year Full Year 2004 2003 2003 US $'000 £'000 US $'000 £'000 US $'000 £'000 Turnover 33,003 18,132 28,755 17,872 64,181 39,075 Operating Profit 1,381 759 13 8 1,404 854 Following a strategic review in late 2003, the Oshkosh, Wisconsin site was restructured and renewed focus was placed on the core Direct Marketing business. Sales of $33m were 15% ahead of last year and operating profit of $1.38m compares with a breakeven position last year. Orders from new customers were 13% ahead of prior year on a catalogue circulation increase of only 8%. Orders from existing customers were up 10% over prior year on a slightly reduced marketing spend. Several new marketing initiatives along with enhancements to our 4imprint.com website have delivered encouraging results. The positive trend accelerated into the third quarter of 2004 and consequently the prospects for the second half results are good. Considerable progress has been made in the rationalisation of US Corporate Programmes, which accounts for a significant proportion of the segment's working capital. A combination of the termination of underperforming programmes, some associated downsizing and strong management control have produced a breakeven position in the first half, compared to a sizeable loss for the same period in the prior year. In addition, close to $1m of working capital has been released. Sales, marketing and technology resource has been re-directed towards leveraging our proven Direct Marketing core competencies to serve better our larger corporate and partnership relationships. Overall, this division has strong prospects, and significant future growth is achievable. (d) US Franchising Half Year Half Year Full Year 2004 2003 2003 US $'000 £'000 US $'000 £'000 US $'000 £'000 Gross Franchise Sales 55,956 30,742 55,410 34,439 113,069 68,840 Turnover (Fee Income) 4,039 2,219 4,377 2,720 8,377 5,100 Operating Profit (Loss) 783 430 (2,421) (1,504) (8,080) (4,678) (pre goodwill amortisation and impairment) During the first half of this year the benefit of the massive restructuring undertaken, to bring this former loss making business into profit, was more evident. The division is now strongly managed and tight financial controls have been introduced and sustained. Bad debt problems, which were evident in the past, have been substantially reduced and the division is now on a stable footing. US Franchising achieved good sales and operating profit in the first half. The Company has now successfully consolidated all its operations in Oshkosh. The Management Team has come together well and is operating efficiently. Expense control has been tight. (e) Central Costs With four well managed, self contained and profitable divisions, the Central costs are being refocused to provide only the necessary resources to cover key control activities and corporate development. The total costs of the centre, going forward, are therefore being substantially reduced compared with recent years. Ken Minton Chairman 21st September 2004 For further information, please contact: 4imprint Group plc Ken Minton, Executive Chairman Tel +44 (0) 870 757 1287 Half year Half year Full year 2004 2003 2003 (restated) Note £'000 £'000 £'000 Turnover 2 43,366 42,493 94,873 Operating profit/(loss) before exceptional items, goodwill 1,351 (1,897) (2,641) amortisation and impairment Exceptional operating expenses 3 (308) - (421) Goodwill amortisation and impairment (138) (373) (7,781) Operating profit/(loss) 2 905 (2,270) (10,843) Net interest receivable 122 10 11 Profit/(loss) on ordinary activities before taxation 1,027 (2,260) (10,832) Taxation 4 1,902 679 2,696 Profit/(loss) on ordinary activities after taxation 2,929 (1,581) (8,136) Dividends 5 (503) (287) (1,148) Transfer to/(from) reserves 2,426 (1,868) (9,284) Earnings/(loss) per share Basic 6 10.19p (5.51p) (28.34p) Diluted 6 10.07p (5.51p) (28.10p) Dividends per ordinary share 1.75p 1.00p 4.00p All operations relate to continuing activities. The US Franchising review and restructuring costs of £1,300,000 in the 2003 interim results have been reclassified as non-exceptional costs in line with the treatment adopted for the 2003 full year results. This reclassification increased the prior half year operating loss before exceptional items, goodwill amortisation and impairment from £597,000 to £1,897,000. The prior half year results have also been restated upon adoption of application note G of FRS 5 'Reporting the Substance of Transactions' relating to the restatement of certain sales from a gross to a net basis. Turnover for the 2004 half year decreased by £898,000 (2003 half year : £723,000, 2003 full year : £2,315,000) as a result of the adoption. There was no effect on operating profit. statement of total recognised gains and losses unaudited for the six months ended 26 June 2004 Half year Half year Full year 2004 2003 2003 £'000 £'000 £'000 Profit/(loss) on ordinary activities after taxation 2,929 1,581 (8,136) Exchange adjustments offset in reserves (353) (738) (2,532) Total gains and losses for the financial period 2,576 843 (10,668) reconciliation of movements in shareholders' funds unaudited for the six months ended 26 June 2004 Half year Half year Full year 2004 2003 2003 (restated) (restated) £'000 £'000 £'000 Profit/(loss) on ordinary activities after taxation 2,929 (1,581) (8,136) Dividends (503) (287) (1,148) 2,426 (1,868) (9,284) Other recognised losses relating to the period (353) (738) (2,532) Movements arising from the exercise of share options 7 - 2 Shares issued in the period 35 - - Net movement in shareholders' funds 2,115 (2,606) (11,814) Opening shareholders' funds 31,690 43,504 43,504 Closing shareholders' funds 33,805 40,898 31,690 The opening shareholders' funds were £31,697,000 (2003 full and half year: £43,513,000) before the reclassification of own shares from fixed asset investments to other reserves following the adoption of UITF Abstract 38 ' Accounting for ESOP Trusts'. The effect of this reclassification was to reduce the 2003 half year and full year profit and loss reserves by £9,000 and £7,000 respectively. These financial statements should be read in conjunction with the notes on page 12 to 17. 26 June 28 June 27 December 2004 2003 2003 (restated) (restated) £'000 £'000 £'000 Fixed assets 8,975 18,509 9,640 Current assets Stocks 6,295 7,344 5,959 Debtors due within one year 28,228 28,418 28,523 Debtors due after more than one year - 2,348 1,901 Cash at bank and in hand 10,858 10,137 10,128 45,381 48,247 46,511 Creditors: amounts falling due within one year (19,379) (24,413) (23,194) Net current assets 26,002 23,834 23,317 Total assets less current liabilities 34,977 42,343 32,957 Provisions for liabilities and charges (1,172) (1,445) (1,267) Net assets 33,805 40,898 31,690 Capital and reserves Called up share capital 11,054 11,044 11,044 Other reserves 22,751 29,854 20,646 Equity shareholders' funds 33,805 40,898 31,690 Net cash 8,235 4,745 7,652 These financial statements should be read in conjunction with the notes on page 12 to 17. Interests in own shares have been reclassified from fixed asset investments to other reserves following the adoption of UITF Abstract 38 'Accounting For ESOP Trusts' (2004 half year : £nil, 2003 half year : £9,000, 2003 full year : £7,000). Half year Half year Full year 2004 2003 2003 Note £'000 £'000 £'000 Cash inflow from operating activities 7 1,594 675 4,545 Returns on investments and servicing of finance 58 10 11 Taxation 384 335 397 Capital expenditure (556) (860) (1,395) Equity dividends paid (860) (355) (650) Cash inflow/(outflow) before the use of liquid resources and 620 (195) 2,908 financing Financing Issue of shares 32 - - (Repayment)/receipt of loans (275) (311) 2,090 Increase/(decrease) in cash in the period 377 (506) 4,998 Cash inflow/(outflow) from movement in debt 275 311 (2,090) Change in net debt resulting from cash flows 652 (195) 2,908 Translation differences (69) 112 (84) Movement in net debt in the period 583 (83) 2,824 Opening net cash 7,652 4,828 4,828 Closing net cash 8,235 4,745 7,652 These financial statements should be read in conjunction with the notes on pages 12 to 17. 1 Basis of preparation This interim report for the half year ended 26 June 2004 has not been audited and does not constitute statutory accounts within the meaning of s240 of the Companies Act 1985. The financial information has been prepared on the basis of the accounting policies set out in the Group's annual report and accounts for the year ended 27 December 2003 except for the accounting policy change arising on the adoption of UITF Abstract 38 'Accounting for ESOP Trusts'. Those accounts carry an unqualified auditors' report and have been delivered to the Registrar of Companies. The comparative results for the year ended 27 December 2003 are abridged, and as such do not represent statutory accounts. 2. Segmental analysis The analysis of turnover, operating profit and net assets by origin is as follows: TURNOVER NET ASSETS OPERATING PROFIT/(LOSS) BEFORE EXCEPTIONAL ITEMS, GOODWILL AMORTISATION AND IMPAIRMENT HALF HALF FULL HALF HALF FULL HALF HALF FULL YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR 2004 2003 2003 2004 2003 2003 2004 2003 2003 (restated) (restated)(restated) (restated) £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 EUROPE 23,015 21,901 50,698 18,113 14,550 15,620 253 (178) 2,002 US 20,351 20,592 44,175 8,015 21,910 9,289 1,098 (1,719) (4,643) CENTRAL (558) (307) (871) UNALLOCATED LIABILITIES TOTAL NET 8,235 4,745 7,652 CASH UNALLOCATED EXCEPTIONAL OPERATING EXPENSES 43,366 42,493 94,873 33,805 40,898 31,690 1,351 (1,897) (2,641) EXCEPTIONAL GOODWILL OPERATING PROFIT OPERATING EXPENSES AMORTISATION AND IMPAIRMENT HALF HALF FULL HALF HALF FULL HALF HALF FULL YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR 2004 2003 2003 2004 2003 2003 2004 2003 2003 (restated) £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 EUROPE (308) - - (138) (138) (276) (193) (316) 1,726 US - - - - (235) (7,505) 1,098 (1,954) (12,148) CENTRAL UNALLOCATED LIABILITIES TOTAL NET CASH UNALLOCATED - - (421) - - (421) EXCEPTIONAL OPERATING EXPENSES (308) - (421) (138) (373) (7,781) 905 (2,270) (10,843) Unallocated costs in 2003 related to aborted EGM costs and Mr R. Nelson's severance costs. Unallocated liabilities relate to dividends due to be paid by the Group. Neither these costs nor liabilities have been allocated to the segments as this would be misleading. The analysis of turnover, operating profit and net assets by segment is as follows: TURNOVER NET ASSETS OPERATING PROFIT/(LOSS) BEFORE EXCEPTIONAL ITEMS, GOODWILL AMORTISATION AND IMPAIRMENT HALF HALF FULL HALF HALF FULL HALF HALF FULL YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR 2004 2003 2003 2004 2003 2003 2004 2003 2003 (restated) (restated)(restated) (restated) £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 EUROPEAN 6,528 6,544 15,854 3,961 3,975 4,344 459 412 1,663 PREMIUM PROMOTIONS EUROPEAN 16,487 15,357 34,844 10,803 11,913 10,964 375 (135) 1,088 DIRECT MARKETING & CORPORATE PROGRAMMES US DIRECT 18,132 17,872 39,075 4,474 5,279 4,936 759 8 854 MARKETING US 2,219 2,720 5,100 3,478 16,117 3,730 430 (1,504) (4,678) FRANCHISING CENTRAL 2,854 (1,131) 64 (672) (678) (1,568) OVERHEADS & UNALLOCATED COST/ INCOME TOTAL NET 8,235 4,745 7,652 CASH UNALLOCATED EXCEPTIONAL OPERATING EXPENSES 43,366 42,493 94,873 33,805 40,898 31,690 1,351 (1,897) (2,641) EXCEPTIONAL GOODWILL OPERATING PROFIT OPERATING EXPENSES AMORTISATION AND IMPAIRMENT HALF HALF FULL HALF HALF FULL HALF HALF FULL YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR 2004 2003 2003 2004 2003 2003 2004 2003 2003 (restated) £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 EUROPEAN (308) - - (60) (60) (120) 91 352 1,543 PREMIUM PROMOTIONS EUROPEAN - - - (78) (78) (156) 297 (213) 932 DIRECT MARKETING & CORPORATE PROGRAMMES US DIRECT - - - - - - 759 8 854 MARKETING US - - - - (235) (7,505) 430 (1,739) (12,183) FRANCHISING CENTRAL (672) (678) (1,568) OVERHEADS & UNALLOCATED COST/ INCOME TOTAL NET CASH UNALLOCATED - - (421) - - (421) EXCEPTIONAL OPERATING EXPENSES (308) - (421) (138) (373) (7,781) 905 (2,270) (10,843) A detailed review of the segments including the choice of segments, reasons for change from prior year, business descriptions and performance analyses are contained within the Chairman's statement. US Direct Marketing includes the US Corporate Programmes business, previously contained within the Marketing Support Services segment, as these businesses are under common control of local management. Costs have been allocated in terms of resources required and do contain some indirect costs which are not dependent on the level of business conducted. Unallocated costs relate to the Head Office. Unallocated assets/(liabilities) relate to taxation, Head Office working capital and dividends, which were not allocated to the segments, as this would be misleading. 3 Exceptional operating expenses The operating exceptional expense in 2004 relates to the cost of a product recall issue in the European Premium Promotions segment, which has been treated as exceptional due to its rare occurrence and size. 4 Taxation Half year Half year Full year 2004 2003 2003 £'000 £'000 £'000 UK Taxation: Corporate tax charge - - - Adjustment in respect of previous years 1,953 - 942 Overseas Taxation: Current tax (4) 155 405 Adjustment in respect of previous years - - (24) Deferred Taxation: Current period (47) 339 888 Adjustment in respect of previous years - 185 485 Total taxation credit 1,902 679 2,696 The taxation charge for the six months to 26 June 2004 has been calculated by applying the best estimate of the Group's annual tax rate to the profit on ordinary activities before taxation for the period and in addition contains a £1.95 million credit as a result of previous years tax issues being resolved. 5 Dividend The interim dividend for 2004 of 1.75p per ordinary share (2003: 1.00p) will be paid on 8 November 2004 to ordinary shareholders on the register at the close of business on 15 October 2004. 6 Earnings/(loss) per share The earnings/(loss) per share for the half year is based on the profit on ordinary activities after taxation of £2,929,000 (2003: £1,581,000 loss) and weighted average shares in issue (excluding those held in 4imprint Qualifying Employee Share Trust Limited) of 28,729,765 (2003: 28,709,185). The diluted earnings per share for the half year is based on the same profit and loss figures as above, but takes into account the dilutive effect of share options outstanding. The weighted average number of shares in issue for diluted earnings per share purposes is therefore 29,081,207 (2003: 28,709,185). 7 Reconciliation of operating profit/(loss) to operating cash flows Half year Half year Full year 2004 2003 2003 £'000 £'000 £'000 Operating profit/(loss) 905 (2,270) (10,843) Depreciation charge 999 1,143 2,221 Amortisation of goodwill 138 373 736 Loss/(profit) on sale of fixed assets 4 (6) 5 US franchising goodwill impairment - - 7,045 (Increase)/decrease in stocks (397) (1,110) 162 Decrease in debtors 1,897 3,253 3,111 (Decrease)/increase in creditors (1,890) (714) 2,441 Increase in provisions 308 452 465 Expenditure against provisions (370) (446) (798) Net cash inflow from operating activities 1,594 675 4,545 8 Retirement benefits The Group operates a defined benefit pension scheme in the UK. Payments made to the scheme in excess of normal contributions totalled £660,000 in the period and were treated as a prepayment in accordance with SSAP24, based on the latest actuarial valuation. The 2004 triennial valuation is currently being prepared and will be available for the Annual Report and Accounts. Additional disclosure on the scheme is presented below. A full actuarial valuation was carried out at 5 April 2001 and updated to 26 June 2004 (for FRS17 purposes) by a qualified independent actuary. The major assumptions used by the actuary were (in nominal terms): Half year Half year Full year 2004 2003 2003 % % % Rate of increase in salaries 3.75 3.75 3.75 Rate of increase of pensions in payment 2.75 2.50 2.50 Discount rate 5.90 5.50 5.50 Inflation assumption 2.75 2.50 2.50 The assets in the scheme and the expected rate of return were: Half year 2004 Half year 2003 Full year 2003 Assets Assets Assets Expected / Expected / Expected / (liabilities) (liabilities) (liabilities) rate of in the rate of in the rate of in the return scheme return scheme return scheme % £'000 % £'000 % £'000 Equities 8.00 34,203 7.00 32,416 7.00 35,029 Bonds 5.00 30,244 5.00 29,001 5.00 30,305 Other 6.00 454 6.00 739 6.00 682 Total market value of assets 64,901 62,156 66,016 Actuarial value of liability (83,696) (84,108) (83,718) Deficit in the scheme (18,795) (21,952) (17,702) Related deferred tax asset 5,639 6,586 5,311 Net pension liability (13,156) (15,366) (12,391) The movements in the net pension liability were: Half year Half year Year to to to 26 June 28 June 27 December 2004 2003 2003 £'000 £'000 £'000 Net pension liability at beginning of period (12,391) (11,558) (11,558) Movement in period Current service cost (35) (40) (71) Contributions 720 390 1,110 Net return on assets (288) (382) (732) Actual return less expected return on assets (3,577) 1,834 4,577 Experience gains and losses on liabilities - 27 - Changes in assumptions 2,087 (7,270) (6,075) Movement in deferred tax asset 328 1,633 358 Net pension liability at end of period (13,156) (15,366) (12,391) 4imprint Group plc Group Headquarters Park 17 Moss Lane Whitefield Manchester M45 8FJ Telephone +44 (0)870 757 1287 Fax: +44 (0)870 757 1288 E-mail hq@4imprint.co.uk UK 4imprint Broadway Trafford Wharf Road Manchester M17 1DD Telephone +44 (0)870 240 6622 Fax +44 (0)870 241 3440 E-mail sales@4imprint.co.uk 4imprint Product Plus International South Bank Business Centre Ponton Road London SW8 5BL Telephone +44 (0) 207 393 0033 Fax +44 (0)207 393 0080 E-mail ppimailbox@4imprint.co.uk 4imprint Product Plus International Clifton Heights Triangle West Bristol BS8 1EJ Telephone +44 (0)117 929 9236 Fax +44 (0)117 925 1808 E-mail ppimailbox@4imprint.co.uk USA 4imprint 101 Commerce Street Oshkosh WI 54901 USA Telephone +1 920 236 7272 Fax +1 920 236 7282 E-mail sales@4imprint.com Adventures in Advertising 101 Commerce Street Oshkosh WI 54901 USA Telephone +1 920 303 4500 Fax +1 920 303 4510 Germany 4imprint Kreyer Promotion Service Heydastrasse 13 D-58093 Hagen Germany Telephone +49 (0)2331 95970 Fax +49 (0)2331 959749 E-mail 4imprint@kreyer-promotion.de France 4imprint Product Plus France SA 4, Boulevard des lles 92130 Issy-les-Moulineaux France Telephone +33 (0)1559 59640 Fax +33 (0)1559 59641 E-mail ppfrance@4imprint.co.uk Hong Kong 4imprint Product Plus Far East Unit 1811, 18th Floor Star House 3 Salisbury Road Tsimshatsui, Kowloon Hong Kong Telephone +852 2301 3082 Fax +852 2724 5128 E-mail ppfe@4imprint.co.uk This information is provided by RNS The company news service from the London Stock Exchange

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