Final Results

Domino's Pizza UK & IRL PLC
24 February 2004


For Immediate Release                                          24 February 2004



                          Domino's Pizza UK & IRL plc
                              Preliminary Results
                    For the 52 weeks ended 28 December 2003

Domino's Pizza UK & IRL plc ('Domino's Pizza' or the 'Company') is pleased to
announce its preliminary results for the 52 weeks ended 28 December 2003. A
summary of key points follows.

•   Pre-tax profit up 54.2% to £6.5m (2002: £4.2m)

•   Earnings per share:

               -   Basic earnings per share up 61.1% to 9.0p (2002: 5.6p)

               -   Diluted earnings per share up 58.6% to 8.4p (2002: 5.3p)

•   Total dividend up 75.0% to 3.5p per share for the year (2002: 2.0p per
    share)

•   System sales up 19.6% to £142.3m (2002: £118.9m)

•   Record 50 new delivery stores opened (2002: 34) bringing year-end
    store count to 318 (2002: 269)

•   Like-for-like sales up 7.4% (2002: 11.2%)

•   Interest costs covered 29.3 times by operating profits (2002: 14.1
    times)

•   All direct bank debt of £8.2m repaid, cash resources of £3.7m


Stephen Hemsley, Chief Executive of Domino's Pizza commented:


'A notable feature of the year was the clear demonstration of the effectiveness
of our business model.  In 2003 we increased the rate of new store openings by
nearly 50%, increased system sales by nearly 20% with virtually no increase in
the core head count.  This exceptional level of operational gearing resulted in
a near 50% increase in underlying operating profits.'



For further information, please contact:

Domino's Pizza

Bernadette Eddisford                                        07909 928016


Buchanan Communications                                     020 7466 5000

Isabel Petre/Catherine Miles



Notes to editors: -

Photography is available at www.newscast.co.uk.

Domino's Pizza Group Limited is a wholly owned subsidiary of Domino's Pizza UK &
IRL plc, which is quoted on the Alternative Investment Market of the London
Stock Exchange (symbol: DOM). Domino's Pizza Group Limited is the UK's leading
pizza delivery company and holds the master franchise to own, operate and
franchise Domino's Pizza stores in the UK and Ireland. The first UK store opened
in 1985 and the first Irish store opened in 1991. As at 28 December 2003, there
were 318 stores in the UK and Ireland.

Domino's Pizza is the world leader in pizza delivery and was founded in the
United States in 1960. There are currently more than 7,000 stores open across
more than 50 international markets employing over a quarter of a million people.


Chairman's Statement

With every passing year, the formula for our success grows clearer,  sharper and
more precise. Our foundation  grows even more solid  as our Company's hold
across the United Kingdom and Ireland is rooted more firmly every year. We have
been guided by the same fundamental principles of service, quality and value
since our inception in the UK nearly two decades ago, but now the fruits of our
labour are evident as never before.

In 2003, our system sales grew to an all-time high of £142 million, a £23.3
million increase over a year ago. This one year increase alone is higher than
our entire system sales of 1994, the year we took over the United Kingdom and
Ireland operations of Domino's Pizza. In 2003, we opened a record 50 new stores
- dwarfing 2002's opening store record of 34 new stores.

Cutting edge technology has enabled us to maintain our clear focus despite our
growth. When a customer places an order for delivery or pickup, he or she does
not see the high-technology infrastructure that now drives our business. But
this has been a prime reason why we have been able to expand so aggressively
while still maintaining our core values. Today more than £5.8 million in system
sales comes via our e-commerce ordering system - that's a 48% increase over
2002. And it is a growth rate twice that of our impressive system-sales rate
over the same period of time.

It seems that more and more customers every year are ordering Domino's Pizza
through interactive satellite, cable and the Internet. And each of these
high-tech orders will arrive freshly made and piping hot at customers' doorsteps
in less than 30 minutes, just as if they'd phoned the nearest Domino's store. Of
course, we will enhance our infrastructure to ensure we continue to handle the
volume of high-tech orders we expect to reach in the years ahead.

To see just how our growth fuels our success one only need look at our national
advertising budget. In 1994, we spent well under £1 million in advertising -
just enough to run some ads in some local papers and sponsor some local events.
In 2003, we spent over  £5.7m on advertising which now includes nationwide TV
advertising, sponsoring The Simpsons on Sky TV and massive direct mail
campaigns. Today potential customers all across the United Kingdom and Ireland
know Domino's Pizza. Anyone can tell you that the pizza is always fresh, never
frozen, and that it'll be delivered to your door in 30 minutes or less whether
you order by phone, by Internet, by interactive satellite or cable TV.

And what's more, our message isn't diluted, as are the messages of many of our
competitors. We are not trying to be all  things to all  people. We don't have
multi-branded units nor sit-down restaurants. We don't offer pages and pages of
food choices. We are focussed on a core offering and our entire advertising
budget goes towards reinforcing the simple and direct message that we always aim
to be the best pizza delivery company in the country, bar none.

The same singularity of focus drives our commissary operations and our stores.
All our commissaries were built to handle our expansion with only minor
modifications. When the time comes to add a new facility, the cost relative to
our earnings stream will be modest. And the same goes for our stores. They are
kept simple and streamlined - but also cutting edge. Every five years all of our
stores are refitted  to incorporate the latest designs and technology available.

When you are striving to be the best, it takes a tremendous amount of love and
passion. However, having established leadership in your chosen market it takes
even more effort. I thank my fellow team members and franchisees who have given
their devotion, love and passion to our Company, and our many shareholders who
have allowed us to continue fulfilling the dream we all share.



Colin Halpern
Chairman



Chief Executive's Report

Introduction



2003 was another year of significant progress for your Company and one in which
we achieved a number of the ambitious goals we had set ourselves, including the
opening of 50 new stores in a year and the elimination of our direct bank debt.

Another notable feature of the year was the clear demonstration of the
effectiveness of our business model.  In 2003 we increased the rate of new store
openings by nearly 50%, increased system sales by nearly 20% with virtually no
increase in the core head count.  This exceptional level of operational gearing
resulted in a near 50% increase in underlying operating profits.



System Sales

System sales, which are the sales of all stores in the Domino's system in the UK
and Republic of Ireland, rose by 19.6% to £142.3m (2002: £118.9m) in the 52
weeks ended 28 December 2003.  Like-for-like sales in the 234 stores open for
more than twelve months in both periods grew by 7.4% (2002: 11.2%).

This continuing growth in like-for-like sales underpins the strong store-level
economics of the Domino's Pizza system that are essential for financing the
necessary re-investment in stores to maintain our standards, image and capacity.
  Such returns are also a key driver of the continuing aggressive rollout of the
system that will in turn drive sales and corporate profit.

System Expansion and Image

2003 saw a further acceleration in the rate of openings with a record 50 new
stores opened in the year (2002: 34 stores). One delivery store was closed
(2002: two).  This took the year-end store count to 318 (2002: 269 stores).

Over the last two years, we have more than doubled our rate of new store
openings and have now reached a level, which is sustainable within our existing
overhead structure.  Of the stores opened in 2003, 22 were in the South of
England, eight in the Midlands, five in the North of England, six in the
Republic of Ireland, one in Northern Ireland, two in Wales and six in Scotland.

One of the cornerstones of our business is the image of our stores and over the
last three years we have pursued a vigorous campaign to re-image our estate to
the latest standards.  I am pleased to report that this is now almost complete
with over 90% of our stores up to the latest image standards. No customer should
ever walk into a Domino's store and find that it is anything but new, clean and
state-of-the-art, no matter how long it has been operating. Our latest design
cycle finishes at the end of 2004 so by mid-Summer 2004 all of our stores will
be no 'older' than five years - even those that have been open since the 1980s.

We are currently working on a further update of the current image which will be
launched this Summer and this will become the contemporary standard for new
stores and refits.

Trading Results

Group turnover, which includes the sales generated by the Group from royalties,
fees on new store openings, food sales and rental income, as well as the
turnover of corporately owned and operated stores, grew by 15.9% to £61.6m from
£53.1m.

Underlying group operating profit, on a consistent royalty basis and prior to a
one-off cost, grew by 48.6% to £6.7m from £4.5m. The one-off item was the £0.53m
cost of implementing an Employee Benefit Trust ('EBT') and making a Tender Offer
to shareholders to buy-in shares.   2003 also saw the final increase in the rate
of royalty paid to Domino's Pizza International Inc. in the USA under the Master
Franchise Agreement.  The rate increased from 2.5% in 2002 to 2.7% in 2003.
Following these changes operating profit increased by 30.5% to £5.9m from £4.5m.

As indicated in my 2002 statement we have, over the course of the year, reduced
the number of corporate stores.  These disposals generated a positive cashflow
of £4.1m and total profit on the disposal of £0.78m.  Partly as a result of the
cash inflow from store disposals, the net interest charge fell in the year to
£0.20m (2002: £0.32m).  The total net interest charge was covered 29.3 times by
operating profit (2002: 14.1 times).

Profit before tax was up 54.2% to £6.54m from £4.24m. The tax charge fell from
33% to 30%, principally as a result of the new relief available on the exercise
of employee options, a level your Board believes is maintainable.



Earnings Per Share and Dividend

Basic earnings per share were up 61.1% to 9.02 pence from 5.60 pence. Diluted
earnings per share increased by 58.6% to 8.39 pence from 5.29 pence.

With the significant increase in profitability and the reduced levels of capital
expenditure following the completion of the infrastructure, the company is
generating strong cashflow.  As a result the board is pleased to recommend a
further significant increase in the dividend, which, if approved, will bring the
final dividend of 2.18p per share (2002: 1.22p per share).  This would give a
total dividend for the year to 3.50 pence per share, a 75% increase over the
2.00 pence per share declared for 2002. The proposed dividend is 2.6 times
covered by profits after tax (2002: 2.8 times).

Subject to shareholders' approval the final dividend will be payable on 30 April
2004 to shareholders on the register on 13 April 2004.


Cash Flow and Balance Sheet

2003 was an encouraging year in terms of changes to our balance sheet and
cashflow.  At the trading level we generated significant additional income
resulting in the net cashflow from operating activities rising to £8.0m from
£5.1m.  The cash flow was further enhanced by the proceeds from the disposal of
corporate stores of £4.1m and a significant reduction in capital expenditure.
Whilst this was, to some extent, absorbed in higher tax payments and a
significant increase in the dividend, the net cash inflow before financing
movements was an inflow of £6.3m compared with an outflow of £0.8m in the
previous year.

During the year options over almost 2.28m shares were exercised generating a
further cash inflow of £1.0m (2002: £0.2m).  In total, the strong cashflow was
sufficient to repay all the Group's direct bank debt totalling £8.2m.

As foreshadowed in my last annual report and in the circular to shareholders of
13th August 2003, the Group has established an Employee Benefit Trust ('EBT')
for the purpose of providing share-based incentives to directors and employees.
To facilitate these awards the EBT made a tender offer to shareholders for up to
three million shares in October 2003.  This offer was taken up in full at a cost
of £5.2m.  This was financed by a bank loan of £1.1m and the issuing of Loan
Stock to the vendors of £4.1m.  The Company guarantees both the bank debt and
the Loan Stock.

Long-term incentive plans were then granted to certain employees and directors
(including myself).  These incentive plans provide the beneficiaries with the
growth in value of the shares awarded over the agreed base level.  The Company
has adopted the most recent (and conservative) accounting treatment of the EBT.
The full cost of the shares has been deducted from shareholders' funds (whereas
they would have previously been shown as a fixed asset investment) and the debt
consolidated into the Group balance sheet.  Accordingly, shareholders' funds
have reduced to £10.7m at 28 December 2003 from £11.7m at the previous year-end,
despite the proceeds from the share issues referred to above and the retained
earnings for the year of £2.8m.  The EBT's Loan Stock and bank debt of  £5.2m
appears as part of long-term Group debt.

During the year DP Capital extended the leasing support provided to franchises
for the fit-out of new stores and the refit of existing stores, with new
advances of £1.9m.  After repayments, the balance outstanding at the year-end
from this activity was £3.1m (2002: £2.0m).  These facilities are financed by a
limited recourse loan facility and the amount drawn down at the year-end stood
at £2.7m (2002: £2.0m).

At the year-end the Group therefore had consolidated debt of £8.0m (2002:
£10.2m) of which £7.9m related to the EBT loan and the DP Capital funding, and
£0.1m to finance leases. At the year-end the Group had cash balances of £3.7m
(2002: £3.9m).  Net borrowings therefore stood at £4.2m (2002: £6.3m)
representing 40.9% (2002: 53.9%) of the reduced shareholders' funds.


Corporate Stores

As mentioned previously, the number of stores which we own and operate
corporately was reduced in the year from 35 to 17 by the year-end. We have
achieved this by the sale of 15 stores to franchisees, the transfer of two
stores to an existing joint venture and the transfer of three stores into a new
subsidiary in which we hold an 80% stake. We also acquired two stores.

At the operating level corporate stores delivered a contribution to the Group of
£400,000 (2002: £633,000).  In addition, a profit of £775,000 was achieved on
the disposal of stores, as referred to above. The reduced portfolio is now more
geographically focused which will assist in reducing overheads.

The 80% subsidiary we established to own and operate three of the corporate
stores that were sold is a partnership with the operator who was formerly one of
our area managers.  In the four months this company operated it generated a
turnover of £600,000 and an operating profit of £105,000.  Our total investment
in this company was £120,000 plus secured debt financing of £350,000.

At the year-end we had two joint ventures with franchisees, which operated a
total of 14 stores and in which our equity interests were 41% and 50%
respectively.  Our total investment in these enterprises was £339,000 (2002:
£307,000) plus secured debt financing of £627,000 (2002: £705,000). These joint
ventures generated a turnover of £2.8m and a contribution to the Group (after
goodwill amortisation) of  £100,000 (2002: £59,000).

We continue to explore ways in which we can maximise the return from these
activities and will continue to both acquire and dispose of stores where this
can benefit the business and the brand. We will also consider further minority
investments in joint ventures and in subsidiary enterprises where our operating
partners have a minority stake.


Building The Brand

Since our last annual report very little new research on the home delivered food
market has been published.  We estimate, however that the market grew to
approximately £1.2 billion in 2003 of which the pizza segment may now be
approaching 40%.  Our growth therefore continues to outstrip the market and we
believe that our market share also continues to grow.

In 2003, four main initiatives helped us to strengthen our position as market
leader.  Firstly, our marketing team boosted the support it provides to stores
by developing a direct marketing system that builds on the wealth of information
contained in each store's customer database.   In particular, we now have a
clear insight into the purchasing behaviour of our two million plus customers,
as well as the advantage of being able to nurture customer loyalty and encourage
repeat purchase.

Secondly, we continued to make improvements to our e-commerce infrastructure
which saw sales increase 48% on the prior year.  E-commerce delivers higher
average transaction values and approximately one quarter of all e-commerce
orders are from new customers.  E-commerce sales - that is the sales of pizza
through the internet at www.dominos.co.uk and via interactive TV - now account
for 4.5% of sales in the UK.

Thirdly, we increased our brand awareness through a combination of more national
TV advertising and our continued sponsorship of The Simpsons on Sky One.   We
are pleased to announce that this sponsorship, which was due to expire in July
2004, has been extended for a further two years.

Finally, we began a programme of 'co-operative' regional TV advertising in
Scotland, Wales and London, where ever-increasing populations of stores make
funding additional TV advertising increasingly viable. The majority of this
extra advertising spend is funded by the franchisees in these areas.  It is our
intention to continue to capitalise on our growing regional strength with
further co-operative advertising throughout 2004 and beyond.


The Community

Having a positive impact on the communities we serve remains an important goal
for Domino's Pizza, both corporately and in stores.  Throughout 2003, our
franchisees have continued to support a wide range of charities and community
groups with gifts of free pizza and financial support.  In December 2003 the
Company announced an association with Make-A-Wish(R) Foundation UK. Our support
will help this organisation grant the wishes of young people, aged 3-18, who are
living with life-threatening illnesses.

We also reinforce our commitment to the community by expanding our system in a
responsible way, paying careful attention to the way in which we construct and
operate our stores. We have objectively appraised our impact on local
communities by commissioning an independent survey of planning, environmental
health and highways issues.  The results - published in our report 'Responsible
Growth' - have helped us to gain a better understanding of the contemporary
requirements of local communities and will inform our future development
activity.


Current Trading and Prospects

Trading in the first six weeks of the current year has been satisfactory with
like-for-like sales up 4.3%.  Our focus in 2004 will be to maintain the rate of
roll-out achieved in 2003, maintain like-for-like sales growth and manage
overheads and cashflow to ensure that the benefits of our business model
continue to flow through to shareholders.  We therefore look forward to 2004
with confidence.


Conclusion and Thanks

As ever, at the conclusion of my report I wish to pay tribute to and thank the
great team of people that make this business happen every day.  Domino's Pizza
is an unusual business in that, of the 7,000 people involved in the business
across the UK and Republic of Ireland, only 225 are directly employed by your
Company to work in administration, production and distribution.  This relatively
small team of talented and dedicated people is committed to achieving the
highest standards for our many customers.

But it is the team members in the stores, whether they work for our franchisees
or corporate who work tirelessly to serve customers every day, whatever the
weather. These are the people who make or break the reputation of the Domino's
brand in the quality of the pizza they make, the quality of the service they
provide and the image they portray. It is to all of these people that my deepest
thanks go for yet another exceptional year.  Here's to another one in 2004!



Stephen Hemsley
Chief Executive


Group Profit and Loss Account
for the 52 weeks ended 28 December 2003
                                                                                2003              2002
                                                            Notes               £000              £000
Turnover
Turnover: group and share of joint ventures' turnover                         64,369            54,673
Less: share of joint ventures' turnover                                      (2,812)           (1,564)

Group turnover                                                                61,557            53,109
Cost of sales                                                               (34,101)          (28,054)

Gross profit                                                                  27,456            25,055
Distribution costs                                                           (7,805)           (8,663)

Administrative expenses                                                     (13,253)          (11,813)
Administrative expenses - exceptional                         2                (532)                 -


Administrative expenses                                                     (13,785)          (11,813)
Other operating expenditure                                                        -              (75)

Group operating profit                                                         5,866             4,504

Share of operating profit in joint venture                                       105                64
Amortisation of goodwill on joint venture                                        (5)               (5)

                                                                                 100                59

Total operating profit: group and share of joint venture                       5,966             4,563
Profit on sale of fixed assets                                                   775                 -

Profit on ordinary activities before interest and                              6,741             4,563
taxation
Interest receivable                                                               81                50
Interest payable and similar charges                                           (285)             (374)

Profit on ordinary activities before taxation                                  6,537             4,239
Tax on profit on ordinary activities                                         (1,958)           (1,404)

Profit on ordinary activities after taxation                                   4,579             2,835
Minority interests                                                              (20)                 -

Profit for the financial year attributable to
Members of the present company                                                 4,559             2,835

Dividends on equity shares                                    3              (1,757)           (1,018)

Profit retained for the financial year                                         2,802             1,817


Earnings per share    - basic                                 4                9.02p             5.60p
                      -diluted                                                 8.39p             5.29p





Group Statement of Total Recognised Gains and Losses
for the 52 weeks ended 28 December 2003


                                                                                                    
                                                                                      2003          2002
                                                                                      £000          £000

Profit attributable to the financial period                                                        
                                                                                     4,559         2,835
Unrealised gain on exchange of properties for interest in joint venture                  -            55

Total gains and losses recognised since the last annual report                       4,559         2,890



Group Balance Sheet
at 28 December 2003

                                                                                       2003           2002
                                                                   Notes               £000           £000
Fixed assets
Intangible assets                                                                     1,430          2,386
Tangible assets                                                                      12,293         13,685
Investments in joint venture:
    Share of gross assets                                                             1,582            717
    Share of gross liabilities                                                      (1,243)          (410)

                                                                                        339            307

Total fixed assets                                                                   14,062         16,378

Current assets
Stocks                                                                                1,843          1,411
Debtors:
  amounts falling due within one year                                                 9,197          8,572
  amounts falling due after more than one year                                        3,036          2,130

                                                                                     12,233         10,702
Cash at bank and in hand                                                              3,721          3,885

Total current assets                                                                 17,797         15,998

Creditors: amounts falling due within one year                                     (13,380)       (12,919)

Net current assets                                                                    4,417          3,079

Total assets less current liabilities                                                18,479         19,457

Creditors: amounts falling due after more than one year                             (7,119)        (7,152)

Provision for liabilities and charges                                                 (630)          (604)

                                                                                     10,730         11,701

Capital and reserves
Called up share capital                                                               2,660          2,546
Share premium account                                                                 3,290          2,395
Own shares held by EBT                                                              (5,160)              -
Profit and loss account                                                               9,890          6,760

Equity shareholders' funds                                                           10,680         11,701
Minority interest                                                                        50              -

                                                                                     10,730         11,701



Group Statement of Cash Flows
at 28 December 2003

                                                                                        2003      2002
                                                                         Notes          £000      £000
Net cash inflow from operating activities                                5 (a)         8,010     5,128

Returns on investments and servicing of finance
Interest received                                                                         81        50
Interest paid                                                                          (183)     (343)
Interest element of finance lease payments                                               (8)       (9)

                                                                                       (110)     (302)
Taxation
Corporation tax paid                                                                 (1,407)     (950)

Capital expenditure and financial investment
Payments to acquire intangible fixed assets                                            (239)     (214)
Payments to acquire tangible fixed assets                                            (1,783)   (3,291)
Receipts from sales of tangible and intangible fixed assets                            4,075       411
Receipts from repayment of joint venture loan                                             78        46
Payments to acquire finance lease assets and advance of
franchisee loans                                                                     (2,030)   (1,247)
Receipts from repayment of finance leases and
franchisee loans                                                                         936       901

                                                                                       1,037   (3,394)

Acquisitions and disposals
Purchase of subsidiary undertaking and un-associated businesses                           30     (484)

                                                                                          30     (484)

Equity dividends paid                                                                (1,297)     (777)

Net cash inflow/(outflow) before financing                                             6,263     (779)

Financing
Issue of ordinary share capital                                                        1,009       231
New long-term loans                                                                    6,757     2,719
Repayments of long-term loans                                                        (8,984)   (1,443)
Inception of finance leases                                                                -         -
Repayment of capital element of finance leases and
hire purchase contracts                                                                 (49)      (74)
Purchase of shares by EBT                                                            (5,160)         -

                                                                                     (6,427)     1,433

(Decrease) / increase in cash                                            5 (b)         (164)       654




Notes to the Accounts
at 28 December 2003


1.    Accounting Policies

Basis of preparation

The preliminary announcement has been prepared on the basis of the accounting
policies set out in the group's statutory accounts for the fifty-two weeks ended
28 December 2003.

The Company has adopted UITF 38 Accounting for the ESOP Trust. Shares in the
Company held by trustees of the Employee Benefit Trust are stated at cost. The
Trust has waived its entitlement to dividends. The Group will meet the expenses
of the Trust as and when they fall due. When options are granted, the difference
between market price and the grant price is amortised to the profit and loss
account over the performance period.


2.    Exceptional Item


Exceptional item

During the year the Group paid £532,000 in setting up the Employee Benefit Trust
and making a tender offer to shareholders to buy in shares.  This was settled in
cash.


3.    Dividends
                                                                                          2003         2002
                                                                                          £000         £000
Equity dividends on ordinary shares:
Interim paid 1.32p (2001: 0.78p)                                                           674          395
Final proposed 2.18p (2001: 1.22p)                                                       1,083          623

                                                                                         1,757        1,018



4.    Earnings per ordinary share

The calculation of basic earnings per ordinary share is based on earnings of
£4,559,000 (2002: £2,835,000) and on 50,568,399 (2002: 50,620,687) ordinary
shares.

The diluted earnings per share is based on earnings of £4,559,000 (2002:
£2,835,000) and on 54,376,497 (2002: 53,577,582) ordinary shares. All of the
difference relates to share options which takes into account theoretical
ordinary shares that would have been issued, based on average market value if
all outstanding options were exercised.



5.    Notes to the statement of cash flows

(a)    Reconciliation of operating profit to net cash inflow from operating
       activities
                                                                                          2003         2002
                                                                                          £000         £000

Operating profit                                                                         5,866        4,504
Depreciation charge                                                                      1,210        1,127
Amortisation charge                                                                        180          228
Administration expenditure                                                                 328           75
(Increase) in stocks                                                                     (433)        (151)
(Increase) in debtors                                                                    (707)      (1,047)
Increase in creditors                                                                    1,566          392

                                                                                         8,010        5,128



(b)      Reconciliation of net cash flow to movement in net debt
                                                                                          2003         2002
                                                                                          £000         £000

Increase/(decrease) in cash                                                              (164)          654
Cash inflow from increase in loans                                                     (6,757)      (2,719)
Repayment of long-term loans                                                             8,984        1,443
Repayments of capital element of finance leases
and hire purchase contracts                                                                 49           74
Inception of finance leases                                                               (47)            -

Movement in net debt                                                                     2,065        (548)
Net debt at 29 December 2002                                                           (6,308)      (5,760)

Net debt at 28 December 2003                                                           (4,243)      (6,308)




6.    Financial Information

The financial information set out in the announcement does not constitute the
Company's statutory accounts for the 52 weeks ended 28 December 2003.  The
financial information for the 52 weeks ended 29 December 2002 is derived from
the statutory accounts for that yeas, which have been delivered to the Registrar
of Companies.  The auditors reported on those accounts; their report was
unqualified and did not contain a statement under section 237 (2) or (3) of the
Companies Act 1985.  The statutory accounts for the 52 weeks ended 28 December
2003 will be finalised on the basis of the financial information presented by
the Directors in this preliminary announcement and will be delivered to the
Registrar of Companies following the Company's Annual General Meeting.








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