Final Results

GB Group PLC 25 May 2004 For immediate release Tuesday, 25 May 2004 GB GROUP PLC ('GB' or the 'Group') Preliminary Results for the Year Ended 31 March 2004 Highlights * Despite significant investments and the payment of the Group's maiden dividend, the Group's financial position continued to improve during the year and net cash balances at 31 March 2004 were £6.9 million (2003: £6.7 million). * The Board proposes a dividend payment of 0.5p per share (2003: 0.5p). * Additional investment in product development, sales and marketing compared to last year was £0.8 million (£0.6 million for GB's existing businesses and £0.2 million for GB's new business). * Turnover rose by 6% to £11.9 million (2003: £11.2 million). * Operating profit before goodwill amortisation was £0.4 million (2003: £1.1 million). * Profit before tax and exceptional costs was £0.1 million (2003: £0.8 million). * The Group's strategy continues to focus on increasing sales by way of differentiating its offerings through product development and by increasing investment in sales and marketing resource and infrastructure. * URU, a new area of business resulting from GB's joint collaboration agreement with BT, achieved initial sales which are an indication of its potential to generate future revenues for the Group. John Walker-Haworth, Chairman, commented: 'With respect to the current year, like-for-like turnover for the first two months in our existing businesses is marginally ahead of last year. GB's turnover and profitability in these businesses continues to be weighted towards the second half of the year as a result of the timing of contracts originally signed up in the second half of previous years and which continue to renew. Although we remain cautious at this stage with respect to the year as a whole, we have started to see signs of market acceptance of URU's new approach to Identity Verification with the first customers now having installed the service. We expect to have a much clearer idea of the scale of the opportunity as the year progresses.' - Ends - For further information, please contact: GB Group plc Richard Law, Chief Executive 01244 657333 Mona Navin-Mealey, Finance Director Weber Shandwick Square Mile 020 7067 0700 Richard Hews Rachel Taylor Website www.gb.co.uk Notes to Editors About GB Group plc GB Group plc provides a range of products and services to enable organisations to capitalise on one of their greatest assets - customer data. The Company has expertise across a range of sectors and is able to transform customer data into valuable information, enabling clients to make better, more informed decisions. The development of innovative software and services, through to the provision of the UK's most comprehensive consumer business databases - The National Register and the National Authentication Register - positions GB Group as a widely acknowledged industry leader in its specialist markets. GB Group plc has three business areas: * The DataIntegrity business helps companies capture and maintain accurate customer contact data, an essential foundation for any profitable customer relationship. * The DataSolutions business empowers companies to consolidate and analyse customer data from various sources, enabling them to make better, more informed decisions. * The DataAuthentication business helps businesses validate personal identity information and provides anti- fraud solutions to fight crime. Established since 1989, GB's core competencies combined with industry sector knowledge have enabled the Company to deliver significant value to organisations such as npower, WH Smith and Coral Racing, in helping them derive maximum value from their customer data and sustain real advantage over their competition. GB Group is supported by its key relationships with major organisations with whom it partners on major initiatives (an example being British Telecom), together with a team of highly talented and motivated staff successfully delivering business solutions. GB Group plc is listed on the London Stock Exchange (www.gb.co.uk). CHAIRMAN'S STATEMENT This has been a year of significant investment in both the existing DataIntegrity and DataSolutions businesses of GB and in new business opportunities with the aim of achieving future growth. When GB issued its trading update statement in early March, we indicated that the results of this investment had started to come through in the form of an increase in turnover achieved during the year in the existing businesses and that progress had been made in the development and marketing of GB's new business opportunity, URU. The final results for the year to 31 March 2004, at both the turnover and profit level, were in line with the expectations set at the time of our trading update. The profitability of the existing businesses was lower in the year than in the previous year. This was principally as a result of the investment made, but was also due to increased competition which caused a small reduction in our gross margins. We believe, however, that the underlying quality of our existing businesses and their ability to generate future profits has been improved by our efforts and investment over the course of the year. Turning to our new area of business, we expect to continue to invest in URU during the current year, along with BT as joint sponsor of the project, with the aim of establishing the service in the market and evaluating the extent of the opportunity. We currently expect this investment to be financed largely, if not entirely, by cash generated from our existing businesses. Despite our significant investments, the Group's financial position continued to improve during the year and net cash balances at 31 March 2004 were £6.9 million (2003: £6.7 million). Accordingly, having taken account of the financial strength and prospects of the Company, the Directors will propose the payment of a dividend of 0.5p per ordinary share (2003: 0.5p) at the Annual General Meeting to be held in July. With respect to the current year, like-for-like turnover for the first two months in our existing businesses is marginally ahead of last year, as described more fully by Richard Law in the Chief Executive's Report. GB's turnover and profitability in these businesses continues to be weighted towards the second half of the year as a result of the timing of contracts originally signed up in the second half of previous years and which continue to be renewed. Although we remain cautious at this stage with respect to the year as a whole, we have started to see signs of market acceptance of URU's new approach to Identity Verification with the first customers now having installed the service. We will have a much clearer idea of the scale of the opportunity as the year progresses. The GB team led by Richard Law has worked well and effectively during this past year. The current year will be interesting and important for GB, and we all look forward to it with confidence. J L Walker-Haworth Chairman CHIEF EXECUTIVE'S REVIEW Overview During the year GB has taken a bold approach to developing its businesses. I said in my statement last year that growing turnover was the key to increasing profitability in the future and this remains the case. Accordingly we have invested to develop new opportunities for the business and, although our performance for the year to 31 March 2004 fell short of original expectations, we have laid the foundations for a more substantial, higher quality business. GB's Existing Businesses GB's existing business is conducted through its DataIntegrity and DataSolutions divisions which specialise in providing software products and services aimed at maximising the value to GB's clients of their customer and marketing data. Customers for these products and services include large corporate organisations such as npower and Thomas Cook. The revenue streams from the existing businesses are of high quality with more than 50% of annual revenues coming from either multi-year contracts or the rollover of annual contracts. Although the markets for these businesses continue to mature and new business is harder to win, the value of new sales in terms of future repeat revenues, we consider, justifies the investment to win new business. Accordingly, GB's strategy throughout the year has been focussed on building future sales by way of differentiating our offerings through product development and by increasing investment in sales and marketing resource and infrastructure. The additional investment in product development and sales and marketing during the year was in line with expectations and was £0.6 million higher than in the previous year. The impact of this was to increase turnover in the year by 6% to £11.9 million (2003: £11.2 million) and to significantly increase the number and value of sales pipeline opportunities which will benefit future periods. Operating profit for the year from existing businesses, which recognises the full cost of our investment but not the future value of our pipeline or improved sales infrastructure, was £0.3 million (2003: £0.8 million). As a result of our investment during the year, the quality of our existing businesses has improved and we are taking appropriate action to ensure this continues. One such action was the decision taken at the end of March to phase out sales of third party software, conducted through our DataSolutions division, which generated one-off, lower margin revenue, in favour of concentration on the sale of GB's own software and outsourced managed services which generate higher margin repeatable revenues. Third party software sales activity generated revenue of £0.7 million in the year to 31 March 2004 and, following the removal of associated costs, the impact on the profitability of the DataSolutions division in the current year is expected to be positive. In the current year we are continuing to promote our excellent reputation for quality products and services to more firmly differentiate ourselves from our competitors at the quality end of the market. At the same time, we are maintaining our commitment to sales and marketing to enable us to convert the opportunities we have created and win and retain more clients. The early indications from the first two months of the current financial year are that, adjusting for the discontinued sales of third party software, like-for-like sales are ahead of the same period last year. GB's New Business Opportunities GB invested a net £0.4 million in the development of new business opportunities during the year, an increase of £0.2 million compared to the previous year. In November 2003, the Company announced that it had entered into a joint collaboration agreement with BT to formulate a strategy to exploit the rapidly growing identity fraud, credit fraud and anti-money laundering markets. The objective of the agreement is to use the core strengths of both organisations to develop new products and services for use in these markets. The first service, URU, launched in January 2004, utilises GB's data sources and technology, together with BT's web services infrastructure to provide organisations with an effective online Identity checking and anti-fraud service. GB also entered into an agreement with CallCredit, one of the three UK credit referencing agencies in January, under which credit referencing services provided by CallCredit will form part of the URU offering, thereby creating a combined identity fraud and credit referencing service. In our March trading update we said that URU had achieved its first evaluation sale and this has since been followed by two further evaluation sales. URU now has customers in the financial services and telecoms sectors, and further trials are in progress within these and other sectors. These client sales, although currently modest in size in relation to the turnover of the Group, are an important endorsement of URU's potential in tackling money laundering and fraud issues and are an indication of its potential to generate future revenues for the Group. GB's approach this year is to market aggressively URU alongside BT to prove the market as early as possible. URU is a new approach to an existing problem and its success will be dependent on how quickly the market adopts this new technology and the sales effectiveness of GB and BT. The potential market as represented by the cost of current manual methods of identity checking is significant and we will continue to invest during the year to educate the market and develop the proposition. Management The Executive management team has been strengthened during the year with the recruitment of Ian Davidson in July 2003 to the post of Managing Director of GB's DataIntegrity division. Previously Ian worked in the USA as Vice President of Enterprise Accounts and Software Sales at Pitney Bowes Inc. Also, in April of this year Rob Laurence was promoted internally to the post of New Business Development Director. Rob has been and is responsible for building GB's Authentication business, incorporating URU. Long Term Contract I said in my review last year that one of our long term contracts initially entered into in June 2001 had continued to be problematic. Having entered into a legal process this dispute was resolved in line with expectations at a net cost to the Company (essentially its legal costs) amounting to an exceptional expense of £0.1 million. Summary GB made significant investments during the year in measures aimed at improving the Groups existing businesses and establishing new revenue streams. As a result, we now have more opportunities to grow the business and we have a larger and better resourced sales infrastructure with which to convert those opportunities into tangible revenues. Our expectation for the current year is for continued progress in establishing URU as a major influence in the electronic identity and credit checking market and for further growth in our existing businesses. R A Law Chief Executive FINANCIAL AND OPERATING REVIEW As outlined in the Chairman's Statement and Chief Executive's review the Company increased turnover, following significant investment in sales, marketing and infrastructure for both the existing businesses and its new DataAuthentication business initiative, URU. The table below shows an analysis of the Group's profit and loss performance during the year across its existing and new business areas. Existing New Exceptional Total Total Businesses Business Items 2004 2004 2004 2004 2003 £'000 £'000 £'000 £'000 £'000 Turnover 11,875 41 - 11,916 11,243 Cost of sales (5,178) (46) - (5,224) (4,779) ------- ------ ------ ------- ------- Gross profit 6,697 (5) - 6,692 6,464 Other operating expenses (excluding exceptional items and goodwill) (5,831) (408) - (6,239) (5,373) Exceptional items - - (89) (89) - ------- ------ ------ ------- ------- Operating profit before goodwill 866 (413) (89) 364 1,091 Goodwill amortisation (576) - - (576) (482) ------- ------ ------ ------- ------- Operating (loss)/profit Existing businesses 290 - - 290 797 New business (413) (413) (188) Exceptional items - - (89) (89) - ------- ------ ------ ------- ------- 290 (413) (89) (212) 609 The financial highlights of the year were as follows: * The Group achieved an operating profit before goodwill amortisation of £0.4 million (2003: £1.1 million). An analysis of the composition of this £0.7 million change in operating profit before goodwill is as follows: > The existing businesses (DataIntegrity and DataSolutions) invested heavily in sales and infrastructure resources increasing operating expenses by £0.6 million. This resulted in an increase in turnover of £0.6 million and increased gross profits of £0.2 million. The net effect on operating profit before goodwill amortisation during the year was a reduction of £0.4 million compared to the previous year. > The Company made further investment in its new business initiative, URU, increasing its net investment by £0.2 million to £0.4 million compared to the previous year. This business achieved its first sales of £41,000 during the year. > Total other operating expenses included one-off exceptional costs (primarily legal costs) of £0.1 million expensed during the year with respect to the resolution of a dispute on a long term contract entered into June 2001. * Goodwill amortised during the year was £0.6 million (2003: £0.5 million), net interest earned during the year was £0.2 million (2003: £0.2 million) resulting in a loss after goodwill but before taxation for the year of £10,000 (2003: £0.8 million profit). * Cash generated from operating activities during the year was £0.4 million (2003: £1.4 million) interest receivable was £0.2 million (2003: £0.2 million) and dividends paid were £0.4 million (2003: £nil) leaving cash balances held at 31 March 2004 of £6.9 million (2003: £6.7 million). Turnover Turnover for the year increased by 6% to £11.9 million (2003: £11.2 million) for the existing businesses (DataIntegrity and DataSolutions) and the new business opportunities in authentication generated their first sales of £41,000 (2003: £nil). Gross Profit and Cost of Sales The gross profit margin for the Group for the year reduced by 1 percentage point to 56% (2003: 57%). This was as a result of downward pressure on margins resulting principally from a higher level of competition in GB's markets. Other Operating Expenses Other operating expenses excluding goodwill amortisation were £6.3 million (2003: £5.4 million). The increase of £0.9 million can be further analysed as follows: * An increase in operating costs of £0.6 million with respect to the existing businesses and primarily associated with the investment in sales, marketing and infrastructure costs to achieve turnover growth. * An increase in expenditure in relation to the development of URU of £0.2 million, in particular, with respect to sales and marketing costs, technical development and investment in new data sources. * Also included in other operating expenses are the costs associated with resolving a problematic long-term contract entered into in June 2001. The net one-off exceptional cost to the company (primarily legal costs) during the year was £0.1 million. Goodwill Amortisation The goodwill amortised during the year ended 31 March 2004 was £0.6 million (2003: £0.5 million). Group Profit/Loss The operating profit before goodwill amortisation and exceptional items was £0.5 million (2003: £1.1 million). The operating loss after goodwill amortisation but before exceptional items was £0.1 million (2003: £0.6 million profit) and interest earned during the year was £0.2 million (2003: £0.2 million) resulting in a profit before tax and exceptional costs of £0.1 million (2003: £0.8 million profit). Loss from Interest in Associated Undertaking The Group disposed of its 22.28% investment in PCiD Limited on 31 March 2004 for £12,000, which was equal to its book value at the date of sale. At the time of disposal PCiD Limited was effectively dormant. The Group's share of pre-tax losses for the year was £10,000. Interest Receivable Interest is earned on cash balances which are invested in accordance with the Group's treasury policy. Interest earned during the year was £0.2 million (2003: £0.2 million). Taxation The Group incurred a taxation charge of £4,000 relating to corporation taxation underprovided in previous periods. In accordance with Financial Reporting Standard ('FRS') 19 the Group has recognised a deferred tax asset of £0.3 million (2003: £0.3 million). At 31 March 2004 the Group had potential deferred tax assets of £7.1 million (2003: £7.2 million) of which £0.3 million (2003: £0.3 million) had been recognised. In accordance with FRS 19, trading losses carried forward were £20.1 million (2003: £20.1 million) and capital losses were £2.2 million (2003: £2.3 million). Dividend The Board of Directors propose a final dividend of 0.5p (2003: 0.5p) which is subject to ratification by the shareholders at the Annual General Meeting on 22 July 2004. Amounts Transferred from Reserves The amount transferred from reserves to cover the proposed dividend of £0.4 million (2003: £0.4 million) is £0.4 million. Balance Sheet and Liquidity Explanations of the most significant movements in the balance sheet during the year are as follows: Intangible Assets The carrying value of intangible assets at 31 March 2004 was £6.5 million (2003: £7.1 million). During the year goodwill amortised was £0.6 million. Debtors The value of debtors reduced by £0.2 million to £2.7 million at 31 March 2004, compared to the same date last year. This was principally as a result of a decrease in the level of prepayments. Cash and Short Term Deposits At 31 March 2004, the Group held cash and short term deposit balances of £6.9 million (2003: £6.7 million) and, in accordance with the Group's treasury policy, all funds are placed with major UK clearing banks and building societies. The principal source of funds during the year were cash inflows from operating activities of £0.4 million (2003: £1.4 million) and interest earned of £0.2 million (2003: £0.2 million). The principal uses of funds recognised in the balance sheet during the year were the net investment in tangible fixed assets of £0.1 million (2003: £0.2 million) and the dividend payment of £0.4 million (2003: £nil). Creditors The value of creditors falling due within one year has reduced by £0.3 million to £3.1 million at 31 March 2004, compared to the same date last year. The principal reason for this is a reduction in the value of trade creditors and other taxes and social security costs. MT Navin-Mealey Group Finance Director GROUP PROFIT AND LOSS ACCOUNT Year ended 31 March 2004 Unaudited Audited 2004 2003 £'000 £'000 Note Turnover 1 11,916 11,243 Cost of sales (5,224) (4,779) -------- -------- Gross profit 6,692 6,464 Other operating expenses (excluding goodwill amortisation and exceptional items) (6,239) (5,373) Goodwill amortisation (576) (482) Exceptional items (89) - -------- -------- Other operating expenses (6,904) (5,855) -------------------------------------------------------------------- Operating (loss)/profit before exceptional items (123) 609 Exceptional items (89) - -------------------------------------------------------------------- Operating (loss)/profit ** 1 (212) 609 Share of operating (loss)/profit in associate (10) (11) -------- -------- Total operating (loss)/profit: Group and share of associate (222) 598 Interest receivable 212 215 -------- -------- (Loss)/profit on ordinary activities before taxation (10) 813 Taxation (4) (67) -------- -------- (Loss)/profit on ordinary activities after taxation (14) 746 Proposed dividend (398) (398) -------- -------- Amount transferred (from)/to reserves (412) 348 -------- -------- (Loss)/earnings per 2.5p ordinary share (pence) - basic 2. 0.0 0.9 -------- -------- (Loss)/earnings per 2.5p ordinary share (pence) - diluted 2. 0.0 0.9 -------- -------- Adjusted earnings per 2.5p ordinary share (pence) - before goodwill 2. 0.7 1.5 -------- -------- Dividend per share (pence) 0.5 0.5 -------- -------- GROUP STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES There were no other recognised gains or losses in the year ended 31 March 2004 or in the year ended 31 March 2003 apart from those shown in the profit and loss account for the year. ** Commentary with respect to the profit and loss performance is available in the Financial and Operating Review which forms part of this announcement. GROUP BALANCE SHEET As at 31 March 2004 Note Unaudited Audited 2004 2003 £'000 £'000 Fixed assets Intangible assets 6,504 7,080 Tangible assets 410 514 Investment in associate - 22 -------- -------- 6,914 7,616 -------- -------- Current assets Stock 18 2 Debtors 2,724 2,944 Cash at bank and in hand 6,859 6,748 -------- -------- 9,601 9,694 Creditors : amounts falling due within one year (3,113) (3,440) -------- -------- Net current assets 6,488 6,254 -------- -------- Total assets less current liabilities 13,402 13,870 Provisions for liabilities and charges (132) (190) -------- -------- 13,270 13,680 -------- -------- Capital and reserves Called up share capital 1,989 1,988 Share premium account 3,133 3,132 Merger reserve 6,575 6,575 Capital redemption reserve 3 3 Profit and loss account 1,570 1,982 -------- -------- Shareholders' funds attributable to equity interests 4 13,270 13,680 -------- -------- GROUP STATEMENT OF CASH FLOWS Year ended 31 March 2004 Note Unaudited Unaudited Audited Audited 2004 2004 2003 2003 £'000 £'000 £'000 £'000 Net cash inflow from operating activities 3(a) 440 1,412 Returns on investments and servicing of finance Interest received 212 215 Taxation Corporation tax paid (4) (29) Capital expenditure and financial investment Payments to acquire tangible fixed assets (153) (172) Receipts from the sale of tangible fixed assets - 9 -------- -------- (153) (163) Acquisitions and disposals Acquisitions of subsidiary undertakings - (40) Net cash acquired with subsidiary undertakings - 29 Disposal of associate 12 - -------- -------- 12 (11) Equity dividends paid (398) -------- -------- Net Cash inflow 109 1,424 -------- -------- Management of liquid resources Cash (withdrawn from)/deposited to short- term deposits (291) 1,797 Financing Proceeds from issue of ordinary shares (2) - Repayment of capital element of finance leases - 14 -------- -------- (2) 14 Increase/(decrease) in cash 3(b) 402 (387) -------- -------- 109 1,424 -------- -------- Notes to the Preliminary Announcement: 1. Analysis Of Businesses Existing New Exceptional Total Total Businesses Business Items Unaudited Unaudited Unaudited Unaudited Audited 2004 2004 2004 2004 2003 £'000 £'000 £'000 £'000 £'000 Turnover 11,875 41 - 11,916 11,243 Cost of sales (5,178) (46) - (5,224) (4,779) ------- ------- ------- --------- ------- Gross profit 6,697 (5) - 6,692 6,464 Other operating expenses (5,831) (408) (89) (6,328) (5,373) ------- ------- ------- --------- ------- Operating profit before goodwill amortisation 866 (413) (89) 364 1,091 Goodwill amortisation (576) - - (576) (482) ------- ------- ------- --------- ------- Operating (loss)/profit Existing businesses 290 - - 290 797 New business (413) (413) (188) Exceptional items - - (89) (89) - ------- ------- ------- --------- ------- 290 (413) (89) (212) 609 2. Earnings per Ordinary Share Earnings per share have been calculated in accordance with Financial Reporting Standard 14 by reference to the following: Unaudited Unaudited Audited Audited 2004 2004 2003 2003 pence per £'000 pence per £'000 share share Loss after taxation (used in basic and diluted EPS calculation) 0.0 (14) 0.9 746 Add goodwill amortisation 0.7 576 0.6 482 ------- ------- ------- ------- Adjusted earnings after taxation (used in adjusted EPS calculation) 0.7 562 1.5 1,228 ------- ------- ------- ------- Unaudited Audited 2004 2003 No. No. Basic weighted average number of shares in issue 79,585,369 79,648,527 Diluted effect of share options - 685,044 Diluted weighted average number ---------- ---------- of shares in issue 79,585,369 80,333,571 ---------- ---------- The directors consider that EPS calculated on the adjusted profit is an appropriate measure of the Group's performance. The loss for the period and the weighted average number of ordinary shares for calculating the diluted earnings per share for the period to 31 March 2004 is identical to those used for the basic earnings per share. This is because the outstanding share options would have the effect of reducing the loss per ordinary share and would therefore not be dilutive under the terms of Financial Reporting Standard No. 14 (FRS 14). 3(a) Reconciliation of operating (loss)/profit to net cash inflows from operating activities Unaudited Audited 2004 2003 £'000 £'000 Operating (loss)/profit (212) 609 Depreciation 257 269 Goodwill amortisation and impairment 576 482 Profit on disposal of tangible fixed assets - (2) Increase in stocks (16) (2) Decrease in provisions (58) (56) Decrease in debtors 220 1,218 Decrease in creditors (327) (1,106) -------- -------- Net cash inflow from operating activities 440 1,412 -------- -------- 3(b) Reconciliation of net cash flow to movement in net funds Unaudited Audited 2004 2003 £'000 £'000 At the beginning of the year 6,748 5,338 Increase/(decrease) in cash 402 (387) Movement in short term deposits with banks (291) 1,797 -------- -------- At the end of year 6,859 6,748 -------- -------- 3(c) Analysis of net funds At 1 April Cashflow At 31 March 2003 2004 £'000 £'000 £'000 Cash at bank and in hand 925 402 1,327 Short term deposits * 5,823 (291) 5,532 -------- -------- -------- 6,748 111 6,859 * Short term deposits are included within cash at bank and in hand on the balance sheet. 4. Reconciliation of Movements in Shareholders' Funds Group Unaudited Audited 2004 2003 £'000 £'000 Total recognised (loss)/profit (14) 746 Issue of shares 2 - Redemption of shares - (14) Proposed dividend (398) (398) -------- -------- Total movements during the year (410) 334 Shareholders' funds attributable to equity interests at 1 April 2003 13,680 13,346 -------- -------- Shareholders' funds attributable to equity interests at 31 March 2004 13,270 13,680 -------- -------- OTHER INFORMATION 1. The above financial information, which is unaudited, does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The financial information for the year ended 31 March 2003 has been extracted from the draft statutory accounts on which an unqualified audit opinion is expected to be issued. Statutory accounts for the year ended 31 March 2004 will be delivered to the Registrar in due course. The preliminary announcement is prepared on the same basis as set out in the previous year's statutory accounts. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. 2. The preliminary statement was approved by the board of directors of GB Group plc on 24 May 2004. 3. The ex-dividend date is 30 June 2004; the record date is 2 July 2004; the payment date is 30 July 2004. 4. The AGM will take place on 22 July 2004. 5. The 2004 interim results announcement is expected to be on 23 November 2004. 6. This report will also be available on the GB Group web site: www.gb.co.uk from 25 May 2004. 7. The Company intends to dispatch to shareholders printed copies of the full annual report and accounts for the year to 31 March 2004 by 11 June 2004. This information is provided by RNS The company news service from the London Stock Exchange

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