Preliminary Results
Gresham Computing PLC
16 April 2002
GRESHAM COMPUTING PLC
('Gresham' or the 'Group')
Preliminary Results for the 14 months ended 31 December 2001
Financial Highlights
2001 2000
Turnover £24.8m £23.3m
Pre-tax profit* £0.9m £(3.6)m
Loss before tax £(1.0)m £(4.3)m
Earnings per share (3.32)p (9.38)p
*before goodwill amortisation and impairment
Gresham Computing plc, provider of enterprise software and
solutions, announces its preliminary results for the 14 month
period ended 31 December 2001. The main results highlights are
as follows:
* Group profit before tax, goodwill amortisation and
impairment increased to £0.9m (2000: loss before tax £3.6m)
* Significant strategic partnership with Cable & Wireless
for Real-Time Nostro software
* Disposal of first tranche of SIM shares completed for
£5.85m. Disposal of remaining shares in SIM completed on 15
April 2002 for an initial consideration of £6.9m plus 10% of
SIM's turnover to October 2002
* Business now focused on 3 core areas of operation:
- Storage Management
- Casablanca
- Real-Time Nostro
Andrew Walton-Green, Chief Executive of Gresham commenting on
the results said: 'Despite difficult trading conditions in
2001, the disposal of the first tranche of SIM shares has
returned the Group to a net cash position. This is
strengthened by the completion of the second tranche of shares
today. After a review of operations, the Board is confident
that its continued investment into intellectual property is
the right direction for Gresham. We are now focused on three
areas of operation which we believe will show significant long-
term growth potential.'
For further information, please contact:
Gresham Computing plc 01489 555522
Andrew Walton-Green, Chief Executive
Dean Osman, Finance Director
Weber Shandwick Square Mile 020 7950 2800
Tim Jackaman
Sally Lewis
16 April 2002
GRESHAM COMPUTING PLC
('Gresham' or the 'Group' or the 'Company')
Preliminary Results for the 14 months ended 31 December 2001
Chairman's Statement
Results
In this statement the period refers to the 14 months ended 31
December 2001 and the comparative figures are for the year
ended 31 October 2000. Turnover for the period was £24.8
million (2000: £23.3 million). The profit before tax and
goodwill amortisation was £0.9 million (2000: loss of £3.6
million), while the loss per ordinary share after goodwill
amortisation was 3.32 pence (2000: 9.38 pence).
Turnover from ongoing operations was £18.3 million (2000:
£18.8 million). SIM Group Limited, which is classified as a
discontinued operation following the disposal of 50% plus one
controlling share by the group on 25 June 2001, contributed
revenue up to that date of £6.4 million (year ended 31 October
2000: £4.5 million). The total operating loss before goodwill
amortisation and impairment was £1.7 million (2000: £3.3
million). A profit on disposal of operations and fixed assets
contributed £2.7 million, and the charge for goodwill
amortisation during the period was £1.9 million, which
included an exceptional charge for impairment of £1.2 million
and a charge of £0.3 million in respect of SIM Group.
Trading conditions throughout the period were difficult, in
particular for our solutions business, however the Board has
continued to invest in research and development to maximise
the Group's intellectual property for the long term. The
Group's financial position has significantly improved
following the disposal of the first tranche of shares in SIM
Group and careful cash management. At 31 December 2001, the
Group had a net cash balance of £0.5 million compared with
net debt at 31 October 2000 of £3.2 million.
Disposal of SIM Group
The disposal of the SIM Group, which is consistent with our
corporate strategy, realised £5.85 million for the first
tranche of shares, resulting in a profit on disposal of £2.6
million in the results for the period.
The completion of the disposal of our remaining shares in SIM
Group was completed today for initial proceeds of £6.9
million. Further proceeds of ten per cent of the turnover
achieved by SIM Group in the year ending 31 October 2002 will
be payable in cash by 30 December 2002.. This will result in
a profit on disposal of approximately £5 million being
recorded in the first half of 2002. These proceeds further
strengthen the Group's financial position. The total proceeds
for the disposal of SIM Group are expected to exceed £13
million, an excellent return on the £6 million cost of
acquiring SIM Group in April 1999.
Strategy
Two years ago, the initial action of the executive team was to
evaluate the potential value within the group of companies,
following the series of acquisitions which commenced four
years ago. That process identified intellectual property of
immense potential within the Group even though it required
further investment to be fully developed. Despite the
difficult trading and financial position of the Group at that
time, the Board have continued to invest in our intellectual
property throughout the period and will continue the
investment in order to recognise that potential.
Our strategy is to focus primarily on the three areas of
operation that we consider to have significant long-term
growth prospects: Storage Management, Casablanca and Real Time
Nostro. These three areas will be underpinned by the
traditional strength of Gresham in its ongoing support and
maintenance of customers. Loss-making businesses that have no
part in our strategy have been greatly reduced in size. This
process has led to the closure in March 2002 of the Automated
Solutions business and a resultant write-off of goodwill of
£1.2 million in the preliminary results.
Storage management
The Extended Data Technology (EDT) family of products provide
enhanced integration and efficiency for Tivoli Storage Manager
and StorageTek library users. Sales of EDT during the period
have not yet met our expectations, as a result of difficult
market conditions in the US. In addition, our channel
relationships are taking longer than expected to become fully
operational. However, we consider that EDT and its successors
have considerable market potential. To realise this potential
we are forging business relationships with world-class
providers of storage media, including our global distribution
agreement announced with Tivoli-IBM in June 2001.
Casablanca
Casablanca is the Group's flagship enterprise application
integration (EAI) engine. Through its orchestration layer,
Casablanca has the capability not only of integrating large
numbers of applications but other EAI software tools as well.
During the period, contracts have been signed with two leading
banks for Casablanca software. This resurgence of interest
has arisen from the development of the new 'C3' version of
Casablanca, adding speed and scalability to what was already a
fine product. This will provide an excellent platform for
further sales to financial organisations. Casablanca has a
wide range of applications and we intend to use the financial
sector as a platform to advance into other markets.
Real Time Nostro
The revenue sharing contract with Cable & Wireless to provide
the Real Time Nostro software is possibly our most exciting
opportunity. With the combination of Gresham's thought
leadership and the backing and renowned technical and delivery
resources of Cable & Wireless, Real Time Nostro is now
positioned to be commercially realised. The Real Time Nostro
service remains on target to be operational in the second half
of the year. Whilst the build-up of revenues will initially be
slow as the service is rolled out, the directors consider that
this service provides the Group with an excellent opportunity
for significant recurring revenue growth in 2003 and beyond.
Outlook
We are committed to continue to invest in order to deliver the
potential long-term growth within the business. This
continued investment, combined with the difficult trading
conditions experienced by all our businesses including SIM
Group during the first quarter of 2002 is expected to result
in an operating loss for 2002, although this is expected to be
more than offset by the profit realised on the disposal of the
Tranche 2 SIM Group shares. We anticipate that our
significant business opportunities will come on stream during
the second half of 2002 and build in 2003, providing the Group
with a platform for growth in 2003 and beyond.
The past three years have been the most difficult period in
the history of Gresham, and shareholders will naturally have
felt concern for the security of their investment during this
period. Being a significant shareholder myself, I have no
hesitation in expressing my total confidence in the executive
arm of the board. We have chosen a strategy for recovery that
needs great courage and, due to the skill and determination of
the board and management team, we are now beginning to deliver
on this strategy. There is still much to do, but I believe
that your company is now firmly back on track to regain growth
and prosperity.
This position would never have been possible without the
loyalty and ingenuity of our staff. They have weathered the
worst of the recent times and yet have given unstintingly of
their efforts, and to every one of them I extend my heartfelt
gratitude and thanks.
Sid Green
Chairman
For further information, please contact:
Gresham Computing plc 01489 555522
Andrew Walton-Green, Chief Executive
Dean Osman, Finance Director
Weber Shandwick Square Mile 020 7950 2800
Tim Jackaman
Sally Lewis
GRESHAM COMPUTING PLC
Group Profit and Loss Account
for the 14 months ended 31 December 2001
Before
goodwill Goodwill Total
amortisation amortisation Group
14 months ended
31 December
Notes 2001 2001 2001
£'000 £'000 £'000
------------------------------------------------------------------------------
TURNOVER
Continuing operations 18,321 - 18,321
Discontinued operations 6,440 - 6,440
------------------------------------------------------------------------------
Group Turnover 2 24,761 - 24,761
Cost of sales 13,988 - 13,988
------------------------------------------------------------------------------
GROSS PROFIT 10,773 - 10,773
------------------------------------------------------------------------------
Administrative expenses
- pre-exceptional items 12,643 627 13,270
Administrative expenses
- exceptional items 260 1,155 1,415
------------------------------------------------------------------------------
Administrative expenses 12,903 1,782 14,685
------------------------------------------------------------------------------
OPERATING LOSS (2,130) (1,782) (3,912)
------------------------------------------------------------------------------
Continuing operations (3,034) (1,533) (4,567)
Discontinued operations 904 (249) 655
Share of operating
profit in associate 450 (88) 362
------------------------------------------------------------------------------
TOTAL OPERATING LOSS:
GROUP AND SHARE OF ASSOCIATE (1,680) (1,870) (3,550)
------------------------------------------------------------------------------
Profit on disposal of tangible
fixed assets (continuing operations)3 84 - 84
Profit on sale of operations
(discontinued operations) 3 2,647 - 2,647
------------------------------------------------------------------------------
PROFIT/(LOSS) ON ORDINARY ACTIVITIES
BEFORE INTEREST AND TAXATION 1,051 (1,870) (819)
Net interest payable (154) - (154)
------------------------------------------------------------------------------
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES BEFORE TAXATION 897 (1,870) (973)
Taxation on profit/(loss) on
ordinary activities 444 - 444
------------------------------------------------------------------------------
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES AFTER TAXATION 453 (1,870) (1,417)
Dividends- non-equity interests 66 - 66
------------------------------------------------------------------------------
RETAINED LOSS FOR THE PERIOD/YEAR 387 (1,870) (1,483)
------------------------------------------------------------------------------
Basic and diluted earnings
per share (pence) 4 0.87 (4.19) (3.32)
------------------------------------------------------------------------------
GRESHAM COMPUTING PLC
Group Profit and Loss Account
for the 14 months ended 31 December 2001
Before
goodwill Goodwill Total
amortisation amortisation Group
Year ended
31 October
Notes 2000 2000 2000
£'000 £'000 £'000
-----------------------------------------------------------------------------
TURNOVER
Continuing operations 18,792 18,792
Discontinued operations 4,533 4,533
------------------------------------------------------------------------------
Group Turnover 2 23,325 - 23,325
Cost of sales 13,796 - 13,796
------------------------------------------------------------------------------
GROSS PROFIT 9,529 - 9,529
------------------------------------------------------------------------------
Administrative expenses
- pre-exceptional items 11,357 703 12,060
Administrative expenses
- exceptional items 3 1,489 - 1,489
------------------------------------------------------------------------------
Administrative expenses 12,846 703 13,549
------------------------------------------------------------------------------
OPERATING LOSS (3,317) (703) (4,020)
Continuing operations (3,371) (322) (3,693)
Discontinued operations 54 (381) (327)
Share of operating profit in associate - - -
------------------------------------------------------------------------------
TOTAL OPERATING LOSS:
GROUP AND SHARE OF ASSOCIATE (3,317) (703) (4,020)
------------------------------------------------------------------------------
Profit on disposal of tangible fixed
assets (continuing operations) 3 - - -
Profit on sale of operations
(discontinued operations) 3 - - -
------------------------------------------------------------------------------
PROFIT/(LOSS) ON ORDINARY
ACTIVITIES BEFORE INTEREST AND TAXATION (3,317) (703) (4,020)
Net interest payable (253) - (253)
------------------------------------------------------------------------------
PROFIT/(LOSS) ON ORDINARY ACTIVITIES
BEFORE TAXATION (3,570) (703) (4,273)
Taxation on profit/(loss) on
ordinary activities (267) - (267)
------------------------------------------------------------------------------
PROFIT/(LOSS) ON ORDINARY ACTIVITIES
AFTER TAXATION (3,303) (703) (4,006)
Dividends- non-equity interests 66 - 66
------------------------------------------------------------------------------
RETAINED LOSS FOR THE PERIOD/YEAR (3,369) (703) (4,072)
------------------------------------------------------------------------------
Basic and diluted earnings per
share (pence) 4 (7.76) (1.62) (9.38)
------------------------------------------------------------------------------
GRESHAM COMPUTING PLC
Group Balance Sheet
at 31 December 2001
31 31
December October
2001 2000
£'000 £'000
------------------------------------------------------------------------------
FIXED ASSETS
Intangible assets 1,274 8,047
Tangible assets 1,832 2,737
Investment in Associate 2,865 -
------------------------------------------------------------------------------
5,971 10,784
------------------------------------------------------------------------------
CURRENT ASSETS
Debtors 4,008 6,851
Cash at bank and in hand 958 343
------------------------------------------------------------------------------
4,966 7,194
------------------------------------------------------------------------------
Creditors: amounts falling due within one year 4,146 6,807
------------------------------------------------------------------------------
NET CURRENT ASSETS 820 387
------------------------------------------------------------------------------
TOTAL ASSETS LESS CURRENT LIABILITIES 6,791 11,171
------------------------------------------------------------------------------
Creditors: amounts falling due after more than one year 763 3,658
------------------------------------------------------------------------------
6,028 7,513
------------------------------------------------------------------------------
CAPITAL AND RESERVES
Called up share capital 2,332 2,714
Share premium account 5,614 5,232
Special reserve 313 313
Merger reserve 726 726
Profit and loss account (2,957) (1,472)
------------------------------------------------------------------------------
6,028 7,513
------------------------------------------------------------------------------
SHAREHOLDERS' FUNDS
Equity interests 6,028 7,003
Non-equity interests - 510
------------------------------------------------------------------------------
6,028 7,513
------------------------------------------------------------------------------
GRESHAM COMPUTING PLC
Group Statement of Cash Flow
for the period ended 31 December 2001
14 months Year
ended 31 ended 31
December October
Notes 2001 2000
£'000 £'000
------------------------------------------------------------------------------
NET CASH (OUTFLOW)/INFLOW FROM
OPERATING ACTIVITIES 6 (848) 695
------------------------------------------------------------------------------
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Interest received 39 11
Interest paid (207) (264)
Dividends paid to preference shareholders (132) -
------------------------------------------------------------------------------
(300) (253)
------------------------------------------------------------------------------
TAXATION
Tax paid (144) (288)
------------------------------------------------------------------------------
(144) (288)
------------------------------------------------------------------------------
CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Payments to acquire tangible fixed assets (477) (503)
Receipts from sale of tangible fixed assets 442 133
------------------------------------------------------------------------------
(35) (370)
------------------------------------------------------------------------------
ACQUISITIONS AND DISPOSALS
Sale of subsidiary undertaking 5,850 -
Costs of disposal (434) -
Net cash disposed of with subsidiary undertaking (363) -
Purchase consideration for subsidiary undertakings - (66)
------------------------------------------------------------------------------
5,053 (66)
------------------------------------------------------------------------------
EQUITY DIVIDENDS PAID - -
------------------------------------------------------------------------------
NET CASH INFLOW/(OUTFLOW) BEFORE FINANCING 3,726 (282)
------------------------------------------------------------------------------
FINANCING
New long-term loans - 500
Repayment of long-term loans (2,500) -
Receipt of short-term loans 250 (4)
Repayment of short-term loans (219) -
Repayments of finance leases (216) (272)
------------------------------------------------------------------------------
Net (outflow)/inflow from financing (2,685) 224
------------------------------------------------------------------------------
INCREASE/(DECREASE) IN CASH IN THE PERIOD/YEAR 1,041 (58)
------------------------------------------------------------------------------
Reconciliation of Net Cash Flows to Movement
in Net Funds/(Debt)
Increase/(Decrease) in cash 1,041 (58)
Cash inflow from increase in loans (31) (500)
Repayments of loans 2,500 4
Repayments of capital element of finance leases 216 272
------------------------------------------------------------------------------
Change in net funds resulting from cashflows 3,726 (282)
Finance lease obligations disposed of with
subsidiary undertaking 109 -
Other (105) -
Exchange differences - (25)
------------------------------------------------------------------------------
MOVEMENT IN NET FUNDS 3,730 (307)
NET DEBT AT 1 NOVEMBER (3,217) (2,910)
------------------------------------------------------------------------------
NET FUNDS/(DEBT) AT 31 DECEMBER/31 OCTOBER 513 (3,217)
------------------------------------------------------------------------------
GRESHAM COMPUTING PLC
Group Statement of Total Recognised Gains and Losses
for the period ended 31 December 2001
14 months Year
ended 31 ended 31
December October
2001 2000
£'000 £'000
------------------------------------------------------------------------------
Loss for the financial period/year (1,417) (4,006)
Exchange difference on retranslation of net
assets of subsidiary undertakings (2) (92)
------------------------------------------------------------------------------
Total recognised gains and losses relating to the period (1,419) (4,098)
------------------------------------------------------------------------------
Reconciliation of consolidated shareholders' funds
for the period ended 31 December 2001
14 months Year
ended 31 ended 31
December October
2001 2000
£'000 £'000
------------------------------------------------------------------------------
Total recognised gains and losses (1,419) (4,098)
Dividends (66) (66)
Issue of shares - 2,925
Shares to be issued - (2,925)
-----------------------
Total movements during the year (1,485) (4,164)
Opening shareholders' funds 7,513 11,677
------------------------------------------------------------------------------
Closing shareholders' funds 6,028 7,513
------------------------------------------------------------------------------
GRESHAM COMPUTING PLC
NOTES TO THE PRELIMINARY RESULTS ANNOUNCEMENT FOR THE PERIOD ENDED
31 DECEMBER 2001
1. The above financial information does not constitute
statutory accounts as defined in section 240 of the Companies
Act 1985. The results for the period ended 31 December 2001
and the balance sheet at that date are extracted from the
statutory accounts (on which the auditors have given an
unqualified opinion), which will be filed with the Registrar of
Companies. The comparative financial information is extracted
from the statutory accounts for the year ended 31 October 2000
(on which the auditors have given an unqualified opinion),
which have already been sent to shareholders and filed with the
Registrar of Companies.
2. Turnover and segmental analysis
Geographical analysis of turnover by source and destination
Analysis of turnover by segment
Turnover Inter External Turnover Inter External
segment segment
turnover turnover turnover turnover
14 months Year
ended ended
31 December 31 October
2001 2001 2001 2000 2000 2000
£'000 £'000 £'000 £'000 £'000 £'000
------------------------------------------------------------------------------
Solutions 4,748 (2) 4,746 7,112 - 7,112
Specialist contract staff 6,167 (1,291) 4,876 4,757 (1,365) 3,392
------------------------------------------------------------------------------
Enterprise Solutions 10,915 (1,293) 9,622 11,869 (1,365) 10,504
Enterprise Software 8,699 - 8,699 8,288 - 8,288
------------------------------------------------------------------------------
Continuing operations 19,614 (1,293) 18,321 20,157 (1,365) 18,792
SIM Testing (discontinued)6,449 (9) 6,440 4,533 - 4,533
------------------------------------------------------------------------------
26,063 (1,302) 24,761 24,690 (1,365) 23,325
------------------------------------------------------------------------------
Geographical analysis of turnover by source
Turnover Inter External Turnover Inter External
segment segment
turnover turnover turnover turnover
14 months ended 31 December Year ended 31 October
2001 2001 2001 2000 2000 2000
£'000 £'000 £'000 £'000 £'000 £'000
------------------------------------------------------------------------------
United Kingdom-
continuing operations 12,742 (1,244) 11,498 12,673 (1,545) 11,128
United Kingdom-
discontinued operations 6,449 (9) 6,440 4,533 - 4,533
North America 4,710 (226) 4,484 5,590 (56) 5,534
Rest of world 2,765 (426) 2,339 2,206 (76) 2,130
------------------------------------------------------------------------------
26,66 (1,905) 24,761 25,002 (1,677) 23,325
------------------------------------------------------------------------------
Geographical analysis of turnover by destination
14 months Year
ended 31 December ended 31 October
2001 2000
£'000 £'000
------------------------------------------------------------------------------
United Kingdom-continuing operations 10,002 8,199
United Kingdom-discontinued operations 6,440 4,118
Europe - continuing operations 1,730 3,124
Europe - discontinued operations - 415
North America 4,498 5,669
Rest of world 2,091 1,800
------------------------------------------------------------------------------
24,761 23,325
------------------------------------------------------------------------------
Analysis of profit/(loss) on ordinary activities before
taxation by segment. Common costs comprise the costs of all
central group services
Profit/(loss) Profit/(loss)
before before
goodwill Goodwill goodwill Goodwill
amortisation amortisation amortisation amortisation
14 months ended 31 December Year ended 31 October
2001 2001 2001 2000 2000 2000
£'000 £'000 £'000 £'000 £'000 £'000
------------------------------------------------------------------------------
Enterprise Solutions(2,106) (72) (2,178) (2,249) (60)(2,309)
Enterprise software 737 (1,461) (724) 1,612 (262) 1,350
------------------------------------------------------------------------------
Continuing operations(1,369) (1,533) (2,902) (637) (322) (959)
SIM Testing
(discontinued) 904 (249) 655 54 (381) (327)
------------------------------------------------------------------------------
(465) (1,782) (2,247) (583) (703)(1,286)
Common costs (1,665) - (1,665) (2,734) - (2,734)
------------------------------------------------------------------------------
Operating loss (2,130) (1,782) (3,912) (3,317) (703)(4,020)
Share of operating
profit of associate 450 (88) 362 - - -
Non-operating
exceptional items 2,731 - 2,731 - - -
Net interest payable (154) - (154) (253) - (253)
------------------------------------------------------------------------------
Profit/(Loss)on ordinary
activities before
taxation 897 (1,870) (973) (3,570) (703)(4,273)
------------------------------------------------------------------------------
Analysis of profit / (loss) on ordinary activities before taxation by source
£'000 £'000 £'000 £'000 £'000 £'000
------------------------------------------------------------------------------
United Kingdom (238) (238) (383) - (383)
North America (977) (1,411) (2,388) 6 (220) (214)
Rest of world (154) (122) (276) (260) (102) (362)
------------------------------------------------------------------------------
(1,369) (1,533) (2,902) (637) (322) (959)
United Kingdom
(discontinued) 904 (249) 655 54 (381) (327)
------------------------------------------------------------------------------
(465) (1,782) (2,247) (583) (703) (1,286)
------------------------------------------------------------------------------
Common costs (1,665) (1,665) (2,734) - (2,734)
Share of operating
profit of associate 450 (88) 362 - - -
------------------------------------------------------------------------------
Total operating loss:
Group and share of
associate (1,680) (1,870) (3,550) (3,317) (703) (4,020)
Non-operating
exceptional items 2,731 - 2,731 - - -
Net interest payable (154) - (154) (253) - (253)
------------------------------------------------------------------------------
Profit/(Loss)on
ordinary activities
before taxation 897 (1,870) (973) (3,570) (703) (4,273)
------------------------------------------------------------------------------
3. Exceptional items
14 months Year
Recognised in arriving at operating loss: ended 31 December ended 31 October
2001 2000
£'000 £'000
------------------------------------------------------------------------------
Compensation for loss of office - 237
Reorganisation and restructuring costs 263 982
Bad debts - 175
Provision for impairment in value of goodwill 1,155 -
Reversal of previous provision for impairment
in value of freehold property (125) -
Provision for impairment in value of leasehold
property improvements 122 95
------------------------------------------------------------------------------
TOTAL EXCEPTIONAL COSTS 1,415 1,489
------------------------------------------------------------------------------
Recognised below operating loss:
Profit on disposal of tangible fixed assets 84 -
Profit on sale of 50.01% interest in SIM Group Limited2,647 -
------------------------------------------------------------------------------
Exceptional Profits 2,731 -
------------------------------------------------------------------------------
4. Earnings per share (EPS)
The calculation of earnings per ordinary share has been based on the
loss attributable to shareholders, adjusted for preference
dividends of £1,483,000 (2000: £4,072,000) and on a weighted
average number of shares of 44,625,110 (2000 43,427,491).
Diluted earnings per share are identical to basic earnings per
share because potential diluting events would have the effect
of reducing the loss per ordinary share.
5. Dividends
The directors do not propose the payment of an ordinary dividend in
respect of the period ended 31 December 2001.
6. Reconciliation of operating loss to net cash flow from
operating activities
14 months Year
ended 31 December ended 31 October
2001 2000
£'000 £'000
------------------------------------------------------------------------------
Operating loss (3,912) (4,020)
Depreciation and impairment of tangible fixed assets 887 1,033
Amortisation and impairment in value of goodwill 1,903 821
(Profit) / loss on sale of fixed assets - (22)
Decrease in debtors 1,150 1,406
(Decrease)/increase in creditors (876) 1,580
Foreign exchange movement - (103)
------------------------------------------------------------------------------
Net cash (outflow)/inflow from operating activities (848) 695
------------------------------------------------------------------------------
7.This preliminary statement of results will not appear as an
advertisement in any newspaper but the annual report is being
sent to all shareholders by 23 April 2002 and copies will be
available to members of the public from the company's
registered office: Sopwith House, Brook Avenue, Warsash,
Southampton SO31 9ZA.
This information is provided by RNS
The company news service from the London Stock Exchange
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