Preliminary Results
K3 Business Technology Group PLC
02 June 2005
K3 BUSINESS TECHNOLOGY GROUP PLC
PRELIMINARY RESULTS
FOR THE YEAR TO 31 DECEMBER 2004
• Group fundamentally transformed with two acquisitions and a disposal:
- legacy manufacturing software business sold for £1.92m in March 2004
- distribution software business acquired in April 2004
- retail software businesses acquired in October 2004
• Diversification strategy moves group into higher growth areas within
supply chain software sector
• Benefit of acquisitions not fully reflected in this year's trading
results:
- turnover on continuing operations increased to £8.12m (2003: £4.30m)
- adjusted operating profit*1 on continuing operations of £0.59m (2003: £0.63m)
- adjusted basic earnings per share*2 of 4.5p (2003: 6.5p)
- consolidated net assets increased to £7.0m (2003: £3.0m)
• Operating loss of £0.03m after charging £0.64m amortisation
•Positive cash position of £0.40m at year end
•Proposed acquisition of manufacturing software group, IEG, announced
today. See separate statement.
• Board views prospects for transformed group very positively
- retail software business, K3 Landsteinar, has won new orders worth approx.
£6.7m since year end
- distribution software operation, K3 Elucid, agreed a major £0.3m contract
since year end
- proposed acquisition of IEG adds critical mass to manufacturing software
operation
George Matthews, commenting, said:
'K3's growth prospects have been transformed with the changes made during 2004.
The re-shaping of the company has taken us into related sectors, which offer us
more attractive opportunities for earnings growth and we now have a solid
platform in place from which to move forward. Most importantly, all our
divisions have a strong product offering of Microsoft-based solutions.
There are good growth opportunities across all three divisions, most
particularly within retail and distribution. We have been seeking opportunities
to act as a consolidator within the manufacturing software sector and are
therefore pleased to announce today the proposed acquisition, subject to
shareholder approval, of Information Engineering Group, UK distributors for the
Syspro range of ERP software for SME manufacturers. More details of this are
provided in a separate announcement.'
Enquiries:
K3 Business Technology Andy Makeham, Chief T: 020 7448 1000
Group plc Executive (today)
David Bolton, Chief Finance Thereafter: 01282
Officer 864111
Biddicks Katie Tzouliadis T: 020 7448 1000
*1 Calculated before amortisation of goodwill of £0.60m and exceptional items of
£nil (2003: amortisation of goodwill £0.30m and exceptional items of £0.61m).
*2 Calculated before amortisation of goodwill of £0.64m and exceptional items of
£1.25m (2003: amortisation of goodwill of £0.46m and exceptional items of
£0.52m).
K3 BUSINESS TECHNOLOGY GROUP PLC
CHAIRMAN'S STATEMENT
Overview
2004 has been a year of transition for K3. In line with our ambitious growth
plans, the group has undergone significant transformation. In March 2004, we
completed the sale of our non-core, legacy manufacturing software operation
based in Crewe and, later that year, acquired two businesses operating in the
distribution and retail software sectors. These acquisitions have changed K3's
profile, reflecting our strategy to broaden the group's business base into
complementary, higher growth markets. K3 is now clearly focused on providing
Microsoft-based business solutions to three sectors: retail, distribution and
manufacturing.
Both acquisitions, renamed K3 Landsteinar and K3 Elucid, are bedding down well
and we are pleased with the trading performance of each although the results for
2004 do not include a full year's contribution from either business. Our
remaining manufacturing solutions business made progress over the year in a
difficult market and, in the final quarter, the division substantially completed
the development of its new flagship product, SmartVisionCRM. Sales of this new
product provide the division with growth prospects for 2005 and the proposed
acquisition announced today of manufacturing software group, Information
Engineering Group ('IEG'), is an exciting development.
Financial Results
Results for the year ended 31 December 2004 reflect contributions from our newly
acquired businesses, K3 Elucid and K3 Landsteinar, as well as the impact of the
disposal of our legacy manufacturing software operation in March 2004. Elucid,
in which we acquired a 38% investment in November 2003, became a wholly owned
member of the group in April 2004 and Landsteinar was acquired in October 2004.
Turnover on continuing operations almost doubled to £8.12m (2003: £4.30m) and
adjusted operating profit*1 on continuing operations was £0.59m (2003: £0.63m).
The two acquisitions contributed combined turnover of £4.23m and adjusted
operating profit*2 of £0.57m. Our on-going manufacturing software division
contributed turnover of £3.88m and adjusted operating profit*3 of £0.02m. The
development costs of £0.47m relating to the production of its new SmartVisionCRM
product are included.
Operating loss after amortisation of goodwill of £0.64m was £0.03m (2003: profit
of £0.01m).
The disposal of the legacy manufacturing software operation based in Crewe
resulted in a profit on disposal of £1.25m and profit before tax was £1.16m
(2003: loss of £0.20m). Adjusted earnings per share*4 were 4.5p (2003: 6.5p)
and, after taking into account goodwill amortisation of £0.64m (2003: £0.46m)
and exceptional items of £1.25m (2003: £0.52m), earnings per share were 10.0p
(2003: loss per share of 3.2p). Our earnings per share and number of shares in
issue have been restated following the share consolidation (of one 25p ordinary
share for every five 5p ordinary shares) which we completed in April.
At 31 December 2004, the group had a positive cash balance of £0.40m compared
with £1.23m at 31 December 2003.
Dividend
The Directors do not propose to pay a dividend (2003: £nil).
Review of Operations
Retail Division
The acquisition, in October 2004, of the Alpha Landsteinar businesses that
comprise this division was the highlight of the year. The business is the
principal UK supplier of Microsoft Navision retail solutions and was acquired
for a total consideration of £6.95m in a mix of cash and shares. Now renamed K3
Landsteinar, it gives us a strong platform within the retail sector and we see
excellent growth opportunities ahead.
For the three month period since its acquisition in October, Landsteinar
contributed sales of £2.93m and adjusted operating profit*5 of £0.44m. Looking
forward, we anticipate that this division will represent the group's largest
profit contributor.
Distribution Division
In the first half of the year, we completed the acquisition of the remaining 62%
shareholding in distribution software company, PSE, now renamed K3 Elucid
Limited. Including the first tranche of shares which we acquired in November
2003 for £0.19m, the purchase consideration totals £0.89m.
The acquisition of Elucid represented our first step in our strategy to
diversify into the retail and distribution software sectors and the business has
performed very strongly. In the nine month period to 31 December 2004, Elucid
won 12 new orders worth £0.8m and sales totalled £1.30m. This represents
turnover growth of 23% over the comparable period last year. The adjusted
operating profit*6 contribution was £0.14m. During the first half of 2005,
Elucid is undertaking a significant upgrade of its core Warehouse Management
module. Whilst this will reduce earnings in the early months of 2005 (as
development costs are written off as incurred), it should result in increased
sales and profits later in the year.
Manufacturing Division
The group's manufacturing division was restructured this year. In March, we
disposed of our Crewe-based operation (the Enterprise Systems Division) for
£1.92m, of which £0.05m is deferred, realising a profit on sale of £1.25m. The
sale resulted from our strategic decision to focus on aligning our product
offering with Microsoft, with whom we have established a close relationship in
the mid-market ERP space.
Our remaining operation, based in Walton-on-Thames, which provides
Microsoft-centric business solutions for small to medium sized manufacturing
companies, performed solidly in a difficult market. Its newest product,
SmartVisionCRM, was substantially completed in the final quarter of the year and
marks a significant turning point for the operation. The SmartVision suite,
which has Microsoft's new Customer Relationship Management ('CRM') software
embedded within the solution, provides a highly attractive solution for
customers wishing to upgrade outdated products. We believe there are excellent
opportunities to market this new product to our existing customer base as well
as to new customers.
Outlook
K3's growth prospects have been transformed with the changes made during 2004.
The re-shaping of the company has taken us into related sectors, which offer us
more attractive opportunities for earnings growth and we now have a solid
platform in place from which to move forward. Most importantly, all our
divisions have a strong product offering of Microsoft-based solutions.
Following each acquisition, we have sought to consolidate back office functions
and identify synergies in order to underpin improved future performance.
There are good growth opportunities across all three divisions, most
particularly within retail and distribution and the launch of our new
SmartVisionCRM product offering the prospect of revitalisation of our
manufacturing software division. Since the year end, K3 Elucid has secured a
major contract worth some £0.30m and K3 Landsteinar has secured seven new
business contracts worth in total £6.70m, supporting our confident view of the
growth prospects of these businesses.
As we stated in our interim report, we have ambitious growth plans for the
group. Our portfolio of businesses is healthy and cash generative and we see
significant growth prospects across all our markets. We have been seeking
opportunities to act as a consolidator within the manufacturing software sector
and are therefore pleased to announce today the proposed acquisition, subject to
shareholder approval, of Information Engineering Group ('IEG'), UK distributors
for the Syspro range of ERP software for SME manufacturers. More details of this
are provided in a separate announcement. This acquisition complements and
strengthens our own manufacturing software portfolio as it offers an upgrade
path for existing users to newer Microsoft-based technologies, as well as
providing a compelling new business proposition for larger mid-range
manufacturers. There are significant synergies between IEG and our existing
manufacturing business unit, and it is anticipated that these businesses will be
consolidated to increase combined profitability.
We continue to view the group's prospects very positively.
RESOLUTIONS PROPOSED
Your attention is drawn to a number of resolutions which are to be proposed as
special business at the company's annual general meeting.
George Matthews
Chairman
*1 Calculated before goodwill amortisation of £0.60m and exceptional items of
£nil (2003: amortisation of goodwill of £0.30m and exceptional items of £0.61m)
*2 Calculated before goodwill amortisation of £0.30m
*3 Calculated before goodwill amortisation of £0.30m
*4 Calculated before goodwill amortisation of £0.64m and exceptional items of
£1.25m (2003: amortisation of goodwill of £0.46m and exceptional items of
£0.52m)
*5 Calculated before goodwill amortisation of £0.23m
*6 Calculated before goodwill amortisation of £0.07m
OPERATING REVIEW
The group has been fundamentally transformed over 2004, starting with the sale
of our non-core manufacturing software operation. The subsequent acquisition of
two Microsoft-based business applications providers has enabled us to extend our
footprint into the distribution and retail sectors. These have given us a strong
platform for future growth and K3 is now well placed to make significant
progress in 2005 and beyond.
Retail Division
We had been actively seeking to acquire Microsoft-based retail solutions
businesses as part of our growth strategy and in October 2004 we were delighted
to complete the acquisition of the three companies, Alpha Landsteinar Limited,
Alpha Landsteinar (Ireland) Limited and Miracle Hindsight Limited, that together
comprise Alpha Landsteinar. Established in 1997, the business is recognised as
one of the leading providers of retail management solutions within the
mid-market space and it supports over 150 customers. It is a Microsoft Gold
Partner and Microsoft's largest Navision partner in the UK.
Alpha Landsteinar, now renamed K3 Landsteinar, gives us a significant presence
in the retail software sector and, in the first three months of ownership, the
business demonstrated exceptionally strong levels of consultancy and software
revenues.
Since the year end, we have signed new contracts worth a total of £6.70m,
including a major contract with Moss Pharmacy for the next phase of a programme
to install Microsoft Navision software across Moss Pharmacy's retail outlets in
the UK and a contract with a major UK retailer to install new retail systems in
up to 450 stores. These new contracts, together with other contracts, including
Adidas, Capital Hair & Beauty, Aldiss and Space NK, should provide encouragement
for future growth levels.
Distribution Division
In April 2004, we acquired the remaining 62% of the shares in PSE Limited, the
warehousing and distribution software company based in Lancashire. We had
previously acquired a 38% holding in November 2003. The balance of the shares in
April was acquired for an initial consideration of £0.45m, bringing the total
cash consideration to date for the entire share capital of the business to
£0.64m. With an estimated deferred consideration of £0.25m, based on the future
growth of the business over the next three years, the total consideration is
£0.89m. PSE is now being integrated within the group and has been renamed K3
Elucid.
This acquisition moves us forward in our strategy to extend the group's business
into the retail and distribution software sectors. Elucid provides business
solutions to the mail order and catalogue market and has been particularly
successful in providing an integrated solution that supports companies wishing
to sell products over the internet. We see internet-related business as a growth
area and there are significant cross-selling opportunities with our Retail
Division.
Elucid performed strongly over the period, with orders from JJB Sports
(clothing), Bright Minds (educational toys), Rock Group (electronics), Client
Base (fulfilment house), and Joe Browns and Wealth of Nations (both clothing).
The business contributed £0.14m to adjusted operating profit*6. The order
pipeline is encouraging and should translate into good performance in 2005. The
Warehouse Management module is being upgraded during the first half of 2005, and
whilst earnings will be reduced during the development period (as costs are
written off as incurred), it should result in increased sales and profits later
in the year.
Manufacturing Division
The sale of our legacy manufacturing software operation based in Crewe,
previously referred to as the Enterprise Systems Division, was a significant
step forward. The disposal was part of a strategic re-focusing of our activities
on Microsoft-based business solutions - which the Crewe business did not offer.
Importantly, it also released funds to allow for the re-development of the group
through acquisition. The business was sold in March 2004 to Azur Group Limited
for £1.92m, and realised cash of £2.55m. We considered this a particularly good
price for an operation which generated revenues of £2.70m in 2003 and which was
no longer core to our business. In the two months prior to its sale, the
business delivered an adjusted operating profit*7 of £0.01m on sales of £0.41m.
Our continuing operation, based in Walton-on-Thames, formerly referred to as the
Business Systems Division, made solid progress this year. Our major focus was
centred on our development programme to embed Microsoft CRM software within our
SmartVision product. The initial version successfully passed Microsoft's
stringent quality and verification examination and, in the final quarter of the
year, we substantially completed development, ahead of schedule. Our total
investment in the development of SmartVisionCRM was £0.47m in 2004, and we
expect this to be somewhat lower in 2005. Initial marketing of the product suite
has confirmed significant interest and we have seen the creation of a healthy
pipeline of order opportunities for 2005, albeit trading conditions are
difficult.
The marketplace remains tough and, whilst our products are well regarded, new
business sales remain challenging. The proposed acquisition of IEG brings into
K3 a leading manufacturing ERP solution and, as well as strengthening our
business proposition, IEG provides significant upgrade opportunities across a
large customer base.
Andy Makeham
Chief Executive
*6 Calculated before goodwill amortisation of £0.07m
*7 Calculated before goodwill amortisation of £0.03m
K3 BUSINESS TECHNOLOGY GROUP PLC
Consolidated profit and loss account for the year ended 31 December 2004
2004 2003
----------------------------------------------- --------------------------------
Discontinued Total Continuing Discontinued Total
Continuing operations operations operations operations
Continuing Acquisitions
Notes £000 £000 £000 £000 £000 £000 £000
Turnover 3,884 4,232 413 8,529 4,305 2,697 7,002
Cost of sales (352) (1,251) (124) (1,727) (403) (555) (958)
--------------- ----- -------- -------- ------- -------- -------- -------- --------
Gross profit 3,532 2,981 289 6,802 3,902 2,142 6,044
Selling and
distribution
costs (1,647) (871) (218) (2,736) (1,613) (740) (2,353)
Administrative
expenses (2,166) (1,839) (94) (4,099) (2,565) (1,120) (3,685)
--------------- ----- -------- -------- ------- -------- -------- -------- --------
--------------- ----- -------- -------- ------- -------- -------- -------- --------
Operating
profit before
amortisation
of goodwill and
exceptional
items included
within
administrative
expenses 20 573 10 603 630 444 1,074
Amortisation
of goodwill (301) (302) (33) (636) (301) (162) (463)
Exceptional
administrative
expenses 1 - - - - (605) - (605)
--------------- ----- ------- ------- ------- ------- ------- ------- -------
Operating
(loss) profit (281) 271 (23) (33) 276 282 6
Profit (loss)
on disposal of
operations 1 - - 1,248 1,248 (100) - (100)
------- ------- -------- -------- ------- ------- -------
Profit (loss)
on ordinary
activities
before finance
charges (281) 271 1,225 1,215 (376) 282 (94)
------- ------- -------- ------- -------
Finance
charges (net) (55) (105)
--------------- ----- ------- ------- ------- ------- ------- ------- -------
Profit (loss)
on ordinary
activities
before taxation 1,160 (199)
Tax on profit
(loss) on
ordinary
activities (59) (130)
--------------- ----- ------- ------- ------- ------- ------- ------- -------
Profit (loss)
for financial
year 7 1,101 (329)
--------------- ----- ------- ------- ------- ------- ------- ------- -------
Earnings (loss) per share
Basic 8 10.0p (3.2p)
Diluted 8 10.0p (3.2p)
Basic before
amortisation of
goodwill 8 15.8p 1.3p
Basic before
amortisation of
goodwill and
exceptional items 8 4.5p 6.5p
There were no recognised gains or losses in either year other than the profit
(loss) for that year.
K3 BUSINESS TECHNOLOGY GROUP PLC
Consolidated balance sheet as at 31 December 2004
2004 2003
Notes £000 £000
Fixed assets
Goodwill 9,919 3,354
Tangible assets 570 342
Investments 2 17 190
------------------------------------ ------ -------- --------
10,506 3,886
------------------------------------ ------ -------- --------
Current assets
Debtors 6,268 2,558
Cash at bank and in hand 403 1,226
------------------------------------ ------ -------- --------
6,671 3,784
------------------------------------ ------ -------- --------
Creditors: amounts falling due within one year
Convertible debt (500) -
Other creditors 3 (9,345) (4,706)
------------------------------------ ------ -------- --------
(9,845) (4,706)
------------------------------------ ------ -------- --------
Net current liabilities (3,174) (922)
------------------------------------ ------ -------- --------
Total assets less current liabilities 7,332 2,964
Creditors: amounts falling due after more than one
year (337) -
------------------------------------ ------ -------- --------
Net assets 6,995 2,964
------------------------------------ ------ -------- --------
Capital and reserves
Called up share capital 3,329 2,548
Share premium account 7 6,463 6,441
Other reserve 7 4,486 2,359
Profit and loss account 7 (7,283) (8,384)
------------------------------------ ------ -------- --------
Equity shareholders' funds 6,995 2,964
------------------------------------ ------ -------- --------
K3 BUSINESS TECHNOLOGY GROUP PLC
Consolidated cash flow statement for the year ended 31 December 2004
2004 2003
Notes £000 £000
Net cash inflow from operating activities 4 1,633 1,365
Returns on investments and servicing of finance 24 (23)
Taxation (76) (11)
Capital expenditure and financial investment (12) (99)
Acquisitions and disposals 5 (2,331) (95)
------------------------------------- ------ -------- --------
Cash (outflow) inflow before financing (762) 1,137
Financing 5 (61) (34)
------------------------------------- ------ -------- --------
(Decrease) increase in cash in the year 6 (823) 1,103
------------------------------------- ------ -------- --------
K3 BUSINESS TECHNOLOGY GROUP PLC
Notes
1. Profit (loss) on disposal of operations and exceptional write-off
The profit on disposal of operations in 2004 of £1.25m relates to the disposal
of the manufacturing software operation based at Crewe to Azur Group Limited.
The loss on disposal of operations in 2003 of £0.10m relates to a provision
against the deferred consideration which arose on the disposal of the legacy
businesses to RAP Group Limited ('RAP') in 2001. Operating profit in 2003 is
stated after charging a write-off of £0.61m no longer considered recoverable
following the settlement of outstanding balances with RAP.
2. Investments
Investments in 2004 relate to a 1% interest held by K3 Landsteinar Limited in
Partner Power International, a computer software marketing company incorporated
in Denmark. Investments in 2003 relate to a 38% interest in K3 Elucid Limited
(formerly PSE Limited).
At 31 December 2003, the company owned 38% of the issued share capital of Elucid
and accounted for the investment as a trade investment because the directors did
not consider that they exerted significant influence over Elucid. This was due
to the remaining shares being owned by a small group of people who together
controlled the decisions regarding trading and finance of Elucid. The remainder
of the shares were acquired on 5 April 2004.
3. Creditors: amounts falling due within one year
Included in other creditors falling due within one year is deferred income of
£2.98m (2003: £2.26m) relating to licence and support charges billed but not yet
recognised as income.
4. Reconciliation of operating (loss) profit to operating cash flow
2004 2003
£000 £000
Operating (loss) profit (33) 6
Depreciation charges and fixed asset impairment 215 182
Loss on sale of tangible fixed assets 24 1
Amortisation of goodwill 636 463
Decrease in debtors (445) 1,290
Increase (decrease) in creditors 1,236 (577)
------------------------------------------ -------- --------
Net cash inflow from operating activities 1,633 1,365
------------------------------------------ -------- --------
5. Analysis of cash flows
Acquisitions and disposals
2004 2003
£000 £000
Acquisition of subsidiary undertakings (3,653) -
Costs of acquisition of subsidiary undertakings (160) -
Net bank overdrafts acquired with subsidiary undertakings (144) -
Sale of business (net of costs) 1,721 -
Acquisition of investment (95) (95)
------------------------------------------ -------- --------
(2,331) (95)
------------------------------------------ -------- --------
Financing
2004 2003
£000 £000
Capital element of finance lease rental payments (61) (34)
------------------------------------------ -------- --------
(61) (34)
------------------------------------------ -------- --------
6. Analysis and reconciliation of net cash resources
1 Jan 2004 Cash flow Acquisitions Other non-cash 31 Dec 2004
and disposals changes
£000 £000 £000 £000 £000
Cash in hand, at bank 1,226 (823) - - 403
Finance leases (51) 61 (571) (106) (667)
------------------------- -------- -------- -------- -------- --------
Cash resources (net debt) 1,175 (762) (571) (106) (264)
------------------------- -------- -------- -------- -------- --------
2004 2003
£000 £000
(Decrease) increase in cash in the year (823) 1,103
Cash outflow from decrease in debt and lease financing 61 34
------------------------------------------ -------- --------
Change in net debt/cash resources resulting from cash flows (762) 1,137
Finance leases acquired with subsidiaries (571) -
New finance leases (106) -
------------------------------------------ -------- --------
Movement in net debt in year (1,439) 1,137
Cash resources at 1 January 2004 1,175 38
------------------------------------------ -------- --------
(Net debt) cash resources at 31 December 2004 (264) 1,175
------------------------------------------ -------- --------
7. Reserves
Share premium Other reserve Profit and loss
account account
£000 £000 £000
At 1 January 2004 6,441 2,359 (8,384)
Retained profit for the year - - 1,101
Share capital issued 22 2,127 -
------------------------------------ -------- -------- --------
At 31 December 2004 6,463 4,486 (7,283)
------------------------------------ -------- -------- --------
8. Earnings (loss) per share
The calculations of earnings (loss) per share are based on the following profits
(losses) and numbers of shares.
2004 2003
----------------------------- ------------------
Earnings Per share Per share Earnings Per share
(losses) amount amount (losses) Amount
Basic Diluted Basic and
diluted
£000 p p £000 p
Earnings(loss) per
share (eps) 1,101 10.0 10.0 (329) (3.2)
Effect of goodwill
amortisation 636 5.8 5.8 463 4.5
-------- -------- -------- -------- --------
Eps before amortisation
of goodwill 1,737 15.8 15.8 134 1.3
Exceptional
items (net of tax) *+(1,248) (11.3) (11.4) *^524 5.2
======== ======== ======== ======== ========
Eps before amortisation
of goodwill and
exceptional items 489 4.5 4.4 658 6.5
======== ======== ======== ======== ========
*+ Relates to profit on disposal of manufacturing software operation based in
Crewe of £1.25m on which there was no tax charge due to the availability of
capital losses.
*^ Relates to write-off of irrecoverable balances from RAP of £0.61m less tax of
£0.18m and a further loss on disposal of the legacy businesses arising from
reduced deferred consideration of £0.10m which had no tax effect.
The alternative earnings per share calculations have been computed because the
directors consider that they are useful to shareholders and investors.
2004 2003
Number of Number of
shares shares
Weighted average number of shares:
For basic earnings per share 10,980,489 10,192,428
Exercise of share options 40,264 -
------------- -------------
For diluted earnings per share 11,020,753 10,192,428
============= =============
FRS 14 requires presentation of diluted earnings per share when a company could
be called upon to issue shares which could decrease net profit or increase net
loss per share. For a loss-making company with outstanding share options, net
loss per share would only be increased by the exercise of out-of-the-money share
options. Since it seems inappropriate to assume that option holders would act
irrationally, no adjustment has been made to diluted earnings per share in 2003
for out-of-the-money share options.
Although the convertible 6% loan notes issued in connection with the Landsteinar
acquisition are in-the-money, there is no intention to allow the notes to
convert and, therefore, they have been excluded from the calculation of diluted
earnings per share.
9. The directors do not recommend the payment of a final dividend and the
dividend for the year is therefore £nil (2003: £nil).
10. The results have been prepared under the historical cost convention and in
accordance with applicable United Kingdom accounting standards. The accounting
policies have been applied consistently with those stated in the previous accounts.
11. The financial information set out above does not comprise the Company's
statutory accounts. Statutory accounts for the previous financial year
ended 31 December 2003 have been delivered to the Registrar of Companies. The
auditors' report on those accounts was unqualified and did not contain any
statement under section 237(2) or (3) of the Companies Act 1985. The auditors
have given an unqualified opinion on the accounts for the year ended 31 December
2004 and it did not contain any statement under section 237(2) or (3) of the
Companies Act 1985. These will be delivered to the Registrar of Companies
following the annual general meeting.
12. This preliminary announcement was approved by the Board of directors on 2
June 2005.
13. The full financial statements will be posted to shareholders on or around 30
June 2005. Further copies will also be available from the Company's registered
office at Linden Business Centre, Linden Road, Colne, Lancashire, BB8 9BA from
that date.
This information is provided by RNS
The company news service from the London Stock Exchange
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