Interim Results

RNS Number : 7718H

Printing.com plc

10 November 2008

 



FOR RELEASE 

7.00AM    

10 November 2008

Printing.com plc

('Printing.com' or 'the Company')

Specialist retail chain with 271 Outlets open and pending across the UK& Ireland

Unaudited Interim Results for the period ended 30 September 2008

	Six months	Six months
	ended	ended
	30 September	1 October
	2008	2007	Change
Total Retail Sales*	£13.17m	£12.12m	+8.7%
Turnover	£7.18m	£6.44m	+11.5%
EBITDA	£1.64m	£1.59m	+3.1%
Profit before tax	£1.02m	£0.97m	+5.2%
EPS - Basic	1.61p	1.51p	+6.6%
EPS - Fully Diluted	1.59p	1.45p	+9.7%
Dividend	1.05p	1.00p	+5.0%
Capital Expenditure	£0.29m	£0.85m	-
Net Cash	£2.94m	£2.74m	-
Net Funds/(Debt)	£0.95m	£(0.08)m	-
Outlets Active at Period end
Stand alone stores	48	49	-2.0%
Bolt-ons	223	175	+27.4%
Total Outlets open and pending	271	224	+21.0%

* Total Retail Sales is the retail sales value of product which goes through the Printing.com network and for which Printing.com earns revenue.

• Sales, Profits, Earning per Share and Dividends increase 

• Number of Outlets now exceeds 270 

• Current Sales Volumes in line with Q2 Profile 

• Network Partner Programme now operational

• Additional International Master Licence granted 

For further information:

Printing.com plc

Tony Rafferty (Chief Executive)                                             07966 517 336

Alan Roberts (Finance Director)                                             07977 277 521

Cubitt Consulting

Brian Coleman-Smith / Nicola Krafft / James Verstringhe        020 7367 5100

Brewin Dolphin Ltd (Nominated Adviser)

Richard Evans                                                                       0845 213 4853

Printing.com

Printing.com offers a broad product range including leaflets, booklets, postcards, promotional cards, invitations, letterheads and business cards to consumers and small and medium sized companies. Unlike its competitors, Printing.com's Stores and Franchises do not depend on any printing equipment on location. The Company's printing and ancillary equipment is based at the centralised Production Hub with the head office in Manchester. All work is produced in full four colour rather than two colour. The printing sector has traditionally been served by smaller printing companies or other On Demand Printers and is estimated to be worth some £1 billion.

Printing.com has three routes to market: Franchise Stores, Bolt-on Franchises and Company owned Stores.

A complete list of Printing.com's active Outlets across the UK & Ireland is included at the end of the release.

  Printing.com plc

('Printing.com' or 'the Company')

Specialist retail chain with 271 Outlets open and pending across the UK & Ireland

Unaudited Interim Results for the period ended 30 September 2008

Chairman's & Chief Executive's Statement

Trading Results, Cash and Dividend

We are pleased to announce that, for the Interim Period covering the 6 months ending 30 September 2008, your Company increased pre-tax profits by 5.2% to £1.02m (2007: £0.97m).

Total Retail Sales (TRS), the measure that we believe best indicates transactional volumes, increased by 8.7% to £13.17m (2007: £12.12m). Turnover increased by 11.5% to £7.18m (2007: £6.44m).

We previously expressed the belief that EBITDA would increase by circa £1m for each additional £5m of Total Retail Sales. TRS and EBITDA increased by £1.05m and £0.05m respectively, a lower amount than would otherwise be anticipated by this measure. Whilst operating margins in general saw a slight erosion, principally the majority of this variance was attributable to the decision, given the current economic climate, to increase the Company's provisions in respect of debtors.  Excluding this increase in provisions, the translation from TRS to EBITDA would be broadly in-line with the metric. 

At the close of the Interim Period, the Company had cash-in-hand of £2.94m.  Working capital increased by £0.07m and the Company paid dividends of £0.89m. During the Interim Period the Company made capital expenditure of £0.29m (2007:£0.85m), principally representing the ongoing investment in its Flyerlink software. 

Given the uncertainty in the banking sector of late, the Company saw fit to review its treasury policies and consequently spread its cash reserve across several banks.

The Directors are declaring an interim dividend of 1.05p per share to be paid on 12 December 2008 to shareholders on the register at 21 November 2008.

Current Trading

At this juncture, sales volumes continue to follow a similar profile to the Company's second fiscal quarter, albeit some margin erosion has been experienced essentially due to the more potent monthly offers that have been made available, to stimulate demand via the Company's UK and Irish Franchises.   Estate Development

The table below sets out the encouraging growth in Bolt-on Franchises during the Interim Period, in which 31 additional licenses were granted.

	30 September 2008	1 October 2007	31 March 2008
Company owned Stores	6	4	4
Franchised Stores  Open and pending	42	45	44
Bolt-on Franchises	223	175	201
Total Outlets open and pending	271	224	249

Bolt-on Franchises are, in the main, partnerships with graphic businesses that carry out a multiplicity of other activities in tandem with the Printing.com offering. From time to time these businesses elect to change overall direction or, in some instances, cease to trade. Accordingly the growth in the overall number of Outlets in the Interim Period was marginally below the rate at which new agreements were granted. Where Printing.com encounters these circumstances, priority is given to the maintenance of client relationships. Often the business is redeployed to a neighbouring Outlet until a more permanent solution is possible via the grant of a replacement Bolt-on licence.

Like for Like

The Printing.com like for like metric takes into account the growth of Territory Franchises (in geographic terms outside of London these are typically the size of a county) embracing not only the Store but also the Bolt-on Franchises under the umbrella of the Territory Franchisee. Only Territory Franchises operational for over three years are included.

On this basis, like for like growth during the interim period was 16.5% versus 12.9% reported for the previous Interim Period.

International Development

Of particular note, albeit post the Interim Period, an additional Master Licence Agreement has been granted over a large territory where franchising is well established. The locality of this Partner will be released contemporaneously with their own PR initiatives and it is anticipated that this will take place in early 2009. The senior management team of the partner company (a successful commercial printer) has already undergone extensive training in the UK with additional support in the territory itself imminent. It is anticipated that this new Printing.com operation will commence trading during the first quarter of next year.

Elsewhere New Zealand continues to make good progress. Operations in France remain at an early stage with modest revenues being generated. However, the Company remains committed to the development of the French operations and intends to open two Stores in France as a catalyst to further franchise development. Options for Australia are still being explored. 

  Network Partner

The Network Partner programme is the initiative by which third party manufacturers of complementary printed products are able to market and transact business via the Printing.com network. 

Whilst still at an early stage, the initiative appears to be gaining momentum and we are encouraged by the prospects for the second half of the year.  

Outlook

Despite the deterioration in the UK and Irish economies we believe that trading has held up well to date. However, certain market segments which historically performed well, for instance Estate Agents, have shown a dramatic drop off.  New business launches have also been an important component of the sales mix with these also faring badly. Conversely, we are aware of many instances in which our Franchisees are winning new clients and new business in situations where the client's previous printer has ceased to trade.

In addition, albeit at the expense of some operating margin, we are seeking to enhance Printing.com's monthly offers and have recorded an increase in the take up of these offers as a proportion of overall business. This reflects our belief that whilst the market may very well shrink in the short term, we can increase our market share as small businesses seek to reduce their costs. 

However, given the gravity of the general economic situation we cannot say with any certainty how this may impact on trading during the remainder of the fiscal year and beyond. Accordingly, whilst not reflected at this juncture by sales volumes, we must remain cautious in the short term. 

Notwithstanding our short term cautious stance, we believe that the additions of the grant of the recent Master Licence, the successful launch of the Network Partner programme along with the continued growth in the Printing.com estate, provide a solid basis for the further expansion of Printing.com both in the UK and overseas. 

George Hardie                                                                                       Tony Rafferty

Chairman                                                                                                Chief Executive

10 November 2008                                                                                 10 November 2008

  Printing.com plc

('Printing.com' or 'the Company')

Specialist retail chain with 271 Outlets open and pending across the UK & Ireland

Unaudited Interim Results for the period ended 30 September 2008

Consolidated Income Statement

for the six months ended 30 September 2008

	Note	Unaudited	Unaudited	Unaudited
		Six months to 30 September 2008	Six months to 1 October 2007	Year ended  31 March 2008
		£000	£000	£000
Revenue		7,177	6,439	13,479
Changes in stocks of finished goods		11	(18)	5
Raw materials and consumables used		(2,377)	(2,113)	(4,473)
Gross profit		4,811	4,308	9,011
Staff costs		(1,882)	(1,678)	(3,218)
Other operating charges		(1,289)	(1,037)	(2,123)
Depreciation and amortisation		(669)	(650)	(1,378)
Operating profit		971	943	2,292
Financial income		110	121	316
Financial expenses		(61)	(96)	(187)
Net financing income		49	25	129
Profit before tax		1,020	968	2,421
Taxation	3	(303)	(291)	(789)
Profit for the period attributable to equity holders of the Company		717	677	1,632
Basic earnings per share	4	1.61p	1.51p	3.64p
Diluted earnings per share	4	1.59p	1.45p	3.51p

  Consolidated Statement of Changes in Shareholders Equity 

for the six months ended 30 September 2008 (unaudited)

	Share Capital	Share premium	Merger reserve	Retained earnings	Total
	£000	£000	£000	£000	£000
Opening shareholders' funds at 3 April 2007	447	3,833	211	2,315	6,806
Profit for the period	-	-	-	677	677
Dividends paid	-	-	-	(850)	(850)
Total recognised income and (expense)	-	-	-	(173)	(173)
Equity settled share based payments				43	43
Shares issued	2	24	-	-	26
Total movement in shareholders' funds	2	24	-	(130)	(104)
Closing shareholders' funds at 1 October 2007	449	3,857	211	2,185	6,702
Opening shareholders' funds at 2 October 2007	449	3,857	211	2,185	6,702
Profit for the period	-	-	-	955	955
Dividends paid	-	-	-	(450)	(450)
	-	-	-
Total recognised income and (expense)	-	-	-	505	505
Equity settled share based payments	-	-	-	18	18
Own shares acquired	-	-	-	(82)	(82)
Shares issued	1	14	-	-	15
Total movement in shareholders' funds	1	14	-	441	456
Closing shareholders' funds at 31 March 2008	450	3,871	211	2,626	7,158
Opening shareholders' funds at 1 April 2008	450	3,871	211	2,626	7,158
Profit for the period	-	-	-	717	717
Dividends paid	-	-	-	(892)	(892)
Total recognised income and (expense)	-	-	-	(175)	(175)
Foreign Exchange Differences	-	-	-	(2)	(2)
Own shares acquired	-	-	-	(257)	(257)
Shares issued from treasury	-	-	-	65	65
Total movement in shareholders' funds	-	-	-	(369)	(369)
Closing shareholders' funds at 30 September 2008	450	3,871	211	2,257	6,789

  Consolidated Balance Sheet

at 30 September 2008

	Unaudited	Unaudited	Unaudited
	30 September 2008	1 October 2007	31 March  2008
	£000	£000	£000
Non-current assets
Property, plant and equipment	4,759	5,533	5,217
Intangible assets	1,213	1,128	1,139
Deferred tax assets	25	108	25
Other receivables	355	458	470
Total non-current assets	6,352	7,227	6,851
Current assets
Inventories	120	121	109
Trade and other receivables	3,476	3,392	3,210
Cash and cash equivalents	2,937	2,740	3,502
Total current assets	6,533	6,253	6,821
Total assets	12,885	13,480	13,672
Current liabilities
Other interest-bearing loans and borrowings	(727)	(985)	(804)
Trade and other payables	(2,005)	(2,165)	(1,759)
Current tax payable	(311)	(89)	(377)
Accruals and deferred income	(968)	(878)	(1,094)
Other liabilities	(151)	(147)	(182)
Total current liabilities	(4,162)	(4,264)	(4,216)
Non-current liabilities
Other interest-bearing loans and borrowings	(1,256)	(1,840)	(1,613)
Deferred tax liabilities	(678)	(674)	(685)
Total non-current liabilities	(1,934)	(2,514)	(2,298)
Total liabilities	(6,096)	(6,778)	(6,514)
Net assets	6,789	6,702	7,158
Equity
Share capital	450	449	450
Share premium	3,871	3,857	3,871
Merger reserve	211	211	211
Retained earnings	2,257	2,185	2,626
Total equity	6,789	6,702	7,158

Consolidated Cash Flow Statement

for the six months ended 30 September 2008 

	Unaudited	Unaudited	Unaudited
	Six months to 30 September  2008	Six months to 1 October  2007	Year ended  31 March  2008
	£000	£000	£000
Cash flows from operating activities
Profit for the year	717	677	1,632
Adjustments for:
Depreciation, amortisation and impairment	669	650	1,378
Financial income	(110)	(121)	(316)
Financial expense	61	96	187
Exchange gain	-	4	75
Equity settled share-based payment expenses	-	43	71
Taxation	303	291	789
Operating profit before changes in working capital and provisions	1,640	1,640	3,816
(Increase)/ decrease in trade and other receivables	(151)	98	269
Increase in stock	(11)	(19)	(5)
Increase/(decrease) in trade and other payables	89	135	(17)
Cash generated from the operations	1,567	1,854	4,063
Tax paid	(376)	(217)	(344)
Net cash inflow from operating activities	1,191	1,637	3,719
Cash flows from investing activities
Interest received	110	121	241
Acquisition of property, plant and equipment	(40)	(502)	(235)
Capitalised development expenditure	(247)	(189)	(530)
Sale of property, plant and equipment	-	-	150
Net cash outflow from investing activities	(177)	(570)	(374)
Cash flows from financing activities
Proceeds from the issue of share capital	65	26	41
Purchase of own shares	(257)	-	(82)
Interest paid	(61)	(96)	(187)
Payment of finance lease liabilities	(434)	(464)	(1,165)
Advances on finance leases	-	202	-
Payment of equity dividend	(892)	(850)	(1,300)
Net cash outflow from financing activities	(1,579)	(1,182)	(2,693)
Net (decrease)/increase in cash and cash equivalents	(565)	(115)	652
Exchange differences on cash and cash equivalents	-	-	(5)
Cash and cash equivalents at start of period	3,502	2,855	2,855
Cash and cash equivalents at end of period	2,937	2,740	3,502

Notes 

(forming part of the interim financial statements)

1  Basis of preparation

Printing.com plc (the 'Company') is a company incorporated and domiciled in the UK. 

The Group financial statements are authorised for issue by the Board of Directors on 9 June 2008.  European Union law (EULAW) (IAS Regulation EC 1606/2002) requires that the financial statements of the Group are prepared in accordance with International Financial Reporting Standards as adopted by the EU (EU-IFRS).  The financial statements have been prepared on the basis of the recognition and measurement requirements of EU-IFRS that are endorsed by the EU and effective at 30 September 2008.

The financial information is unaudited and does not constitute the Company's statutory accounts within the meaning of Section 240 of the Companies Act 1985. 

Statutory accounts for the year ended 31 March 2008 have been delivered to the Registrar of Companies. The comparative figures for the financial year ended 31 March 2008 are not the company's statutory accounts for the financial year. These accounts have been reported on by the company's auditors and delivered to the registrar of companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 237(2) or (3) of the Companies Act 1985.

2  Segmental analysis

The principal components of revenue are the design and production of publicity and marketing material, and franchise fee income. All of the revenue is in one continuing business segment being the development of the Printing.com Franchise and originates principally in the United Kingdom and Republic of Ireland. 

Analysis by geographical destination

	Revenue			Net Assets		Capital expenditure
	30 September 2008	1 October 2007	30 September 2008		1 October 2007	30 September 2008	1 October 2007
	£000	£000	£000		£000	£000	£000
United Kingdom	6,708	6,092	6,319		6,295	282	815
Republic of Ireland	384	322	401		396	-	5
Rest of the world	85	20	69		11	5	30
	7,177	6,439	6,789		6,702	287	850

3  Taxation

The tax charge is based on the base tax rate of 28% which after adjusting for disallowable expenses and movement on Deferred Tax resulted in an estimated tax rate of 29.7% (six month period ended 1 October 2007 30%).

4  Earnings per share

The calculation of the basic earnings per share is based on the profit after taxation divided by the weighted average number of shares in issue, being 44,597,883 (period ended 1 October 2007:44,820,669; year ended 31 March 2008: 44,892,441).  

The diluted earnings per share takes the weighted average number of ordinary shares in issue during the period and adjusts this for dilutive impact of share options existing at the period end. The diluted weighted average number of shares in the period ended 30 September 2008 was 45,148,821 (period ended 1 October 2007: 46,690,604; year ended 31March 2008:46,547,410 ).  The profit used in the diluted earnings per share is based on profit after taxation. 

  Independent Review Report to Printing.com plc

Introduction

We have been engaged by the Company to review the condensed set of financial statements in the half-yearly report for the six months ended 30 September 2008 which comprises the Consolidated Income Statement, the Consolidated Statement of Changes in Shareholders' Equity, the Consolidated Balance Sheet, the Consolidated Cash Flow Statement and the related explanatory notes. We have read the other information contained in the half-yearly report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the company in accordance with the terms of our engagement. Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached.

Directors' responsibilities

The half-yearly report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly report in accordance with the AIM Rules.

The next annual financial statements of the group will be prepared in accordance with IFRSs as adopted by the EU.

The accounting policies that have been adopted in preparing the condensed set of financial statements are consistent with those that the directors currently intend to use in the next annual financial statements. There is, however, a possibility that the directors may determine that some changes to these policies are necessary when preparing the full annual financial statements for the first time in accordance with IFRSs as adopted by the EU. 

Our responsibility

Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly report based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly report for the six months ended 30 September 2008 is not prepared, in all material respects, in accordance with the recognition and measurement requirements of IFRSs as adopted by the EU and the AIM Rules.

KPMG Audit Plc

Chartered Accountants

Manchester

10 November 2008

Customer	Region	Town	Post Code
Sign It (Nottm) Ltd	Central England	Beeston, Nottingham	NG9 2AY
Graphic Results	Central England	Belper	DE56 1BA
East Birmingham Store	Central England	Birmingham	B26 3JR
South West Birmingham Store	Central England	Birmingham	B16 9RD
Birmingham Store	Central England	Birmingham	G3 8LZ
Artichoke Design Ltd	Central England	Birmingham	B18 6NN
Vicki Interiors Limited	Central England	Burntwood	WS7 3GL
First Impression	Central England	Buxton, Derbyshire	SK17 9PA
Coventry Store	Central England	Coventry	CV2 4BE
ADECS Ltd	Central England	Coventry South	CV4 8HX
Image I.T. Limited	Central England	Daventry	NN11 8RY
Sportwise Marketing Ltd t/ a Immediate Design	Central England	Derby	DE1 3QB
Synergy	Central England	Derby - Crewton	DE24 8SR
Multiprint & Embroidery Limited	Central England	Derby - Littleo	DE23 6FP
FSeven Design Solutions	Central England	Digbeth	B9 4AA
Kualo Limited	Central England	Gloucester	GL2 2AT
Hussellworks	Central England	Halesowen	B63 3HR
Clientel Systems Limited	Central England	Kibworth	LE8 0HS
Leicester Store	Central England	Leicester	NG1 6DQ
4si Solutions Ltd	Central England	Leicester	LE3 0LE
For Colour Ltd	Central England	Lincoln	LN2 4US
Trident Design & Print	Central England	Lutterworth	LE17 4EE
Penz n Print Ltd	Central England	Market Rasen	LN8 3EN
Queensway Print	Central England	Milton Keynes	MK1 1LS
For Colour	Central England	Newark, Nottingham	NG24 1LE
Northampton Store	Central England	Northampton	NN1 5QJ
Custard Creative	Central England	Northampton	NN3 6WL
Nottingham Store	Central England	Nottingham	L2 2HF
Oxford Store	Central England	Oxford	OX2 7HT
Peterborough Store	Central England	Peterborough	PE2 8AN
ITS-Ideas Taking Shape Ltd	Central England	Rugby	CV21 2SD
Boomerang Print Design Ltd	Central England	Solihull	B91 3RT
Runtime Print Ltd	Central England	Telford	TF2 8AJ
Wolverhampton Store	Central England	Wolverhampton	WV1 4BL
Red Hot Media	East	Lowestoft	NR33 0AA
Goldengate Productions	East	Suffolk	IP30 9QS
Keith Nolan Limited	Ireland	Athlone	EE1 1EE
Kwik Kopy	Ireland	Ballymena	BT43 6EB
Malik Bond	Ireland	Belfast - South	BT7 2JA
Twist Design	Ireland	County Donegal	EE1 1EE
Dublin Store	Ireland	Dublin	Dublin 2
North Dublin Store	Ireland	Dublin	Dublin 7
Trivium Limited	Ireland	Maynooth - Coun	EE1 1EE
Graphic Facilities	Ireland	Mullingar	EE1 1EE
Creative State Limited	Ireland	Naas - County K	EE1 1EE
Desktop	Ireland	Omagh	BT78 1DW
Tullow Manufacturing Limited	Ireland	Tullow	EE1 1EE
Thomas Hughes & Sons Ltd	Ireland	Wexford	EE1 1EE
Central London Store	London	Baker Street	BS1 3LZ
Alpha to Omega	London	Beckenham	BR3 3HX
Plug and Play Design	London	Bramley	GU6 8JJ
Fireworks Design and Print	London	Catford	FK9 5GQ
Blank Canvas Design & Print	London	Chigwell, Essex	IG7 5PD
DNA Creative	London	Clapham	SW11 1TH
City & Clerkenwell Store	London	Clerkenwell	EC1M 5QA
Print Express	London	Colindale	NW9 5DL
Last Print LLP	London	Docklands E16	E14 0JY
Ealing Store	London	Ealing	W13 8SB
0800 Promote Ltd	London	Finchley	N3 1TR
Creekside Press	London	Greenwich	SE10 9QX
Guildford Store	London	Guildford	GU2 4BE
Hampstead Store	London	Hampstead	NW1 6UY
Colour Division	London	Hampstead	NW6 1SD
Digipix Ilford	London	Ilford	IG1 4DU
Envisualise Ltd	London	Kingston	KT2 6LX
London Office Services	London	London	W1G 8JR
1st Creative	London	London SE1	SE1 3ER
Marmoset Media Ltd	London	London SW17	SW17 7PJ
Expocentric Communication Ctrs	London	Mayfair	W1S 4LW
Endgold Ltd	London	Nottinghill	W11 3HT
Orpington Store	London	Orpington	BR6 0JY
Cre8Business Image	London	Potters Bar	EN6 5AS
Reading Store	London	Reading	RG1 4QA
Ditto Office Services Ltd	London	Sevenoaks	TN13 1AS
London Print Compamy	London	Shaftesbury Avenue	WC2H 8EB
DNA Solutions UK Limited	London	Slough	SL1 4JG
Promoworx	London	South Woodford E8	E18 2QL
Toppers Print & Design Ltd	London	Stevenage	SG1 3HR
Cloudmire Limiter	London	Swiss Cottage	NW3 6JP
Kink Design	London	Thornton Heath	EC2A 3LT
Source Grafik Design	London	Thornton Heath	SE6 1TJ
Wernham Printers Ltd	London	Tottenham	N17 6QD
FiveFish Limited	London	Twickenham	TW12 1JT
Printroomsoho Ltd	London	Wardour Street	W1F 0TS
Watford Store	London	Watford	WD17 1RA
Creographics	London	Wimbledon	SW19 8TY
Centrepoint Print	Midlands	Birmingham - Erdington	B23 6LR
Colour Graphics	Midlands	Burntwood	WS7 3GL
Cambridge Graphics	Midlands	Great Cambourne	CB23 5BH
RDS Networks	Midlands	Hall Green	B28 8AS
Pixel Design	Midlands	Kidderminster	DY11 6XB
Kaleidoscope Press Ltd	Midlands	Leamington Spa	CV33 9GX
Virtual Star Designs	Midlands	Lichfield	WS13 8EX
Ozmedia Print Solutions	Midlands	Loughborough	LE11 5AA
Pewter Design	Midlands	Market Harborough	LE16 7DS
Interactive Marketing	Midlands	Meregreen	B1 3ND
St Ives Quickprint Ltd.	Midlands	St Ives	PE27 3WS
Rhubarb & Custard	Midlands	Sutton Coldfield	B72 1NE
Modus Print	Midlands	Worcester	WR1 1JZ
Astral Graphics	Midlands	Worksop	S81 8AP
Indigo Print & Design	North East	Alnwick	NE66 1HB
Documentshop.com limited	North East	Barnsley	S70 2HG
Smart Card International Limited	North East	Beverley	HU17 0TB
Dark Matter Design	North East	Bishop Auckland	DL14 7EL
Bradford Store	North East	Bradford	BD1 3BA
John Siddall (Printers) Ltd	North East	Cleckheaton	BD19 3JL
RT Design	North East	Consett	DH8 6BP
Total Graphics	North East	Darlington	TS18 3TQ
Doncaster Store	North East	Doncaster	DN1 1HT
Tigher Limited	North East	Durham	DH1 1RF
Washington Direct Mail	North East	Gateshead	NE11 0SH
Feel Design	North East	Goldsborough	HG5 8NJ
Loyalty Matters Ltd	North East	Harrogate	HG3 2XA
Winny Limited	North East	Hartlepool	TS25 5TG
Pink Custard Design Ltd	North East	Hull	HU1 1PS
Ryedale Printing Works Ltd	North East	Kirbymoorside	YO62 6YB
Leeds Store	North East	Leeds	LS1 3DL
The Factory Partnership Ltd	North East	Leeds	LS12 2DS
Ideas Start Here Ltd	North East	Leeds	LS8 2HU
Middlesbrough Store	North East	Middlesbrough	TS1 1LY
Mix Marketing Ltd	North East	Mirfield	WF14 8AH
Newcastle Store	North East	Newcastle	B5 4JL
Direct Business Products	North East	Newcastle	NE12 9UP
Via Creative Consultants Ltd	North East	Redcar	TS10 5SH
Bluprint	North East	Rotheram	S60 2LZ
Desk Top Publishing Ltd	North East	Scunthorpe	DN15 6LJ
Sheffield Store	North East	Sheffield	S1 4GF
Runway 24	North East	Sheffield - Hillsborough	S6 4GH
Eidos Design Limited	North East	Slaithwaite	HD7 5BQ
Marckell Business Solutions Ltd	North East	South Shields	NE33 1TL
Stuart Lockerbie T/A Maskerade.	North East	Sunderland	SR2 7PR
G3 Advertising	North East	Thirsk	Y07 1HL
Goweb Print Ltd	North East	Wakefield	WF2 9BL
Colour Box Design Company Ltd	North East	York	YO24 1AR
Thw Brackenhill Group	North East	York East	YO41 4DF
ER Design & Print Service Ltd	North West	Alsager	CW2 7AX
Ardwick - One21 Designs	North West	Ardwick	M12 6JH
Rhino Design	North West	Ashton-under-Lyne	OL6 6XJ
Gud Design Ltd	North West	Birkenhead - Ea	CH41 1EU
Fluid Creative	North West	Blackburn	BB2 1AR
Granthams	North West	Blackpool	FY1 4PE
Print Hub Design	North West	Bolton	BL1 3QN
Digeridoo	North West	Bolton	BL7 9NY
Moorish Idol	North West	Bolton - South	BL3 5AB
Wild Thang	North West	Bootle	L20 8LQ
Printing Matrix	North West	Brampton, Carlisle	CA8 1SW
Fluidmedia.net Ltd	North West	Bury	BL9 0LL
Brightspark Design & Print	North West	Carlisle	CA2 7AJ
RAS Limited	North West	Chester	CH3 5AG
McVery's	North West	Chorley	PR7 2AA
William Seabrook Associates Ltd	North West	Chorlton - Manchester	M21 8UP
Kingfisher Print	North West	Clayton-le-Moors	BB5 5JQ
Northstar Creative Design & Advertising LLP	North West	Colne	BB8 9BD
Mail Boxes Etc	North West	Didsbury	M20 6UG
ScissorsPaperStone	North West	Eccles	M30 8GH
Creativo	North West	Ellesmere Port	CH65 4FW
First Impression Limited	North West	Glossop	SK13 8ER
Lancaster Store	North West	Lancaster	LA1 1XN
DCT Marketing	North West	Lancaster - Cleveleys	FY5 2DB
Liverpool Store	North West	Liverpool	NE1 4AE
Elite Invite Limited	North West	Liverpool	L22 4QD
RPG Print Ltd	North West	Liverpool West	L7 0ES
Plinkfizz Limited	North West	Longton	ST3 4HY
Infinity Creative	North West	Macclesfield	SK11 6HN
Copycat Print Ltd	North West	Maghull	L31 2HB
North Manchester Store	North West	Manchester	M4 5AG
Manchester Store	North West	Manchester	LE1 1LB
Alert 2 Media	North West	Manchester	M1 1DZ
Chilli Cactus Limited	North West	Manchester	SK9 1RA
The Agency Creative limited	North West	Manchester	M17 1DZ
Creation Publicity Ltd	North West	Manchester	M17 1DZ
Print Design Warehouse Ltd	North West	Marple	SK8 1DW
Red Fred Limited	North West	Nantwich	CW5 6PQ
SmartStudios	North West	North Manchester	M4 4DE
The Creative Hub (UK) Ltd	North West	Ormskirk - Live	L39 3AJ
Granthams	North West	Preston	PR1 2UQ
Daleprint	North West	Rochdale	OL16 2AW
Chris Thew Design & Print Limited	North West	Rossendale	BB4 8EQ
Hashem Media	North West	Sale	M33 6RH
The Graphics Department	North West	Salford	M3 6BF
Impressions Design & Print Ltd	North West	Sandbach - Ches	CW11 1DA
I Design	North West	Southport	PR9 0NS
Masterprint (NW) Ltd	North West	St Helens	WA10 1DH
Impact Digital	North West	Timperley	WA14 1PJ
The Hub	North West	Trafford Park	M17 1FG
AF Reprographic	North West	Tyldesley	M29 8DS
Warrington Store	North West	Warrington	WA1 1EN
Printel UK Ltd	North West	Widnes	WA8 9LG
Mooney Media Ltd	Northern Ireland	County Down	BT32 3QD
Go Fish Design & Print	Northern Ireland	Lisburn	BT28 1AG
Xpress Printing	Northern Ireland	Newtonabbey	BT36 4PU
Native Print	Noth East	Newcastle - Heaton	NE6 5HL
The Business Boutique UK Ltd	Scotland	Aberdeen	AB24 5BW
Steptoe Creative Limited	Scotland	Ayr - Scotland	EE1 1EE
J&J Cornfield T/A Printing.com	Scotland	Coatbridge	ML6 9AF
Dundee Store	Scotland	Dundee	M3 4EN
Edinburgh Store	Scotland	Edinburgh	S1 4GF
Elevate You Limited	Scotland	Edinburgh	EH11 4EP
Digisnaps Ltd	Scotland	Edinburgh	EH2 2PJ
Glasgow Store	Scotland	Glasgow	NW3 5HS
SPD Print Solutions Ltd	Scotland	Glasgow	G40 4DU
Revolve Design & Print	Scotland	Glasgow - City	G4 0QR
J&J Cornfield Partnership	Scotland	Hamilton	ML3 6DS
Velocity Design	Scotland	Inverness	IV4 7EG
Republique Limited	Scotland	Linlithgow	BN3 3LL
Delta Design Ltd	Scotland	Livingstone	EH54 8PT
Colorgrafix	Scotland	Louth	LN11 9AA
Glasgow Print	Scotland	North Glasgow	G20 9AY
Creative Concept UK Ltd	Scotland	Paisley	PA1 1TX
South Glasgow Store	Scotland	South Glasgow	G5 9RR
Tangerine Industries Ltd	Scotland	Stirling	FK8 1JW
Brighton Store	South	Brighton	BN1 4JB
Talon Graphics	South	Brighton	CR7 8DD
Tudor Printers Limited	South	Worthing	BN11 1UY
Ashford Store	South East	Ashford	TN24 8UU
Cambridge Store	South East	Cambridge	CB3 0AX
Think IMG Ltd	South East	Canterbury	CT1 2NR
Studio Direct (Printing) Ltd	South East	Chelmsford	CM2 6JP
Inprint	South East	Colchester	CO1 1PB
TRS Graphics Ltd	South East	Croydon	CR0 1QR
Jellybean Graphics	South East	Croydon	CR9 6YJ
Dorking Print Solutions Ltd	South East	Dorking	RH4 2ES
Patient Excel	South East	Dunstable	LU7 1EN
Accomplice Limited	South East	Hailsham	BN27 1AU
JBS Print & Design	South East	Leatherhead	KT22 0AN
Luton Store	South East	Luton	LU1 2PL
Clearmist Designs Limited	South East	Maidenhead	SL6 1NB
Colourwave Printers	South East	Maidstone	ME16 0JZ
Norwich Store	South East	Norwich	NR1 1PL
Graphics One Limited	South East	Norwich	NR7 0EQ
Colourwave	South East	Ramsgate	CT11 8NT
Felix Ltd	South East	Rochester	ME2 4HZ
Bourne Graphics	South East	Saltdean, Sussex	BN2 8PA
World Wide Service	South East	Sandy, Bedfordshire	SG19 1AG
Colour Creatives Limited	South East	Sidcup - Kent	DA14 6ES
Head Consulting	South East	Somerton	BA16 0HA
Grow Marketing Limited	South East	Whitstable	CT3 4JH
Woking Print & Design	South East	Woking	GU21 7RS
Print Creative.	South West	Bath	BA1 2JB
Digillicious	South West	Bexhill	TN40 1JB
Bournemouth Store	South West	Bournemouth	BH11 8PN
Bristol Store	South West	Bristol	EH3 9LY
Imageglossy Ltd	South West	Christchurch	BH23 1QD
Exeter Store	South West	Exeter	EX4 3AJ
SDM Productions UK	South West	Fareham, Hampshire	PO17 5PG
Paw Print Design	South West	Gosport	PO15 7HH
Wessex Direct Ltd	South West	Minehead	TA24 5BJ
Full Colour Store	South West	Newton Abbott	SW6 6SE
Plymouth Store	South West	Plymouth	PL4 0AU
Neil Cheesewright T/A Chalk and Cheese Design	South West	Ruislip	HA4 6HH
Southampton Store	South West	Southampton	SO15 2AE
Wessex Direct Ltd	South West	Taunton	TA2 6BB
Wessex MAlthouse Direct Ltd	South West	Torquay	TQ1 3AW
Printing South West	South West	Totnes	TQ9 5DW
Whitman Design & Print Limited	South West	Truro	TR1 2HE
Anneset Productions	South West	Weston-Super-Mare	BS23 3DE
Cardiff Store	Wales	Cardiff	CF5 1JF
Australian Welsh	Wales	Cardiff	CF14 3JP
Macs Creative	Wales	Colwyn Bay	LL29 7PA
West Wales Design	Wales	Pembroke	SA71 4JS
Colourbox	Wales	Swansea	SA1 5TY
Parkmill Design	Wales	Swansea - Gower	SA3 2EH

 

END

 

 

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