Interim Results
Printing.com plc
21 November 2005
For Release 7.00 AM 21 November 2005
PRINTING.COM PLC
('Printing.com' or 'the Company')
Specialist retail chain with 147 Outlets open and pending across the UK
INTERIM RESULTS FOR THE PERIOD ENDED 16 OCTOBER 2005
£000 28 week period 28 week period Change
Ended Ended
16 October 10 October
2005 2004
Total Retail Sales 9,383 7,518 +25%
-------------------- ------- ------- ------
Turnover 6,404 5,564 +15%
Operating profit 1,108 726 +53%
Profit before tax 1,107 631 +75%
EPS - Basic 1.75p 1.09p +61%
EPS - Fully Diluted 1.66p 1.08p +54%
Dividend 0.50p N/A
Outlets Active at Period End
------------------------------
Stand alone Stores 41 25 +64%
Bolt-ons 91 58 +57%
---- ----
Total Active 132 83 +59%
Contracted 13 13
---- ----
Total open and pending 145 96 +51%
----- ----
* 28 new Outlets open and pending since March 2005
* Printing.com Stores now span North, South, East & West of the UK
* Printing.com's three pronged strategy of Franchise Stores, Bolt-on
Franchises and Company owned Stores remain attractive to the market. Alongside
profit margins significantly higher compared to sector competitors
* Main printing HUB facility being upgraded
o Total Retail Sales capacity to be increased to around £45 - £50 million
* Optimistic that growth will continue
For further information:
Printing.com plc
Tony Rafferty (Chief Executive) 07966 51 73 36
Alan Roberts (Finance Director) 0161 848 5713
Beattie Financial
Brian Coleman-Smith / Nia Thomas / Grace Dewhurst 020 7053 6400
Background note:
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 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. Delivery to the customer is
usually within three days. 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 147 outlets is included at the end of the
release.
High resolution images are available for the media to view and download free of
charge from www.vismedia.co.uk
PRINTING.COM PLC
('Printing.com' or 'the Company')
Specialist retail chain with 147Outlets open and pending across the UK
INTERIM RESULTS FOR THE PERIOD ENDED 16 OCTOBER 2005
Chairman's & Chief Executive's Statement
Trading Results and Dividend
We are pleased to announce that, for the interim period covering the 28 weeks
ending 16 October 2005, your Company increased pre-tax profits by 75% to
£1,107,000 (2004: £631,000) on turnover up by 15% to £6,404,000 (2004:
£5,564,000). Fully diluted earnings per share rose by 54% to 1.66p (2004:
1.08p).
At the close of the interim period, the Company had cash-in-hand of £2,734,000.
During the period, working capital increased by £703,000, the Company paid its
maiden dividend of £222,000 and capital expenditure amounted to £467,000.
In view of the trading in the first half of year and the outlook for the second
half of the year, the directors are declaring an interim dividend of 0.5p per
share to be paid on 16 December 2005 to shareholders on the register at 2
December 2005.
Total Retail Sales, the Company's estimate of the retail sales value of all
Printing.com transactions, rose by 25% to £9,383,000 (2004: £7,518,000).
The Company's estate expanded significantly, via its various franchise formats,
whilst transactional volumes proved robust and in-line with our internal budget.
Estate Development
The Company's current estate and recent growth is reflected in the table below:
18 November 31 March
2005 2005
Company owned Stores 8 9
Franchised Stores - open and pending under option 39 33
Bolt-on Franchises 100 77
Total open and pending 147 119
Specifically, in the first half of the year:
* Territory Franchise Agreements were completed in Bristol (through a
Management Buy In), Guildford, Birmingham East, Birmingham South West, Brighton,
Bradford, Cardiff, Northampton, Exeter and Manchester North.
* Stores opened in Coventry and Dublin North (the latter having
previously commenced trading from temporary premises) pertaining to Agreements
completed before the period under review. Stores also opened in Guildford,
Birmingham East and Brighton. Manchester North and Bradford commenced trading,
albeit from temporary premises with permanent premises likely to be secured
imminently.
* A further 2 'Options' (each involving the payment of a non-refundable
deposit of £6,000) were taken out over the Southampton and Norwich Territory
Franchises with openings expected before the close of the financial year.
Glasgow East is also expected to have opened by the year end.
Post the close of the period, Stores have opened in Birmingham South West and
Exeter. Property has also been secured for the Northampton Store, and the
shop-fit is presently taking place in Cardiff.
During the first half, 21 Bolt-on Franchise agreements were completed with an
additional five completed post the close of the half year period. The Company
also terminated, by mutual agreement, three Bolt-on Franchise Agreements. Also,
a Bolt-on Franchisee, who had previously operated its business from two
locations, elected to consolidate business onto a single site, further reducing
the estate by an outlet, but not necessarily the related trade.
Of these Bolt-on Franchises, seven could be classified as 'Guerrilla', whereby a
fledgling entrepreneur establishes what is essentially a Bolt-on Franchise, but
a new start-up, 'bolted' onto their existing business contacts and industry
skills.
Following the recent National Franchise Exhibition, the Company is once again
scrutinising a high number of enquiries. Also, a strong pipeline of prospective
Bolt-on Franchises exists, and it is expected that another wave of agreements
will be completed shortly.
Master Franchise
The release of Printing.com's international strategy was brought forward to
14th November 2005, to enable journalists from around the world to be briefed
at the IPEX 2006 Press Inward Mission.
The strategy is centred on following elements:
* the granting of Master Franchises to established commercial
printers overseas at an initial licence fee of between £170,000 and £510,000;
* an ongoing royalty of approximately 3% of Total Retail Sales
* a royalty of approximately 20% of local Printing.com licence fees
This structure was adopted as it should generate a cash and profit contribution
from the inception of any such agreement. It is also thought that it will enable
a faster and more robust roll out than would be possible by other means.
It is believed that this offering should appeal to the owners of commercial
printing companies who wish to diversify, and who are attracted to the
Printing.com model by profit margins significantly higher than sector norms.
A number of exploratory discussions have taken place with such businesses but
these are still at an early stage and may or may not progress.
It is believed that many of the journalists attending the IPEX 2006 Press Inward
Mission found the Master Franchise proposition intriguing and it is anticipated
that encouraging press coverage will be generated.
Hub Development
As previously reported, we are upgrading the Company's Manchester Hub to
facilitate a Total Retail Sales capacity circa £45-50million.
A principal element of this is an additional Komori printing press, representing
an investment of approximately £1.8million which is due to be installed April
2006. The project also involves the building of a mezzanine floor, to provide an
extra 50% floor space together with the installation of various handling and
print finishing equipment. Additionally, a bespoke 'sortation' system has been
specified that should allow the Hub to ship around 3,000 cartons per day, whilst
eliminating significant manual handling. Collectively, this represents an
overall investment of about £3.2 million.
Outlook
Whilst the international Master Franchise program is still at an embryonic
stage, the directors are optimistic that the proposition will appeal to overseas
franchisees.
Current trading in existing outlets has continued to be robust and, with the
significant pipeline of new outlets, we remain optimistic that growth will
continue. Against this background, we see no reason why the remainder of the
financial year should not perform in line with our internal budget.
George Hardie Tony Rafferty
Chairman Chief Executive
21 November 2005 21 November 2005
Unaudited Consolidated Profit and Loss Account
for the 28 week period ended 16 October 2005
28 Weeks 28 Weeks ended Year
ended 10 October ended
16 October 2004 31 March
2005 Unaudited 2005
Unaudited £'000 Audited
£'000 (restated *)
£'000
TURNOVER 6,404 5,564 10,717
Changes in stocks of finished goods (12) 31 35
------- ------- -------
6,392 5,595 10,752
Other operating income - - -
------- ------- -------
6,392 5,595 10,752
Raw materials and consumables 1,840 1,531 2,924
------- ------- -------
4,552 4,064 7,828
Staff costs 1,872 1,739 3,243
Depreciation and amortisation 416 382 728
Other operating charges 1,156 1,217 2,225
------- ------- -------
OPERATING PROFIT 1,108 726 1,632
Investment income 77 27 67
Interest payable and similar charges (78) (122) (191)
------- ------- -------
PROFIT ON ORDINARY ACTIVITIES BEFORE
TAXATION 1,107 631 1,508
Taxation (332) (189) (350)
------- ------- -------
PROFIT ON ORDINARY ACTIVITIES AFTER
TAXATION 775 442 1,158
Dividends (222) - -
------- ------- -------
553 442 1,158
======= ======= =======
Earnings per ordinary share - basic 1.75p 1.09p 2.74p
Earnings per ordinary share - fully 1.66p 1.08p 2.66p
diluted
* The restatement of the prior year results relates to the new accounting
treatment for proposed dividends as required by Financial Reporting Standard 21
(note 8)
Unaudited Consolidated Group Balance Sheet as at
16 October 2005
28 Weeks ended 28 Weeks ended Year Ended
16 October 10 October 31 March
2005 2004 2005
Unaudited Unaudited Audited
£'000 £'000 (restated)
£'000
FIXED ASSETS
Intangible assets 93 108 65
Tangible assets 3,652 3,698 3,637
------- ------- -------
3,745 3,806 3,702
------- ------- -------
CURRENT ASSETS
Stocks 94 104 108
Debtors 2,813 2,161 2,150
Cash at bank and in hand 2,734 1,807 2,864
------- ------- -------
5,641 4,072 5,122
CREDITORS:
Amounts falling
due within one year (2,975) (2,474) (2,784)
------- ------- -------
NET CURRENT ASSETS 2,666 1,598 2,338
------- ------- -------
TOTAL ASSETS LESS CURRENT
LIABILITIES 6,411 5,404 6,040
CREDITORS:
Amounts falling due after more
than one year (695) (1,300) (904)
PROVISION FOR LIABILITIES AND
CHARGES (312) - (312)
------- ------- -------
5,404 4,104 4,824
======= ======= =======
CAPITAL AND RESERVES
Called up share capital 445 442 443
Share premium 3,797 3,765 3,769
Merger reserve 211 211 211
Other reserve 1 1 1
Profit and loss account 950 (315) 400
------- ------- -------
EQUITY SHAREHOLDERS' FUNDS 5,404 4,104 4,824
======= ======= =======
Unaudited Group Cash Flow Statement
for the 28 week period ended 16 October 2005
28 Weeks ended 28 Weeks ended Year Ended
16 October 10 October 31 March
2005 2004 2005
Unaudited Unaudited Audited
£'000 £'000 £'000
Cash flow from operating
activities 6a 821 838 2,425
Returns on investments
and servicing of finance 6b (1) (95) (124)
Taxation - - 12
Capital expenditure 6b (467) (233) (425)
Equity Dividends paid (222) - -
------- ------- -------
CASH INFLOW BEFORE
FINANCING 131 510 1,888
Financing 6b (261) 508 187
------- ------- -------
(DECREASE)/ INCREASE IN
CASH IN PERIOD (130) 1,018 2,075
======= ======= =======
RECONCILIATION OF NET CASH
FLOW TO MOVEMENT IN DEBT
(Decrease)/Increase in cash
in the period 6c (130) 1,018 2,075
Cash outflow from decrease
in net debt financing 6b 291 430 760
b
------- ------- -------
Change in net debt resulting
from cash flows 161 1,448 2,835
New finance leases - - (51)
------- ------- -------
MOVEMENT IN NET FUNDS IN
THE PERIOD 161 1,448 2,784
NET FUNDS/(DEBT)
AT START OF PERIOD 6c 1,438 (1,346) (1,346)
------- ------- -------
NET FUNDS AT END OF PERIOD 6c 1,599 102 1,438
======= ======= =======
Being:
Net Cash 6c 2,734 1,807 2,864
Finance Leases (1,135) (1,705) (1,426)
------- ------- -------
6c 1,599 102 1,438
======= ======= =======
Notes to the unaudited Interim accounts for the 28 week period
ended 16 October 2005
1. The Group's Interim Results consolidate the results of the Company and its
subsidiary companies made up to 16 October 2005.
The interim financial information has been prepared on the basis of the
accounting policies set out in the statutory accounts for the year ended 31
March 2005, with the exception of events after the balance sheet date and
earnings per share. FRS 21 'Events after the Balance Sheet Date' is effective
from 1 January 2005 and is therefore applicable for the first time and has a
prior year impact which is detailed in note 8. FRS 22 'Earnings Per Share', also
effective from 1 January 2005, has been applied but has no impact.
The financial information contained in this interim statement does not
constitute statutory accounts as defined in the Companies Act 1985. The
financial information for the full preceding year is based on the financial
statements for the financial year ended 31 March 2005. These accounts, upon
which the auditors issued an unqualified opinion, have been delivered to the
Registrar of Companies.
The Board of Directors approved the interim report on 18 November 2005.
2. Turnover and profit before taxation were all derived from the Group's
principal activity carried out in the UK and Republic of Ireland.
3. The Debtors figure of £2,813,000 (28 weeks ended 10 October
2004: £2,161,000; year ended 31 March 2005: £2,150,000) includes amounts falling
due after more than one year of £285,000 (28 weeks ended 10 October 2004:
£143,000; year ended 31 March 2005: £296,000).
4. Earnings per share for the period have been calculated using
44,347,127 (28 weeks ended 10 October 2004: 40,408,746; year ended 31 March
2005: 42,208,789) shares, the weighted average number of shares in issue over
the 28 weeks.
The diluted earnings per share includes share options granted at less than fair
value. The weighted average number of shares used was 46,617,324 (28 weeks ended
10 October 2004: 41,080,115; year ended 31 March 2005: 43,510,026)
5. The movement in shareholders' funds is analysed as follows:
28 Weeks ended
16 October
2005
£000
Opening shareholders' funds as previously stated 4,602
Liability for 2005 dividend not declared at 31 March 2005 222
-------
Opening shareholders' funds as restated 4,824
Profit for the financial period 775
Dividends (222)
Exchange gain (3)
Proceeds from issue of shares 2
Share premium 28
-------
Closing shareholders' funds 5,404
=======
6. Cash Flow
28 Weeks ended 28 Weeks ended Year Ended
16 October 10 October 31 March
2005 2004 2005
Unaudited Unaudited Audited
£'000 £'000 £'000
a Reconciliation of
operating profit to
net cash inflow from
operating
activities
Operating profit 1,108 726 1,632
Amortisation & Depreciation 416 382 727
Increase/(decrease) in stocks 12 (31) (35)
Increase in debtors (626) (495) (485)
(Decrease)/Increase in
creditors (89) 256 586
------ ------ -------
821 838 2,425
6. Cash Flow (continued)
b Analysis of Cash Flows
For Headings Netted Off
in the Cash Flow Statement
RETURNS ON INVESTMENTS
AND SERVICING OF FINANCE
Interest received 77 27 67
Interest paid - (4) (4)
Interest element of
finance lease rental
payments (78) (118) (187)
------ ------ -------
Net cash outflow from
returns on investments
and servicing of finance (1) (95) (124)
====== ====== =======
CAPITAL EXPENDITURE
Purchase of intangible
assets (7) (71) (43)
Purchase of tangible
assets (460) (174) (405)
Sale of tangible assets - 12 23
------ ------ -------
Net cash outflow from
capital expenditure (467) (233) (425)
====== ====== =======
FINANCING
Issue of ordinary share
capital 30 1,220 1,232
Issue Costs - (278) (285)
Repayment of bank loan - (168) (168)
Capital elements of
hire purchase contracts - 15 -
Capital elements of
hire purchase contracts (291) (281) (592)
------ ------ -------
Net cash (outflow)/
inflow from financing (261) 508 187
====== ====== =======
c Analysis of Net Funds
At 31 March Cash Flow Other Non At 16 October
2005 £000 Cash 2005
Audited Changes Unaudited
£000 £000 £000
Net cash:
Cash at bank and in hand 2,864 (130) - 2,734
------ ------ ------- -------
2,864 (130) - 2,734
Debt:
Finance leases (1,426) 291 - (1,135)
------ ------ ------- -------
Net cash 1,438 161 - 1,599
====== ====== ======= =======
7. Taxation
28 Weeks 28 Weeks ended Year
ended 10 October Ended
16 October 2004 31 March
2005 2005
£000 £000 £000
Corporation tax at 30% 332 189 -
Overprovision in prior year - - (12)
----- ------ ------
Total current tax 332 189 (12)
Deferred tax
Originating from timing differences -
based on standard rate of corporation
tax in the UK of 30% - (50) 362
----- ------ ------
Tax on profit on ordinary activities 332 139 350
===== ====== ======
8. FRS21
The new standard requires dividends to be debited to the profit & loss account
when they are paid or approved at an Annual General Meeting. Previously the
Companies Act 1985 required that proposed dividends be reported in the profit &
loss account. Conforming to this change in accounting practice has resulted in a
restatement of the previously reported figures. Accordingly, shareholders' funds
at 31 March 2005 increased by £222,000.
9. Interim Statement
The Interim Report will be posted to all shareholders of the Company and copies
will be available upon application to the registered office, Printing.com plc,
Focal Point, 3rd Avenue, The Village, Trafford Park, Manchester M17 1FG.
INDEPENDENT REVIEW REPORT TO PRINTING.COM PLC
Introduction
We have been instructed by the company to review the financial information set
out in the interim report which comprises the consolidated profit and loss
account, consolidated balance sheet, consolidated cash flow statement and
related notes and we have read the other information in the interim statement
and considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.
This report, including the conclusion, has been prepared for and only for the
company for the purpose of their interim statement and for no other purpose. We
do not, therefore, in producing this report, accept or assume responsibility for
any other purpose or to any other person to whom this report is shown or into
whose hands it may come save where expressly agreed by our prior consent in
writing.
Directors' responsibilities
The interim statement, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors are
responsible for preparing the Interim Statement in accordance with the AIM
Market Rules which require that the accounting policies and presentation applied
to the interim figures must be consistent with those that will be adopted in the
company's annual accounts.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board as if that Bulletin applied. A review
consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and based thereon assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with Auditing Standards and therefore provides a lower
level of assurance than an audit. Accordingly we do not express an audit opinion
on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the 28 weeks ended
16 October 2005.
BAKER TILLY
Chartered Accountants
Brazennose House
Lincoln Square
Manchester
M2 5BL
18 November 2005
Printing.com Outlets
Outlet Region Town Post Code
Red Hot Media East Lowestoft NR32 1EB
Goldengate East Suffolk IP30 9QS
Dublin Store Ireland Dublin Dublin 2
North Dublin Store Ireland Dublin Dublin 7
TMC Ireland Tullow EE1 1EE
Central London Store London Baker Street NW1 6UY
Shiver London Camden NW1 0AG
Source Grafic Design London Catford SE6 1TJ
Full Colour Store London Clapham SW17 9SH
Print Express London Colindale NW9 5DL
Ealing Store London Ealing W13 8SB
0800 Promote London Finchley N3 1TR
Guildford Store London Guildford GU1 3HY
Hampstead Store London Hampstead NW3 5HS
Harrow Life London Harrow HA1 2EA
Harrow Store London Harrow HA7 2QJ
Luton Store London Luton LU1 2PL
Expocentric - Dover London Mayfair W1X 3PH
Printhouse London Nottinghill W11 3HT
Orpington Store London Orpington BR6 0JY
Reading Store London Reading RG1 4QA
London Print Compamy London Shaftesbury Avenue WC2H 8EB
Expocentric - Wardour London Soho W1V 3AU
Toppers London Stevenage SG1 3HR
Kink Design London Thornton Heath CR7 7AX
Talon Graphics London Thornton Heath CR7 7JW
Watford Store London Watford WD17 1RA
Printer Net Services London Wimbledon SW19 8TY
Sign It Midlands Beeston, Nottingham NG9 2AY
Graphic Results Midlands Belper DE56 1AY
South West Birmingham Midlands Birmingham B16 9RD
Artichoke Design Midlands Birmingham B18 6NN
East Birmingham Midlands Birmingham B26 3JR
Birmingham Store Midlands Birmingham B5 4JL
Coventry Store Midlands Coventry CV2 4BE
First Image Midlands Coventry CV5 7FW
Hussellworks Midlands Halesowen B63 3HR
Cre8ive Design Midlands Kenilworth CV8 1JD
Clientel Midlands Kibworth LE8 0HS
Kaleidoscope Midlands Leamington Spa CV31 1BZ
Leicester Store Midlands Leicester LE1 1LB
The Ideas Room Midlands Leicester LE3 0DL
Ozmedia Print Midlands Loughborough LE12 8JH
Pewter Design Midlands Market Harborough LE16 7DS
For Colour Midlands Newark, Nottingham NG24 1LE
Custard Creative Midlands Northampton NN3 6WL
Nottingham Store Midlands Nottingham NG1 6DQ
Dove Signs Midlands Nuneaton CV11 6GX
Oxford Store Midlands Oxford OX2 7HT
Ideas Taking Shape Midlands Rugby CV21 2SD
Final Imaging Midlands Sawtry PE28 5SB
St Ives Quickprint Midlands St Ives PE27 3WS
High Tide Midlands Sutton Coldfield B18 6NF
Albry Printing Company Midlands Wallingford OX10 9DA
The Studio Midlands Walsall WS1 1JQ
Wolverhampton Store Midlands Wolverhampton WV1 4BL
Creative Web design UK North East Alnwick NE71 6EA
Print House Direct North East Bishop Auckland DL14 0LZ
Bradford North East Bradford BD1 5BD
Pro-Actif Communications North East Darlington DL3 7TD
Doncaster North East Doncaster DN3 3TW
Web Rocket Design North East Durham DH1 1RF
Hull Store North East Hull HU1 2AG
Leeds Store North East Leeds LS1 3DL
The Factory North East Leeds LS12 2DS
Middlesbrough Store North East Middlesbrough TS1 1LY
Newcastle Store North East Newcastle NE1 5EE
Multiprint North East Normanton WF6 2AF
Bluprint North East Rotheram S60 8LZ
Sheffield Store North East Sheffield S1 4GF
Maskerade Design North East Sunderland SR2 7PR
GOWEB North East Wakefield WF2 9BL
Colour Box Design North East York YO23 1NA
Colour Box Design North East York YO24 1AR
Blah D Blah North Wales Bangor LL57 1NY
ER Design & Print North West Alsager CW2 5PR
Rhino Design North West Ashton-under-Lyne OL6 6XJ
Utopia North West Birkenhead CH41 7AB
Granthams - Blackpool North West Blackpool FY1 4PE
Print Hub Design North West Bolton BL1 3QJ
Wild Thang North West Bootle L31 2HB
Fluid Media North West Bury BB5 2LB
Brightspark North West Carlisle CA2 5BB
RAS Limited North West Chester CH3 5AG
Mailboxes North West Didsbury M20 6UG
ScissorsPaperStone North West Eccles M30 8GH
Soda North West Golbourne WA3 3BU
Lancaster Store North West Lancaster LA1 1XN
Liverpool Store North West Liverpool L2 2HF
Copycat North West Maghull L31 2HB
Alert 2 Media North West Manchester M1 1DZ
Openhouse North West Manchester M1 6DE
Manchester Store North West Manchester M3 4BQ
North Manchester Store North West Manchester M3 4BQ
Print Design Warehouse North West Marple SK6 7AD
Granthams - Preston North West Preston PR1 2UQ
Masterprint North West St Helens WA10 1DH
Mailboxes North West Stockport SK1 1LE
Impact Advertising North West Timperley WA15 7SP
The Hub North West Trafford Park M17 1FG
Warrington Store North West Warrington WA1 1EP
Printel North West Widnes WA3 8LG
Bradbury Graphics Northern Ireland Belfast BT7 1BS
Mooney Media Northern Ireland County Down BT32 4QD
Xpress Creative Northern Ireland Newtonabbey BT36 4PU
X Display Systems Scotland Coatbridge ML5 4AS
Color Co. - Edinburgh Scotland Edinburgh EH2 2PA
Edinburgh Store Scotland Edinburgh EH3 6QY
Edinburgh Store Scotland Edinburgh EH3 9LY
Glasgow Store Scotland Glasgow G3 8LZ
Hamilton (662c) Scotland Hamilton ML3 7AR
Academy Press Scotland Livingstone EH54 6QD
Glasgow Print Scotland North Glasgow G64 1RX
South Glasgow Store Scotland South Glasgow G5 9RR
Republique South Brighton BN1 4GH
Brighton Store South Brighton BN2 8AA
Tudor Print South Worthing BN11 1UY
Ashford Store South East Ashford TN24 8UU
Studio Direct South East Chelmsford CM2 6HE
Lussh Creative South East Chesterfield S40 2BY
Inprint South East Colchester CO1 1PB
TRS Graphics South East Croydon CR2 6EB
Jelly Bean Graphics South East Croydon CR9 6YJ
Felix Communications South East Rochester ME2 4HZ
Haus of Print South West Andover SP11 6RU
Print Creative South West Bath BA1 2JB
Bournemouth Store South West Bournemouth DT1 1HS
Bristol South West Bristol BS1 3LZ
Presto Print South West Christchurch BH23 1QD
Exeter South West Exeter EX4 3AJ
Wessex Direct South West Minehead TA24 5UB
Plymouth Store South West Plymouth PL4 0AU
Malthouse South West Taunton TA1 3EP
Printing South West South West Totnes TQ9 5DW
Anneset South West Weston-Super-Mare BS23 3DE
Australian Welsh Wales Cardiff CF14 3JP
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