Final Results - Part 1

Trifast PLC
20 June 2000


PART 1

Preliminary Results 
 
9.30am : Analyst Presentation 
11.00am - 12.noon : Press Briefing 
 
@ 
 
Citigate Dewe Rogerson 
3 London Wall Buildings 
London Wall 
London 
EC2M 5SY 
Tel: [phone] 
 
'Strong growth fuelled by Trifast's strategic concentration on the 'new
economy' technology driven sectors of electronics, computers and
telecommunications' 
 
      Turnover     £113 million     + 19%

     Operating profit (pre-goodwill)     £11.5 million     + 16%

     EPS (adjusted diluted)     43.54p     + 18%

     Dividend          + 10%

     FCF acquisition integrated well - strong contribution

     Over 20% Group revenue/profits from international operations

     Logistics capabilities established in Mexico, Hungary and China

     Significant new logistics contracts won

     Refocussed UK business - flexible hub and satellite approach

     New Hub facilities in Singapore and Scotland

     'New Horizons' to be rolled out providing customers with unique service

     Substantial investment programme underway in people and infrastructure
     to support planned expansion

     Bonus issue to assist liquidity and marketability in the Group's shares

 
'Our strategy of developing logistics support in the Americas, Europe and
Asia has consistently driven our growth over the past six years, and with the
pace of demand growing even stronger, we can feel confident that our future
direction is crystal clear.' 
 
FULL STATEMENT ATTACHED 
 
Enquiries: 
Malcolm Diamond, Chief Executive        Tel: [phone] (8.00am - 12.00noon) 
John Wilson, Group Finance Director          0207-621 0011 (12.45pm - 2.30pm) 

Trifast plc                             Mobile: [phone]

                                        Thereafter: 01825-747487 
                                        Web-site: http//www.trifast.com 
                                        e-mail: [e-mail] 
 
Fiona Tooley                            Tel: [phone] 
Citigate Dewe Rogerson                  Mobile:[phone] 

 
Trifast plc 
Preliminary Results 
for the year ended 31 March 2000 
 
STATEMENT BY THE CHAIRMAN, DAVID DUGDALE

I am very pleased to be able to report on an excellent year for Trifast which
has again produced strong growth in sales, profits and earnings per share. 
 
Financial Headlines

The Group's profit for the year before tax and goodwill increased by 15.5%
from £9.63 million in 1999 to £11.12 million. Adjusted diluted earnings per
share (before goodwill amortisation) rose by 17.8% in the year from 36.96
pence to 43.54 pence. Turnover of £113.3 million compared with £95.4 million
in 1999, an increase of 18.7%, of which 11.1% was organic. Our overseas
operations accounted for 23% of our operating profits and 21% of our
turnover. 
 
Cash flow remained excellent and as a result our gearing fell slightly from
17% to 13.5% at the year end. Net assets and shareholders funds increased
during the year by 26% to £33.2 million. 
 

Dividend

The Board is recommending a final dividend of 9.14 pence net per share (1999
: 8.33p) which together with the interim paid of 4.57 pence (1994 : 4.17p)
makes a total of 13.71 pence net per share for the year (1999 : 12.5p). The
total dividend is covered three times by earnings. 
 
If approved at the Annual General meeting on 24 August 2000 the final
dividend will be paid on 5th September 2000 to shareholders on the Register
as at 30th June 2000. 
 

Trading

During the year, we gained three new prestigious and attractive contracts
which more than off-set one contract we agreed to cancel because we were not
prepared to meet an automotive customer's aspirations on price reductions,
and another that we could not supply because the customer ceased production
of the product. This, I believe, demonstrates the inherent strength and
flexibility of our business and reflects our focus on quality rather than
just quantity. 
 
The global trading environment was relatively helpful during the year with
both Europe and the Far East climbing out of recession. However, our UK
manufacturing customers still had to cope with the continued strength of
sterling and in particular the quite extraordinary weakness of the Euro,
which made life very difficult for them. The recent reversal of the trend in
the Euro, should it continue, will significantly improve the competitive
position of UK manufacturing in the current year. 
 
Trifast's continued strong growth has been fuelled predominantly by our
long-standing strategic concentration on the 'new economy' technology driven
sectors of electronics, computers and telecommunications, and by our
avoidance of any material exposure to the main plant automotive sector. 
 

Major Developments

In the UK we decided to streamline our distribution facilities across the
country by adopting a 'hub and satellite' approach divided into three main
regions. The reorganisation has been completed in the Northern and Southern
regions and will be completed in the Midlands in the current year. This new
approach will make our distribution more efficient, our marketing more
effective and will deliver overhead savings in the future. 
 
We have made no new acquisitions this year apart from FCF which has already
been reported and which has bedded in well producing good profits and strong
sales growth. However, with some of our customers relocating to low labour
cost countries we have followed them by opening logistics and distribution
facilities in Hungary, Mexico and China. All of these are 'green field'
start-ups and did not involve the acquisition of existing businesses. 
  
 
The development of Information Technology plays an ever-increasing role in
all of our lives. Trifast has always been in the forefront of systems
development with its own very capable in-house team. They are currently
working on delivering the exciting 'New Horizons' project, which will
centralise information on a global basis and give us an opportunity to
provide what we believe to be a unique service to multinational customers. 
 

Bonus Issue

We will be putting a resolution to shareholders at the Annual General Meeting
to allow us to issue three additional 5p ordinary shares to the holder of
each existing 5p ordinary share resulting in shareholders then owning four
shares in respect of each 5p ordinary share they currently hold. 
 
Whilst this bonus issue will not effect the underlying value of shareholders'
total holdings, the Board believes that by reducing the price of each
individual share, it will help improve the liquidity and therefore the
marketability of the Company's shares and attract a wider investor audience. 
 

Prospects

Trading in the current financial year has started well, and although it would
be rash to forecast the outcome for the year as a whole, with our ongoing
investment in people, facilities and systems, we see no reason why the
business should not be able to continue to grow strongly, particularly
overseas. 
 
To conclude, I would like to thank my executive colleagues and everyone who
works for the Company for their hard work and congratulate them on achieving
such an excellent result for the year. 
 

Trifast plc 
Preliminary Results 
for the year ended 31 March 2000 
 
 
REVIEW BY THE CHIEF EXECUTIVE, MALCOLM DIAMOND

Overview - market & strategy

March 2000 marked the end of our sixth year as a listed company, during which
time our operations have spread from three countries to 13, sales and
operating profits have quadrupled whilst our workforce has nearly trebled.
Reassuringly, despite the absorption of 10 acquisitions during this time,
over three quarters of this growth has been organic, which provides tangible
evidence of the relevance of our strategic focus. 
 
This strategy is still in its infancy in relation to the global market, and
so remains our prime objective for the foreseeable future; namely to provide
fastener and category 'c' component logistics support to multinational
customers in Asia, Europe and the Americas. Despite the emerging longevity of
this aim, conceived back in 1993, we have had to respond quickly to
geographic adjustments caused by many of these customers relocating assembly
plants to lower labour cost countries such as Hungary, Mexico and China. At
the beginning of this financial year we had no logistics capability in these
three countries whatsoever, but by the end of the year we had warehousing
facilities and logistics employees in all three. Of necessity, these
facilities were all greenfield start-ups as, in each case, the lack of supply
chain infrastructure denied us any opportunity to enter these markets by
means of acquisition. However, the initial limitations of starting small are
more than offset by the minimal exposure of investment risk in countries
where the culture, regulations and unofficial rules are best not learned 'the
hard way'. 
 
Geography was not our only moving target to have arisen in the past year or
so. We indicated in our previous full year review an emerging trend of
sub-contract assembly, where the prime customer entrusts the complete
manufacture of their product to a third party assembly specialist. This
activity has accelerated sharply during 1999 and continues to do so; thus, in
effect, doubling up the customer interactivity we require to manage. In other
words, for each new assembled product we often have two customers, one who
specifies the components and one who chooses where to buy them. Although our
business teams are responding well to this added complexity, it has
implications for more expenditure on technical sales support and
international travel, which certainly has been incurred during the past year. 
 
It has to be said that, in fact, every financial year we have to incur
unplanned costs as we 'go with the flow' in response to customer needs and
wants, yet we are sustaining our reputation for reliability and consistency
in yielding the annual profit growth that we indicate to our stakeholders.
This clearly points to the professionalism and sense of reality that abides
within our 40 or so business and support teams when undertaking the annual
budgeting process. 
 
With the ceiling-less scope for Trifast to grow globally, certainly within
the context of our international market share, it is vital not to lose sight
of the opportunities within the UK, which still account for 70% of Group
profitability. This has been virtually a full year of responsibility for
Colin Hill in his independent role as managing director, TR UK. During this
period the management structure has been consolidated through a UK operations
board, which has focused on implementing a tri-regional hub and satellite
format in order to extract greater efficiencies, especially with regard to
human resources. By the end of the period the northern and southern hubs were
in place, and a new midlands regional director recruited onto the operations
board in order to establish the third hub during this current year. 
 
Despite the inestimable dent in UK manufacturing confidence caused by the
strength of sterling and recent events in the automotive sector plus
Trifast's coincidal withdrawal from any direct UK car plant involvement in
1999, we still regard the UK as a fertile growth environment, with new
logistics agreements being gained at a steady pace. Therefore, we continue to
regard ourselves as having the capability and broad market opportunities to
grow on all fronts. 
 
 
It would be difficult to complete this past year's overview without making
reference to the potentially damaging effects to Trifast plc of the 'dot com'
frenzy largely played out in the latter part of the past financial year. 
 
Trifast share watchers will be aware that on 1 April 1999 our share mid price
was £6.521/2 and at 31 March 2000 was £11.521/2, and by end May was holding
steady at around £10.50. This naturally poses the question as to whether
Trifast is 'old' or 'new' economy inasmuch that we trade mostly traditional
components into manufacturers of new technology products using Trifast
originated IT systems that are e-commerce interactive. We have concluded that
Trifast straddles both economies, and by virtue of at least 50% of revenue
deriving from the electronics/computer/telecom sectors we fall into the
descriptive of 'second tier new economy'. 
 
Ignoring the temptations of hype, what is clear, however, is that Trifast
continues to develop strongly the tangibles of wealth creation such as
operating profit, cash, net assets and EPS whilst still maintaining a low,
yet albeit unfashionable rate of gearing. The feedback we regularly receive
from shareholders is reassuringly supportive of this policy, which naturally
motivates the Board to strive for continued sustainability. 
 

Key Events and Achievements

One of the more important achievements for the year was the highly successful
integration of our Swedish acquisition FCF following the transaction (details
published as a post balance sheet event in Trifast 1999 accounts) made in May
last year, which is already making a material contribution to group profits.
The Trifast Board warmly acknowledges the hard work and professionalism of
Giovanni Bianchi and his team, not only in ensuring that a smooth transition
took place, but also for their partnership with TR UK in setting up a new
logistics facility near Gothenburg to support the new supply contract gained
last year in south west Sweden. 
 
During the first half of the year the Trifast Board was heavily engaged in
pursuing a major acquisition within the UK market but regrettably had to
withdraw following due diligence. Adviser and accounting costs were incurred
as reported at the interim announcement and, although material, have not
prevented us from fulfilling our profit performance promise to shareholders.
It has to be said that the rapidly shifting sands of customer factory
locations, often across thousands of miles, makes us more discriminating
towards making large acquisitions of distributors based in the old
traditional areas, or even countries; especially when the level of service
needed by customers requires us to have inventory and technical support
usually no more than two hours drive time away. 
 
By adopting a lean but flexible satellite operational approach to this
geographical challenge we were able to establish new logistics facilities in
Shanghai, Budapest and Nogales - all within the space of the second half of
the year. For this rapid response the Board is indebted to the teams at TR
Samson, TR Uckfield, Midlands and TR Formac for their consistent hard work
and focus in creating these new businesses. 
 
Two significant investments have been made in 40,000sq.ft premises within the
Group - a new distribution and training hub in Hamilton, Scotland, and new
factory and offices in Singapore that will now serve as the Asia hub, both of
which were officially opened last year. 
 
We have previously reported that our teams in Southern Ireland and Holland
had been held back by customer delays in adopting supply agreements; however,
by the end of the period this problem had substantially reduced and current
trading is returning to budgeted expectations. This experience has taught us
that our eagerness to serve our customers must be matched by tighter
management of our customers' commitment to timescales, and of course, that
investments made on behalf of customers must always have a 'plan B'. This
requirement is now added into our risk management programme. 
 
In January this year we initiated the design of a CD Rom specifically aimed
to provide data and video to shareholders, analysts and potential investors.
This was produced internally by our marketing team at a cost of below £1000,
and with the support of Citigate Dewe Rogerson in Birmingham, was mailed to
all shareholders and distributed to 9,500 subscribers of the publication
Analyst. We are firmly committed to an ongoing investor relations programme,
and with the disruption to investor confidence arising from the 'new' versus
'old' economy comparisons, we thought that we had a responsibility to
maximise the depth and spread of detailed information on Trifast within the
investor community. We have been subsequently informed that this high volume
distribution of a CD Rom, purely for investor communication, is possibly
unique for a plc within the UK. 
 
We also expanded the Trifast web site in January to include investor
communications including a direct link to the prevailing share price. 
 
New Horizons, our exclusive strategy for managing customer components and
service support on a global basis is taking shape, following our decision
mid-year to put all TR businesses on to our own computer network Tribune. The
software is now finalised, and throughout this current year there will be an
installation schedule coupled with the build up of the line network.
Coinciding with this will be several sales management re-alignments that take
key players out of vertically structured geographically based teams and put
them into liberalised horizontal structures which allow them to follow
multinational customers globally. My role as CEO is to manage this transition
so that it rapidly gains a market leadership profile on an international
basis. 
 
Finally, most of the key achievements within Trifast are heavily dependent on
the support and innovation of our IT team, Trifast Systems who are now firmly
established within the Innovation Centre at Sussex University. The benefits
to our organisation, that has adapted so quickly to a shifting market, of
having an in-house IT development and support team are inestimable, and for
this my Board is gratefully aware. 
 

Future Prospects

Our strategy of developing logistics support in the Americas, Europe and Asia
has consistently driven our growth over the past six years, and with the pace
of demand growing even stronger, we can feel confident that our future
direction is crystal clear. 
 
What we have to focus on even more is the pace at which we spread our
geographic cover, because what was obvious to us in the early nineties is now
obvious to several key competitors, all of whom are much bigger than us.
However, we do not believe that being big is any guarantee to winning market
leadership, it is more to do with investment on a broad scale in order to
establish a large number of small operations in the new high volume assembly
'hotspots' around the world. 
 
This is what Trifast is now aiming to achieve - a hectic but low risk
programme of new establishments that provide part of the much needed
infrastructure in emerging economies coupled with selective expansion in the
more traditional established areas. We are now in a race that possibly will
be settled within the next 3-5 years - and our aim is to win it. 
 
 
Trifast plc 
Preliminary Results 
for the year ended 31 March 2000 
 
 
FINANCE REVIEW BY THE GROUP FINANCE DIRECTOR, JOHN WILSON 
 
Having survived the fears of Y2K, the strength of sterling and a plethora of
national economic concerns, it is pleasing to report that Trifast still over
achieved its targets. 
 
Sales improved by 19% to £113.3m over half of which was organic with FCF in
Sweden being the only newcomer in the year. It is worth noting that 21% of
our turnover came from our overseas operations, and that our Group exports
rose by 30%. 
 
Whilst it is comforting to see the sales growth, the profit performance is
particularly satisfying. 
 
Our gross margin improved to 28.7% of sales which is predominately due to
improved margin on the sourced product we have to supply, as a result of the
larger logistic contracts. 
 
Although overheads have increased as a percentage of sales, this does include
the one-off abortive acquisition costs and loss on the sale of the
Singaporean factory which we reported at the interim. In addition, our move
to larger premises is Scotland and our consolidation programme in the
Midlands added to our costs. 
 
Despite these one-off costs, the operating profit before goodwill
amortisation, improved by 16% to £11.5m. Of that, £2.7m came from our
overseas operations, emphasising once again how increasingly important these
activities are to the Group and to our future growth strategy. 
 
Cash generation remains strong with a small inflow before acquisition
financing resulting in a £2.2m increase. This helped reduce the net debt in
the year by £172K. 
 
The credit control function achieved its target each month but suffered our
largest bad debt write off since flotation of £116K, but it must be pointed
out that £55K of this related to companies in the collapsed TransTec Group.
On investigation, none of these debts were overdue. 
 
The pressure on extended payment terms by customers did increase the debtor
days to 73 but this was offset by the control of creditor payments. Ninety
and 120 day balances on the sales ledger remained low at 1.7%. 
 
The acceleration of corporation tax payment also affected the cash flow but
this is expected to have the reverse effect this current year. 
 
The net interest payment of £343K was covered 32 times. 
 
With regard to treasury management, the Group manages its interest rate risk
by monitoring balances on a daily basis and constantly reviewing its cash
flow forecasts. 
 
This way we can take pre-emptive action to combat troughs and maximise
interest earned on peaks. 
 
Also, the Group attempts to remove the need for subsidiaries to utilise
overdraft facilities by directing surplus funds accordingly. This policy is
successful as practically all the interest paid related to long term loans. 
 
Turning to foreign currency, the Group trades in a number of currencies and
seeks to match inflows and outflows to minimise risk. This policy is also
successful and the Group made a small trading gain of £67K during the year. 
 
Of the total balances of £4.8m at the year end £1.5m relates to currencies
other than sterling. 
 
The Group does not enter into hedging contracts but monitors exchange rates
daily and occasionally purchases, or sells funds to maximise returns. 
 
Our capital expenditure in the year was £2.9m of which £0.7m came as a result
of the FCF acquisition. In addition we had all our UK and Ireland freehold
properties externally valued which resulted in a revaluation increase of £1m.
Depreciation of £1.5m reflected the additional plant purchased to assist
development plans that are being implemented following the move to larger
premises in Singapore. 
 
With only one acquisition during the year, our gearing (excluding goodwill)
remains low at 13.5% so the Group continues to maintain its investment in the
business without placing undue risk on our stakeholders. 
 
Once again, the balance sheet reflects these activities with net assets
increasing by 26% to £33.2m 
 
Our tax rate did reduce from last years' high, down to 30.7% and as a
consequence of these results, our earnings per share, adjusted diluted before
goodwill amortisation, rose nearly 18% to 43.54p per share. 
 
Turning to our trading activities, we have taken on board two major logistics
contracts with 1st tier automotive suppliers which caused an increase in
stocks of £1.3m, nearly 40% out of a total increase of £3.4m. Also included
in this figure is £0.8m which came with the FCF acquisition. As we have
stated many times, the winning of large logistic contracts does mean step
change increases in working capital. Our skill in managing the supply chain
after the contract is running is one of the keys to our success. 
 
For the future, the development of our non-UK business (as detailed in the
CEO's statement) will mean a continuing need to invest in people and revenue
based resources in the future. We cannot starve the business of investment in
our quest for overseas expansion, as history shows that short term
palliatives on expenditure restrict growth in the years to come. 
 
The involvement of our finance team in successfully setting up and bedding in
new contracts has worked very well, bringing profit visibility to the Group
in a shorter time. Resource strengthening is needed here, as in other areas,
which has been confirmed by our adoption of the Business Excellence model. We
intend to put more emphasis on our graduate recruitment programme as well as
developing a 'fast track' route for identified 'high flyer' employees. 
 
Overall, the signs bode well for the future. Trading for the current
financial year is in line with budgets and our overseas development plans are
designed to add to the prosperity and the security of the future. However,
with six successful years as a listed company, I will not allow complacency
to set in. Our aim is to continually avert any risk of this by developing new
activities that aim to deliver continuous improvement. 
 
Trifast plc 
Preliminary Results 
Consolidated Profit & Loss Account for the year ended 31 March 2000 

                                                                              
                                        2000                    1999          
                                £000        £000        £000        £000      
  Turnover - continuing                                                       
  operations                                                                  
  Existing operations           105,998                 95,429                
  Acquisitions                  7,315                   -                     
                                                                              
                                            113,313                 95,429    
  Cost of sales                             (80,774)                (68,676)  
                                                                              
  Gross profit                              32,539                  26,753    
  Distribution costs                        (2,624)                 (1,812)   
  Administrative expenses       (18,434)                (15,030)              
  (before goodwill)                                                           
  Goodwill                      (317)                   (148)                 
                                                                              
  Total administrative                      (18,751)                (15,178)  
  expenses                                                                    
  Other operating expenses                  (20)                    (16)      
                                                                              
  Operating profit -                                                          
  continuing operations                                                       
  Existing operations           10,706                  9,747                 
  Acquisitions                  438                     -                     
                                                                              
  Profit on ordinary                        11,144                  9,747     
  activities before interest                                                  
  Interest receivable                       191                     146       
  Interest payable and                      (534)                   (409)     
  similar charges                                                             
                                                                              
  Profit on ordinary                        10,801                  9,484     
  activities before taxation                                                  
  Tax on profit on ordinary                 (3,317)                 (3,093)   
  activities                                                                  
                                                                              
  Profit for the financial                  7,484                   6,391     
  year                                                                        
  Dividends paid and proposed               (2,451)                 (2,206)   
                                                                              
  Retained profit for the                   5,033                   4,185     
  financial year                                                              
                                                                              
  Earnings per share:                                                         
  Basic                                     42.21p                  36.58p    
  Diluted (after goodwill                   41.77p                  36.12p    
  amortisation)                                                               
  Adjusted diluted (before                  43.54p                  36.96p    
  goodwill amortisation)                                                      
                                                                              
There is no material difference in profit on ordinary activities before
taxation and profit for the financial year stated above and the historical
cost equivalents and therefore no separate note of historical cost profits
and losses has been presented. 

Trifast plc 
Preliminary Results 
Consolidated Balance Sheet at 31 March 2000 
 
                                                                               
                                          2000                   1999         
                                  £000        £000       £000        £000     
  Fixed assets                                                                
  Intangible assets - goodwill    6,068                  4,039                
  Tangible assets                 13,621                 10,700               
                                                                              
                                              19,689                 14,739   
  Current assets                                                              
  Stocks                          19,627                 16,253               
  Debtors                         26,331                 20,850               
  Cash at bank and in hand        5,051                  2,767                
                                                                              
                                  51,009                 39,870               
  Creditors: amounts falling      (29,566)               (22,011)             
  due within one year                                                         
                                                                              
  Net current assets                          21,443                 17,859   
                                                                              
  Total assets less current                   41,132                 32,598   
  liabilities                                                                 
  Creditors: amounts falling                                                  
  due after more than one year                (7,038)                (5,424)  
  Provisions for liabilities                  (874)                  (786)    
  and charges                                                                 
                                                                              
  Net assets                                  33,220                 26,388   
                                                                              
  Capital and reserves                                                        
  Called up share capital                     891                    876      
  Share premium account                       5,872                  5,008    
  Revaluation reserve                         1,017                  -        
  Merger reserve                              947                    721      
  Profit and loss account                     24,493                 19,783   
                                                                              
  Equity shareholders' funds                  33,220                 26,388   
                                                                              
 
Trifast plc 
Preliminary Results 
Consolidated Cash Flow Statement for the year ended 31 March 2000 
 
                                                                             
                                          2000                   1999         
                                  £000       £000        £000       £000      
  Cash flow from operating                   11,071                 8,277     
  activities                                                                  
  Return on investments and       (338)                  (275)                
  servicing of finance                                                        
  Taxation                        (3,553)                (2,935)              
  Capital expenditure             (2,913)                (1,608)              
  Acquisitions and disposals      (1,863)                (4,014)              
  Equity dividends paid           (2,290)                (2,042)              
                                                                              
                                             (10,957)               (10,874)  
                                                                              
                                                                              
  Cash inflow/(outflow) before               114                    (2,597)   
  financing                                                                   
  Financing                                                                   
  Issue of ordinary share         425                    17                   
  capital                                                                     
  Increase in debt                1,641                  3,293                
                                                                              
  Net cash flow from financing               2,066                  3,310     
                                                                              
  Increase in cash in the year               2,180                  713       
                                                                              

Trifast plc 
Preliminary Results 
for the year ended 31 March 2000 
 
Reconciliation of Net Cash Flow to Movement in Net Debt 
 
                                                                              
                                           2000                  1999         
                                    £000       £000       £000       £000     
  Increase in cash in the year      2,180                 713                 
  Cash inflow from increase in                                                
  debt and lease financing          (1,641)               (3,293)             
                                    _______               _______             
  Change in net debt resulting                 539                   (2,580)  
  from cash flows                                                             
  Loans and finance leases                                                    
  acquired with subsidiaries                   (365)                 (504)    
  Translation difference                       (2)                   12       
                                                                              
  Movement in net debt in the                  172                   (3,072)  
  year                                                                        
  Net debt at beginning of year                (3,850)               (778)    
                                                                              
  Net debt at end of the year                  (3,678)               (3,850)  
                                                                              
 
Consolidated Statement of Total Recognised Gains and Losses 
for the year ended 31 March 2000 
 
                                                                             
                                                              2000     1999   
                                                              £000     £000   
  Profit for the financial year                               7,484    6,391  
  Currency translation differences on foreign currency net    (192)    23     
  investments                                                                 
  Unrealised surplus on revaluation of land and buildings     1,017    -      
                                                                              
  Total recognised gains relating to the financial year       8,309    6,414  
                                                                              

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