Final Results

Avon Rubber PLC 28 November 2002 STRICTLY EMBARGOED UNTIL 0700 HOURS 28 NOVEMBER 2002 AVON RUBBER p.l.c. PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2002 2002 2001 Â£MILLION Â£MILLION TURNOVER 250.5 278.0 TOTAL OPERATING PROFIT- before exceptionals 10.4 8.7 PROFIT / (LOSS) BEFORE TAX - before exceptionals 7.0 3.4 - after exceptionals (1.5) (9.1) (LOSS) / EARNINGS PER SHARE Basic (5.7)p (30.6)p Before exceptional items 16.0p 6.6p Before exceptional Items and goodwill amortisation 18.3p 8.8p Diluted (5.7)p (30.6)p DIVIDEND PER SHARE 7.5p 7.0p - Operating profit before exceptionals increased 20% on lower sales - Strong cash performance - Net debt reduced by a further Â£12 million to Â£41 million - Net interest charge down 36% - Final dividend increased 14% to 4.0p Commenting on the results, Steve Willcox, Chief Executive said: 'Although all our markets will remain challenging, with our reduced cost base and Group wide product development initiatives, the Group is now positioned to achieve growth in all our core business areas. We are confident that our strategy and actions will continue to translate into further enhancing shareholder value.' For further enquiries, please contact: Avon Rubber p.l.c Steve Willcox, Chief Executive 020 7950 2800 Terry Stead, Finance Director (until 3:30pm) From 29 November 01225 861100 (Local/Trade Press) Roger Hunt 01225 861100 Jayne Hunt Weber Shandwick Square Mile Richard Hews 020 7950 2800 Rachel Taylor An analyst meeting will be held at 09.30 this morning at the offices of Weber Shandwick Square Mile, Aldermary House, 15 Queen Street, London, EC4N 1TX. High resolution images are available for the media to download free of charge from www.vismedia.co.uk. Notes to editors: Avon Rubber p.l.c. is an international polymer engineering group adding value through material, manufacturing and industry sector expertise. The Group is currently capitalised at approximately Â£40 million. Avon is a significant supplier to the world's automotive, engineering, dairy and defence markets - manufacturing high performance elastomer products. The business is split into two divisions: Automotive Components and Technical Products. AVON RUBBER p.l.c. PRELIMINARY RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2002 INTRODUCTION The business strategy we are pursuing includes: - Focussing on cash generation. - Establishing product development and manufacturing centres of excellence. - Establishing or developing operations in lower labour cost territories using world class manufacturing facilities and practices. - Targeting cost reduction and efficiency through 'Six Sigma Breakthrough' and lean manufacturing. - Focussing on selected markets in Technical Products where, through product development and our materials expertise, we can create a competitive advantage and add value. - Disposing of non-core business entities. At the time of our interim results in May, we indicated that we would expect to have completed the transfer of work from our Trowbridge factory to our existing facilities in Portugal and the Czech Republic; we would restructure our borrowings, particularly those in Euros; and continue our focus on cash generation. All of these have been achieved and the successful transfer of manufacturing from Trowbridge was completed ahead of plan. We have completed the restructuring of our borrowings on a global multi- currency basis giving a better balance against our assets and the flexibility required by an international group. Net borrowings in the second half were reduced by Â£6.3 million to Â£41.0 million (2001: Â£53.0 million) giving a full year reduction of Â£12.0 million after cash outflows of Â£5.4 million on the exceptional item. The second half operating profit before exceptional items, enhanced by the benefits of our 'Six Sigma Breakthrough' programme, showed an improvement over the first half, which was itself an improvement over the corresponding period last year. This continuous improvement was coupled with a 36% reduction in our net interest cost for the year from Â£5.3 million to Â£3.4 million, demonstrating the benefits of our sustained emphasis on cash management. 2002 saw a significant improvement in our Technical Products division, particularly in the UK and we are now starting to see the benefits of the substantial investment in new facilities in Wiltshire undertaken in recent years. DIVIDEND The Board is pleased to recommend an increased final dividend of 4.0p per share (2001: 3.5p per share) which will be paid on 31 January 2003 to ordinary shareholders on the register on 10 January 2003. When added to the interim dividend of 3.5p per share (2001: 3.5p per share) the total dividend is 7.5p per share (2001: 7.0p per share). RESULTS Sales in continuing businesses declined by Â£11.5 million to Â£250.5 million (2001: Â£262.0 million). Of this reduction Â£8.1 million occurred in European Automotive, where we saw a sharp decline in demand, particularly in light commercial vehicles and Â£2.7 million in Technical Products. The discontinued businesses contributed Â£16.0 million to Group turnover in the previous year. Whilst there were substantial movements in exchange rates during the year, the change in the average rates had little impact on reported sales and profit. Total operating profit for the year before amortisation of goodwill of Â£0.6 million (2001: Â£0.6 million) and exceptional charges was Â£11.1 million (2001: Â£9.4 million). After a net interest charge of Â£3.4 million (2001: Â£5.3 million), Group profit before exceptional items and tax was Â£7.0 million (2001: Â£3.4 million) on a turnover of Â£250.5 million (2001: Â£278.0 million). The Group loss after exceptional items and before taxation was Â£1.5 million (2001: Â£9.1 million). There was an exceptional charge of Â£8.5 million. In the main, this represents the cost of closing the Trowbridge factory and transferring production together with some additional costs of reorganisation, principally in our European automotive activities. The cash impact of the exceptional operating expenses was Â£5.4 million during 2002. The estimated total cash impact will be Â£7.3 million, with the balance expected to be paid during 2003. The taxation charge of Â£0.3 million compares to a credit of Â£0.6 million for 2001 (restated for the effects of the implementation of FRS 19 which relates to Deferred Tax). The loss after taxation, exceptional items and minority interests was Â£1.6 million (2001: Â£8.4 million) and basic loss per share was 5.7p (2001: 30.6p). Profit after taxation and minority interests but before exceptional items was Â£4.4 million (2001: Â£1.8 million) and earnings per share on this basis was 16.0p (2001: 6.6p). Following the high level of investment in recent years we have well equipped factories and therefore we were able to maintain capital expenditure in the year below depreciation at Â£5.1 million (2001: Â£5.8 million). We expected capital expenditure to be lower than depreciation of Â£10.4 million, but the actual level was even lower than anticipated due to the timing of some expenditure, which will now occur in 2003. However, we would expect capital expenditure, excluding that for new business such as the Joint Services General Purpose Mask, to continue below depreciation. Our focus on debt reduction has continued and net borrowings have been reduced in the year by Â£12.0 million to Â£41.0 million (2001: Â£53.0 million). The low level of capital expenditure has helped, but trade working capital has also been reduced by Â£6.0 million to Â£27.7 million (2001: Â£33.7 million) giving a trade working capital to sales ratio of 11.0% (2001: 13.0%). In the current climate we consider debt reduction to be an important element in delivering shareholder value and will continue our efforts in this area. AUTOMOTIVE COMPONENTS At constant exchange rates, sales in continuing operations were down 4.8% at Â£186.2 million (2001: Â£195.6 million). North American sales remained steady at Â£80.7 million (2001: Â£80.1 million), but European sales were 8.6% down at Â£105.5 million (2001: Â£115.5 million). Operating profit in continuing operations declined by Â£2.5 million to Â£4.5 million (2001: Â£7.0 million). The whole of this reduction was in Europe, reflecting the lower sales and disruption costs caused by reorganisation. We have a clear strategy with centres of excellence for our major product areas. In the European Automotive market there was a significant downturn, particularly in commercial vehicles. We have seen the results of this in reduced demand, particularly in France and Spain where we have more dependence on light commercial vehicles. The major task during the second half of 2002 was the transfer of manufacturing from Trowbridge to Portugal and the Czech Republic. This was successfully completed by the end of August. The final closure of Trowbridge will be accomplished by the end of the calendar year, by which time we expect to be achieving the targeted annual benefits of Â£3 million. After a period of consolidation this division is well placed to develop new business and service key customers. The focussed cost reduction exercise at our anti-vibration systems business in Chippenham, together with the investment in new product development, has resulted in a significant performance improvement whilst maintaining its technology edge. The North American market has shown a remarkable resilience with overall sales of vehicles remaining at historically high levels. The first quarter of our year was disrupted by the effects of the events of 11 September 2001. Since then we have seen sustained high volumes but with the 'new domestic' manufacturers gaining market share at the expense of the traditional 'Big Three'. We are continuing our work with the 'new domestics', including opening an engineering office in Japan, which is already generating orders and is expected to yield greater benefits in the future. At the time of our preliminary announcement last year we outlined plans for the development of our facility in Orizaba, Mexico to be our North American coolant hose factory. In our interim statement we were able to confirm that we were already receiving significant orders. This has continued in the second half of 2002. Orizaba is growing substantially and will be a major supplier of coolant hose by 2004. During the year, a new production line was installed for the production of newly developed ultra low permeation fuel hose, called CADbar 9000. This will help our customers meet more stringent US government emission regulations and we expect this product line to grow significantly in importance over the next few years. Our leadership in this product area is also attracting considerable interest from new target customers, particularly the 'new domestics'. TECHNICAL PRODUCTS Sales at constant exchange rates in continuing operations were lower at Â£64.3 million (2001: Â£66.7 million) with operating profit up by Â£2.3 million at Â£5.9 million (2001: Â£3.6 million). We are focussed on selected markets utilising product development and materials expertise to create a competitive advantage. This division has demonstrated substantial benefits from our actions over the last few years. We have disposed of non-core activities which were either loss making or only marginally profitable. The progress in the UK has been significant and our new facility at Hampton Park West is now operating at higher efficiency levels and still has capacity to grow. Our French operation has had one of its best years and Hi-Life, our North American dairy business continues its outstanding performance. In our preliminary announcement last year we noted the expansion of our Zatec blade assembly business into Mexico. This has allowed us to develop more business for these products. The System Design and Demonstration phase for the US Joint Services General Purpose Mask is continuing on plan and we are working to be in production during 2005 for deliveries in 2006. We have now tendered for the design and development contract for the Replacement General Service Respirator for the UK Ministry of Defence. This is targeted to be in production by 2006. We see a major growth opportunity based on our world leading position in the design and manufacture of respiratory protection and related products. FINANCING Net debt at the year-end stood at Â£41.0 million (2001: Â£53.0 million) a reduction of Â£12.0 million in the year and Â£6.3 million in the second half. Payments of exceptional expenses amounted to Â£5.4 million. This resulted in year-end gearing of 52.9% (2001: 65.7%). During the second half of the year, and as indicated in the interim statement, we have restructured our debt facilities to increase our longer term Euro borrowings. In addition, we have substituted our 'on demand' facilities with multi-currency committed facilities allowing us to match our debt more closely to our asset base and we have simplified and reduced our overall facilities level in line with our improved net debt position. We shall continue our focus on cash generation and our immediate goal remains to reduce gearing to below 50%. OUTLOOK We have now completed a significant phase in our restructuring and our strategy is on course. Over the last two years we have substantially reduced borrowings. We are pursuing our strategy of disposing of non-core business entities, creating product development and manufacturing centres of excellence and developing or investing in lower labour cost areas in Continental Europe and Mexico. Although all our markets will remain challenging, with our reduced cost base and Group wide product development initiatives, the Group is now positioned to achieve growth in all our core business areas. We are confident that our strategy and actions will continue to translate into further enhancing shareholder value. Consolidated Profit and Loss Account for the year ended 30 September 2002 Before Before Exceptional Exceptional Exceptional 2001 Exceptional Items 2002 Items Items Total Items (note 3) Total (Restated (Restated note 1) note 1) Note Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 ______________________________________________________________________________ Turnover Continuing operations 250,509 - 250,509 262,031 - 262,031 Discontinued operations - - - 16,010 - 16,010 _________ ________ ________ _________ ________ _________ Total turnover 2 250,509 - 250,509 278,041 - 278,041 Cost of sales (214,523) - (214,523) (243,781) (952) (244,733) _________ ________ ________ _________ ________ _________ Gross profit 35,986 - 35,986 34,260 (952) 33,308 Net operating expenses (including Â£626,000 (2001: Â£617,000) goodwill amortisation) (25,565) (6,701) (32,266) (25,645) (2,604) (28,249) _________ ________ ________ _________ ________ _________ Operating profit Continuing operations 10,421 (6,701) 3,720 10,496 (3,556) 6,940 Discontinued operations - - - (1,881) - (1,881) _________ ________ ________ _________ ________ _________ Group operating profit 10,421 (6,701) 3,720 8,615 (3,556) 5,059 Share of profits of joint venture and associate 21 - 21 119 - 119 _________ ________ ________ _________ ________ _________ Total operating profit including joint venture and associate 2 10,442 (6,701) 3,741 8,734 (3,556) 5,178 Loss on disposal of fixed assets - (1,205) (1,205) - - - Loss on disposal of operations - (568) (568) - (8,916) (8,916) _________ ________ ________ _________ ________ _________ Profit/(loss) on ordinary activities before interest 10,442 (8,474) 1,968 8,734 (12,472) (3,738) Interest receivable 609 - 609 2,516 - 2,516 Interest payable (4,032) - (4,032) (7,837) - (7,837) _________ ________ ________ _________ ________ _________ (Loss)/ profit on ordinary activities before taxation 7,019 (8,474) (1,455) 3,413 (12,472) (9,059) Taxation 4 (2,810) 2,500 (310) (1,544) 2,184 640 _________ ________ ________ _________ ________ _________ (Loss)/profit on ordinary activities after taxation 4,209 (5,974) (1,765) 1,869 (10,288) (8,419) Minority interests 194 - 194 (30) - (30) _________ ________ ________ _________ ________ _________ (Loss)/profit for the year 4,403 (5,974) (1,571) 1,839 (10,288) (8,449) Dividends (including non-equity interests) 6 (2,031) - (2,031) (1,961) - (1,961) _________ ________ ________ _________ ________ _________ Retained loss for the year 2,372 (5,974) (3,602) (122) (10,288) (10,410) ========= ======== ======== ========= ======== ========= Rate of dividend Ordinary 7.5p 7.0p (Loss)/earnings per ordinary share 7 Basic (5.7)p (30.6)p Before exceptional items 16.0p 6.6p Before goodwill amortisation and exceptional items 18.3p 8.8p Diluted (5.7)p (30.6)p There is no material difference between the loss as stated above and that calculated on an historical cost basis. CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES for the year ended 30 September 2002 Note 2002 2001 (Restated Note 1) Â£'000 Â£'000 Loss for the year (1,571) (8,449) Premium paid on redemption of preference shares - (84) Net exchange differences on overseas investments 768 1,143 _________ _________ Total losses for the year (803) (7,390) Prior year adjustment (deferred tax) 1 (2,688) - _________ _________ Total losses since last annual report (3,491) (7,390) ========= ========= RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS for the year ended 30 September 2002 2002 2001 (Restated Note 1) Â£'000 Â£'000 Opening shareholders' funds as previously stated 81,605 87,963 Prior year adjustment (deferred tax) (2,688) (2,410) _________ _________ Opening shareholders' funds restated 78,917 85,553 Loss for the year (1,571) (8,449) Dividends (2,031) (1,961) Net exchange difference on overseas investments 768 1,143 Redemption of preference shares - (584) Goodwill resurrected on disposal of operations - 3,215 _________ _________ Closing equity shareholders' funds 76,083 78,917 ========= ========= CONSOLIDATED BALANCE SHEET At 30 September 2002 2002 2001 (Restated Note 1) Â£'000 Â£'000 Fixed Assets Intangible assets 13,107 13,553 Tangible assets 93,306 100,865 Investments 914 647 _________ _________ 107,327 115,065 ========= ========= Current Assets Stocks 19,210 22,534 Debtors - amounts falling due within one year 42,200 47,246 - amounts falling due after more than one year 5,378 5,604 Investments 3,536 - Cash at bank and in hand 8,042 13,586 _________ _________ 78,366 88,970 ========= ========= Creditors Amounts falling due within one year 70,775 66,189 _________ _________ Net current assets 7,591 22,781 Total assets less current liabilities 114,918 137,846 Creditors Amounts falling due after more than one year 30,910 51,029 Provisions for liabilities and charges 6,458 6,179 _________ _________ Net assets 77,550 80,638 ========= ========= Capital and reserves Ordinary share capital 27,824 27,824 Share premium account 34,070 34,070 Revaluation reserve 2,536 2,578 Capital redemption reserve 500 500 Profit and loss account 11,153 13,945 _________ _________ Equity shareholders' funds 76,083 78,917 Minority interests (equity interests) 1,467 1,721 _________ _________ Total capital employed 77,550 80,638 ========= ========= CONSOLIDATED CASH FLOW STATEMENT 2002 2001 Note Â£000 Â£000 Operating activities Operating profit 3,741 5,178 Goodwill amortisation 626 617 Depreciation 10,446 11,945 Impairment/writedown of fixed assets and goodwill - 2,201 Provision for exceptional operating expenses 1,388 (3,238) Movement in working capital and other provisions 5,982 10,370 Other movements 1,080 1,141 ________ _________ Net cash flow from operating activities 23,263 28,214 Returns on investments and servicing of finance (3,359) (4,682) Corporation tax (paid)/received (1,726) 1,281 Net capital expenditure (4,146) (6,170) Capitalised development expenditure (625) (990) Purchase of fixed asset investments (1,120) (98) Sale of operations 904 2,002 Equity dividends paid (1,923) (5,731) ________ _________ Net cash inflow before management of liquid resources and financing 11,268 13,826 Management of liquid resources Increase in investments treated as liquid resources (3,536) - Financing Redemption of preference shares - (584) Net movement in loans and finance leases (8,446) (3,745) ________ _________ (Decrease)/increase in cash (714) 9,497 ======== ========= Reconciliation of net cash flow to movement in net debt (Decrease)/increase in cash (714) 9,497 Net movement in loans and finance leases 8,446 3,745 Movement in liquid resources 3,536 - Amortisation of loan costs (44) (279) Exchange differences 722 (985) ________ _________ Movement in net debt in the period 11,946 11,978 Net debt at the beginning of the period (52,967) (64,945) ________ _________ Net debt at the end of the period 8 (41,021) (52,967) ======== ========= 1. NOTES TO THE PRELIMINARY ANNOUNCEMENT (a) The figures and financial information for the year ended 30 September 2002 do not constitute the statutory financial statements for that year. Those financial statements have not yet been delivered to the Registrar, nor have the auditors yet reported on them. (b) The Company's accounting period end has been changed from the Saturday nearest to 30 September to 30 September. This change has had no significant effect on the reporting of the results for the year ended 30 September 2002. (c) The preliminary announcement has been prepared using accounting policies that are consistent with the policies detailed in the financial statements for the year ended 29 September 2001 except for the introduction during the year of Financial Reporting Standard (FRS) 19 (Deferred Tax). The adoption of this standard represents a change in accounting policy and the comparative figures have been restated accordingly. In accordance with FRS 19, full provision (on an undiscounted basis) is made for deferred tax assets and liabilities arising from timing differences between the recognition of gains and losses in the financial statements and their recognition in the respective tax computations. Deferred tax assets are recognised only to the extent that they are more likely than not to be recovered. The cumulative cost of the full recognition of deferred tax relating to previous years has been recognised in the accounts as a prior year adjustment and comparative figures for 2001 have been restated. The effect has been to reduce Group reserves at 30 September 2001 by Â£2,688,000 (2000: Â£2,410,000). 2.Segmental Information for the year ended 30 September 2002 2002 2001 a)External sales by destination: Â£'000 Â£'000 United Kingdom 49,461 46,207 Other European 83,702 95,506 North America - continuing operations 111,839 116,433 - discontinued operations - 16,010 Rest of World 5,507 3,885 _________ _________ 250,509 278,041 _________ _________ 2002 2001 Total Total External Operating External Operating Sales Profit/(loss) Sales Profit/(loss) Â£'000 Â£'000 Â£'000 Â£'000 b) By business sector: Before exceptional operating items Automotive Components Continuing operations 186,176 4,485 195,017 6,932 Discontinued operations - - 11,350 (769) ________ ________ ________ _________ 186,176 4,485 206,367 6,163 ________ ________ ________ _________ Technical Products Continuing operations 64,333 5,957 67,014 3,683 Discontinued operations - - 4,660 (1,112) ________ ________ ________ _________ 64,333 5,957 71,674 2,571 ________ ________ ________ _________ 250,509 10,442 278,041 8,734 ________ ________ ________ _________ 2002 2001 Total Total External Operating External Operating Sales Profit/(loss) Sales Profit/(loss) Â£'000 Â£'000 Â£'000 Â£'000 c) After exceptional operating items Automotive Components Continuing operations 186,176 (1,853) 195,017 5,577 Discontinued operations - - 11,350 (769) ________ ________ ________ _________ 186,176 (1,853) 206,367 4,808 ________ ________ ________ _________ Technical Products Continuing operations 64,333 5,594 67,014 1,482 Discontinued operations - - 4,660 (1,112) ________ ________ ________ _________ 64,333 5,594 71,674 370 ________ ________ ________ _________ 250,509 3,741 278,041 5,178 ________ ________ ________ _________ 2002 2001 Total Total External Operating External Operating Sales Profit/(loss) Sales Profit/(loss) Â£'000 Â£'000 Â£'000 Â£'000 d) By origin: Before exceptional operating items: United Kingdom 66,057 450 77,253 (769) Other European 71,291 1,563 70,508 3,610 North America - Continuing operations 113,161 8,429 114,270 7,774 - Discontinued operations - - 16,010 (1,881) ________ ________ ________ _________ 250,509 10,442 278,041 8,734 ======== ======== ======== ========= Total Total External Operating External Operating Sales Profit/(loss) Sales Profit/(loss) Â£'000 Â£'000 Â£'000 Â£'000 e) After exceptional operating items: United Kingdom 66,057 (5,222) 77,253 (919) Other European 71,291 534 70,508 2,808 North America - Continuing operations 113,161 8,429 114,270 5,170 - Discontinued operations - - 16,010 (1,881) ________ ________ ________ _________ 250,509 3,741 278,041 5,178 ======== ======== ======== ========= f)Analysis of external sales and operating profit: 2002 2001 Â£'000 Â£'000 External sales - First half of year 126,379 141,476 - Second half of year 124,130 136,565 _________ _________ 250,509 278,041 ========= ========= Total operating profit before exceptional items - First half of year 4,784 3,833 - Second half of year 5,658 4,901 ________ ________ 10,442 8,734 ======== ======== 3. The exceptional operating expenses relate principally to European rationalisation and reorganisation and the closure of the UK automotive hose factory at Trowbridge. The loss on disposal of fixed assets relates to the write off assets following this closure. The loss on disposal of operations relates to additional costs incurred following the disposal of the Nylaflow industrial hose business and Avon Injected Rubber & Plastics Inc. in September 2001. 4. The taxation charge/(credit) based on the results for the year comprises: 2002 2001 (restated Note 1) Â£'000 Â£'000 Current tax UK corporation tax on profits of the year at 30% (2001: 30%) 28 (87) Overseas Taxes 1,802 21 Associated company (13) 42 Under provision in previous years 576 - ________ _________ 2,393 (24) Deferred tax Origination and reversal of timing differences (2,083) (616) ________ _________ 310 (640) ======== ========= 5. Profit and loss accounts of foreign group undertakings are translated at average rates of exchange and balance sheets are translated at year- end rates. 6. If approved, payment of the final dividend on the ordinary shares will be made on 31 January 2003 to shareholders on the register at the close of business on 10 January 2003. The total proposed final dividend will be Â£1,077,000 (2001: Â£969,000). 7. Basic loss per share amounts to 5.7p (2001: 30.6p) and is based on loss after taxation and deduction of minority interests and non-equity dividends, of Â£1,571,000 (2001: Â£8,472,000) and 27,448,000 ordinary shares (2001: 27,687,000) being the weighted average of the shares in issue during the year. Earnings per share before exceptional items amounts to 16.0p (2001: 6.6p) and is based on profit after taxation and deduction of minority interests and non-equity dividends, of Â£4,403,000 (2001: Â£1,816,000). Earnings per share before goodwill amortisation and exceptional items amounts to 18.3p (2001: 8.8p) and is based on profit after taxation and deduction of minority interests and non-equity dividends of Â£5,029,000 (2001: Â£2,433,000). The diluted loss per share is not materially different to the basic loss per share. Adjusted earnings per share figures have been calculated in addition to basic and diluted figures since, in the opinion of the directors, these provide further information for the understanding of the Group's performance. 8. Analysis of net debt Amortisation As at Cash of loan issue Exchange As at 29-Sep-01 Flow costs Movements 30-Sep-02 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Cash at bank and in hand 13,586 (5,518) - (26) 8,042 Overdrafts (6,613) 4,804 - (55) (1,864) Debt due after 1 year (47,807) 17,256 (44) 603 (29,992) Debt due within 1 year (11,768) (9,108) - 200 (20,676) Finance leases (365) 298 - - (67) Current asset investments - 3,536 - - 3,536 _________ ________ _________ ________ _________ (52,967) 11,268 (44) 722 (41,021) ========= ======== ========= ======== ========= 9. Copies of the directors' report and the audited financial statements for the year ended 30 September 2002 will be posted to shareholders by 18 December 2002 and may be obtained thereafter from the Company's registered office at Manvers House, Kingston Road, Bradford on Avon, Wiltshire, BA15 1AA (Telephone: 01225 861100) This information is provided by RNS The company news service from the London Stock Exchange PPPUM

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