Interim Results

International Greetings PLC 13 December 2007 Under Embargo 7am 13 December 2007 INTERNATIONAL GREETINGS PLC ('International Greetings' or 'the Group') INTERIM RESULTS International Greetings PLC (AIM: IGR), the global designer and manufacturer of greetings products, film and television character based licensed stationery, books and gifts, today announces interim results for the six months ended 30 September 2007. Financial highlights: • Turnover for the period was £91.8million (2006: £85.1million) • Operating profit of £3.9million (2006: £6.5million) • Interest payable during the period increased to £1.7million (2006: £0.9million) • Profit before tax of £1.9million (2006: £5.6million) • Basic earnings per share for the period were 3.0p (2006: 9.2p) • Interim dividend of 2.0p (2006: 2.25p) Operational highlights: • Continuing difficulties with revenues and margins in the UK Greetings Division • Overseas operations continue to perform in line with expectations: - - 10% increase in turnover in US Division (excluding Glitterwrap); - 24% increase in turnover in European Gift Wrap Division • Acquisition of Weltec photo frame business strengthens position in German market • Acquisition of Glitterwrap Inc in US enhancing market presence • Acquisition (post period end) of a 50% shareholding in Artwrap Pty, extending the Group's reach into Australia For further information: Keith James, Chairman, International Greetings: Richard Day, Arden Partners Plc 020 7398 1632 Jeremy Carey/Gemma Bradley, Tavistock Communications: 020 7920 3150 CHAIRMAN'S STATEMENT I announce below the interim results for the six months to 30 September 2007. FINANCIAL REVIEW Turnover for the period was £91.8m (2006: £85.1m), with operating profit of £3.9m (2006: £6.5m). Net interest payable during the period increased to £1.7m from £0.9m last year. The group's share of losses of associates was £0.3m (2006: £nil), resulting in profit before tax of £1.9m (2006: £5.6m). Basic earnings per share for the period were 3.0p (2006: 9.2p). Turnover of £4m and operating profit of £nil was attributable to acquisitions made during the period. These results are a reflection of the announcement made on 4th December 2007 that the UK retail climate remains extremely tough. OPERATIONAL REVIEW Our US and European businesses continue to develop with a 10% increase in turnover of the US Division (excluding Glitterwrap) and a 24% increase in turnover of the European Gift Wrap Division. In the Far East, our strategy to develop FOB sales direct to our global customer base is proving successful and we expect this trend to continue. These rates of growth, together with the acquisitions made overseas during the first half of the financial year, illustrate the potential that exists in our global markets. The acquisition of the Weltec photo frame business in April this year has strengthened our position in the German market place, and we expect to achieve good sales growth during the next financial year. The purchase of Glitterwrap Inc has enhanced our market position in the US. It is being merged with our existing business, thereby providing trading and cost saving benefits for both. We recently announced the purchase of a 50% shareholding in Artwrap Pty, which gives the Group a presence in Australia. We have identified many opportunities to sell products from other Divisions within the Group into the Australian market. In addition, Artwrap will obtain significant cost saving benefits from its association with us. In the US, our 50% investment in Halloween Express involves three areas of business; the existing franchise operation, the development of an internet site under the same banner and the trialing of a Halloween and Christmas merchandise operation with a view to extending the franchise business. Once the seasonal trading period has completed, we will evaluate each of these areas to plan our forward strategy for this investment. In the UK, our Anker and Alligator trading divisions are performing broadly in line with expectations. However, the UK Greetings Division continues to be affected by the tough trading climate in this sector with both volumes and margins under pressure. As a result, an extensive review is underway which will lead to a restructuring of the UK manufacturing and distribution base and its associated plants in both Latvia and China. We expect that the outcome will be a reorganised business compatible with the volumes and margins now attainable in this Division capable of earning acceptable profit margins in the future. BOARD CHANGES In order to help implement the restructuring and improve the performance of the UK Greetings Division, the following Board changes will take place with immediate effect. Paul Fineman will take on the newly created role of Group Managing Director and will be directly responsible for the restructuring of the UK Greetings Division. Anders Hedlund will step down as Joint Chief Executive and become Deputy Chairman. Nick Fisher, currently Joint Chief Executive, will become Group Chief Executive. All other Directors will maintain their existing roles and responsibilities. DIVIDEND Taking into account current trading and forward prospects the Board have reviewed the level of dividend which is appropriate for the Group to pay and proposes an interim dividend of 2p, which will be paid on 22 January 2008 to all shareholders on the register on 21 December 2007. OUTLOOK As shareholders are aware, we have been aggressively pursuing a strategy to diversify our business both geographically and into new product categories to reduce our historical reliance on the UK multiple retail sector. The Board is confident that this is the right strategy and that following the restructuring of the UK manufacturing and distribution base, the business will show improved results in the future. Keith James OBE Chairman 13 December 2007 CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2007 Unaudited six months Unaudited six ended 30 months ended September 30 September 12 months to Notes 2007 2006 31 March 2007 £000 £000 £000 Revenue 91,774 85,093 196,718 -------- -------- -------- Operating profit before restructuring costs and disposal of fixed assets 3,933 6,837 20,487 Restructuring costs 4 - (304) (1,252) Profit on disposal of fixed assets - - 2,240 -------- -------- -------- Operating profit 3,933 6,533 21,475 Financial expenses (1,674) (958) (2,757) -------- -------- -------- 2,259 5,575 18,718 Share of loss of associates (net of tax) (343) - - -------- -------- -------- Profit before taxation 1,916 5,575 18,718 Taxation 2 (498) (1,317) (4,315) -------- -------- -------- Profit for the period attributable to equity holders of the parent company 1,418 4,258 14,403 ========= ======== ======== Earnings per share 3 Basic 3.0p 9.2p 31.1p Diluted 3.0p 9.1p 30.6p CONDENSED CONSOLIDATED BALANCE SHEET AS AT 30 SEPTEMBER 2007 Unaudited Unaudited as as at 30 at 30 September September 12 months to 2007 2006 31 March 2007 £000 £000 £000 Assets Property, plant and equipment 43,813 40,017 41,882 Intangible assets 32,502 26,091 28,153 Investments in associates 3,630 - - -------- -------- -------- Total non-current assets 79,945 66,108 70,035 Current assets Inventories 66,472 62,254 48,577 Trade and other receivables 84,192 75,519 41,283 Cash and cash equivalents 20 10 12,990 Investments - 15 20 -------- -------- -------- Total current assets 150,684 137,798 102,870 -------- -------- -------- Total assets 230,629 203,906 172,905 ======== ======== ======== Equity Issued capital 2,353 2,314 2,317 Share premium 3,007 2,455 2,515 Reserves 13,298 12,845 11,759 Shares to be issued 2,091 1,052 2,235 Retained earnings 63,777 56,688 65,923 -------- -------- -------- Total equity attributable to equity holders of the parent company 84,526 75,354 84,749 Non-current liabilities 11,921 9,300 7,958 Current liabilities 134,182 119,252 80,198 -------- -------- -------- Total liabilities 146,103 128,552 88,156 -------- -------- -------- Total equity and liabilities 230,629 203,906 172,905 ======== ======== ======== CONSOLIDATED CASH FLOW STATEMENT SIX MONTHS ENDED 30 SEPTEMBER 2007 Unaudited Unaudited as as at 30 at 30 September September 12 months to 2007 2006 31 March 2007 £000 £000 £000 Cash flows from operating activities Profit for the period 1,418 4,258 14,403 Adjustments for: Depreciation 2,833 3,560 5,876 Financial expenses 1,674 958 2,757 Share of loss of associates 343 - - Gain on sale of property, plant and equipment - - (2,240) Equity settled share-based payment 65 112 244 Income tax expense 498 1,317 4,315 -------- -------- -------- Operating profit before changes in working capital and provisions 6,831 10,205 25,355 Change in inventories (14,402) (20,802) (7,521) Change in trade and other receivables (43,109) (44,131) (6,917) Change in trade and other payables 9,665 15,512 1,804 Change in provisions and deferred income (416) (857) (1,832) -------- -------- -------- (41,431) (40,073) 10,889 Interest paid (2,074) (1,020) (2,419) Income taxes paid (497) (703) (3,024) -------- -------- -------- Net cash (outflow)/ inflow from operating activities (44,002) (41,796) 5,446 Cash flows from investing activities Acquisition of subsidiaries, including overdrafts acquired (10,555) (16,372) (16,776) Acquisition of shares in associates (791) - - Payments to acquire property, plant and equipment (3,785) (7,005) (11,933) Receipts from sales of property, plant and equipment 3,715 109 95 Receipt of grants 1,962 - - Receipts from sale of investments 20 286 45 -------- -------- -------- Net cash (outflow) from investing activities (9,434) (22,982) (28,569) -------- -------- -------- Cash flows from financing activities Proceeds from the issue of share capital - 38 101 Repayment of loans (159) (177) (89) Receipt of new loans - 1,203 - Payment of finance lease liabilities (48) (91) (280) Equity dividends (3,629) (3,240) (4,282) Net cash (outflow) from financing -------- -------- -------- activities (3,836) (2,267) (4,550) -------- -------- -------- Net (decrease) in cash and cash equivalents (57,272) (67,045) (27,673) Cash and cash equivalents at start of period (35,567) (9,025) (9,025) Effect of exchange rate fluctuations on cash held (223) 777 1,131 -------- -------- -------- Cash and cash equivalents at end of period (93,062) (75,293) (35,567) ======== ======== ======== Reconciliation of cash and cash equivalents Unaudited Unaudited as as at 30 at 30 September September 12 months to 2007 2006 31 March 2007 £000 £000 £000 Cash and cash equivalents 20 10 12,990 Loans and borrowings (93,082) (75,303) (48,557) -------- -------- -------- Cash and cash equivalents per the cash flow statement (93,062) (75,293) (35,567) ======== ======== ======== CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 September 2007 Total equity attributable to Potential Capital equity holder Merger Retained issue of redemption Translation of the parent September 2007 Share Capital Share premium reserve earnings shares reserve reserve company £000 £000 £000 £000 £000 £000 £000 £000 Balance at 1 April 2007 2,317 2,515 13,416 65,923 2,235 1,340 (2,997) 84,749 Exchange adjustment - - - - - - (578) (578) ------------------------------------------------------------------------------------------------ Net income recognised directly in equity - - - - - - (578) (578) Profit for the period - - - 1,418 - - - 1,418 ------------------------------------------------------------------------------------------------ Total income and expense recognised for the period - - - 1,418 - - (578) 840 Dividends paid - - - (3,629) - - - (3,629) Equity settled transactions - - - 65 - - - 65 Shares issued 36 492 2,117 - - - - 2,645 Decrease in potential issue of shares - - - - (144) - - (144) ------------------------------------------------------------------------------------------------ Balance at 30 September 2007 2,353 3,007 15,533 63,777 2,091 1,340 (3,575) 84,526 ================================================================================================ CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 30 September 2006 Total equity attributable to Potential Capital equity holder September 2006 Share capital Share premium Merger Retained issue of redemption Translation of the parent reserve earnings shares reserve reserve company £000 £000 £000 £000 £000 £000 £000 £000 Balance at 1 April 2006 2,308 2,386 13,023 55,558 1,052 1,340 (399) 75,268 Exchange adjustment - - - - - - (1,512) (1,512) ------------------------------------------------------------------------------------------------ Net income recognised directly in equity - - - - - - (1,512) (1,512) Profit for the period - - - 4,258 - - - 4,258 ------------------------------------------------------------------------------------------------ Total income and expense recognised for the period - - - 4,258 - - (1,512) 2,746 Dividends paid - - - (3,240) - - - (3,240) Equity settled transactions - - - 112 - - - 112 Shares issued 6 69 393 - - - - 468 ------------------------------------------------------------------------------------------------ Balance at 30 September 2006 2,314 2,455 13,416 56,688 1,052 1,340 (1,911) 75,354 ================================================================================================ CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the six months ended 31st March 2007 Total equity attributable to Potential Capital equity holder March 2007 Share capital Share premium Merger Retained issue of redemption Translation of the parent reserve earnings shares reserve reserve company £000 £000 £000 £000 £000 £000 £000 £000 Balance at 1 April 2006 2,308 2,386 13,023 55,558 1,052 1,340 (399) 75,268 Exchange adjustment - - - - - - (2,598) (2,598) ------------------------------------------------------------------------------------------------ Net income recognised directly in equity - - - - - (2,598) (2,598) Profit for the period - - - 14,403 - 14,403 ------------------------------------------------------------------------------------------------ Total income and expense recognised for the period - - 14,403 - (2,598) 11,805 Dividends paid - - - (4,282) - - - (4,282) Equity settled transactions - - - 244 - - - 244 Shares issued 9 129 393 - - - - 531 Increase in potential issue of shares - - - - 1,183 - - 1,183 ------------------------------------------------------------------------------------------------ Balance at 31 March 2007 2,317 2,515 13,416 65,923 2,235 1,340 (2,997) 84,749 ================================================================================================ Notes 1. Accounting policies Basis of preparation The financial information contained in this interim report does not constitute statutory accounts as defined in Section 240 of the Companies Act and is unaudited. The comparative figures for the financial year ended 31 March 2007 are not the company's statutory accounts for that financial year. Those accounts, which have been prepared under UK GAAP, have been reported on by the company's auditors and delivered to the registrar of companies. The report of the auditors was (i) unqualified (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 237 (2) or (3) of the Companies Act 1985. The AIM rules require that the next annual consolidated financial statements of the company for the year ended 31 March 2008 be prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU ('adopted IFRSs'). This interim financial information has been prepared on the basis of the recognition and measurement requirements of adopted IFRSs as at 30 September 2007 that are effective (or available for early adoption) as at 31 March 2008, the Group's first annual reporting date at which it is required to use adopted IFRSs. Based on these adopted IFRSs, the directors have applied the accounting policies which they expect to apply when the first annual IFRS financial statements are prepared for the year ending 31 March 2008. However, the adopted IFRSs that will be effective (or available for early adoption) in the annual financial statements for the year ending 31 March 2008 are still subject to change and to additional interpretations and therefore cannot be determined with certainty. Accordingly, the accounting policies for that annual period will be determined finally only when the annual financial statements are prepared for the year ended 31 March 2008. Note 7 and the subsequent pages set out detailed reconciliations to show the differences in accounting treatment as compared to the previous UK GAAP basis of accounting. There are reconciliations for the Consolidated Income Statement (formerly the Consolidated Profit and Loss Account) and Consolidated Balance Sheet for the restated comparative results for the year ended 31 March 2007 and the six months ended 30 September 2006. 2. Taxation charge Taxation for the six months to 30 September 2007 is based on the effective rate of taxation, which is estimated to apply for the year ending 31 March 2008 taking into account the impact on deferred tax of the reduction in tax rate to 28% from 1 April 2008. 3. Earnings per share Unaudited Unaudited 12 months to six months six months 31 March 2007 ended 30 ended 30 September September 2007 2006 £000 £000 £000 Earnings 1,418 4,258 14,403 ------------------------------------ Adjusted basic earnings per share excluding exceptional restructuring costs and profit on disposal of fixed assets 3.0p 9.7p 29.4p Loss per share on exceptional restructuring costs - (0.5p) (1.9p) Earnings per share on profit on disposal of fixed assets - - 3.6p ------------------------------------ Basic earnings per share 3.0p 9.2p 31.1p Weighted average number of shares - basic 46,600,114 46,257,862 46,278,695 Earnings per share - diluted 3.0p 9.1p 30.6p Weighted average number of shares - diluted 47,381,362 47,003,239 46,998,106 4. Restructuring costs The restructuring costs of £304,000 during the six months ended 30 September 2006 and £1,252,000 during the twelve months ended 31 March 2007 represent costs incurred in relation to the restructuring of the Group's UK operations in order to maintain competitiveness. 5. Acquisitions The following acquisitions took place during the period. Provisional fair values have been attributed to assets and liabilities acquired. a) On 4 April 2007, the Group acquired 100% of the issued share capital of Weltec Holding BV, a distributor of photographic frames based in Holland, for €415,000, paid in cash. During the period 4 April 2007 to 30 September 2007, the Group's results include turnover of £2.0 million, interest payable for £29,000 and a loss before tax of £139,000 attributable to Weltec. b) On 17 May 2007, the group acquired the business and assets of Przedsiebiorstwp Produckcyjno-Handlowo- Uslugowe Artex ('Artex'), a supplier of giftwrap and greetings products based in Poland, for a consideration of €760,000, paid in cash. During the period 17 May 2007 to 30 September 2007, the Group's results include turnover of £139,000 and a loss before tax of £121,000 attributable to Artex. c) On 27 July 2007, the Group acquired 50% of the issued share capital of Halloween Express Inc, a franchise retailer of Halloween products based in the USA. Initial consideration of $2.65 million was paid, $1.65 million in cash and $1 million by the issue of 119,948 new ordinary shares. Further additional payments of up to $5.5 million may be payable, of which $800k may be paid by the issue of new ordinary shares, dependant on future profitability of the business. On the same date, the Group also acquired a 50% interest in the share capital of two newly formed companies based in the USA, Asadart LLC inc and Vizterra LLC inc. Asadart is an internet retailer of Halloween and Christmas products and Vizterra operated as a seasonal retailer selling Halloween and Christmas products. During the period 27 July 2007 to 30 September 2007, the Group's results include its share of these associates losses after tax of £343,000. d) On 4 September 2007, the Group acquired 100% of the issued share capital of Glitterwrap Inc, a supplier of giftwrap and partyware products based in the USA. Initial consideration of $2.8 million was paid, $1.5 million in cash and $1.3 million by the issue of 232,024 new ordinary shares. Additional deferred consideration of $5.7 million is payable with up to $3.47 million payable by the issue of new ordinary shares. During the period 4 September 2007 to 30 September 2007, the Group's results include turnover of £1.85 million, interest payable of £29,000 and profit before tax of £230,000 attributable to Glitterwrap. 6. Share based payments The fair value of services received in return for share options granted to employees are measured by reference to the fair value of share options granted. The estimate of the fair value of the services received is measured based on the Black Scholes model (with the contractual life of the option and expectations of early exercise incorporated into the model). The charge for the six months ended 30 September 2007 was £65,000. 7. Transition to IFRS As stated in the accounting policies note, these are the Group's first condensed consolidated interim financial statements for part of the period covered by the first IFRS annual consolidated financial statements prepared in accordance with adopted IFRS. An explanation of how the transition from UK GAAP to adopted IFRS has affected the Group's financial position, financial performance and cash flows is set out in the following tables and notes that accompany the tables. The transition to IFRS has not resulted in any impact on cash flows. The cash flow statement has changed in terms of presentation only. There have been no changes to the accounting policies presented in the 2007 financial statements other than in the areas below. Goodwill Subject to the transitional relief in IFRS 1, all business combinations are accounted for by applying the purchase method. Goodwill represents amounts arising on acquisition of subsidiaries, associates and Jointly Controlled Entities. In respect of business acquisitions that have occurred since 1 April 2006, goodwill represents the difference between the cost of the acquisition and the fair value of the net identifiable assets acquired. Identifiable intangibles are those which can be sold separately or which arise from legal rights regardless of whether those rights are separable. Provisional fair values have been assigned to assets and liabilities in accordance with IFRS 3 'Business combinations' and will be finalised in the financial statements for the year ended 31 March 2008. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested annually for impairment. In respect of associates, the carrying amount of goodwill is included in the carrying amount of the investment in the associate. IFRS 1 grants certain exemptions from the full requirements of Adopted IFRSs in the transition period. The Group elected not to restate business combinations that took place prior to 1 April 2006. In respect of acquisitions prior to 1 April 2006, goodwill is included at 1 April 2006 on the basis of its deemed cost, which represents the amount recorded under UK GAAP which was broadly comparable save that only separable intangibles were recognised and goodwill was amortised. Negative goodwill arising on an acquisition is recognised in profit or loss. Under UK GAAP the Group's policy was to amortise goodwill over 10 - 30 years. Under IFRS 3 there is no amortisation of goodwill, so the goodwill amortisation charge of £1,458,000 for the year ended 31 March 2007 and £669,000 for the six months ended 30 September 2006 has been excluded from the restated accounts. Forward contracts Derivative financial instruments Derivative financial instruments are recognised at fair value. The gain or loss on re-measurement to fair value is recognised immediately in profit or loss. However, where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the item being hedged (see below). The fair value of forward exchange contracts is their quoted market price at the balance sheet date. Cash flow hedges Where a derivative financial instrument is designated as a hedge of the variability in cash flows of a recognised asset or liability, or a highly probable forecast transaction, the effective part of any gain or loss on the derivative financial instrument is recognised directly in the hedging reserve. Any ineffective portion of the hedge is recognised immediately in the income statement. Under UK GAAP, no adjustment was made to reflect the fair value of forward exchange contracts entered into by the Group. A charge of £401,000 (before tax attributable of £120,000) for the year ended 31 March 2007 and £305,000 (before tax attributable of £91,000) for the six months ended 30 September 2006 has been included in the restated accounts to reflect the change in the fair values of these financial instruments during these periods as the criteria for hedging was not met. Deferred tax Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance sheet date. Under UK GAAP, the group had an unprovided deferred tax liability on gains on capital disposals rolled over into replacement assets and where grants have reduced the tax cost of properties for use in capital gains calculations on future disposals. Under IFRS, there is no option to not recognise a deferred tax liability in relation to this and therefore an adjustment has been made at 1 April 2006 and in the year ended 31 March 2007 to reflect the recognition of this liability. Impact on 1 April 2006 Retained earnings as at 1 April 2006 have been increased by £74,000, representing the fair value of financial instruments after attributable tax at the transition date and reduced by £597,000 representing the recognition of a deferred tax liability previously unprovided. Profit and loss account Adjusted 6 months to 30 September UK GAAP Adjustments IFRS 2006 £000 £000 £000 Revenue 85,093 - 85,093 ============================================= Operating profit before restructuring costs and profit on disposal of fixed assets 6,473 364 6,837 Restructuring costs (304) - (304) --------------------------------------------- Operating profit 6,169 364 6,533 Interest payable (958) - (958) --------------------------------------------- Profit before taxation 5,211 364 5,575 Taxation (1,408) 91 (1,317) Profit after taxation attributable to equity holders of the parent --------------------------------------------- company 3,803 455 4,258 ============================================= Earnings per Share Basic 8.2p 1.0p 9.2p Diluted 8.1p 1.0p 9.1p Profit and loss account Adjusted Year ended 31 March 2007 UK GAAP Adjustments IFRS £000 £000 £000 Revenue 196,718 - 196,718 --------------------------------------------- Operating profit before restructuring costs and profit on disposal of fixed assets 19,430 1,057 20,487 Restructuring costs (1,252) - (1,252) Profit on disposal of fixed assets 2,240 - 2,240 --------------------------------------------- Operating profit 20,418 1,057 21,475 Interest payable (2,757) - (2,757) --------------------------------------------- Profit before taxation 17,661 1,057 18,718 Taxation (4,662) 347 (4,315) --------------------------------------------- Profit after taxation attributable to equity holders of the parent company 12,999 1,404 14,403 ============================================= Earnings per Share Basic 28.1p 2.9p 31.1p Diluted 27.7p 2.9p 30.6p Balance sheet Adjusted 30 September 2006 UK GAAP Adjustments IFRS £000 £000 £000 Assets Property, plant and equipment 40,017 - 40,017 Intangible assets 25,422 669 26,091 --------------------------------------------- Total non-current assets 65,439 669 66,108 Current assets Inventories 62,254 - 62,254 Trade and other receivables 75,460 59 75,519 Cash and cash equivalents 10 - 10 Investments 15 - 15 --------------------------------------------- Total current assets 137,739 59 137,798 Total assets 203,178 728 203,906 ============================================= Equity Issued capital 2,314 - 2,314 Share premium 2,455 - 2,455 Reserves 12,845 - 12,845 Potential issue shares 1,052 - 1,052 Retained earnings 56,756 (68) 56,688 --------------------------------------------- Total equity attributable to equity holders of the parent company 75,422 (68) 75,354 Non-current liabilities 8,703 597 9,300 Current liabilities 119,053 199 119,252 --------------------------------------------- Total liabilities 127,756 796 128,552 --------------------------------------------- Total equity and liabilities 203,178 728 203,906 ============================================= Balance sheet Adjusted 31 March 2007 UK GAAP Adjustments IFRS £000 £000 £000 Assets Property, plant and equipment 41,882 - 41,882 Intangible assets 26,695 1,458 28,153 --------------------------------------------- Total non-current assets 68,577 1,458 70,035 Current assets Inventories 48,577 - 48,577 Trade and other receivables 41,283 - 41,283 Cash and cash equivalents 12,990 - 12,990 Investments 20 - 20 --------------------------------------------- Total current assets 102,870 - 102,870 Total assets 171,447 1,458 172,905 ============================================= Equity Issued capital 2,317 - 2,317 Share premium 2,515 - 2,515 Reserves 11,759 - 11,759 Potential issue shares 2,235 - 2,235 Retained earnings 65,042 881 65,923 --------------------------------------------- Total equity attributable to equity holders of the parent company 83,868 881 84,749 Non-current liabilities 7,676 282 7,958 Current liabilities 79,903 295 80,198 --------------------------------------------- Total liabilities 87,579 577 88,156 --------------------------------------------- Total equity and liabilities 171,447 1,458 172,905 ============================================= This information is provided by RNS The company news service from the London Stock Exchange

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