Final Results

Photo-Me International PLC 9 July 2002 PHOTO-ME INTERNATIONAL plc - PRELIMINARY ANNOUNCEMENT â€¢ PMI, the world's leading operator of photobooths and a leading manufacturer of digital photoprocessing minilabs, announces an underlying pre-tax profit of Â£2.5m (2000/01: Â£23.7m) - slightly ahead of indications in the 28 March 2002 trading statement - and a reported pre-tax loss (after exceptional items) of Â£10.0m (2000/01: Â£0.4m) on a turnover of Â£186.9m (2000 /01: Â£208.8m) â€¢ None of PMI's principal business segments performed well. Turnover from the operation of photobooths and other vending equipment decreased by 10% to Â£147.1m (79% of total turnover) from Â£163.4m (78% of turnover). Manufacturing turnover decreased by 12.5% to Â£39.8m from Â£45.4m â€¢ Continental Europe, which includes the majority of the Manufacturing turnover, was the principal contributor to turnover and profit â€¢ Despite the modest underlying profit and earnings figures, EBITDA remained substantial at Â£38.4m (2000/01: Â£59.2m). The depreciation charge of Â£32.8m (2000/01: Â£32.4m) compared with net capital expenditure of Â£21.8m (2000/01 Â£36.8m) â€¢ During the year, net debt was reduced by Â£4.8m to Â£51.4m â€¢ With regard to prospects, Serge Crasnianski, Chief Executive, stated: 'PMI believes that the UK is unlikely to return to profit for at least two years. This reflects the effect of competitor action (which it believes to be unsustainable in the medium term) on margins and turnover. In the current year, however, Continental Europe and Asia should increase their profits and the USA should reduce its losses. Once the DKS 2 digital minilab (which can produce 1,500 prints an hour, as against 650 for the DKS 1) enters into volume production in the Autumn of 2002, PMI's Manufacturing business has the potential to generate significant returns. Recovery in the current year is likely to be limited and to be dependent on a strong second half for Manufacturing. Further out, both parts of PMI's business have significant potential - Operations for cash generation, Manufacturing for increased turnover and profits.' Presentation to brokers' analysts: A presentation will be made today from 9:30 a.m. to 10:30 a.m., at the London Capital Club, 15 Abchurch Lane, London EC4. Notes for editors: PMI is the world's leading operator of photobooths, with some 20,000 photobooths and some 5,000 other Operations sites in a total of 15 territories worldwide. Its three major Operations territories are the UK, France and Japan, in all of which it continues to enjoy the leading market position in photobooths. PMI's Manufacturing business, which is based in Grenoble in South East France, principally comprises the manufacture of digital photoprocessing minilabs, for sale to third parties. Enquiries: Photo-Me International plc Vernon Sankey (Deputy Chairman) (on 9 July up to 3:00 p.m., PMI will be Serge Crasnianski (CEO) available through Bankside, thereafter Jean-Luc Peurois (Group Finance Director) on 01372-453399) Bankside Consultants Limited 020-7444 4166 Charles Ponsonby CHIEF EXECUTIVE'S STATEMENT 2001/02 was a most disappointing year. None of PMI's principal business segments performed well. However, the underlying profit for the year, at Â£2.5 m, whilst falling very substantially short of both initial expectations for the year and 2000/01's underlying pre-tax profit of Â£23.7 m, is ahead of our indications made at the time of our most recent trading statement on 28 March. FINANCIAL OVERVIEW In order to make comparisons more meaningful, exceptional items have been excluded from the analysis in this Financial Overview, but are described separately below. On turnover down 10.5% at Â£186.9 m (2000/01: Â£208.8 m), profit before interest and tax totalled Â£5.5m (2000/01: Â£26.8 m) and profit before tax amounted to Â£2.5 m (2000/01: Â£23.7 m). Basic earnings per share were 0.03 p (2000/01: 4.01 p), reflecting the effect of an unusually high effective tax rate. Despite the modest profit and earnings figures, EBITDA remained substantial, at Â£38.4 m (2000/01: Â£59.2 m). The depreciation charge of Â£32.8 m (2000/01: Â£32.4 m) compared with net capital expenditure (including intangible assets) of Â£21.8 m (2000/01: Â£36.8 m). Operating turnover decreased by 10.0 % to Â£147.1 m (79% of total turnover) from Â£163.4 m (78% of total turnover). Manufacturing turnover decreased by 12.5% to Â£39.8 m from Â£45.4 m. Continental Europe, which includes the majority of the Manufacturing turnover, contributed 48.5% (2000/01: 45.9%) of turnover, with the UK and the Republic of Ireland accounting for 28.9% (2000/01: 29.8%). Continental Europe was also the principal contributor to profit, followed by Asia. EXCEPTIONAL ITEMS The exceptional charge in 2001/02 totalled Â£12.5 m, comprising Â£8.4 m of provisions in respect of business activities (certain technological areas (Â£5.8m) and certain geographic areas (Â£2.6m)) which the Board has decided not to pursue on account of their insufficient profit potential, Â£3.5m in respect of one-off items (joint venture start-up Â£1.5m, Euro conversion Â£1.0m, and litigation Â£1.0m) and write-off of goodwill, previously written-off to reserves, of Â£0.6m. The cash cost of this charge amounts to Â£2.0m. The exceptional charge in the previous year totalled Â£24.1m and related to an impairment provision in respect of old technology analogue equipment. DIVIDENDS An interim dividend per share of 0.3p (2000/01: 0.5p) was paid on 7 April 2002. As was indicated in the 28 March 2002 trading statement, no final dividend (2000 /01: 1.4p per share) is being proposed. Accordingly, dividends per share for the year total 0.3p (2000/01: 1.9p). BORROWINGS AND INTEREST During the year, net debt was reduced by Â£4.8 m to Â£51.4 m (2000/01: Â£56.2 m). Gearing, however, increased to 83.8% from 77.9% on net assets before minority interests which reduced to Â£61.3m from Â£72.1 m resulting from the impact of the exceptional items. Despite the fall in operating profit, net cash inflow from operating activities was similar at Â£43.7 m (2000/01: Â£44.2 m), reflecting an improvement in working capital. The net interest charge was slightly reduced to Â£3.0m from Â£3.1m. BUSINESS OVERVIEW Operations Operations comprises the operation of photobooths and other vending equipment . At the year end, the total number of Operations sites worldwide was similar to that a year previously at around 25,000, including some 20,000 photobooths (approximately two-thirds of which are now digital, including almost all of those in France but only one-third of those in Japan). PMI is a global company with three main Operations countries - the UK, France and Japan - in all of which it continues to enjoy the market leading position. In all three territories, a slight weakening in underlying demand was discerned. Operations turnover in the UK and the Republic of Ireland (with 7,600 sites, including 5,900 photobooths) decreased by 9%. As a mature market, this area probably suffered more than most from weaker demand, added to which was the loss of the Crown Post Office contract from November 2000. The results were also impacted by the effect of competition in forcing increases in site owner commissions. Going forward, further contracts will be forfeited as a result of PMI's refusal to pay uneconomic levels of commission, such as that with Safeway, from October 2002. Operating turnover in France (with 8,200 sites, including 5,700 photobooths) decreased by 3%, reflecting the effect of the disruption occasioned by the introduction of the Euro in the period December-February (as were Germany and other Euro-zone territories in which the Group operates). Operating turnover in Japan (with 3,700 sites, including 3,600 photobooths) decreased by 16%, reflecting sustained recession, changes in regulations as regards photographic driving licences in certain prefectures, and weakness of the Yen (without which the turnover decease would have been 11%). Operating turnover in the Americas fell by 31% as a result of the sale of a controlling share in the Brazilian operation in March 2001 (but for which the turnover decrease would have been 13%) and the impact of the events of 11 September on the 'fun' (as against ID) market, on which the American market is focused, including the substantial subsequent reduction in the number of photobooths; until that time, year-on-year performance was in line with budget. PMI's DigitalPortal joint venture in the US with SanDisk, to operate digital self-service photoprocessing kiosks manufactured by PMI in Grenoble, has to date not performed in line with original expectations. This may reflect in part the size of the installed base of digital cameras and low market awareness of a new service. The Â£1.5m cost of establishing the joint venture has been written off and is included within exceptional items. Manufacturing Manufacturing turnover primarily derives from the manufacture of photoprocessing equipment (mainly minilabs) for operation by third parties, although PMI also manufactures photobooths, for operation by the Group (such inter-company sales being eliminated from the Group accounts). The DKS range of photoprocessing minilabs Following a reduction in sales in the second half of the year of DKS 1 (Digital Kis System) minilabs, fewer units were sold in the year than in the previous year. This disappointing outcome is principally due to the effect on Kodak, PMI's principal customer, of the events of 11 September and of the necessity to establish a special sales force and to customers generally waiting for the launch of the DKS 2. The year under review was also adversely affected by an increase in the cost base in the first half in anticipation of a higher level of sales, which was then reduced in the second half when those sales did not materialise. During the year and subsequently, PMI concluded the development of the DKS 2 machine, which can produce 1,500 prints an hour (against 650 for the DKS 1), permitting PMI to cover 95% of the market as against some 40% previously. The DKS 2 was very well received at its official launch at the PMA (Photo Marketing Association) exhibition held in Florida in February and production of 30 units is scheduled for next month. PMI has received non-binding expressions of interest from customers for substantial quantities of DKS 2 and DKS I machines, mostly for delivery in the second half of the current financial year. Digital minilabs remain a huge opportunity for PMI, with the market being possibly worth as much as Â£5 billion. PMI could begin to exploit this market profitably with effect from the second half of the current financial year, assuming it can manufacture substantial quantities, on a timely basis and to a high standard. The reasons for believing that the market has significant potential include: â€¢ analogue minilabs are incapable of processing pictures taken by digital cameras and are unable to offer the digital enhancement (for example, red-eye reduction, over-exposure compensation and cropping) which is possible with a digital minilab when processing pictures taken by conventional film cameras; â€¢ the installed base of minilabs is approximately 200,000; at the end of 2001, approximately 10,000 of these were digital and 190,000 analogue; â€¢ in 2002 the worldwide demand for additional digital minilabs is estimated to be approximately 10,000 units, with further increases in each of the following years; â€¢ with digital cameras currently comprising around half of all new camera sales in the USA, Europe and Japan, the installed base of digital cameras could triple in the three years to 31 December 2004 worldwide, including the USA, which comprises more than one-third of the market and is potentially much the most important territory for PMI; â€¢ commercial photoprocessing from digital cameras produces a better quality and cheaper print than is available from domestic computers and printers; and â€¢ worldwide, due to their convenience, minilabs are capturing an increasing share of commercial photoprocessing. BOARD At his own request, Peter Ogborne has today retired from his executive duties, after 30 years with PMI. He will, however, be remaining as a non-executive Director to enable the Board to benefit from his extensive experience in Operations. STRATEGY On 29 May 2002, PMI announced that it was no longer pursuing the possible disposal of its Operations businesses in certain territories as a means of optimising shareholder value. This reflects the Board's belief that PMI's Operations businesses have a significant value, however depressed the Company's share price is, having regard to their exceptionally strong cash flows and network of some 25,000 sites in high footfall areas throughout the world. PMI's strategy can now be summarised as follows: â€¢ to obtain a substantial share of the world market for the manufacture of digital photoprocessing equipment; â€¢ to exploit further the network of Operations sites and to diversify the services on offer outside photography into related areas; â€¢ materially to reduce indebtedness, mainly through substantial reductions in capital expenditure, which in the past five financial years has totalled Â£186m - an average of over Â£37m per annum - mainly due to the conversion of many of the installed photobooths from analogue to digital technology, and by not paying a final dividend in respect of the year under review; and â€¢ to reduce the cost base generally. PROSPECTS Operations PMI believes that the UK is unlikely to return to profit for at least two years. This reflects the effect of competitor action (which it believes to be unsustainable in the medium term) on both margins and turnover. In the current year, however, Continental Europe and Asia should increase their profits and the USA should reduce its losses. Manufacturing Once the DKS 2 enters into volume production in the Autumn of 2002, PMI's Manufacturing business has the potential to generate significant returns. Overall Recovery in the current year is likely to be limited and to be dependent on a strong second half for Manufacturing. Further out, both parts of PMI's business, Operations and Manufacturing, have significant potential - for cash generation and increased turnover and profits, respectively. Serge Crasnianski Chief Executive Officer 9 July 2002 GROUP PROFIT AND LOSS ACCOUNT for the year ended 30 april 2002 2002 Audited 2001 Audited ______________________________ ______________________________ Before Exceptional After Before Exceptional After Exceptional Items Exceptional Exceptional Items Exceptional Items (note 3) Items Items (note 3) Items Notes Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Turnover - continuing operations 187,374 - 187,374 208,816 - 208,816 Less: sales to joint venture (876) - (876) - - - Add: share of turnover of joint 393 - 393 - - - venture _______ _______ _______ _______ _______ _______ Turnover 1 186,891 - 186,891 208,816 - 208,816 Cost of sales (158,522) (10,479) (169,001) (158,532) (24,116) (182,648) ______ ______ ______ ______ ______ ______ Gross profit/(loss) 28,369 (10,479) 17,890 50,284 (24,116) 26,168 Administrative expenses (23,832) - (23,832) (25,146) - (25,146) Other operating income 957 - 957 1,528 - 1,528 _______ _______ _______ _______ _______ _______ Operating profit/(loss) - continuing operations 5,494 (10,479) (4,985) 26,666 (24,116) 2,550 Share of operating loss of joint (44) (1,476) (1,520) - - - venture Share of operating profit of 90 - 90 120 - 120 associates _______ _______ _______ _______ _______ _______ Total operating profit/(loss) 5,540 (11,955) (6,415) 26,786 (24,116) 2,670 (Loss)/profit on termination/disposal of Group undertakings 3 - (570) (570) - 44 44 _______ _______ _______ _______ _______ _______ Profit/(loss) on ordinary activities before interest 5,540 (12,525) (6,985) 26,786 (24,072) 2,714 Interest receivable 343 - 343 488 - 488 Interest payable (3,390) - (3,390) (3,598) - (3,598) _______ _______ _______ _______ _______ _______ Profit/(loss) on ordinary activities before taxation 2 2,493 (12,525) (10,032) 23,676 (24,072) (396) Tax on profit/loss on ordinary 4 (2,176) 2,750 574 (8,829) 7,720 (1,109) activities _______ _______ _______ _______ _______ _______ Profit/(loss) on ordinary activities after taxation 317 (9,775) (9,458) 14,847 (16,352) (1,505) Minority interests - equity interests (183) 52 (131) (308) 549 241 - non-equity interests (23) - (23) (24) - (24) ______ ______ ______ _______ _______ _______ Profit/(loss) attributable to members of the holding company 111 (9,723) (9,612) 14,515 (15,803) (1,288) Dividends - equity interests 5 (1,089) - (1,089) (6,875) - (6,875) _______ ______ ______ _______ _______ _______ Retained (loss)/profit for year (978) (9,723) (10,701) 7,640 (15,803) (8,163) ______ ______ ______ ______ ______ ______ Basic earnings per share - before exceptionals 6 0.03p - - 4.01p - - - exceptional items - (2.68p) - - 4.37p - Basic earnings per share - - (2.65p) - - (0.36p) Diluted earnings per share - before exceptionals 6 0.03p - - 3.99p - - - exceptional item - (2.68p) - - 4.37p - Diluted earnings per share - - (2.65p) - - (0.36p) ______ ______ ______ ______ ______ ______ Dividends per share 5 0.30p - 0.30p 1.90p - 1.90p ______ ______ ______ ______ ______ ______ GROUP BALANCE SHEET as at 30 april 2002 Audited Audited 2002 2001 Notes Â£'000 Â£'000 Fixed assets Intangible assets - goodwill 7 8,806 9,122 - development costs 7 6,789 6,034 Tangible assets 7 90,152 104,741 Investments 1,393 720 Investment in joint venture (148) - ______ ______ 106,992 120,617 ______ ______ Current assets Stocks 22,454 28,366 Debtors 31,926 40,653 Investments and short-term deposits 2,157 1,643 Cash at bank and in hand 8,484 10,452 ______ ______ 65,021 81,114 ______ ______ Creditors Amounts falling due within one year 69,605 77,860 ______ ______ Net current (liabilities)/assets (4,584) 3,254 ______ ______ Total assets less current liabilities 102,408 123,871 Creditors Amounts falling due after more than one year 29,456 38,647 ______ ______ 72,952 85,224 Provisions for liabilities and charges Provisions 5,041 4,842 Deferred taxation 6,573 8,258 ______ ______ 61,338 72,124 Minority interests - equity interests 1,068 1,085 - non-equity interests 931 925 ______ ______ 59,339 70,114 ______ ______ Capital and reserves Called-up share capital 2,016 2,010 Reserves: Share premium account 8 2,729 2,443 Other reserves 8 2,371 8,622 Profit and loss account 8 52,223 57,039 ______ ______ 59,339 70,114 ______ ______ Shareholders' funds are attributable to: Equity interests 59,138 69,913 Non-equity interests 201 201 ______ ______ 59,339 70,114 ______ ______ GROUP CASH FLOW STATEMENT for the year ended 30 april 2002 Audited Audited 2002 2001 Note Â£'000 Â£'000 Net cash inflow from operating activities (a) 43,625 44,235 Dividends from associated undertakings 73 133 Returns on investments and servicing of finance (b) (3,123) (3,195) Taxation (b) (5,643) (5,601) Capital expenditure and financial investment (b) (21,856) (36,822) Acquisitions and disposals (b) (2,322) (129) Dividends paid - equity shareholders (6,155) (6,150) ______ _______ Cash inflow / (outflow) before use of liquid resources and financing 4,599 (7,529) Management of liquid resources (b) (802) 1,514 Financing (b) (8,684) 1,086 ______ _______ Decrease in cash in the year (4,887) (4,929) ______ ______ Reconciliation of net cash flow to movement in net debt Decrease in cash for the year (4,887) (4,929) Repayment of capital element of finance leases 1,815 1,737 Cash flow from decrease / (increase) in debt 7,161 (2,823) Cash flow from increase / (decrease) in liquid resources 802 (1,514) ______ ______ Change in net debt resulting from cash flows 4,891 (7,529) Decrease in debt on disposal of subsidiary undertakings - 335 Finance leases - (15) Foreign exchange translation differences (110) (2,108) ______ ______ Movement in net debt in the year 4,781 (9,317) Net debt at 1 May 2001 (56,185) (46,868) ______ _______ Net debt at 30 April 2002 9 (51,404) (56,185) ______ ______ (a) Reconciliation of operating profit to operating cash flow 2002 Before After Exceptional Exceptional Exceptional Items Items Items 2001 Â£'000 Â£'000 Â£'000 Â£'000 Operating profit/(loss) 5,494 (10,479) (4,985) 2,550 Depreciation and amortisation charges 32,834 1,796 34,630 52,641 Non-cash charge relating to exceptional - 6,636 6,636 3,912 items Loss/(profit) on sale of assets 451 - 451 (230) Other non-cash movements (151) - (151) 441 ______ ______ ______ ______ Gross cash inflow/(outflow) 38,628 (2,047) 36,581 59,314 Decrease/(increase) in stocks 3,003 - 3,003 (3,796) Decrease/(increase) in debtors 8,166 - 8,166 (9,837) Decrease in creditors (4,468) - (4,468) (3,349) Increase in provisions 343 - 343 1,903 ______ ______ ______ ______ Net cash inflow/(outflow) from operating 45,672 (2,047) 43,625 44,235 activities ______ ______ ______ ______ (b) Analysis of cash flows for headings netted in the cash flow statement Audited Audited 2002 2001 Â£000 Â£000 Returns on investments and servicing of finance Interest received 340 475 Interest paid (3,159) (3,297) Interest element of finance lease rentals paid (231) (301) Dividends paid to minorities (73) (72) ______ ______ Net cash outflow from returns on investments and servicing of finance (3,123) (3,195) ______ ______ Taxation UK corporation tax paid (962) (1,040) Overseas tax paid (4,681) (4,561) ______ ______ Net cash outflow for taxation (5,643) (5,601) ______ ______ Capital expenditure and financial investment Purchase of intangible assets (3,910) (4,057) Purchase of tangible assets (18,185) (34,840) Sale of tangible assets 239 2,075 ______ ______ Net cash outflow for capital expenditure and financial investments (21,856) (36,822) ______ ______ Acquisitions and disposals Purchase of shares from minority interests (166) - Sale of subsidiary undertakings 50 (51) Investment in joint venture (1,476) - Purchase of associates and other investments (730) (78) ______ ______ Net cash outflow for acquisitions and disposals (2,322) (129) ______ ______ Management of liquid resources Sale of liquid resources 67 17 Purchase of liquid resources - (285) Net movement in term deposits (869) 1,782 ______ ______ Net cash (outflow)/inflow from management of liquid resources (802) 1,514 ______ ______ Financing Issue of Ordinary Shares 292 - Debt due within one year - increase in short-term borrowings - 48 - repayment of short-term borrowings (17,618) (14,602) Debt due after one year - increase in long-term borrowings 10,913 19,367 - repayment of long-term borrowings (456) (1,990) - capital element of finance lease rental payments (1,815) (1,737) ______ ______ Net cash (outflow)/inflow from financing (8,684) 1,086 ______ ______ NOTES Year to Year to 30 April 30 April 2002 2001 Â£000 Â£000 1 Turnover Area of activity Manufacturing 39,770 45,431 Operating 147,121 163,385 ______ ______ 186,891 208,816 ______ ______ Geographical area United Kingdom and Republic of Ireland 53,931 62,277 Overseas - Continental Europe 90,770 95,747 - The Americas 7,238 9,454 - Asia 34,952 41,338 ______ ______ 186,891 208,816 ______ ______ 2 Profit before tax (before exceptional items) Geographical area United Kingdom and Republic of Ireland (799) 6,981 Overseas - Continental Europe 3,417 13,841 - The Americas (1,696) (1,349) - Asia 1,571 4,203 ______ ______ 2,493 23,676 ______ ______ 3 Exceptional items Operating exceptional items Exceptional items related to withdrawal from specific business areas: - Impairment of development costs 1,067 1,847 - Impairment of tangible fixed assets 729 18,357 - Provision against fixed asset investments 319 - - Exceptional debtor provisions 3,626 - - Exceptional stock provisions 2,691 - - Other costs - 3,912 ______ ______ 8,432 24,116 ______ ______ One-off items: - Write-off of joint venture set-up costs 1,476 - - Litigation costs of prosecuting a claim for patent infringement 1,008 - - Write-off of Euro conversion costs 1,039 - ______ ______ 3,523 - ______ ______ Total operating exceptional items 11,955 24,116 Non-operating exceptional item Loss/(profit) on termination of group undertakings - write-off of goodwill 570 (44) previously debited to reserves ______ ______ 12,525 24,072 ______ ______ Year to Year to 30 April 30 April 2002 2001 Â£000 Â£000 4 Taxation United Kingdom (1,049) 1,022 Overseas 475 87 ______ ______ (574) 1,109 ______ ______ 5 Dividends Dividends on equity - Ordinary Shares: Interim dividend paid of: 0.3p per share (2001: 0.5p) 1,089 1,809 Proposed final dividend of nil per share (2001: 1.4p) - 5,066 ______ ______ Total dividend of: 0.3p per share (2001: 1.9p) 1,089 6,875 ______ ______ Year to Year to 30 April 30 April 2002 2001 6 Earnings per share The calculation of earnings per share is based on the following: Earnings attributable to shareholders before exceptional items (Â£000) 111 14,515 Earnings attributable to shareholders after exceptional items (Â£000) (9,612) (1,288) Weighted average number of shares in issue in the period - basic ('000) 362,401 361,765 - including dilutive share options ('000) 364,724 364,119 ______ ______ 7 Fixed assets Other Goodwill intangible Tangible Â£000 Â£000 Â£000 Net book value at 1 May 2001 9,122 6,034 104,741 Exchange adjustment - (12) (805) Additions - Operating equipment - - 15,936 - Other 222 3,777 2,188 Depreciation provided in the period (538) (3,010) (31,082) Disposals at net book value - - (826) ______ ______ ______ Net book value at 30 April 2002 8,806 6,789 90,152 ______ ______ ______ 8 Reserves Share premium Other Revenue account reserves reserves Â£000 Â£000 Â£000 Balance at 1 May 2001 2,443 8,622 57,039 Exchange adjustment - (73) (863) Loss for year - - (10,701) Arising on share issues 286 - - Transfer between reserves - (6,178) 6,178 Goodwill written back on business terminations - - 570 ______ ______ ______ Balance at 30 April 2002 2,729 2,371 52,223 ______ ______ ______ 9 Net debt 30 April 30 April 2002 2001 Â£000 Â£000 Overdrafts 13,192 10,284 Debt due within one year 17,548 18,399 Debt due after one year 26,896 33,360 Finance leases 4,409 6,237 ______ ______ 62,045 68,280 Cash at bank and in hand (8,484) (10,452) Current asset investment and short-term deposits (2,157) (1,643) ______ ______ 51,404 56,185 ______ ______ 10 Publication of non-statutory accounts The financial information contained in this preliminary announcement does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The financial information for the preceding year is based on the statutory accounts for the financial year ended 30 April 2001. Those accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. Copies of the Report and Accounts, for the financial year ended 30 April 2002, will be mailed to shareholders by 7 August and will be available from the Company's registered office at Church Road, Bookham, Surrey KT23 3EU (telephone: 01372-453399, fax: 01372-459064) after that date. This information is provided by RNS The company news service from the London Stock Exchange

Companies

Me Group International (MEGP)

Full Archive

UK 100

Latest directors dealings

All directors dealings today