Interim Results

Printing.com plc 21 November 2006 FOR RELEASE 7.00AM 21 November 2006 Printing.com plc ('Printing.com' or 'the Company') Specialist retail chain with 188 Outlets open and pending across the UK Unaudited Interim Results for the period ended 15 October 2006 28 Weeks 28 Weeks period ended period ended 15 October 16 October 2006 2005 (*restated) Â£'000 Â£'000 Change Total Retail Sales 10,879 9,383 +15.9% -------------------- -------- ------- -------- Turnover 6,187 6,404 -3.4% Operating profit 1,021 1,020 +0.1% Profit before tax 1,026 1,019 +0.7% EPS - Basic 1.61p 1.61p - EPS - Fully Diluted 1.53p 1.53p - Dividend 0.60p 0.50p +20.0% Outlets Active at Period end ------------------------------ Stand alone stores 47 41 +14.6% Bolt-ons 128 91 +40.7% ---------- ---------- ------- Total Active 175 132 +32.6% Contracted 13 13 - ---------- ---------- ------- Total Outlets open and pending 188 145 +29.7% ========== ========== ======= * The restatement of the prior year results relates to the new accounting treatment for share based compensation as required by Financial Reporting Standard 20 (note 1) * Expansion of Manchester Hub substantially complete * Total Retail Sales capacity increased from Â£20-Â£25 million to Â£40-45 million * First International Master Franchise operational * Optimistic about the prospects for Printing.com For further information: Printing.com plc Tony Rafferty (Chief Executive) 07966 517 336 Alan Roberts (Finance Director) 07977 277 521 Cubitt Consulting Brian Coleman-Smith / Allison Reid / Nia Thomas 020 7367 5100 Printing.com Printing.com offers a broad product range including leaflets, booklets, postcards, promotional cards, invitations, letterheads and business cards to consumers and small and medium sized companies. Unlike its competitors, Printing.com's Stores and Franchises do not depend on any printing equipment on location. The Company's printing and ancillary equipment is based at the centralised Production Hub with the head office in Manchester. All work is produced in full four colour rather than two colour. The printing sector has traditionally been served by smaller printing companies or other On Demand Printers and is estimated to be worth some Â£1 billion. Printing.com has three routes to market: Franchise Stores, Bolt-on Franchises and Company owned Stores. A complete list of Printing.com's 175 active Outlets is included at the end of the release. Printing.com plc ('Printing.com' or 'the Company') Specialist retail chain with 188 Outlets open and pending across the UK Unaudited Interim Results for the period ended 15 October 2006 Chairman's & Chief Executive's Statement Trading Results and Dividend We are pleased to announce that, for the interim period covering the 28 weeks ending 15 October 2006, your Company increased pre-tax profits by 0.7% to Â£1,026,000 (2005: Â£1,019,000). Total Retail Sales increased by 15.9% to Â£10,879,000 (2005: Â£9,383,000) and provides the measure that we believe best indicates transactional volumes. In a similar manner, Transfer Price (the wholesale value paid by the franchisee in respect of each order) increased by 16.1% to Â£5,881,000 (2005: Â£5,067,000). Turnover marginally decreased by 3.4% to Â£6,187,000 (2005: Â£6,404,000), reflecting the change in ownership of several Stores and, significantly, the legacy 'Agency' division. In previous periods these were Company owned and Total Retail Sales were included in turnover. In the period under review, now under franchise ownership, Printing.com's turnover only included the wholesale value (Transfer Price) of these orders, with the balance (along with the associated overheads) passed to the franchisee. At the close of the interim period, the Company had cash-in-hand of Â£3,223,000. During the period, working capital increased by Â£543,000 and the Company paid dividends of Â£559,000. Capital expenditure in the period amounted to Â£3,285,000 of which Â£2,955,000 was lease financed. The Directors are declaring an interim dividend of 0.6p per share to be paid on 15 December 2006 to shareholders on the register at 1 December 2006. Current Trading As previously reported at the Company's AGM, trading deteriorated during June and July with the downturn being more than would simply reflect the usual summer seasonality. It was also reported that disruption pertaining to the Hub expansion restricted certain options which could ordinarily have been used to mitigate such conditions: accordingly the Company revised its budget for the year. We are pleased to report that following the last update on 28 July 2006, and save for the first two weeks of August, trading has proved more encouraging. As a result, the penultimate and final 4-week trading Periods, ending 17 September 2006 and 15 October 2006, saw volumes inline with the Company's current budget. Encouragingly, the first Period of the second half has also followed this more positive trend. We attribute better trading both to an improvement in the market and to more potent promotional offers that are now possible following the Hub expansion. Indeed, September's 'Stationery Pack' offer generated over Â£200,000 of Total Retail Sales with over 1,200 clients placing orders. Estate Development The Company's estate of open and pending Outlets at the end of the reporting period comprised:- 15 October 16 October 2005 31 March 2006 2006 Company owned Stores 6 8 6 Franchised Stores 42 39 42 Open and pending Bolt-on Franchises 140 98 118 ---------- -------- --------- Total Outlets open and pending 188 145 166 ========== ======== ========= The Franchised Stores (most of which operate under the Company's Territory Franchise model) include not only those open but also those pending under option or trading from temporary premises. Whilst previously the pending element, would have represented a significant number, today all but one of the Stores are now trading from permanent locations. Our strategy for securing franchisees for the limited remaining Territory Franchises has reverted away from the expense of major exhibitions as in many parts of the UK and Ireland we simply have no availability. Previously our proposed structure for the UK included 66 Territory Franchises or Company owned equivalents. Such has been the success of the Bolt-on Franchise programme that in certain instances we have 'merged' designated Territory Franchise areas to provide greater scope for expedited Bolt-on Franchise development. Accordingly, we now anticipate that a full complement of Territory Franchises would be in the region of 58 to 60. We therefore have in the order of 12 to 14 still to grant. Bolt-on Franchise development continues to make good progress and we hope that the rate of growth will increase as more Territory Franchisees gain experience in the marketing of the Bolt-on opportunity. Certain of our Territory Franchisees have now added more than five Bolt-ons across their development area and, indeed, many of these successful Territory Franchisees are optimistic that additional Bolt-on outlets may be signed. Accordingly, we believe that the scope exists for the number of Bolt-on franchises to significantly exceed 300 as the estate matures. Like for Like Our like for like measure reflects the value of transactions pertaining to the principal Store and the Bolt-on Franchises of a given Territory Franchise. This is because some of the Territory Franchisees put more emphasis on the Store they directly own, whilst others focus on the development of the local Bolt-on network. Both are valid strategies. In addition, only Territory Franchises where the Store is over three years old are considered, thereby avoiding new stores distorting this metric. On this basis, like for like growth during the interim period was 6.8% versus 17.6% reported for the twelve months to March 2006. This reflects the challenging trading conditions that have been encountered over the summer months. International Development It is a little over a year since your Company outlined its International strategy, whereby established printing companies in other countries would be able to licence Printing.com's software and systems and thereby establish a similar network in their market place. In return for providing its software and systems, Printing.com would be paid a combination of licence fees and royalties. June 2006 saw the granting of the first of these licences to an established printing group in New Zealand with an Option also granted for Australia. Following extensive training of the New Zealand team in the UK, coupled with on-site support in New Zealand, the system and software are now in use. Importantly, initial feedback from both the licence owner and their franchisees has been encouraging. Also, since commencing operations with the system, the first New Zealand Bolt-on Franchise has been secured demonstrating the scope for this model to translate into other countries. The operation of the system means that royalties have begun to be generated at a modest level, but we anticipate that over the next fiscal year and beyond, these will prove more significant and worthwhile. In July, we announced that an Option had been taken out over Poland. This situation has progressed significantly and we remain optimistic of a positive outcome. Following a variety of promotional initiatives, including major print exhibitions in the UK and US, we are actively engaged in discussions with many prospective partners across the EU, US and elsewhere. We remain cautiously optimistic that these discussions will result in the granting of additional licences during the current fiscal year. Hub Development At the beginning of the Interim period Printing.com's production Hub had a capacity measured in Total Retail Sales of Â£20-25 million with the Period by Period run rate close to this level and week by week peaks having exceeded this range. Following the substantial completion of the major Hub expansion project, we now have a Total Retail Sales capacity Â£40-Â£45 million and our objective is to derive the maximum efficiencies from our new infrastructure whilst maintaining the high standards that the Printing.com brand represents. Outlook During the interim period we have faced challenges relating both to the softer market conditions combined with the Hub operational disruption and the complex demands on managerial time for the activities surrounding the promotion of the Master Franchise programme and the instigation of the first international operational licencee. Whilst the fiscal performance of the Interim period versus the previous year could be construed as one of consolidation, we firmly believe that the operational developments provide the basis for the Company to significantly move forward. Accordingly, we remain optimistic about the prospects for Printing.com. George Hardie Tony Rafferty Chairman Chief Executive 21 November 2006 21 November 2006 Printing.com plc Unaudited consolidated profit and loss account For the 28 week period ended 15 October 2006 28 weeks 28 weeks Year ended ended ended 15 October 16 October 31 March 2005 2006 2006 Unaudited Audited Unaudited (*restated) (*restated) Â£'000 Â£'000 Â£'000 TURNOVER 2 6,187 6,404 12,344 Changes in stocks of finished goods 21 (12) 16 --------- --------- -------- 6,208 6,392 12,360 Raw materials and consumables 2,069 1,840 3,557 --------- --------- -------- 4,139 4,552 8,803 Staff costs 1,676 1,960 3,422 Depreciation and amortization 439 416 794 Other operating charges 1,003 1,156 2,363 --------- --------- -------- OPERATING PROFIT 1,021 1,020 2,224 Investment income 107 77 141 Interest payable and similar charges (102) (78) (134) --------- --------- -------- PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION 1,026 1,019 2,231 Taxation 3 (308) (306) (528) --------- --------- -------- --------- PROFT ON ORDINARY ACTIVITIES AFTER TAXATION 718 713 1,703 ========= ========= ======== ======== Earnings per ordinary share - basic 1.61p 1.61p 3.84p Earnings per share - fully diluted 1.53p 1.53p 3.65p * The restatement of the prior year results relates to the new accounting treatment for share based compensation as required by Financial Reporting Standard 20 (note 1) Printing.com plc Unaudited group statement of total recognised gains and losses 28 weeks Year For the 28 week period ended 15 October 2006 28 weeks ended ended ended 15 31 15 October October 2006 March 2006 2006 Unaudited Audited Unaudited (*restated) (*restated) Â£'000 Â£'000 Â£'000 Total recognised gains and losses relating to the year 718 713 1,703 ========= ======== ======== Prior year adjustment (net of tax) 1 (195) -------- -------- Total recognised gains and losses since last annual report 523 ======== Printing.com plc Unaudited Consolidated Balance Sheet 16 October 31 March As at 15 October 2006 15 October 2005 2006 2006 Unaudited Audited Unaudited (*restated) (*restated) Â£'000 Â£'000 Â£'000 FIXED ASSETS Intangible assets 68 93 68 Tangible 6,689 3,652 3,855 --------- --------- --------- 6,757 3,745 3,923 --------- --------- --------- CURRENT ASSETS Stock 102 94 124 Debtors 5 3,973 2,813 3,084 Cash 3,223 2,734 3,452 --------- --------- --------- 7,298 5,641 6,660 CREDITORS: Amounts falling due within one year (4,645) (2,975) (3,493) --------- --------- --------- NET CURRENT ASSETS 2,653 2,666 3,167 TOTAL ASSETS LESS CURRENT LIABILITIES 9,410 6,411 7,090 CREDITORS: Amounts falling due after more than one year (2,595) (695) (499) PROVISION FOR LIABILITIES AND CHARGES (215) (255) (243) --------- --------- --------- NET ASSETS 6,600 5,461 6,348 ========= ========= ========= CAPITAL AND RESERVES Called up share capital 447 445 447 Share premium 3,833 3,797 3,823 Merger reserve 211 211 211 Other reserve 374 191 280 Profit and loss account 1,735 817 1,587 --------- --------- --------- EQUITY SHAREHOLDERS' FUNDS 6,600 5,461 6,348 ========= ========= ========= Printing.com plc Unaudited Group Cash Flow Statement For the 28 week period ended 15 October 2006 28 weeks 28 weeks Year ended ended Ended 15 October 16 October 31 March 2006 2005 2006 Unaudited Audited Unaudited (*restated) (*restated) Â£'000 Â£'000 Â£'000 Net Cash inflow from Operating activities 6a 1,012 821 2,466 -------- --------- -------- Returns on Investments and servicing of finance 6b 5 (1) 7 Taxation - - - Capital Expenditure 6b (330) (467) (973) Equity dividends paid (559) (222) (443) -------- --------- -------- CASH INFLOW BEFORE FINANCING 128 131 1,057 Financing 6b (357) (261) (469) -------- --------- -------- (Decrease)/increase in cash in period (229) (130) 588 ======== ========= ======== RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS (Decrease)/increase in cash in the period 6c (229) (130) 588 Net cash outflow from debt financing 367 291 527 -------- --------- -------- Change in net debt resulting from cashflows 138 161 1,115 New finance leases (2,955) - (45) -------- --------- -------- Net funds at start of period 6c 2,508 1,438 1,438 -------- --------- -------- Net (debt)/funds at end of period 6c (309) 1,599 2,508 ======== ========= ======== Being: Net cash 3,223 2,734 3,452 Finance leases (3,532) (1,135) (944) -------- --------- -------- 6c (309) 1,599 2,508 ======== ========= ======== Notes to the Unaudited Interim Financial Statements 1. The Group's Interim Results consolidate the results of the Company and its subsidiary companies made up to 15 October 2006. The information set out does not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. The financial information for the full preceding year is based on the financial statements for the financial year ended 31 March 2006. These accounts, upon which the auditors issued an unqualified opinion, have been delivered to the Registrar of Companies. The interim financial information has been prepared on the basis of the accounting policies set out in the statutory accounts for the year ended 31 March 2006, with the exception of accounting for share based payments. This follows the adoption of Financial Reporting Standard No 20 (FRS 20 - Share based payments) for the year ending 31 March 2007. In accordance with the standard, the cost of share options awarded to employees and franchisees measured by reference to their fair value at the date of grant is recognised over the vesting period of the options based on the number of options which in the opinion of the Directors will ultimately vest. Comparative figures for the period ended 16 October 2005 and the year ended 31 March 2006 have been restated to apply the provisions of FRS 20, increasing staff costs and other operating charges and consequently reducing profit for those periods, as follows: 28 weeks Year ended ended 16 October 31 March 2005 2006 Unaudited Audited Â£'000 Â£'000 Profit on ordinary activities after taxation prior to adjustment 775 1,826 FRS 20 share option charge (net of tax) (62) (123) --------- --------- Profit on ordinary activities after taxation restated 713 1,703 ========= ========= The Board of Directors approved the interim report on 20 November 2006. 2. Turnover and profit before taxation were mainly derived from the Group's principal activity carried out in the UK and Republic of Ireland. 3. The tax charge is based on the current rate of UK corporation tax applicable to the company and comprises: 28 weeks Year 28 weeks ended ended ended 16 October 31 March 15 October 2005 2006 2006 Unaudited Audited Unaudited (*restated) (*restated) Â£'000 Â£'000 Â£'000 UK corporation tax at 30% 336 332 566 --------- --------- --------- Total current 336 332 566 Deferred taxation Originating from timing differences - based on standard rate of corporation tax at 30% (28) (26) (38) --------- --------- --------- Tax on profit on ordinary activities 308 306 528 ========= ========= ========= 4. Earnings per share 28 weeks Year 28 weeks ended ended ended 16 October 31 March 15 October 2005 2006 2006 Unaudited Audited Unaudited (*restated) (*restated) Profit after taxation (Â£'000) 718 713 1,703 Weighted average number of shares (No) For basic earnings per ordinary share 44,718,617 44,347,127 44,312,566 Exercise of share options 2,286,800 2,270,196 2,304,496 --------- --------- --------- For fully diluted earnings per ordinary 47,005,417 46,617,323 46,617,062 share ========= ========= ========= Earnings per ordinary share - basic 1.61p 1.61p 3.84p ========= ========= ========= Earnings per share - fully diluted 1.53p 1.53p 3.65p ========= ========= ========= 5. The Debtors figure of Â£3,973,000 (28 weeks ended 16 October 2005: Â£2,813,000; year ended 31 March 2006: Â£3,084,000) includes amounts falling due after more than one year of Â£714,000 (28 weeks ended 16 October 2005: Â£285,000; year ended 31 March 2006: Â£561,000). 6. Cashflows a) Reconciliation of operating profit to net cash inflow from operating activities 28 weeks Year 28 weeks ended ended ended 16 October 31 March 15 October 2005 2006 2006 Unaudited Audited Unaudited (*restated) (*restated) Â£'000 Â£'000 Â£'000 Operating profit 1,021 1,020 2,224 Share based compensation 94 88 176 Depreciation and amortisation 439 416 794 Decrease/(increase) in stocks 22 12 (16) Increase in debtors (889) (626) (934) Increase/(decrease) in creditors 324 (89) 219 Profit on sale of assets 1 - 3 Net cash inflow from operating activities --------- -------- ---------- 1,012 821 2,466 ========= ======== ========== b) Analysis of cash flows for headings netted off in the cash flow statement 28 weeks Year 28 weeks Ended ended ended 16 October 31 March 15 October 2005 2006 2006 Unaudited Audited Unaudited (*restated) (*restated) Â£'000 Â£'000 Â£'000 Returns on Investments and servicing of finance Interest received 107 77 141 Interest paid - - (1) Interest element of finance lease rental payments (102) (78) (133) Net cash inflow/(outflow) from returns on investments and servicing of finance --------- --------- --------- 5 (1) 7 ========= ========= ========= Capital Expenditure Purchase of intangible assets (64) (7) (42) Purchase of tangible assets (266) (460) (972) Sale of tangible assets - - 41 Net cash outflow from capital expenditure --------- --------- --------- (330) (467) (973) ========= ========= ========= Financing Issue of ordinary share capital 10 30 58 Capital element of hire purchase contracts (367) (291) (527) Net cash outflow from capital expenditure --------- --------- --------- (357) (261) (469) ========= ========= ========= 6. Cashflows (continued) c) Analysis of Net Funds/(Debt) At 1 April 2006 Cash Flow Non-Cash At 15 October Movements 2006 Â£'000 Â£'000 Â£'000 Â£'000 Net cash: Cash at bank and in hand 3,452 (229) - 3,223 --------- --------- --------- --------- 3,452 (229) - 3,223 Debt: Finance leases (944) 367 (2,955) (3,532) --------- --------- --------- --------- Net funds/(debt) 2,508 138 (2,955) (309) ========= ========= ========= ========= 7. Equity reserves Share capital Share Merger reserve Other reserve Profit and loss Total account premium account Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 At 1 April 2006 - as previously reported 447 3,823 211 1 1,782 6,264 FRS 20 adjustment - - - 279 (195) 84 ------- ------- ------- ------- ------- ------- As restated 447 3,823 211 280 1,587 6,348 Profit for the - - - - 718 718 period Dividends - - - - (559) (559) paid Exchange differences - - - - (11) (11) Share issue - 10 - - - 10 Share based compensation - - - 94 - 94 ------- ------- ------- ------- ------- ------- At 15 October 447 3,833 211 374 1,735 6,600 2006 ======= ======= ======= ======= ======= ======= 8. Interim statement The Interim Report will be posted to all shareholders of the Company and copies will be available upon application to the registered office, Printing.com plc, Focal Point, 3rd Avenue, The Village, Trafford Park, Manchester M17 1FG. INDEPENDENT REVIEW REPORT TO PRINTING.COM PLC Introduction We have been instructed by the company to review the financial information set out in the consolidated profit and loss account, the consolidated balance sheet, the group cash flow statement and the related notes and we have read the other information in the interim statement and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report, including the conclusion, has been prepared for and only for the company for the purpose of their interim statement and for no other purpose. We do not, therefore in producing this report, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Directors' responsibilities The interim statement, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the Interim Statement in accordance with the Alternative Investment Market Rules which require that the accounting policies and presentation applied to the interim figures must be consistent with those that will be adopted in the company's annual accounts. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom, as if that Bulletin applied. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and based thereon assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the 28 weeks ended 15 October 2006. Baker Tilly Chartered Accountants Brazennose House Lincoln Square Manchester M2 5BL 20 November 2006 PRINTING.COM OUTLETS ---------------- ------------ ------------- --------- Customer Store Town Post Code ---------------- ------------ ------------- --------- ---------------- ------------ ------------- --------- Photo & Graphic Expertise Central England Banbury OX15 4FF ---------------- ------------ ------------- --------- Sign It Central England Beeston, Nottingham NG9 2AY ---------------- ------------ ------------- --------- Graphic Results Central England Belper DE56 1AY ---------------- ------------ ------------- --------- Birmingham Store Central England Birmingham B5 4JL ---------------- ------------ ------------- --------- East Birmingham Store Central England Birmingham B26 3JR ---------------- ------------ ------------- --------- South West Birmingham Store Central England Birmingham B16 9RD ---------------- ------------ ------------- --------- Artichoke Design Central England Birmingham B18 6NN ---------------- ------------ ------------- --------- Knight Mason Central England Broughton Astley LE9 6RD ---------------- ------------ ------------- --------- Coventry Store Central England Coventry CV2 4BE ---------------- ------------ ------------- --------- First Image Central England Coventry CV5 7FW ---------------- ------------ ------------- --------- F7 Design Central England Digbeth B16 0JL ---------------- ------------ ------------- --------- Hussellworks Central England Halesowen B63 3HR ---------------- ------------ ------------- --------- Cre8ive Design Central England Kenilworth CV8 1JD ---------------- ------------ ------------- --------- Clientel Central England Kibworth LE8 0HS ---------------- ------------ ------------- --------- Leicester Store Central England Leicester LE1 1LB ---------------- ------------ ------------- --------- The Ideas Room Central England Leicester LE3 0DL ---------------- ------------ ------------- --------- Trident Design Central England Lutterworth LE17 4EE ---------------- ------------ ------------- --------- PenzNPrint Central England Market Rasen LN8 3EN ---------------- ------------ ------------- --------- For Colour Central England Newark, Nottingham NG24 1LE ---------------- ------------ ------------- --------- Northampton Store Central England Northampton NN1 5QJ ---------------- ------------ ------------- --------- Custard Creative Central England Northampton NN3 6WL ---------------- ------------ ------------- --------- Nottingham Store Central England Nottingham NG1 6DQ ---------------- ------------ ------------- --------- Oxford Store Central England Oxford OX2 7HT ---------------- ------------ ------------- --------- Peterborough Store Central England Peterborough PE2 8AN ---------------- ------------ ------------- --------- Ideas Taking Shape Central England Rugby CV21 2SD ---------------- ------------ ------------- --------- Mailboxes Central England Shrewsbury SY1 1HN ---------------- ------------ ------------- --------- High Tide Central England Sutton Coldfield B18 6NF ---------------- ------------ ------------- --------- Albry Printing Company Central England Wallingford OX10 9DA ---------------- ------------ ------------- --------- Wolverhampton Store Central England Wolverhampton WV1 4BL ---------------- ------------ ------------- --------- Red Hot Media East Lowestoft NR32 1EB ---------------- ------------ ------------- --------- Goldengate East Suffolk IP30 9QS ---------------- ------------ ------------- --------- Dublin Store Ireland Dublin Dublin 2 ---------------- ------------ ------------- --------- North Dublin Store Ireland Dublin Dublin 7 ---------------- ------------ ------------- --------- TMC Ireland Tullow EE1 1EE ---------------- ------------ ------------- --------- Central London Store London Baker Street NW1 6UY ---------------- ------------ ------------- --------- Shiver London Camden NW1 0AG ---------------- ------------ ------------- --------- Source Grafic Design London Catford SE6 1TJ ---------------- ------------ ------------- --------- TCG London Clapham SW11 1TN ---------------- ------------ ------------- --------- City & Clerkenwell Store London Clerkenwell EC1M 5QA ---------------- ------------ ------------- --------- Print Express London Colindale NW9 5DL ---------------- ------------ ------------- --------- Ealing Store London Ealing W13 8SB ---------------- ------------ ------------- --------- 0800 Promote London Finchley N3 1TR ---------------- ------------ ------------- --------- Full Colour Store London Fulham SW6 6SE ---------------- ------------ ------------- --------- Guildford Store London Guildford GU1 3HY ---------------- ------------ ------------- --------- Hampstead Store London Hampstead NW3 5HS ---------------- ------------ ------------- --------- Harrow Life London Harrow HA1 2EA ---------------- ------------ ------------- --------- London Office Services London London W1G 8JR ---------------- ------------ ------------- --------- Marmoset Media London London SW17 SW17 7PJ ---------------- ------------ ------------- --------- Expocentric - Dover London Mayfair W1X 3PH ---------------- ------------ ------------- --------- Printhouse London Nottinghill W11 3HT ---------------- ------------ ------------- --------- Orpington Store London Orpington BR6 0JY ---------------- ------------ ------------- --------- Reading Store London Reading RG1 4QA ---------------- ------------ ------------- --------- London Print Company London Shaftesbury Avenue WC2H 8EB ---------------- ------------ ------------- --------- DNA Design London Slough SL1 1XW ---------------- ------------ ------------- --------- Expocentric - Wardour Street London Soho W1V 3AU ---------------- ------------ ------------- --------- Toppers London Stevenage SG1 3HR ---------------- ------------ ------------- --------- AK Design & Print London Swiss Cottage NW3 6JP ---------------- ------------ ------------- --------- Kink Design London Thornton Heath CR7 7AX ---------------- ------------ ------------- --------- Talon Graphics London Thornton Heath CR7 7JW ---------------- ------------ ------------- --------- Snow Media London Tooting SW17 0RG ---------------- ------------ ------------- --------- Watford Store London Watford WD17 1RA ---------------- ------------ ------------- --------- Printer Net Services London Wimbledon SW19 8TY ---------------- ------------ ------------- --------- Kaleidoscope Midlands Leamington Spa CV31 1BZ ---------------- ------------ ------------- --------- Ozmedia Print Midlands Loughborough LE12 8JH ---------------- ------------ ------------- --------- Pewter Design Midlands Market Harborough LE16 7DS ---------------- ------------ ------------- --------- St Ives Quickprint Midlands St Ives PE27 3WS ---------------- ------------ ------------- --------- Creative Web design UK North East Alnwick NE71 6EA ---------------- ------------ ------------- --------- Print House Direct North East Bishop Auckland DL14 0LZ ---------------- ------------ ------------- --------- Bradford Store North East Bradford BD1 5BD ---------------- ------------ ------------- --------- RT Design North East Consett DH8 6BP ---------------- ------------ ------------- --------- Pro-Actif Communications North East Darlington DL3 7TD ---------------- ------------ ------------- --------- Doncaster Store North East Doncaster DN3 3TW ---------------- ------------ ------------- --------- Web Rocket Design North East Durham DH1 1RF ---------------- ------------ ------------- --------- Pink Custard Design North East Hull HU1 2AG ---------------- ------------ ------------- --------- Ryedale North East Kirbymoorside YO62 6YB ---------------- ------------ ------------- --------- Leeds Store North East Leeds LS1 3DL ---------------- ------------ ------------- --------- The Factory North East Leeds LS12 2DS ---------------- ------------ ------------- --------- Print Ideas North East Leeds LS8 2HU ---------------- ------------ ------------- --------- Middlesbrough Store North East Middlesbrough TS1 1LY ---------------- ------------ ------------- --------- Newcastle Store North East Newcastle NE1 5EE ---------------- ------------ ------------- --------- Multiprint North East Normanton WF6 2AF ---------------- ------------ ------------- --------- Viacreative North East Redcar TS10 5SH ---------------- ------------ ------------- --------- Bluprint North East Rotheram S60 8LZ ---------------- ------------ ------------- --------- Sheffield Store North East Sheffield S1 4GF ---------------- ------------ ------------- --------- Marckell Business Solutions North East South Shields NE33 1TL ---------------- ------------ ------------- --------- Maskerade Design North East Sunderland SR2 7PR ---------------- ------------ ------------- --------- GOWEB North East Wakefield WF2 9BL ---------------- ------------ ------------- --------- Colour Box Design North East York YO24 1AR ---------------- ------------ ------------- --------- Colour Box Design North East York YO23 1NA ---------------- ------------ ------------- --------- Blah D Blah North Wales Bangor LL57 1NY ---------------- ------------ ------------- --------- ER Design & Print North West Alsager CW2 5PR ---------------- ------------ ------------- --------- Rhino Design North West Ashton-under-Lyne OL6 6XJ ---------------- ------------ ------------- --------- Utopia North West Birkenhead CH41 7AB ---------------- ------------ ------------- --------- Granthams North West Blackpool FY1 4PE ---------------- ------------ ------------- --------- Print Hub Design North West Bolton BL1 3QJ ---------------- ------------ ------------- --------- Wild Thang North West Bootle L31 2HB ---------------- ------------ ------------- --------- Fluid Media North West Bury BB5 2LB ---------------- ------------ ------------- --------- Brightspark North West Carlisle CA2 5BB ---------------- ------------ ------------- --------- RAS Limited North West Chester CH3 5AG ---------------- ------------ ------------- --------- Mailboxes North West Didsbury M20 6UG ---------------- ------------ ------------- --------- ScissorsPaperStone North West Eccles M30 8GH ---------------- ------------ ------------- --------- Soda North West Golbourne WA3 3BU ---------------- ------------ ------------- --------- Lancaster Store North West Lancaster LA1 1XN ---------------- ------------ ------------- --------- Liverpool Store North West Liverpool L2 2HF ---------------- ------------ ------------- --------- Sprinter Printer North West Liverpool L22 4QD ---------------- ------------ ------------- --------- Copycat North West Maghull L31 2HB ---------------- ------------ ------------- --------- North Manchester Store North West Manchester M3 4BQ ---------------- ------------ ------------- --------- Manchester Store North West Manchester M3 4BQ ---------------- ------------ ------------- --------- Alert 2 Media North West Manchester M1 1DZ ---------------- ------------ ------------- --------- Chilli Cactus North West Manchester M18 7JX ---------------- ------------ ------------- --------- Creation Publicity North West Manchester M17 1DZ ---------------- ------------ ------------- --------- The Agency Creative North West Manchester M17 1DZ ---------------- ------------ ------------- --------- Print Design Warehouse North West Marple SK6 7AD ---------------- ------------ ------------- --------- The Graphics Lounge North West Nelson BB9 5DR ---------------- ------------ ------------- --------- Granthams North West Preston PR1 2UQ ---------------- ------------ ------------- --------- FX Design North West Queensferry CH5 2LR ---------------- ------------ ------------- --------- The Graphics Department North West Salford M3 5DN ---------------- ------------ ------------- --------- Masterprint North West St Helens WA10 1DH ---------------- ------------ ------------- --------- Mailboxes North West Stockport SK1 1LE ---------------- ------------ ------------- --------- Impact Advertising North West Timperley WA15 7SP ---------------- ------------ ------------- --------- The Hub North West Trafford Park M17 1FG ---------------- ------------ ------------- --------- Warrington Store North West Warrington WA1 1EP ---------------- ------------ ------------- --------- Printel North West Widnes WA3 8LG ---------------- ------------ ------------- --------- Bradbury Graphics Northern Ireland Belfast BT7 1BS ---------------- ------------ ------------- --------- Mooney Media Northern Ireland County Down BT32 4QD ---------------- ------------ ------------- --------- Xpress Creative Northern Ireland Newtonabbey BT36 4PU ---------------- ------------ ------------- --------- The Business Boutique Scotland Aberdeen AB24 5BW ---------------- ------------ ------------- --------- X Display Systems Scotland Coatbridge ML5 4AS ---------------- ------------ ------------- --------- Edinburgh Store Scotland Edinburgh EH3 6QY ---------------- ------------ ------------- --------- Color Co. - Edinburgh Scotland Edinburgh EH2 2PA ---------------- ------------ ------------- --------- Glasgow Store Scotland Glasgow G3 8LZ ---------------- ------------ ------------- --------- Hamilton (662c) Scotland Hamilton ML3 7AR ---------------- ------------ ------------- --------- Fireworks Design Scotland Linlithgow EH49 7TF ---------------- ------------ ------------- --------- Academy Press Scotland Livingstone EH54 6QD ---------------- ------------ ------------- --------- Glasgow Print Scotland North Glasgow G64 1RX ---------------- ------------ ------------- --------- South Glasgow Store Scotland South Glasgow G5 9RR ---------------- ------------ ------------- --------- Tangerine Scotland Stirling FK8 1JW ---------------- ------------ ------------- --------- Brighton Store South Brighton BN2 8AA ---------------- ------------ ------------- --------- Republique South Brighton BN1 4GH ---------------- ------------ ------------- --------- Tudor Print South Worthing BN11 1UY ---------------- ------------ ------------- --------- Ashford Store South East Ashford TN24 8UU ---------------- ------------ ------------- --------- Mailboxes South East Cambridge CB2 1FD ---------------- ------------ ------------- --------- Think Tank South East Canterbury CT14 7HR ---------------- ------------ ------------- --------- Studio Direct South East Chelmsford CM2 6HE ---------------- ------------ ------------- --------- Lussh Creative South East Chesterfield S40 2BY ---------------- ------------ ------------- --------- Inprint South East Colchester CO1 1PB ---------------- ------------ ------------- --------- TRS Graphics South East Croydon CR2 6EB ---------------- ------------ ------------- --------- Jelly Bean Graphics South East Croydon CR9 6YJ ---------------- ------------ ------------- --------- LW Design South East Dorking RH4 2ES ---------------- ------------ ------------- --------- Home Counties Graphics South East Dunstable LU6 1SX ---------------- ------------ ------------- --------- Accomplice South East Hailsham BN27 1AU ---------------- ------------ ------------- --------- Luton Store South East Luton LU1 2PL ---------------- ------------ ------------- --------- That Life Multimedia Centre South East Maidenhead SL6 1NB ---------------- ------------ ------------- --------- Great Printers South East Newbury RG14 5SA ---------------- ------------ ------------- --------- Norwich Store South East Norwich NR1 1PL ---------------- ------------ ------------- --------- Graphics One South East Norwich NR7 0EQ ---------------- ------------ ------------- --------- Colour Wave South East Ramsgate CT11 8NT ---------------- ------------ ------------- --------- Felix Communications South East Rochester ME2 4HZ ---------------- ------------ ------------- --------- Grow Marketing South East Whitstable CT3 4JH ---------------- ------------ ------------- --------- Print Creative South West Bath BA1 2JB ---------------- ------------ ------------- --------- Bournemouth Store South West Bournemouth DT1 1HS ---------------- ------------ ------------- --------- Bristol Store South West Bristol BS1 3LZ ---------------- ------------ ------------- --------- Presto Print South West Christchurch BH23 1QD ---------------- ------------ ------------- --------- Exeter Store South West Exeter EX4 3AJ ---------------- ------------ ------------- --------- Wessex Direct South West Minehead TA24 5UB ---------------- ------------ ------------- --------- Plymouth Store South West Plymouth PL4 0AU ---------------- ------------ ------------- --------- Chalk & Cheese South West Ruislip HA4 6HH ---------------- ------------ ------------- --------- Southampton Store South West Southampton SO15 2AE ---------------- ------------ ------------- --------- Malthouse South West Taunton TA1 3EP ---------------- ------------ ------------- --------- Printing South West South West Totnes TQ9 5DW ---------------- ------------ ------------- --------- Anneset South West Weston-Super-Mare BS23 3DE ---------------- ------------ ------------- --------- Limelight Graphix Wales Bridgend CF31 3SA ---------------- ------------ ------------- --------- Cardiff Store Wales Cardiff CF5 1JF ---------------- ------------ ------------- --------- Australian Welsh Wales Cardiff CF14 3JP ---------------- ------------ ------------- --------- Colourbox Creative Wales Swansea SA1 5TY ---------------- ------------ ------------- --------- This information is provided by RNS The company news service from the London Stock Exchange

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