1 Jun 2009 07:00
FOR RELEASE
7.00AM
1 June 2009
PRINTING.COM PLC
("Printing.com" or "the Group")
Specialist retail chain with 283 Outlets opened and pending across the UK and Ireland
Preliminary Results for year ended 31 March 2009
| 2009 | 2008 | Change | |
| Total Retail Sales | £26.29m | £24.58m | +7.0% |
| Turnover | £14.47m | £13.48m | +7.3% |
| EBITDA | £3.27m | £3.67m | -10.9% |
| Operating Profit | £1.93m | £2.29m | -15.7% |
| Profit Before Tax | £2.06m | £2.42m | -14.9% |
| Earnings Per Share - Basic | 3.28p | 3.64p | -9.9% |
| EPS - Fully Diluted | 3.27p | 3.51p | -6.8% |
| Dividend | 3.15p | 3.00p | +5.0% |
| Special Dividend | 2.00p | - | |
| Capital expenditure | £0.59m | £1.26m |
|
| Net Cash | £3.39m | £3.50m |
|
| Net Funds | £1.81m | £1.08m | |
| Number of Outlets | 283 | 249 |
Outlets increased by 34
Master Licence Agreement granted in the US
Profit in line with market expectations
Remaining profitable and cash generative in difficult market conditions
Ordinary dividend increased
Special dividend granted
For further information:
| Printing.com plc Tony Rafferty (Chief Executive) Alan Roberts (Finance Director) | 07966 517 336 0161 848 5713 |
| Cubitt Consulting Brian Coleman-Smith / Nicola Krafft / James Verstringhe | 020 7367 100 |
| Brewin Dolphin Ltd (Nominated Adviser) | |
| Mark Brady | 0845 213 4730 |
Background note:
Printing.com
In the UK & Ireland 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 Group'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 £1- £2 billion.
Printing.com has three routes to market: Franchise Stores, Bolt-on Franchises and Company owned Stores.
A complete list of Printing.com's active Outlets in the UK & Ireland is included at the end of the release.
PRINTING.COM PLC
("Printing.com" or "the Group")
Specialist retail chain with 283 Outlets opened and pending across the UK and Ireland
Preliminary Results for year ended 31 March 2009
CHAIRMAN'S STATEMENT
Trading Results
Total Retail Sales ("TRS"), the Company's estimate of the value of sales to the end user (via both its Franchise and directly owned outlets), increased 7.0% to £26.29m (2008:£24.58m). Turnover increased 7.3% to £14.47m (2008: £13.48m) whilst Profit before Tax ("PBT") decreased by 14.9% to £2.06m (2008:£2.42m).
Previously, we would have anticipated EBITDA to advance as volumes increased. This has not been the case in the year under review, reflecting some erosion of operating margin. This has been due to an increase in the provision for bad debts, marketing subsidies designed to support sales through our outlets, and a greater proportion of discounted orders.
The Board is mindful that the year under review marks the first year, since the Company's move to AIM, that earnings have not progressed. Ordinarily, we would be duly disappointed with such a result but, given the extremely challenging economic situation, we believe this represents an acceptable outcome.
Cash
Your Company closed the year with cash of £3.39m (2008:£3.50m). Investment in capital equipment, including the on-going development of the Company's Flyerlink software, totalled only £0.59m (2008:£1.26m). None of the capital expenditure was financed (2008:£0.50m).
Return of Shareholder funds
The Board has been keen to advance the return of funds to Shareholders by its progressive dividend policy and, more recently, via the buying back of Company shares. Whilst the dividend has indeed progressed, the buying back of a material volume of shares has proved impractical due to the lack of market liquidity.
After careful consideration of the Company's reserves, cash position and prospects moving forward, the Directors believe that, notwithstanding the need to be prudent in these present difficult economic circumstances, the Company remains in a position to return additional funds to Shareholders. Accordingly, it is the Directors' intention to do this via the declaration of a Special Dividend.
Share Buy Backs
During the year under review, 768,702 shares were bought back into Treasury for a total consideration of £263,000.
Final Dividend
Your Board is proposing a final dividend of 2.10p for the year, to be paid on 23 July 2009 to Shareholders on the register at the close of business on 26 June 2009. This makes a total dividend for the year of 3.15p per ordinary share (2008:3.00p).
Special Dividend
The Directors are declaring a Special dividend of 2.00p per qualifying ordinary share, amounting to £887,000, payable on 26 June 2009 to shareholders on the register as at 12 June 2009.
People at Printing.com
In these difficult times, I am mindful of the additional effort of all of our people within the Printing.com network but would particularly like to extend my sincere thanks to our Franchise Partners for their efforts.
Outlook
Since the year end, trading across the UK and Ireland has continued at a similar underlying level. Whilst at this juncture we are not seeing growth in TRS, we are attracting a record level of new clients and remain of the belief that the Printing.com model is proving significantly more resilient than many others in the sector.
Whilst we realise we are not immune to the possibility that some Franchisees may not continue, or that certain Bolt-on Franchisees may follow alternative strategies, we believe that the scope for network growth during the current year remains a realistic ambition. Indeed, recent marketing initiatives to promote a Bolt-on Franchise opportunity have once again produced a strong pipeline of prospective partners.
Outside of the UK and Ireland, our New Zealand partners continue to make solid progress and reflect the Board's belief in the scope for exporting the model. Printing.com France is making progress and is on the cusp of making a positive contribution. The grant of a Master Licence for the US is clearly a significant opportunity, albeit operations are still at a very early stage. Whilst these initiatives collectively contribute very little at present in fiscal terms, we believe they continue to represent an important opportunity.
Whilst we remain cautious about the prospects for progress, we believe that, as and when the economic situation across the UK and Ireland improves, Printing.com will be well-placed to capitalize on its position.
George Hardie
Chairman
1 June 2009
CHIEF EXECUTIVE'S STATEMENT
| 31 March 2009 | 31 March 2008 | |
| Company Owned Stores | 7 | 4 |
| Territory Franchise Stores | 35 | 40 |
| Bolt-on and Boutique Franchises | 241 | 205 |
| Total | 283 | 249 |
Estate Development
This year, in common with recent years, we have continued to record a steady increase in the total number of Printing.com outlets across the UK and Ireland, with the estate, as of the year end, standing at 283 outlets, an increase of 34 during the year. The Bolt-on format continues to be the driver for this expansion.
During the year under review, again in common with recent years, the number of new franchise licences granted, 62, is far greater than growth in the number of outlets. This is because we are not immune to some instances of termination and also reflects the complementary nature of the Bolt-on franchise format.
Prior to adding the Printing.com element, Bolt-on Franchises ordinarily start out pursuing an independently formulated business model centred on the printing, graphic arts or web design sectors.
Accordingly, the plural nature of their offering increases the likelihood that, from time-to-time, the owners of these businesses may seek to pursue a strategy less conducive to Printing.com. In these instances, our primary objective is the continuance of the service to the Printing.com client base, and the preservation of employment opportunities for Printing.com operators. These situations are often resolved by one of the business partners, employees or competitors 'buying out' the Printing.com element, or the sale to a neighbouring franchisee. This may involve the termination of one franchise agreement but also the contemporaneous grant of a new licence.
Such occurrences could be dismissed as 'undesirable churn' we still believe that they simply reflect a characteristic of the independent entrepreneurs who we partner with. Over the course of the current year, we anticipate an increase in these instances due to the general economic situation. However, we continue to believe that, notwithstanding this, we will again achieve real growth in the size of the network and the estate will exceed 300 outlets by the end of the year.
Production Hub and Infrastructure
The Production Hub infrastructure is well bedded-in, and we continue the ongoing refinement of operational processes whilst always seeking greater efficiency. We remain of the view that we have TRS capacity in excess of £40million within the Manchester facility. Accordingly, very little additional investment in the plant is planned at this juncture.
This has, however, been an important year in the on-going development of Flyerlink, the Company's proprietary software. Much of this development relates to the addition of certain 'foundations' that allow us to deal with Master Licence complexities beyond simply multi-language capabilities.
Whilst Flyerlink has always provided the link between the Franchisee and the production centre, 'my.printing.com' provides a suite of online tools that enhance the interaction between the Printing.com Franchisee and the end user. During the course of the year, the Company significantly enhanced the 'my.printing.com' portal, notably adding Kodak's 'Smart Review' software to facilitate online proofing.
The complex, design-orientated and consultative led-nature of the typical Printing.com order means that these tools are not intended to replace the franchisee but simply to provide a more efficient ordering, proofing, artwork approval and billing experience for all concerned.
In the course of the current year, we plan to include template systems to facilitate business card name changes and the like. We believe that this functionality will further augment the Printing.com Bolt-on Franchise by providing not only low-cost print and marketing assistance, but also a complete e-commerce solution 'in a box'.
New Zealand and Iceland Master Licences
The Company's Master Licence programme enables companies in other geographic territories, wishing to emulate the success of Printing.com across the UK and Ireland, to license the Printing.com systems. This generates revenue channels for your Company in terms of an initial licence fee, circa 3% of TRS for the given partner, and 20% of licence fees charged in respect of the grant of local outlets. For the partner, we believe this offers good value, in that they are able to utilize all the collateral and know-how acquired by Printing.com together with, and very importantly, the Company's Flyerlink software.
The Company's established Master Licence partner in New Zealand, PrintStop, continues to enjoy success with the expansion of their network of outlets, embracing the 'powered by Printing.com' insignia. The network presently stands at 46 outlets. Operations in Iceland remain at an early stage.
Grant of US Master Licence
During the year we are very pleased to have granted an additional master licence, covering the US. This licence has been granted to Raintree Graphics, a commercial printer in Jacksonville, Florida. Following training in the UK and the US, they have commenced operations with Printing.com Stores in both Jacksonville and Gainesville and 5 Bolt-on Franchisees have also been granted. Whilst it is little more than two months since the first orders were taken, we remain optimistic about the potential for the development of Printing.com initially in the South East of the country and, in the fullness of time, across the US.
France and Australia
We have previously set out our intention to establish Printing.com operations in both France and Australia, with the former reliant on the Manchester Hub and the latter embracing third party production.
Following several interesting avenues of exploration, during which, and on commercial terms, an Option was taken out over Australia, our initiatives in this respect have not progressed. We have elected not to proceed and establish operations ourselves until the economic cycle improves.
The French operations are at a more advanced stage, with 10 franchises now generating regular transactions. Indeed several French franchisees are producing operational metrics that would be consistent with any accomplished franchise in the UK. It is also still our intention to open two stores in France as and when suitable opportunities arise.
We believe that the components are now in place for Printing.com to take meaningful steps forward during the present financial year and it remains our objective of progressing a management buy-out/management buy-in at a suitable juncture of the French business.
Websites by Printing.com
Over the year we have continued to invest in our 'websites solution' and believe that the offering has evolved, in terms of the functionality offered to the client and the ease of use for the Franchisee. Whilst to date this has not translated into a material revenue stream, we remain convinced of its strategic importance in terms of vending new media solutions in parallel with printed material.
Network Partners
The aim of the network partner programme was to open up the Printing.com network to reputable vendors of alternative printed items, such as pens, work apparel, office products and the like. During the year, the initial pilot group was extended and now includes more than a third of the network. It is anticipated that the offering will be made available to all Franchisees during the course of the current year. Promotional items of this ilk are often an accessory to the nucleus of an advertising campaign. Thus, the timing of the launch proved unfortunate.
Whilst revenues from this initiative remain modest, we remain committed to exploring what we believe to be the inherent logic of making available more services to our franchisees, and being a 'one-stop-shop' for our clients' promotional needs.
Environment
In all aspects of Printing.com operations we seek to reduce the environmental impact of the business. This is reflected by the reaffirming of our ISO 14001 status, embracing our initiatives to increase the proportion of FSC certified papers, reduce packaging and minimise waste.
In addition, we are pleased to continue our support for the 'Tree Appeal with David Bellamy', whereby clients' orders equate to trees planted. Currently we stand on the cusp of achieving our goal of planting 50,000 trees and have recently pledged to raise this target to 100,000 trees over the coming years.
Current Trading
Following on from a drop in trading levels in November 2008, trading remained 'steady' at the lower level, during the remainder of the year under review and, indeed, the subsequent two months. If trading remains at this level for the course of the current year, then TRS will be slightly below the previous year.
Compared to historic levels, a greater proportion of transactions are carried out at discounted levels, pursuant to various monthly and seasonal offers. We remain realistic and believe that these discounts are necessary for the foreseeable future to assist our Franchisees.
The Company continues to attract a record level of new clients, attributable to the increased level of centralised marketing, the potency of the various promotional offers and the closure of many small local printers who were previously in competition. However, the overall yield per client has reduced and certain market segments that were previously productive, such as estate agents and recruitment companies, have declined significantly.
Printing.com has always attracted corporate clients and public sector professionals in addition to its core marketplace of small and medium sized enterprises ("SME"). These larger clients generally turn to Printing.com for low value orders. It is our belief that they are attracted to Printing.com as it is easier to transact these small orders with the Company, than via internal procurement routes.
Initiatives have been developed and launched to better position your Company within this corporate and public sector marketplace. Centered on the premise of not seeking to replace the existing printer, but being useful for urgent, awkward, low order values and low volumes. To this end, over one hundred training days for Franchisees have been delivered at sessions around the UK, with the objective of the entire estate being exposed to this initiative over the coming months. We are aware that this 'pitch' has been well received by managers within the marketing departments of various high profile brands and remain optimistic that it will add material revenues during the course of the year.
Tony Rafferty
Chief Executive
1 June 2009
FINANCIAL REVIEW
Total Retail Sales (TRS)
The Group's key metric of Network growth, across the UK and Ireland, is TRS, being the estimated retail price paid by the client for product sourced from the Group's Production Hub. The ongoing development of Printing.com is clearly illustrated with estimated TRS increasing by 7.0% to £26.29 m (2008:£24.58m).
Like For Like TRS
This metric reports on the like for like progress of our Territory Franchisees (or equivalent Group owned operations) that have operated for a minimum of three years. Therefore, the earliest figures that could be reported for a Territory Franchise are its third versus second year. In presenting these figures we believe that it is essential to consider both the performance of the Store within the Territory Franchise and the growth in revenues from its associated Bolt-On Franchises. On this basis like for like growth during the year under review was 10.73% (2008:16.44%) with 38 (2008:29) Territory Franchises (or Group owned equivalents) contributing to this metric.
Revenue
Overall revenue increased by 7.3% from £13.48m to £14.47m. Network growth continues to be driven by the increase in the number of Bolt-on Franchises.
Gross Profit
The Group's simple definition of Gross Profit is revenue less direct materials (including the cost of distribution, when made direct to customers).
Gross Profit increased by 8.1% from £9.01m to £9.74m. In percentage terms it remained relatively constant at 67.3% (2008:66.9%) of revenue.
EBITDA
At £3.27m (2008:£3.67m) EBITDA decreased by 10.9%. Although TRS improved by 7%, the Group's initiative to support network marketing activity and provisions for doubtful debts led to EBITDA decreasing by £0.40m.
Pre-Tax Profit
The Group recorded a pre tax profit of £2.06m (2008:£2.42m) being 14.2% (2008:18.0%) of Group revenue and 7.8% (2008:9.8%) of TRS.
Staff costs increased in the year to £3.60m (2008:£3.22m) and rose as a percentage of revenue from 23.9% to 24.9%. The increase in the number of Group Stores raised head count, staff costs and operational overhead. The depreciation and amortisation charge for the year was £1.33m (2008:£1.38m) falling slightly from last year's peak.
Interest Received and Charged
Interest received of £0.18m (2008:£0.24m) reflects interest on the cash balances held and interest charged to Franchisees on loans to them from Printing.com. Interest paid of £0.11m (2008:£0.19m) primarily on lease finance repayments.
Taxation
In the year the standard rate for tax was 28% (2008:30%). The charge for the current year is £0.60m or 29.2% of PBT (2008:£0.79m or 32.6%).
The effective tax rate was closer to the standard rate in the period due to disallowed expenses being offset by timing differences.
Earnings Per Share (EPS)
Basic EPS achieved was 3.28p (2008:3.64p), the weighted average number of shares used was 44,485,293. Diluted EPS achieved was 3.27p (2008:3.51p), the weighted average number of shares used was 44,702,853. The year closed with 44,993,465 ordinary shares in issue, with 643,702 of these held in Treasury by the Group.
Cash Flow
At the year end the Group had cash balances of £3.39m (2008:£3.50m) and Net Funds (comprising cash less finance lease creditors) of £1.81m (2008:£1.08m). Operational cash inflow remained strong at £3.52m (2008: £4.06m). The most significant cash outflow being dividends paid of £1.36m (2008: £1.30m).
Capital Expenditure
The total expenditure for the year was £0.59m (2008:£1.26m). The major item was Software development and computing infrastructure £0.52m.
Share Capital and Share Options
Third party options over 325,000 shares (0.7% of the total called up share capital) were exercised during the year and were satisfied from treasury. There were no options granted.
During the year the Company purchased 768,702 (1.7% of the total called up share capital) shares to be held in treasury for a consideration of £263,000. The maximum number of shares held by the Company during the year was 643,702 (1.4% of the total called up share capital). The shares are to be held in treasury by the Company with the intention of satisfying future exercise of share options.
Treasury Policies and Financial Risk
Surplus funds are intended to support the Group's short term working capital requirements. These funds are invested through the use of short term deposits and the policy is to maximise returns as well as provide the flexibility required to fund on-going operations. During the year the Board reviewed its treasury policies and took the decision to split the Group's deposit reserves between a number of mainstream banks. It is not the Group's policy to enter into financial derivatives for speculative or trading purposes.
Interest rate risk, liquidity risk and currency risk
Interest rate risks are limited to the fixed element of finance lease or hire purchase agreements. The Group uses leasing or hire purchase at periods of up to 5 years to finance purchases of some of its assets where it is considered to be a more effective use of funds.
The Group has no material overseas assets or liabilities and thus any currency movements have no material impact.
Alan Q. Roberts
Finance Director
1 June 2009
Group Consolidated Income Statement
for the year ended 31 March 2009
| Note | 2009 | 2008 | ||||
| £000 | £000 | |||||
| Revenue | 3 | 14,468 | 13,479 | |||
| Changes in inventory of finished goods and work in progress | 1 | 5 | ||||
| Raw materials and consumables used | (4,727) | (4,473) | ||||
|
| ||||||
| Gross profit | 9,742 | 9,011 | ||||
| Staff costs | (3,598) | (3,218) | ||||
| Other operating charges | (2,877) | (2,123) | ||||
| Depreciation and amortisation | (1,334) | (1,378) | ||||
| Total expenses | (7,809) | (6,719) | ||||
| Operating profit | 1,933 | 2,292 | ||||
| Financial income | 238 | 316 | ||||
| Financial expenses | (108) | (187) | ||||
| Net financing income | 130 | 129 | ||||
| Profit before taxation | 2,063 | 2,421 | ||||
| Taxation | 4 | (603) | (789) | |||
| Profit for the year attributable to equity holders of the Parent | 1,460 | 1,632 | ||||
| Basic earnings per share | 5 | 3.28p | 3.64p | |||
| Diluted earnings per share | 5 | 3.27p | 3.51p |
The operating profit for the year arises from the Group's continuing operations.
Statement of Changes in Equity
Group - year ended 31 March 2009
| Share capital | Share premium | Merger reserve | Retained earnings | Total | |
| £000 | £000 | £000 | £000 | £000 | |
| Profit for the year | - | - | - | 1,460 | 1,460 |
| Total recognised income and (expense) | - | - | - | 1,460 | 1,460 |
| Equity settled share based payments | - | - | - | - | - |
| Tax on equity settled share based payments | - | - | - | - | - |
| Own shares acquired | - | - | - | (263) | (263) |
| Shares issued | - | 10 | - | 65 | 75 |
| Dividends paid | - | - | - | (1,364) | (1,364) |
| Total movement in shareholders' funds | - | 10 | - | (102) | (92) |
| Opening shareholders' funds at 1 April 2008 | 450 | 3,871 | 211 | 2,626 | 7,158 |
| Closing shareholders' funds at 31 March 2009 | 450 | 3,881 | 211 | 2,524 | 7,066 |
Group - year ended 31 March 2008
| Share capital | Share premium | Merger reserve | Retained earnings | Total | |
| £000 | £000 | £000 | £000 | £000 | |
| Profit for the year | - | - | - | 1,632 | 1,632 |
| Total recognised income and (expense) | - | - | - | 1,632 | 1,632 |
| Dividends | - | - | - | (1,300) | (1,300) |
| Issue of new shares | 3 | 38 | - | - | - |
| Own shares acquired | - | - | - | (82) | (82) |
| Equity settled share based payments | - | - | - | 71 | 71 |
| Tax on equity share based payments | - | - | - | (11) | (11) |
| Total movement in shareholders' funds | 3 | 38 | - | 310 | 351 |
| Opening shareholders' funds at 3 April 2007 | 447 | 3,833 | 211 | 2,316 | 6,807 |
| Closing shareholders' funds at 31 March 2008 | 450 | 3,871 | 211 | 2,626 | 7,158 |
Group Balance Sheet
At 31 March 2009
| Group | |||
| 2009 | 2008 | ||
| £000 | £000 | ||
| Non-current assets | |||
| Property, plant and equipment | 4,328 | 5,217 | |
| Investments in subsidiaries | - | - | |
| Intangible assets | 1,283 | 1,139 | |
| Deferred tax assets | 2 | 25 | |
| Other receivables | 253 | 470 | |
| Total non-current assets | 5,866 | 6,851 | |
|
Current assets
| |||
| Inventories | 110 | 109 | |
| Trade and other receivables | 3,313 | 3,210 | |
| Cash and cash equivalents | 3,391 | 3,502 | |
|
Total current assets |
6,814 |
6,821 | |
|
Total assets |
12,680 |
13,672 | |
|
Current liabilities
| |||
| Other interest-bearing loans and borrowings | (689) | (804) | |
| Trade and other payables | (1,887) | (1,759) | |
| Current tax payable | (370) | (377) | |
| Accruals and deferred income | (1,057) | (1,094) | |
| Other liabilities | (165) | (182) | |
|
Total current liabilities |
(4,168) |
(4,216) | |
|
Non-current liabilities
| |||
| Other interest-bearing loans and borrowings | (889) | (1,613) | |
| Deferred tax liabilities | (557) | (685) | |
|
Total non-current liabilities |
(1,446) |
(2,298) | |
|
Total liabilities |
(5,614) |
(6,514) | |
|
Net assets |
7,066 |
7,158 | |
|
Equity attributable to equity holders of the parent | |||
| Share capital | 450 | 450 | |
| Share premium | 3,881 | 3,871 | |
| Merger reserve | 211 | 211 | |
| Retained earnings | 2,524 | 2,626 | |
|
Total equity |
7,066 |
7,158 | |
Group Cash Flow Statements
for year ended 31 March 2009
| Group | |||||
| 2009 | 2008 | ||||
| £000 | £000 | ||||
| Cash flows from operating activities | |||||
| Profit for the year | 1,460 | 1,632 | |||
| Adjustments for: | |||||
| Depreciation, amortisation and impairment | 1,334 | 1,378 | |||
| Financial income | (238) | (316) | |||
| Financial expense | 108 | 187 | |||
| Gain on sale of property, plant and equipment | 2 | - | |||
| Equity settled share-based payment expenses | - | 71 | |||
| Foreign exchange gains | 61 | 75 | |||
| Taxation | 603 | 789 | |||
|
Operating cash flow before changes in working capital and provisions | 3,330 | 3,816 | |||
| Decrease in trade and other receivables | 114 | 269 | |||
| Increase in inventories | (1) | (5) | |||
| Increase/(decrease) in trade and other payables | 76 | (17) | |||
|
Cash generated from Operations |
3,519 |
4,063 | |||
| Tax paid | (715) | (344) | |||
| Net cash inflow/(outflow) from operating activities | 2,804 | 3,719 | |||
| Cash flows from investing activities | |||||
| Proceeds from sale of plant and equipment | 9 | 150 | |||
| Interest received | 177 | 241 | |||
| Acquisition of plant and equipment | (70) | (235) | |||
| Capitalised development expenditure | (522) | (530) | |||
| Dividends received | - | - | |||
|
Net cash (outflow)/inflow from investing activities |
(406) |
(374) | |||
|
Cash flows from financing activities | |||||
| Proceeds from the issue of share capital | 65 | 41 | |||
| Repurchase of own shares | (263) | (82) | |||
| Interest paid | (108) | (187) | |||
| Payment of finance lease liabilities | (839) | (1,165) | |||
| Inter company transfers | - | - | |||
| Dividends paid | (1,364) | (1,300) | |||
|
Net cash (outflow)/inflow from financing activities |
(2,509) |
(2,693) | |||
|
Net increase/(decrease) in cash and cash equivalents |
(111) |
652 | |||
| Exchange losses on cash and cash equivalents | - | (5) | |||
| Cash and cash equivalents at start of year | 3,502 | 2,855 | |||
|
Cash and cash equivalents at 31 March |
3,391 |
3,502 | |||
Notes
(forming part of the financial statements)
1 Basis of preparation
Printing.com plc (the "Company") is a company incorporated and domiciled in the UK.
The Group financial statements consolidate those of the Company and its subsidiaries (together referred to as the "Group").
The Group financial statements are authorised for issue by the Board of Directors on 1 June 2009.
The Group financial statements have been prepared by the Directors in accordance with International Financial Reporting Standards as adopted by the EU ("Adopted IFRSs")
The financial information does not constitute the Company's statutory accounts for the years ended 31 March 2009 or 31 March 2008 (but is derived from those accounts). Statutory accounts for 2008 have been delivered to the registrar of companies, and those for 2009 will be delivered in due course. The auditors have reported on those accounts; their reports were (i) unqualified, (ii) did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying their reports and (iii) did not contain statements under section 237 (2) or (3) of the Companies Act of 1985. The statutory accounts for the financial year ended 31 March 2009 will be delivered to the Registrar of Companies following the Company's Annual General Meeting.
2 Going concern
The Group has considerable financial resources and the number of Franchise outlets continues to grow. This is expected to continue due to the comparatively low level of capital required to set up a franchise under the Printing.com business model. As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully despite the current uncertain economic outlook. After making enquiries the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly they continue to adopt the going concern basis in preparing the annual report and financial statements.
Further information regarding the Groups business activities together with the factors likely to affect its future development, performance and position is set out in the business review on pages 3 to 9.
3 Revenue
Segmental analysis
The principal components of revenue are the design and production of publicity and marketing material, and franchise fee income. All of the revenue is in one continuing business segment being the development of the Printing.com model and originates principally in the United Kingdom and Republic of Ireland.
Analysis by geographical destination
| | Revenue | Total Assets | Capital expenditure | | |||||||||
| | 2009 | 2008 | 2009 | 2008 | 2009 | 2008 | | ||||||
| | £000 | £000 | £000 | £000 | £000 | £000 | | ||||||
| | | | | | | | | ||||||
| United Kingdom | 13,372 | 12,738 | 5,672 | 6,767 | 585 | 1,186 | | ||||||
| Republic of Ireland | 708 | 684 | 319 | 356 | - | 5 | | ||||||
| Rest of the world | 388 | 57 | 112 | 35 | 7 | 68 | | ||||||
| | | | | | | | | ||||||
| | 14,468 | 13,479 | 6,103 | 7,158 | 592 | 1,259 | | ||||||
| | | | | | | | |||||||
Analysis by type
|
| ||||
| 2009 | 2008 | |||
| £000 | £000 | |||
| Sale of goods | 13,275 | 12,571 | ||
| Services rendered | 1,105 | 856 | ||
| Royalties | 88 | 52 | ||
|
|
| |||
| Total revenue | 14,468 | 13,479 | ||
|
| ||||
4 Taxation
Recognised in the income statement
|
| 2009 | 2008 |
| £000 | £000 | |
| Current tax expense | ||
| Current year | 742 | 808 |
| Foreign tax | 8 | 4 |
| Adjustments for prior years | (42) | (290) |
|
708 |
522 | |
| Deferred tax expense | ||
| Origination and reversal of temporary differences | (108) | 31 |
| Movement due to change in tax rate | - | (49) |
| Adjustments for prior years | 3 | 285 |
|
Total tax in income statement |
603 |
789 |
Reconciliation of effective tax rate
|
| 2009 | 2008 |
| £000 | £000 | |
| Profit for the period | 2,063 | 2,421 |
| Total tax expense | (603) | (789) |
|
Profit after taxation |
1,460 |
1,632 |
|
Tax using the UK corporation tax rate of 28% (2008: 30%) |
578 |
726 |
| Permanent differences | 42 | 54 |
| Overseas tax losses not recognised | 1 | 4 |
| Effect of equity settled share based payments | - | 8 |
| Deferred tax on shares | 23 | 51 |
| Adjustments in respect of prior periods - current tax | (42) | (290) |
| Adjustments in respect of prior periods - deferred tax | 3 | 285 |
| Movement due to change in tax rate | - | (49) |
|
Total tax expense |
603 |
789 |
Notes (continued)
5 Earnings per share
The calculations of earnings per share are based on the following profits and numbers of shares.
|
| 2009 | 2008 |
| £000 | £000 | |
| Profit after taxation for the financial year | 1,460 | 1,632 |
Weighted average number of shares.
|
| 2009 | 2008 |
| Number of shares | Number of Shares | |
| For basic earnings per ordinary share | 44,485,293 | 44,892,441 |
| Exercise of share options | 216,330 | 1,654,969 |
|
For diluted earnings per ordinary share |
44,701,623 |
46,547,410 |
6 Dividends
| 2009 £000 | 2008 £000 | |
| Final dividends paid in respect of prior year but not recognised as liabilities in that year | 896 | 850 |
| Interim dividends paid in respect of the current year | 468 | 450 |
| Total dividend paid in the year | 1,364 | 1,300 |
After the balance sheet date dividends of £931,000, 2.10p per qualifying ordinary share (2008: £896,000/2.00p per qualifying ordinary share) were proposed by the Directors. The dividends have not been provided for.
| Customer | Region | Town | Post Code |
| Sign It (Nottm) Ltd | Central England | Beeston, Nottingham | NG9 2AY |
| Graphic Results | Central England | Belper | DE56 1BA |
| East Birmingham Store | Central England | Birmingham | B26 3JR |
| South West Birmingham Store | Central England | Birmingham | B16 9RD |
| Birmingham Store | Central England | Birmingham | G3 8LZ |
| Artichoke Design Ltd | Central England | Birmingham | B18 6NN |
| Vicki Interiors Limited | Central England | Burntwood | WS7 3GL |
| First Impression | Central England | Buxton, Derbyshire | SK17 9PA |
| Graphic Results | Central England | Chesterfield | DE56 1TD |
| Coventry Store | Central England | Coventry | CV2 4BE |
| ADECS Ltd | Central England | Coventry South | CV4 8HX |
| Image I.T. Limited | Central England | Daventry | NN11 8RY |
| Sportwise Marketing Ltd t/a Immediate Design | Central England | Derby | DE1 3QB |
| Synergy | Central England | Derby - Crewton | DE24 8SR |
| Multiprint & Embroidery Limited | Central England | Derby - Littleo | DE23 6FP |
| FSeven Design Solutions | Central England | Digbeth | B9 4AA |
| Kualo Limited | Central England | Gloucester | GL2 2AT |
| Hussellworks | Central England | Halesowen | B63 3HR |
| Clientel Systems Limited | Central England | Kibworth | LE8 0HS |
| Leicester Store | Central England | Leicester | NG1 6DQ |
| Datatron Limited | Central England | Lichfield | WS13 6LL |
| For Colour Ltd | Central England | Lincoln | LN2 4US |
| Trident Design & Print | Central England | Lutterworth | LE17 4EE |
| Queensway Print | Central England | Milton Keynes | MK1 1LS |
| 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 | L2 2HF |
| Peterborough Store | Central England | Peterborough | PE2 8AN |
| ITS-Ideas Taking Shape Ltd | Central England | Rugby | CV21 2SD |
| Boomerang Print Design Ltd | Central England | Solihull | B91 3RT |
| Runtime Print Ltd | Central England | Telford | TF2 8AJ |
| Wolverhampton Store | Central England | Wolverhampton | WV1 4BL |
| Amethyst Consultancy | Central England | Martin, Lincolnshire | LN4 3QH |
| Oakley media | Central England | Lutterworth, Leciestershire | LE17 4JA |
| Photprint | Central England | Leek, Staffordshire | ST13 5JH |
| Red Hot Media | East | Lowestoft | NR33 0AA |
| Goldengate Productions | East | Suffolk | IP30 9QS |
| Keith Nolan Limited | Ireland | Athlone | EE1 1EE |
| Kwik Kopy | Ireland | Ballymena | BT43 6EB |
| Malik Bond | Ireland | Belfast - South | BT7 2JA |
| Twist Design | Ireland | County Donegal | EE1 1EE |
| Dublin Store | Ireland | Dublin | Dublin 2 |
| Trivium Limited | Ireland | Maynooth - Coun | EE1 1EE |
| Creative State Limited | Ireland | Naas - County K | EE1 1EE |
| Desktop | Ireland | Omagh | BT78 1DW |
| Tullow Manufacturing Limited | Ireland | Tullow | EE1 1EE |
| Thomas Hughes & Sons Ltd | Ireland | Wexford | EE1 1EE |
| Central London Store | London | Baker Street | BS1 3LZ |
| Alpha to Omega | London | Beckenham | BR3 3HX |
| Plug and Play Design | London | Bramley | GU6 8JJ |
| Fireworks Design and Print | London | Catford | FK9 5GQ |
| Blank Canvas Design & Print | London | Chigwell, Essex | IG7 5PD |
| DNA Creative | London | Clapham | SW11 1TH |
| City & Clerkenwell Store | London | Clerkenwell | EC1M 5QA |
| Print Express | London | Colindale | NW9 5DL |
| Last Print LLP | London | Docklands E16 | E14 0JY |
| Ealing Store | London | Ealing | W13 8SB |
| 0800 Promote Ltd | London | Finchley | N3 1TR |
| Creekside Press | London | Greenwich | SE10 9QX |
| Guildford Store | London | Guildford | GU2 4BE |
| Hampstead Store | London | Hampstead | NW1 6UY |
| Colour Division | London | Hampstead | NW6 1SD |
| Digipix Ilford | London | Ilford | IG1 4DU |
| Envisualise Ltd | London | Kingston | KT2 6LX |
| London Office Services | London | London | W1G 8JR |
| WestEast Desgn and Print | London | Hammersmith | W6 9NH |
| 1st Creative | London | London SE1 | SE1 3ER |
| Expocentric Communication Ctrs | London | Mayfair | W1S 4LW |
| Endgold Ltd | London | Nottinghill | W11 3HT |
| Orpington Store | London | Orpington | BR6 0JY |
| Cre8Business Image | London | Potters Bar | EN6 5AS |
| Reading Store | London | Reading | RG1 4QA |
| Ditto Office Services Ltd | London | Sevenoaks | TN13 1AS |
| London Print Compamy | London | Shaftesbury Avenue | WC2H 8EB |
| DNA Solutions UK Limited | London | Slough | SL1 4JG |
| Promoworx | London | South Woodford E8 | E18 2QL |
| Toppers Print & Design Ltd | London | Stevenage | SG1 3HR |
| Cloudmire Limiter | London | Swiss Cottage | NW3 6JP |
| Kink Design | London | Thornton Heath | EC2A 3LT |
| Wernham Printers Ltd | London | Tottenham | N17 6QD |
| FiveFish Limited | London | Twickenham | TW12 1JT |
| Printroomsoho Ltd | London | Wardour Street | W1F 0TS |
| Watford Store | London | Watford | WD17 1RA |
| Medialink World | London | Whtechapel | E1 1HL |
| Creographics | London | Wimbledon | SW19 8TY |
| Propulsion | London | Watford | WD24 5BJ |
| Latitude Graphic Design | London | Mortlake | SW14 8JN |
| Positive Print and Design | London | Chelmsford, Essex | CM1 1PE |
| BDI | London | Beaconsfield, Essex | HP9 2PE |
| Centrepoint Print | Midlands | Birmingham - Erdington | B23 6LR |
| Colour Graphics | Midlands | Burntwood | WS7 3GL |
| Cambridge Graphics | Midlands | Great Cambourne | CB23 5BH |
| RDS Networks | Midlands | Hall Green | B28 8AS |
| Pixel Design | Midlands | Kidderminster | DY11 6XB |
| Kaleidoscope Press Ltd | Midlands | Leamington Spa | CV33 9GX |
| Ozmedia Print Solutions | Midlands | Loughborough | LE11 5AA |
| Pewter Design | Midlands | Market Harborough | LE16 7DS |
| Interactive Marketing | Midlands | Meregreen | B1 3ND |
| St Ives Quickprint Ltd. | Midlands | St Ives | PE27 3WS |
| Rhubarb & Custard | Midlands | Sutton Coldfield | B72 1NE |
| Modus Print | Midlands | Worcester | WR1 1JZ |
| Raphael Design | Midlands | Lichfield | WS14 9DX |
| Coastal Colour | North East | Amble, Northumberland | NE65 0BZ |
| Documentshop.com limited | North East | Barnsley | S70 2HG |
| Smart Card International Limited | North East | Beverley | HU17 0TB |
| FRO Print | North East | Birtley, County Durham | DH3 2QG |
| Fountains Associates Limited | North East | Bishop Auckland | DL14 7EL |
| Dark Matter Design | North East | Bishop Auckland | DL14 7EL |
| Bradford Store | North East | Bradford | BD1 3BA |
| John Siddall (Printers) Ltd | North East | Cleckheaton | BD19 3JL |
| Total Graphics | North East | Darlington | TS18 3TQ |
| Doncaster Store | North East | Doncaster | DN1 1HT |
| Tigher Limited | North East | Durham | DH1 1RF |
| Washington Direct Mail | North East | Gateshead | NE11 0SH |
| Feel Design | North East | Goldsborough | HG5 8NJ |
| Loyalty Matters Ltd | North East | Harrogate | HG3 2XA |
| Winny Limited | North East | Hartlepool | TS25 5TG |
| Peter Matthews Limited | North East | Huddersfield | HD8 0NQ |
| Pink Custard Design Ltd | North East | Hull | HU1 1PS |
| Ryedale Printing Works Ltd | North East | Kirbymoorside | YO62 6YB |
| Leeds Store | North East | Leeds | LS1 3DL |
| The Factory Partnership Ltd | North East | Leeds | LS12 2DS |
| Ideas Start Here Ltd | North East | Leeds | LS8 2HU |
| Middlesbrough Store | North East | Middlesbrough | TS1 1LY |
| Mix Marketing Ltd | North East | Mirfield | WF14 8AH |
| Stait Photography | North East | Morpeth | NE61 1HE |
| Newcastle Store | North East | Newcastle | B5 4JL |
| Direct Business Products | North East | Newcastle | NE12 9UP |
| Via Creative Consultants Ltd | North East | Redcar | TS10 5SH |
| Bluprint | North East | Rotheram | S60 2LZ |
| Desk Top Publishing Ltd | North East | Scunthorpe | DN15 6LJ |
| Sheffield Store | North East | Sheffield | S1 4GF |
| Runway 24 | North East | Sheffield - Hillsborough | S6 4GH |
| Brightstar Creative | North East | Sheffield - West | S2 4QZ |
| Rare Creative | North East | Sheffield North | S3 8GG |
| Marckell Business Solutions Ltd | North East | South Shields | NE33 1TL |
| Stuart Lockerbie T/A Maskerade. | North East | Sunderland | SR2 7PR |
| G3 Advertising | North East | Thirsk | Y07 1HL |
| Goweb Print Ltd | North East | Wakefield | WF2 9BL |
| Colour Box Design Company Ltd | North East | York | YO24 1AR |
| Thw Brackenhill Group | North East | York East | YO41 4DF |
| ER Design & Print Service Ltd | North West | Alsager | CW2 7AX |
| Ardwick - One21 Designs | North West | Ardwick | M12 6JH |
| Rhino Design | North West | Ashton-under-Lyne | OL6 6XJ |
| Gud Design Ltd | North West | Birkenhead - Ea | CH41 1EU |
| Fluid Creative | North West | Blackburn | BB2 1AR |
| Granthams | North West | Blackpool | FY1 4PE |
| Print Hub Design | North West | Bolton | BL1 3QN |
| Digeridoo | North West | Bolton | BL7 9NY |
| Moorish Idol | North West | Bolton - South | BL3 5AB |
| Wild Thang | North West | Bootle | L20 8LQ |
| Printing Matrix | North West | Brampton, Carlisle | CA8 1SW |
| Swantoon | North West | Burnley | BB10 2TP |
| Fluidmedia.net Ltd | North West | Bury | BL9 0LL |
| Brightspark Design & Print | North West | Carlisle | CA2 7AJ |
| RAS Limited | North West | Chester | CH3 5AG |
| McVery's | North West | Chorley | PR7 2AA |
| William Seabrook Associates Ltd | North West | Chorlton - Manchester | M21 8UP |
| Kingfisher Print | North West | Clayton-le-Moors | BB5 5JQ |
| Northstar Creative Design & Advertising LLP | North West | Colne | BB8 9BD |
| Mail Boxes Etc | North West | Didsbury | M20 6UG |
| ScissorsPaperStone | North West | Eccles | M30 8GH |
| Creativo | North West | Ellesmere Port | CH65 4FW |
| First Impression Limited | North West | Glossop | SK13 8ER |
| Lancaster Store | North West | Lancaster | LA1 1XN |
| DCT Marketing | North West | Lancaster - Cleveleys | FY5 2DB |
| Liverpool Store | North West | Liverpool | NE1 4AE |
| Plinkfizz Limited | North West | Longton | ST3 4HY |
| Colourful Thinking | North West | Lytham St Annes, Lancashire | FY8 1TB |
| Infinity Creative | North West | Macclesfield | SK11 6HN |
| North Manchester Store | North West | Manchester | M4 5AG |
| Manchester Store | North West | Manchester | LE1 1LB |
| Alert 2 Media | North West | Manchester | M1 1DZ |
| Chilli Cactus Limited | North West | Manchester | SK9 1RA |
| The Agency Creative limited | North West | Manchester | M17 1DZ |
| Creation Publicity Ltd | North West | Manchester | M17 1DZ |
| Print Design Warehouse Ltd | North West | Marple | SK8 1DW |
| Red Fred Limited | North West | Nantwich | CW5 6PQ |
| SmartStudios | North West | North Manchester | M4 4DE |
| The Creative Hub (UK) Ltd | North West | Ormskirk - Live | L39 3AJ |
| Granthams | North West | Preston | PR1 2UQ |
| Daleprint | North West | Rochdale | OL16 2AW |
| Chris Thew Design & Print Limited | North West | Rossendale | BB4 8EQ |
| Hashem Media | North West | Sale | M33 6RH |
| Impressions Design & Print Ltd | North West | Sandbach - Ches | CW11 1DA |
| I Design | North West | Southport | PR9 0NS |
| Masterprint (NW) Ltd | North West | St Helens | WA10 1DH |
| Davora Limited | North West | Stockport North | SK4 4HY |
| Impact Digital | North West | Timperley | WA14 1PJ |
| The Hub | North West | Trafford Park | M17 1FG |
| AF Reprographic | North West | Tyldesley | M29 8DS |
| Warrington Store | North West | Warrington | WA1 1EN |
| Printel UK Ltd | North West | Widnes | WA8 9LG |
| Mooney Media Ltd | Northern Ireland | County Down | BT32 3QD |
| Go Fish Design & Print | Northern Ireland | Lisburn | BT28 1AG |
| Xpress Printing | Northern Ireland | Newtonabbey | BT36 4PU |
| Native Print | Noth East | Newcastle - Heaton | NE6 5HL |
| The Business Boutique UK Ltd | Scotland | Aberdeen | AB24 5BW |
| Evosom Limited | Scotland | Aberdeen | AB24 5AX |
| Steptoe Creative Limited | Scotland | Ayr - Scotland | EE1 1EE |
| Dundee Store | Scotland | Dundee | M3 4EN |
| Edinburgh Store | Scotland | Edinburgh | S1 4GF |
| Elevate You Limited | Scotland | Edinburgh | EH11 4EP |
| Digisnaps Ltd | Scotland | Edinburgh | EH2 2PJ |
| Glasgow Store | Scotland | Glasgow | NW3 5HS |
| SPD Print Solutions Ltd | Scotland | Glasgow | G40 4DU |
| Revolve Design & Print | Scotland | Glasgow - City | G4 0QR |
| J&J Cornfield Partnership | Scotland | Hamilton | ML3 6DS |
| Velocity Design | Scotland | Inverness | IV4 7EG |
| Republique Limited | Scotland | Linlithgow | BN3 3LL |
| Delta Design Ltd | Scotland | Livingstone | EH54 8PT |
| Colorgrafix | Scotland | Louth | LN11 9AA |
| DPI Print | Scotland | New House- Glasgow | ML1 5RX |
| Glasgow Print | Scotland | North Glasgow | G20 9AY |
| Creative Concept UK Ltd | Scotland | Paisley | PA1 1TX |
| South Glasgow Store | Scotland | South Glasgow | G5 9RR |
| Tangerine Industries Ltd | Scotland | Stirling | FK8 1JW |
| Idesign2 | Scotland | Falkirk | FK3 8XS |
| Brighton Store | South | Brighton | BN1 4JB |
| Talon Graphics | South | Brighton | CR7 8DD |
| Tudor Printers Limited | South | Worthing | BN11 1UY |
| Ashford Store | South East | Ashford | TN24 8UU |
| Copyzone | South East | Bishop Stortford | CM23 3DY |
| Cambridge Store | South East | Cambridge | CB3 0AX |
| Think IMG Ltd | South East | Canterbury | CT1 2NR |
| Studio Direct (Printing) Ltd | South East | Chelmsford | CM2 6JP |
| Inprint | South East | Colchester | CO1 1PB |
| TRS Graphics Ltd | South East | Croydon | CR0 1QR |
| Jellybean Graphics | South East | Croydon | CR9 6YJ |
| Ouch Creative | South East | Dereham | NR19 2AW |
| Print Link | South East | Diss | IP22 4LB |
| Dorking Print Solutions Ltd | South East | Dorking | RH4 2ES |
| Patient Excel | South East | Dunstable | LU7 1EN |
| Accomplice Limited | South East | Hailsham | BN27 1AU |
| JBS Print & Design | South East | Leatherhead | KT22 0AN |
| Luton Store | South East | Luton | LU1 2PL |
| Grayscale Design | South East | Maidenhead East | SL6 1HZ |
| Colourwave Printers | South East | Maidstone | ME16 0JZ |
| Norwich Store | South East | Norwich | NR1 1PL |
| Colourwave | South East | Ramsgate | CT11 8NT |
| Felix Ltd | South East | Rochester | ME2 4HZ |
| Bourne Graphics | South East | Saltdean, Sussex | BN2 8PA |
| World Wide Service | South East | Sandy, Bedfordshire | SG19 1AG |
| Colour Creatives Limited | South East | Sidcup - Kent | DA14 6ES |
| Head Consulting | South East | Somerton | BA16 0HA |
| Grow Marketing Limited | South East | Whitstable | CT3 4JH |
| Woking Print & Design | South East | Woking | GU21 7RS |
| Bournemouth Store | South West | Bournemouth | BH11 8PN |
| Proactive | South West | Bournmouth North | BH8 8EZ |
| Bristol Store | South West | Bristol | EH3 9LY |
| Imageglossy Ltd | South West | Christchurch | BH23 1QD |
| Exeter Store | South West | Exeter | EX4 3AJ |
| SDM Productions UK | South West | Fareham, Hampshire | PO17 5PG |
| Paw Print Design | South West | Gosport | PO15 7HH |
| Bluebird Graphics | South West | Lyme Regis | DT7 3LS |
| Wessex Direct Ltd | South West | Minehead | TA24 5BJ |
| Full Colour Store | South West | Newton Abbott | SW6 6SE |
| Plymouth Store | South West | Plymouth | PL4 0AU |
| Elixus | South West | Portsmouth South | PO2 8FA |
| Neil Cheesewright T/A Chalk and Cheese Design | South West | Ruislip | HA4 6HH |
| Southampton Store | South West | Southampton | SO15 2AE |
| Wessex Direct Ltd | South West | Taunton | TA2 6BB |
| Wessex MAlthouse Direct Ltd | South West | Torquay | TQ1 3AW |
| DV8media | South West | Totnes | PL1 3JB |
| Whitman Design & Print Limited | South West | Truro | TR1 2HE |
| Anneset Productions | South West | Weston-Super-Mare | BS23 3DE |
| Starre Design | South West | Seaton, Exeter | EX12 2LS |
| Blue Poppy | South West | Ham Green, Bristol | BS20 0DD |
| Fields Copy Shop | South West | Dover | CT16 1PW |
| Seemon Limited | South West | Bath | BA1 2FJ |
| Cardiff Store | Wales | Cardiff | CF5 1JF |
| Australian Welsh | Wales | Cardiff | CF14 3JP |
| Macs Creative | Wales | Colwyn Bay | LL29 7PA |
| West Wales Design | Wales | Pembroke | SA71 4JS |
| Colourbox | Wales | Swansea | SA1 5TY |
| Parkmill Design | Wales | Swansea - Gower | SA3 2EH |