GRA.L Regulatory News (GRA)

10 Nov 2009 07:00



FOR RELEASE

7.00 AM

10 NOVEMBER 2009

Printing.com plc

("Printing.com" or "the Company")

Specialist retail chain with 290 Outlets open and pending across the UK & Ireland

Unaudited Interim Results for the period ended 30 September 2009

	Six months	Six months
	ended	ended
	30 September	30 September
	2009	2008	Change
Total Retail Sales*	£13.18m	£13.17m	+0.1%
Turnover	£7.13m	£7.18m	(0.7)%
EBITDA	£1.56m	£1.64m	(4.9)%
Profit before tax	£0.87m	£1.02m	(14.7)%
EPS - Basic	1.41p	1.61p	(12.4)%
EPS - Fully Diluted	1.41p	1.59p	(11.3)%
Dividend	1.05p	1.05p	-
Capital Expenditure	£0.40m	£0.29m
Net Cash	£1.79m	£2.94m
Net Funds	£0.58m	£0.95m
Total Outlets open and pending at the Period end	290	271	+7.0%

* Total Retail Sales is the retail sales value of product which goes through the Printing.com network, in the UK and Ireland, and for which Printing.com earns revenue.

Profitable and cash generative in difficult market conditions

Period trading volumes maintained

Operational margin slightly lower due to promotional activity and enhanced offers

Estate expanded despite market conditions

Lower cash balances reflect Special Dividend of £0.89m

Interim Dividend maintained

Current trading following a similar pattern, albeit slightly lower year on year

Cautious in the short term 

Remain optimistic for progress as and when the economic situation improves

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 & France 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 site. 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 Company")

Specialist retail chain with 290 Outlets open and pending across the UK & Ireland

Unaudited Interim Results for the period ended 30 September 2009

Chairman's & Chief Executive's Statement

Trading Results, Cash and Dividend

During the Interim Period, covering the 6 months ended 30 September 2009, your Company recorded a Pre Tax Profit of £0.87m (2008: £1.02m); a decrease of £0.15m.

Of this decrease, £0.10m reflects some erosion of operational margin, attributable to increased discounting and promotional activity and a drop in financial income of £0.05m, due to lower interest rates and deposit balances. 

Total Retail Sales (TRS), the measure that we believe best indicates transactional volumes, increased marginally by 0.1% to £13.18m (2008: £13.17m). Turnover decreased by 0.7% to £7.13m (2008: £7.18m).

Aside from the Final Dividend totalling £0.93m (paid 23 July) your Board elected to return additional funds to shareholders by means of a Special Dividend, totalling £0.89m (paid 26 June). This additional return of funds is reflected in the Company's lower net assets and cash balances. 

At 30 September, the Company had cash-in-hand of £1.79m (2008; £2.94m). Cash generated by operating activities was £0.99m (2008: £1.19m). During the Period working capital increased by £0.25m, the Company paid dividends of £1.82m (2008: £0.89m) and made capital expenditure of £0.40m (2008: £0.29m), principally being the ongoing investment in its Flyerlink software. Net funds at the close of the period were £0.58m (2008: £0.95m).

The Directors are declaring an Interim Dividend of 1.05p per share to be paid on 11 December 2009 to shareholders on the register at 20 November 2009.

Current Trading

Post the last update, trading has followed a similar pattern, however it remains at a level slightly below that of the previous year. 

  

Estate Development

Notwithstanding the difficult trading conditions, during the period, your Company was able to record a net increase of seven outlets, across the UK and Ireland. 

Overall, our objective remains the expansion of the network to a level in excess of 300 outlets by the close of the current fiscal year. 

 

Like for Like

The Printing.com like for like metric takes into account the growth of turnover in defined Territories (in geographic terms outside of London these are typically the size of a county) embracing not only the Store, but also the Bolt-on Franchises under the umbrella of the Territory. Only Territories with Stores that have been operational for over three years are included.

Reflecting the more challenging trading conditions, like for like growth proved negative during the interim period (2.47)% versus growth of 16.3% for the similar period last year.

International Development

Printing.com's New Zealand Master Licence partner continues to make progress albeit the limited population of the country ultimately puts a constraint on the earning potential. Our US partners, following on from their launch earlier this year, continue with their endeavours to establish Printing.com across Florida and Georgia. We remain optimistic for the potential of the Printing.com concept throughout the wider USA. 

Your Company previously reported its intention to establish two directly owned outlets in France. Premises for the first outlet are on the cusp of being secured with an anticipated launch in early 2010. Across the French network, whilst still at an early stage, encouraging trading patterns continue to be established and we remain optimistic for further progress. 

By mutual agreement, the Company's Master Licence in Iceland has been terminated. 

Network Partners and Websites

These initiatives were centred on the logic for supplying additional printed products (pens, work apparel and promotional merchandise) supplied by third party producers, along with enterprise level websites. 

Over the Interim Period, both of these offerings have been enhanced, additional training delivered and rolled out across the Printing.com UK network. Having made this investment, we remain optimistic that moving forward these initiatives will make a modest yet worthwhile contribution. 

Outlook

At the outset of the current financial year, certain forecasts suggested a return to economic growth in the UK by this juncture; recent data suggests that this has not been the case. In common with wider economic indicators, the Company's Franchisees continue to report a cautious market sentiment. 

To counteract these difficult conditions, the Printing.com offering has been enhanced by more potent promotional pricing. Whilst operational efficiencies have mitigated the full impact of this strategy, some erosion of operational margin has, and continues to be, encountered.  

Whilst conditions remain challenging, it is without doubt that the Printing.com model is faring better than the printing sector at large and is, to the best of our knowledge, the only printing franchise to report a growth in its estate of late. Also the confidence to pay an additional Special Dividend (during the Interim Period), coupled with your Company's absence of net debt and continued cash generation, highlights the robustness of the Printing.com business model. 

Accordingly, it is appropriate for us to remain cautious in the short term but to reiterate the previous sentiment, we believe that, as and when the economic situation across the UK and Ireland improves, Printing.com will be well placed to capitalise on its position. 

George Hardie Chairman 10 November 2009

Tony Rafferty Chief Executive 10 November 2009

  

Printing.com plc

("Printing.com" or "the Company")

Specialist retail chain with 290 Outlets open and pending across the UK & Ireland

Unaudited Interim Results for the period ended 30 September 2009

Consolidated Statement of Comprehensive Income

for the six months ended 30 September 2009

	Note	Unaudited	Unaudited
		Six months to 30 September 2009	Six months to 30 September 2008		Year ended 31 March 2009
		£000	£000	£000
Revenue		7,131	7,177	14,468
Changes in stocks of finished goods		8	11	1
Raw materials and consumables used		(2,417)	(2,377)	(4,727)
Gross profit		4,722	4,811	9,742
Staff costs		(1,866)	(1,882)	(3,598)
Other operating charges		(1,300)	(1,289)	(2,877)
Depreciation and amortisation		(684)	(669)	(1,334)
Operating profit		872	971	1,933
Financial income		37	110	238
Financial expenses		(39)	(61)	(108)
Net financing (expense)/ income		(2)	49	130
Profit before tax		870	1,020	2,063
Taxation	4	(244)	(303)	(603)
Profit for the period		626	717	1,460
Other comprehensive income for the period		-	-	-
Total comprehensive income for the period		626	717	1,460
Basic earnings per share	5	1.41p	1.61p	3.28p
Diluted earnings per share	5	1.41p	1.59p	3.27p

 

  Consolidated Statement of Financial Position 

at 30 September 2009

 

	Unaudited	Unaudited
	30 September 2009	30 September 2008	31 March 2009
	£000	£000	£000
Non-current assets
Property, plant and equipment	4,044	4,759	4,328
Intangible assets	1,279	1,213	1,283
Deferred tax assets	2	25	2
Other receivables	192	355	253
Total non-current assets	5,517	6,352	5,866
Current assets
Inventories	128	120	110
Trade and other receivables	3,715	3,476	3,313
Cash and cash equivalents	1,786	2,937	3,391
Total current assets	5,629	6,533	6,814
Total assets	11,146	12,885	12,680
Current liabilities
Other interest-bearing loans and borrowings	(679)	(727)	(689)
Trade and other payables	(2,291)	(2,005)	(1,887)
Current tax payable	(273)	(311)	(370)
Accruals and deferred income	(834)	(968)	(1,057)
Other liabilities	(95)	(151)	(165)
Total current liabilities	(4,172)	(4,162)	(4,168)
Non-current liabilities
Other interest-bearing loans and borrowings	(531)	(1,256)	(889)
Deferred tax liabilities	(577)	(678)	(557)
Total non-current liabilities	(1,108)	(1,934)	(1,446)
Total liabilities	(5,280)	(6,096)	(5,614)
Net assets	5,866	6,789	7,066
Equity
Share capital	450	450	450
Share premium	3,881	3,871	3,881
Merger reserve	211	211	211
Retained earnings	1,324	2,257	2,524
Total equity	5,866	6,789	7,066

 

Consolidated Statement of Changes in Shareholders Equity 

for the six months ended 30 September 2009 (unaudited)

	Share Capital	Share Premium	Merger reserve	Retained earnings	Total
	£000	£000	£000	£000	£000
Opening shareholders' funds at 1 April 2008	450	3,871	211	2,626	7,158
Profit for the period	-	-	-	717	717
Dividends paid	-	-	-	(892)	(892)
Total recognised income and (expense)	-	-	-	(175)	(175)
Equity settled share based payments				(2)	(2)
Own shares acquired	-	-	-	(257)	(257)
Shares issued from Treasury	-	-	-	65	65
Total movement in shareholders' funds	-	-	-	(369)	(369)
Closing shareholders' funds at 30 September 2008	450	3,871	211	2,257	6,789
Opening shareholders' funds at 1 October 2008	450	3,871	211	2,257	6,789
Profit for the period	-	-	-	743	743
Dividends paid	-	-	-	(472)	(472)
	-	-	-
Total recognised income and (expense)	-	-	-	271	271
Equity settled share based payments	-	-	-	2	2
Own shares acquired	-	-	-	(6)	(6)
Shares issued	-	10	-	-	10
Total movement in shareholders' funds	-	-	-	267	277
Closing shareholders' funds at 31 March 2009	450	3,881	211	2,524	7,066
Opening shareholders' funds at 1 April 2009	450	3,881	211	2,524	7,066
Profit for the period	-	-	-	627	627
Dividends paid	-	-	-	(1,818)	(1,818)
Total recognised income and (expense)	-	-	-	(1,191)	(1,191)
Foreign Exchange Differences	-	-	-	(9)	(9)
Own shares acquired	-	-	-	-	-
Shares issued from treasury	-	-	-	-	-
Total movement in shareholders' funds	-	-	-	(1,200)	(1,200)
Closing shareholders' funds at 30 September 2009	450	3,871	211	1,334	5,866

  Consolidated Statement of Cash Flows

for the six months ended 30 September 2009 

 

	Unaudited	Unaudited
	Six months to 30 September  2009	Six months to 30 September  2008	Year ended 31 March  2009
	£000	£000	£000
Cash flows from operating activities
Profit for the year	626	717	1,460
Adjustments for:
Depreciation, amortisation and impairment	684	669	1,334
Financial income	(37)	(110)	(238)
Financial expense	39	61	108
Exchange gain	-	-	61
Gain on sale of property, plant and equipment			2
Equity settled share-based payment expenses	-	-	-
Taxation	244	303	603
Operating profit before changes in working capital and provisions	1,556	1,640	3,330
(Increase)/ decrease in trade and other receivables	(342)	(151)	114
Increase in inventories	(18)	(11)	(1)
Increase in trade and other payables	111	89	76
Cash generated from the operations	1,307	1,567	3,519
Tax paid	(321)	(376)	(715)
Net cash inflow from operating activities	986	1,191	2,804
Cash flows from investing activities
Interest received	37	110	177
Acquisition of property, plant and equipment	(197)	(40)	(70)
Capitalised development expenditure	(199)	(247)	(522)
Sale of property, plant and equipment	-	-	9
Net cash outflow from investing activities	(359)	(177)	(406)
Cash flows from financing activities
Proceeds from the issue of share capital	-	65	65
Purchase of own shares	-	(257)	(263)
Interest paid	(38)	(61)	(108)
Payment of finance lease liabilities	(368)	(434)	(839)
Advances on finance leases	-	-	-
Payment of equity dividend	(1,818)	(892)	(1,364)
Net cash outflow from financing activities	(2,224)	(1,579)	(2,509)
Net decrease in cash and cash equivalents	(1,597)	(565)	(111)
Exchange differences on cash and cash equivalents	(8)	-	-
Cash and cash equivalents at start of period	3,391	3,502	3,502
Cash and cash equivalents at end of period	1,786	2,937	3,391

 

 

Notes 

(forming part of the interim financial statements)

 

1 Basis of preparation

Printing.com plc (the "Company") is a company incorporated and domiciled in the UK. 

The Group financial statements are authorised for issue by the Board of Directors on 10 November 2009. European Union law (EULAW) (IAS Regulation EC 1606/2002) requires that the financial statements of the Group are prepared in accordance with International Financial Reporting Standards as adopted by the EU (EU-IFRS). The financial statements have been prepared on the basis of the recognition and measurement requirements of EU-IFRS that are endorsed by the EU and effective at 30 September 2009.

These financial statements do not include all information required for full annual financial statements, and should be read in conjunction with the financial statements of the Group as at and for the year ended 31 March 2009.  

 

2 Significant accounting policies

 

Except as described below, the accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the year ended 31 March 2009.

a) Determination and presentation of operating segments

As of 1 April 2009 the Group determines and presents operating segments based on the information that internally is provided to the CEO, who is the Group's chief operating decision maker. This change in accounting policy is due to the adoption of IFRS 8 Operating Segments. Previously operating segments were determined and presented in accordance with IAS 14 Segment Reporting. The new accounting policy in respect of segment operating disclosures is presented as follows.

Comparative segment information has been re-presented in conformity with the transitional requirements of IFRS 8. Since the change in accounting policy only impacts presentation and disclosure aspects, there is no impact on earnings per share.

An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group's other components. An operating segment's operating results are reviewed regularly by the CEO to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available.

Segment results that are reported to the CEO include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly corporate assets (primarily the Company's headquarters), head office expenses, and income tax assets and liabilities.

Segment capital expenditure is the total cost incurred during the period to acquire property, plant and equipment, and intangible assets other than goodwill.

  

b) Presentation of financial statements

The Group applies revised IAS 1 Presentation of Financial Statements (2007), which became effective as of 1 April 2009. As a result, the Group presents in the consolidated statement of changes in equity all owner changes in equity, whereas all non-owner changes in equity are presented in the consolidated statement of comprehensive income. This presentation has been applied in these condensed interim financial statements as of and for the six months period ended on 30 September 2009.

Comparative information has been re-presented so that it also is in conformity with the revised standard. Since the change in accounting policy only impacts presentation aspects, there is no impact on earnings per share.

 

 

3 Segmental analysis

In adopting IFRS 8 - Operating Segments for the first time, the Group has disclosed two reportable segments, being Printing services and Franchise income. This disclosure correlates with the information which is presented to the Group's Chief Decision Maker, the CEO, which reviews revenues by segment, but margin, operating costs and assets at a consolidated level. 

			Printing services	Franchise Income	Total
			£000	£000	£000
Period ended 30 September 2008
Segment revenues			6,672	505	7,177
Operating expenses					(6,206)
Results from operating activities					971
Net finance costs					49
Profit before tax					1,020
Tax					(303)
Profit for the period					717
Assets
Unallocated assets					6,789

3 Segmental analysis (continued)

			Printing services	Franchise Income	Total
			£000	£000	£000
Period ended 30 September 2009
Segment revenues			6,620	511	7,131
Operating expenses					(6,259)
Results from operating activities					872
Net finance costs					(2)
Profit before tax					870
Tax					(244)
Profit for the period					626
Assets
Unallocated assets					5,866

 

4 Taxation

The tax charge is based on the base tax rate of 28% (six month period ended 30 September 2008: 29.7%).

 

5 Earnings per share

 

The calculation of the basic earnings per share is based on the profit after taxation divided by the weighted average number of shares in issue, being 44,349,763 (period ended 30 September 2008:44,597,883; year ended 31 March 2009: 44,485,293).

The diluted earnings per share takes the weighted average number of ordinary shares in issue during the period and adjusts this for dilutive impact of share options existing at the period end. The diluted weighted average number of shares in the period ended 30 September 2009 was 44,529,385 (period ended 30 September 2008: 45,148,821; year ended 31March 2009: 44,701,623). The profit used in the diluted earnings per share is based on profit after taxation. 

  Independent Review Report to Printing.com plc

Introduction

We have been engaged by the company to review the condensed set of financial statements in the half-yearly report for the six months ended 30 September 2009 which comprises Consolidated Statement of Financial Position, Consolidated Statement of Comprehensive Income,, Consolidated Statement of Changes in Shareholders' equity, the Consolidated Statement of Cash Flows and the related explanatory notes. We have read the other information contained in the half-yearly report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

This report is made solely to the company in accordance with the terms of our engagement. Our review has been undertaken so that we might state to the company those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company for our review work, for this report, or for the conclusions we have reached.

Directors' responsibilities

The half-yearly report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly report in accordance with the AIM Rules.

The annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the EU. The condensed set of financial statements included in this half-yearly report has been prepared in accordance with the recognition and measurement requirements of IFRSs as adopted by the EU.

Our responsibility

Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly report based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly report for the six months ended 30 September 2009 is not prepared, in all material respects, in accordance with the recognition and measurement requirements of IFRSs as adopted by the EU and the AIM Rules.

Stuart Burdass

for and on behalf of KPMG Audit Plc

Chartered Accountants

St James' SquareManchester, M2 6DS

  

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
First Image	Central England	Coventry	CV5 7FW
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
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
Oakley Media	Central England	Lutterworth	LE17 4JA
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
Amethyst Consultancy	Central England	Sleaford Lincolnshire	LN4 3QH
Boomerang Print Design Ltd	Central England	Solihull	B91 3RT
Runtime Print Ltd	Central England	Telford	TF2 8AJ
The Studio Marketing Design & Print	Central England	Tettenhall	WV6 8QH
Wolverhampton Store	Central England	Wolverhampton	WV1 4BL
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
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	London - Hammersmith	W6 9NH
1st Creative	London	London SE1	SE1 3ER
Expocentric Communication Ctrs	London	Mayfair	W1S 4LW
Latitude Graphic Design	London	Mortlake- London	SW14 8JN
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
JIA Events	London	Rickmansworth	ND3 3EN
Ditto Office Services Ltd	London	Sevenoaks	TN13 1AS
London Print Compamy	London	Shaftesbury Avenue	WC2H 8EB
i2i Marketing	London	Shortlands	BR2 0DN
Promoworx	London	South Woodford E8	E18 2QL
Toppers Print & Design Ltd	London	Stevenage	SG1 3HR
AK Design & Print	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

  

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
Photoprint	Midlands	Leek	ST13 5JH
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
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
MAD Publications	North East	Bradford	BD10 9TQ
Alpha Duplication	North East	Castleford	WF10 5HW
John Siddall (Printers) Ltd	North East	Cleckheaton	BD19 3JL
RT Design	North East	Consett	DH8 6BP
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
Native Print	North East	Newcastle - Heaton	NE6 5HL
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
Raduch Design Studios	North West	Salford	SK6 1AY
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
Bright Digital Media	North West	Waterloo	L22 0LR
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
The Business Boutique UK Ltd	Scotland	Aberdeen	AB24 5BW
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
Motif Design	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
Brighton Store	South	Brighton	BN1 4JB
Talon Graphics	South	Brighton	CR7 8DD
Tudor Printers Limited	South	Worthing	BN11 1UY
Evolved Media	South East	Acle Norfolk	NR13 3BH
Ashford Store	South East	Ashford	TN24 8UU
Buchanan Dean Design	South East	Beaconsfield	HP9 2PE
Copyzone	South East	Bishop Stortford	CM23 3DY
Blue Poppy Design	South East	Bristol East	BS20 0DD
Cambridge Store	South East	Cambridge	CB3 0AX
Think IMG Ltd	South East	Canterbury	CT1 2NR
Studio Direct (Printing) Ltd	South East	Chelmsford	CM2 6JP
Positive Print & Design	South East	Chelmsford	CM1 1PE
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
Field's Copy Shop	South East	Dover	CT16 1PW
Print 456	South East	Dunstable	LU6 2LD
Accomplice Limited	South East	Hailsham	BN27 1AU
Spartacus Sports	South East	Ipswich	IP4 2BN
JBS Print & Design	South East	Leatherhead	KT22 0AN
Worldwide Service	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
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
RM Design & Print	South East	Thaxted	CM6 2FE
Propulsion Print Services	South East	Watford North	WD24 5EJ
Grow Marketing Limited	South East	Whitstable	CT3 4JH
Woking Print & Design	South East	Woking	GU21 7RS
Mailboxes Bath	South West	Bath Central	BA1 2FJ
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
Starre Design	South West	Devon - Seaton	EX12 2LS
Exeter Store	South West	Exeter	EX4 3AJ
SDM Productions UK	South West	Fareham, Hampshire	PO17 5PG
Paw Print Design	South West	Gosport	PO15 7HH
Raphael Design	South West	Lichfield	WS14 9DX
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
Digital Storm	South West	Poole	BH17 0RU
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
Draig Design	Wales	Caerphilly	CF83 1JS
Cardiff Store	Wales	Cardiff	CF5 1JF
Australian Welsh	Wales	Cardiff	CF14 3JP
Macs Creative	Wales	Colwyn Bay	LL29 7PA
Colourbox	Wales	Swansea	SA1 5TY
Parkmill Design	Wales	Swansea - Gower	SA3 2EH

ENDIR ILFERLTLAIIA