GRA.L Regulatory News (GRA)

21 Nov 2005 07:01

Printing.com plc21 November 2005 For Release 7.00 AM 21 November 2005 PRINTING.COM PLC ("Printing.com" or "the Company") Specialist retail chain with 147 Outlets open and pending across the UK INTERIM RESULTS FOR THE PERIOD ENDED 16 OCTOBER 2005 £000 28 week period 28 week period Change Ended Ended 16 October 10 October 2005 2004 Total Retail Sales 9,383 7,518 +25%-------------------- ------- ------- ------Turnover 6,404 5,564 +15%Operating profit 1,108 726 +53%Profit before tax 1,107 631 +75% EPS - Basic 1.75p 1.09p +61%EPS - Fully Diluted 1.66p 1.08p +54%Dividend 0.50p N/A Outlets Active at Period End------------------------------Stand alone Stores 41 25 +64%Bolt-ons 91 58 +57% ---- ----Total Active 132 83 +59%Contracted 13 13 ---- ----Total open and pending 145 96 +51% ----- ---- * 28 new Outlets open and pending since March 2005 * Printing.com Stores now span North, South, East & West of the UK * Printing.com's three pronged strategy of Franchise Stores, Bolt-on Franchises and Company owned Stores remain attractive to the market. Alongside profit margins significantly higher compared to sector competitors * Main printing HUB facility being upgraded o Total Retail Sales capacity to be increased to around £45 - £50 million * Optimistic that growth will continue For further information: Printing.com plc Tony Rafferty (Chief Executive) 07966 51 73 36Alan Roberts (Finance Director) 0161 848 5713 Beattie Financial Brian Coleman-Smith / Nia Thomas / Grace Dewhurst 020 7053 6400 Background note: Printing.com Printing.com offers a broad product range including leaflets, booklets,postcards, promotional cards, invitations, letterheads and business cards toconsumers and small and medium sized companies. Unlike its competitors,Printing.com Stores and Franchises do not depend on any printing equipment onlocation. The Company's printing and ancillary equipment is based at thecentralised Production Hub with the head office in Manchester. All work isproduced in full four colour rather than two colour. Delivery to the customer isusually within three days. The printing sector has traditionally been served bysmaller printing companies or other On Demand Printers and is estimated to beworth some £1 billion. Printing.com has three routes to market: Franchise Stores, Bolt-on Franchisesand Company owned Stores. A complete list of Printing.com's 147 outlets is included at the end of the release. High resolution images are available for the media to view and download free of charge from www.vismedia.co.uk PRINTING.COM PLC ("Printing.com" or "the Company") Specialist retail chain with 147Outlets open and pending across the UK INTERIM RESULTS FOR THE PERIOD ENDED 16 OCTOBER 2005 Chairman's & Chief Executive's Statement Trading Results and Dividend We are pleased to announce that, for the interim period covering the 28 weeksending 16 October 2005, your Company increased pre-tax profits by 75% to£1,107,000 (2004: £631,000) on turnover up by 15% to £6,404,000 (2004:£5,564,000). Fully diluted earnings per share rose by 54% to 1.66p (2004:1.08p). At the close of the interim period, the Company had cash-in-hand of £2,734,000.During the period, working capital increased by £703,000, the Company paid itsmaiden dividend of £222,000 and capital expenditure amounted to £467,000. In view of the trading in the first half of year and the outlook for the secondhalf of the year, the directors are declaring an interim dividend of 0.5p pershare to be paid on 16 December 2005 to shareholders on the register at 2December 2005. Total Retail Sales, the Company's estimate of the retail sales value of allPrinting.com transactions, rose by 25% to £9,383,000 (2004: £7,518,000). The Company's estate expanded significantly, via its various franchise formats,whilst transactional volumes proved robust and in-line with our internal budget. Estate Development The Company's current estate and recent growth is reflected in the table below: 18 November 31 March 2005 2005Company owned Stores 8 9Franchised Stores - open and pending under option 39 33Bolt-on Franchises 100 77 Total open and pending 147 119 Specifically, in the first half of the year: * Territory Franchise Agreements were completed in Bristol (through aManagement Buy In), Guildford, Birmingham East, Birmingham South West, Brighton,Bradford, Cardiff, Northampton, Exeter and Manchester North. * Stores opened in Coventry and Dublin North (the latter havingpreviously commenced trading from temporary premises) pertaining to Agreementscompleted before the period under review. Stores also opened in Guildford,Birmingham East and Brighton. Manchester North and Bradford commenced trading,albeit from temporary premises with permanent premises likely to be securedimminently. * A further 2 'Options' (each involving the payment of a non-refundabledeposit of £6,000) were taken out over the Southampton and Norwich TerritoryFranchises with openings expected before the close of the financial year.Glasgow East is also expected to have opened by the year end. Post the close of the period, Stores have opened in Birmingham South West andExeter. Property has also been secured for the Northampton Store, and theshop-fit is presently taking place in Cardiff. During the first half, 21 Bolt-on Franchise agreements were completed with anadditional five completed post the close of the half year period. The Companyalso terminated, by mutual agreement, three Bolt-on Franchise Agreements. Also,a Bolt-on Franchisee, who had previously operated its business from twolocations, elected to consolidate business onto a single site, further reducingthe estate by an outlet, but not necessarily the related trade. Of these Bolt-on Franchises, seven could be classified as 'Guerrilla', whereby afledgling entrepreneur establishes what is essentially a Bolt-on Franchise, buta new start-up, 'bolted' onto their existing business contacts and industryskills. Following the recent National Franchise Exhibition, the Company is once againscrutinising a high number of enquiries. Also, a strong pipeline of prospectiveBolt-on Franchises exists, and it is expected that another wave of agreementswill be completed shortly. Master Franchise The release of Printing.com's international strategy was brought forward to 14th November 2005, to enable journalists from around the world to be briefed at the IPEX 2006 Press Inward Mission. The strategy is centred on following elements: * the granting of Master Franchises to established commercial printers overseas at an initial licence fee of between £170,000 and £510,000; * an ongoing royalty of approximately 3% of Total Retail Sales* a royalty of approximately 20% of local Printing.com licence fees This structure was adopted as it should generate a cash and profit contributionfrom the inception of any such agreement. It is also thought that it will enablea faster and more robust roll out than would be possible by other means. It is believed that this offering should appeal to the owners of commercialprinting companies who wish to diversify, and who are attracted to thePrinting.com model by profit margins significantly higher than sector norms. A number of exploratory discussions have taken place with such businesses butthese are still at an early stage and may or may not progress. It is believed that many of the journalists attending the IPEX 2006 Press InwardMission found the Master Franchise proposition intriguing and it is anticipatedthat encouraging press coverage will be generated. Hub Development As previously reported, we are upgrading the Company's Manchester Hub tofacilitate a Total Retail Sales capacity circa £45-50million. A principal element of this is an additional Komori printing press, representingan investment of approximately £1.8million which is due to be installed April2006. The project also involves the building of a mezzanine floor, to provide anextra 50% floor space together with the installation of various handling andprint finishing equipment. Additionally, a bespoke 'sortation' system has beenspecified that should allow the Hub to ship around 3,000 cartons per day, whilsteliminating significant manual handling. Collectively, this represents anoverall investment of about £3.2 million. Outlook Whilst the international Master Franchise program is still at an embryonicstage, the directors are optimistic that the proposition will appeal to overseasfranchisees. Current trading in existing outlets has continued to be robust and, with thesignificant pipeline of new outlets, we remain optimistic that growth willcontinue. Against this background, we see no reason why the remainder of thefinancial year should not perform in line with our internal budget. George Hardie Tony RaffertyChairman Chief Executive21 November 2005 21 November 2005 Unaudited Consolidated Profit and Loss Accountfor the 28 week period ended 16 October 2005 28 Weeks 28 Weeks ended Year ended 10 October ended 16 October 2004 31 March 2005 Unaudited 2005 Unaudited £'000 Audited £'000 (restated *) £'000 TURNOVER 6,404 5,564 10,717Changes in stocks of finished goods (12) 31 35 ------- ------- ------- 6,392 5,595 10,752 Other operating income - - - ------- ------- ------- 6,392 5,595 10,752 Raw materials and consumables 1,840 1,531 2,924 ------- ------- ------- 4,552 4,064 7,828 Staff costs 1,872 1,739 3,243Depreciation and amortisation 416 382 728Other operating charges 1,156 1,217 2,225 ------- ------- -------OPERATING PROFIT 1,108 726 1,632 Investment income 77 27 67Interest payable and similar charges (78) (122) (191) ------- ------- -------PROFIT ON ORDINARY ACTIVITIES BEFORETAXATION 1,107 631 1,508 Taxation (332) (189) (350) ------- ------- -------PROFIT ON ORDINARY ACTIVITIES AFTERTAXATION 775 442 1,158 Dividends (222) - - ------- ------- ------- 553 442 1,158 ======= ======= =======Earnings per ordinary share - basic 1.75p 1.09p 2.74pEarnings per ordinary share - fully 1.66p 1.08p 2.66pdiluted * The restatement of the prior year results relates to the new accountingtreatment for proposed dividends as required by Financial Reporting Standard 21(note 8) Unaudited Consolidated Group Balance Sheet as at 16 October 2005 28 Weeks ended 28 Weeks ended Year Ended 16 October 10 October 31 March 2005 2004 2005 Unaudited Unaudited Audited £'000 £'000 (restated) £'000 FIXED ASSETSIntangible assets 93 108 65Tangible assets 3,652 3,698 3,637 ------- ------- ------- 3,745 3,806 3,702 ------- ------- -------CURRENT ASSETSStocks 94 104 108Debtors 2,813 2,161 2,150Cash at bank and in hand 2,734 1,807 2,864 ------- ------- ------- 5,641 4,072 5,122CREDITORS:Amounts fallingdue within one year (2,975) (2,474) (2,784) ------- ------- -------NET CURRENT ASSETS 2,666 1,598 2,338 ------- ------- ------- TOTAL ASSETS LESS CURRENTLIABILITIES 6,411 5,404 6,040 CREDITORS:Amounts falling due after morethan one year (695) (1,300) (904) PROVISION FOR LIABILITIES ANDCHARGES (312) - (312) ------- ------- ------- 5,404 4,104 4,824 ======= ======= =======CAPITAL AND RESERVESCalled up share capital 445 442 443Share premium 3,797 3,765 3,769Merger reserve 211 211 211Other reserve 1 1 1Profit and loss account 950 (315) 400 ------- ------- -------EQUITY SHAREHOLDERS' FUNDS 5,404 4,104 4,824 ======= ======= ======= Unaudited Group Cash Flow Statementfor the 28 week period ended 16 October 2005 28 Weeks ended 28 Weeks ended Year Ended 16 October 10 October 31 March 2005 2004 2005 Unaudited Unaudited Audited £'000 £'000 £'000 Cash flow from operating activities 6a 821 838 2,425Returns on investmentsand servicing of finance 6b (1) (95) (124) Taxation - - 12 Capital expenditure 6b (467) (233) (425) Equity Dividends paid (222) - - ------- ------- -------CASH INFLOW BEFOREFINANCING 131 510 1,888 Financing 6b (261) 508 187 ------- ------- -------(DECREASE)/ INCREASE INCASH IN PERIOD (130) 1,018 2,075 ======= ======= ======= RECONCILIATION OF NET CASHFLOW TO MOVEMENT IN DEBT (Decrease)/Increase in cashin the period 6c (130) 1,018 2,075Cash outflow from decreasein net debt financing 6b 291 430 760 b ------- ------- -------Change in net debt resultingfrom cash flows 161 1,448 2,835New finance leases - - (51) ------- ------- -------MOVEMENT IN NET FUNDS INTHE PERIOD 161 1,448 2,784 NET FUNDS/(DEBT)AT START OF PERIOD 6c 1,438 (1,346) (1,346) ------- ------- -------NET FUNDS AT END OF PERIOD 6c 1,599 102 1,438 ======= ======= =======Being:Net Cash 6c 2,734 1,807 2,864Finance Leases (1,135) (1,705) (1,426) ------- ------- ------- 6c 1,599 102 1,438 ======= ======= ======= Notes to the unaudited Interim accounts for the 28 week periodended 16 October 2005 1. The Group's Interim Results consolidate the results of the Company and its subsidiary companies made up to 16 October 2005. The interim financial information has been prepared on the basis of theaccounting policies set out in the statutory accounts for the year ended 31March 2005, with the exception of events after the balance sheet date andearnings per share. FRS 21 "Events after the Balance Sheet Date" is effectivefrom 1 January 2005 and is therefore applicable for the first time and has aprior year impact which is detailed in note 8. FRS 22 "Earnings Per Share", alsoeffective from 1 January 2005, has been applied but has no impact. The financial information contained in this interim statement does notconstitute statutory accounts as defined in the Companies Act 1985. Thefinancial information for the full preceding year is based on the financialstatements for the financial year ended 31 March 2005. These accounts, uponwhich the auditors issued an unqualified opinion, have been delivered to theRegistrar of Companies. The Board of Directors approved the interim report on 18 November 2005. 2. Turnover and profit before taxation were all derived from the Group's principal activity carried out in the UK and Republic of Ireland. 3. The Debtors figure of £2,813,000 (28 weeks ended 10 October2004: £2,161,000; year ended 31 March 2005: £2,150,000) includes amounts fallingdue after more than one year of £285,000 (28 weeks ended 10 October 2004:£143,000; year ended 31 March 2005: £296,000). 4. Earnings per share for the period have been calculated using44,347,127 (28 weeks ended 10 October 2004: 40,408,746; year ended 31 March2005: 42,208,789) shares, the weighted average number of shares in issue overthe 28 weeks. The diluted earnings per share includes share options granted at less than fairvalue. The weighted average number of shares used was 46,617,324 (28 weeks ended10 October 2004: 41,080,115; year ended 31 March 2005: 43,510,026) 5. The movement in shareholders' funds is analysed as follows: 28 Weeks ended 16 October 2005 £000 Opening shareholders' funds as previously stated 4,602Liability for 2005 dividend not declared at 31 March 2005 222 -------Opening shareholders' funds as restated 4,824Profit for the financial period 775Dividends (222)Exchange gain (3)Proceeds from issue of shares 2Share premium 28 -------Closing shareholders' funds 5,404 ======= 6. Cash Flow 28 Weeks ended 28 Weeks ended Year Ended 16 October 10 October 31 March 2005 2004 2005 Unaudited Unaudited Audited £'000 £'000 £'000 a Reconciliation of operating profit to net cash inflow from operatingactivities Operating profit 1,108 726 1,632Amortisation & Depreciation 416 382 727Increase/(decrease) in stocks 12 (31) (35)Increase in debtors (626) (495) (485)(Decrease)/Increase increditors (89) 256 586 ------ ------ ------- 821 838 2,425 6. Cash Flow (continued) b Analysis of Cash Flows For Headings Netted Off in the Cash Flow Statement RETURNS ON INVESTMENTS AND SERVICING OF FINANCEInterest received 77 27 67Interest paid - (4) (4)Interest element of finance lease rentalpayments (78) (118) (187) ------ ------ -------Net cash outflow fromreturns on investments and servicing of finance (1) (95) (124) ====== ====== =======CAPITAL EXPENDITUREPurchase of intangible assets (7) (71) (43)Purchase of tangible assets (460) (174) (405)Sale of tangible assets - 12 23 ------ ------ -------Net cash outflow from capital expenditure (467) (233) (425) ====== ====== =======FINANCINGIssue of ordinary share capital 30 1,220 1,232Issue Costs - (278) (285)Repayment of bank loan - (168) (168)Capital elements of hire purchase contracts - 15 -Capital elements of hire purchase contracts (291) (281) (592) ------ ------ -------Net cash (outflow)/ inflow from financing (261) 508 187 ====== ====== ======= c Analysis of Net Funds At 31 March Cash Flow Other Non At 16 October 2005 £000 Cash 2005 Audited Changes Unaudited £000 £000 £000 Net cash:Cash at bank and in hand 2,864 (130) - 2,734 ------ ------ ------- ------- 2,864 (130) - 2,734Debt:Finance leases (1,426) 291 - (1,135) ------ ------ ------- -------Net cash 1,438 161 - 1,599 ====== ====== ======= ======= 7. Taxation 28 Weeks 28 Weeks ended Year ended 10 October Ended 16 October 2004 31 March 2005 2005 £000 £000 £000Corporation tax at 30% 332 189 -Overprovision in prior year - - (12) ----- ------ ------Total current tax 332 189 (12) Deferred taxOriginating from timing differences -based on standard rate of corporation tax in the UK of 30% - (50) 362 ----- ------ ------Tax on profit on ordinary activities 332 139 350 ===== ====== ======8. FRS21 The new standard requires dividends to be debited to the profit & loss accountwhen they are paid or approved at an Annual General Meeting. Previously theCompanies Act 1985 required that proposed dividends be reported in the profit &loss account. Conforming to this change in accounting practice has resulted in arestatement of the previously reported figures. Accordingly, shareholders' fundsat 31 March 2005 increased by £222,000. 9. Interim Statement The Interim Report will be posted to all shareholders of the Company and copieswill 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 setout in the interim report which comprises the consolidated profit and lossaccount, consolidated balance sheet, consolidated cash flow statement andrelated notes and we have read the other information in the interim statementand considered whether it contains any apparent misstatements or materialinconsistencies with the financial information. This report, including the conclusion, has been prepared for and only for thecompany for the purpose of their interim statement and for no other purpose. Wedo not, therefore, in producing this report, accept or assume responsibility forany other purpose or to any other person to whom this report is shown or intowhose hands it may come save where expressly agreed by our prior consent inwriting. Directors' responsibilities The interim statement, including the financial information contained therein, isthe responsibility of, and has been approved by the directors. The directors areresponsible for preparing the Interim Statement in accordance with the AIMMarket Rules which require that the accounting policies and presentation appliedto the interim figures must be consistent with those that will be adopted in thecompany's annual accounts. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999/4issued by the Auditing Practices Board as if that Bulletin applied. A reviewconsists principally of making enquiries of group management and applyinganalytical procedures to the financial information and underlying financial dataand based thereon assessing whether the accounting policies and presentationhave been consistently applied unless otherwise disclosed. A review excludesaudit procedures such as tests of controls and verification of assets,liabilities and transactions. It is substantially less in scope than an auditperformed in accordance with Auditing Standards and therefore provides a lowerlevel of assurance than an audit. Accordingly we do not express an audit opinionon the financial information. Review conclusion On the basis of our review we are not aware of any material modifications thatshould be made to the financial information as presented for the 28 weeks ended16 October 2005. BAKER TILLYChartered AccountantsBrazennose HouseLincoln SquareManchesterM2 5BL 18 November 2005 Printing.com Outlets Outlet Region Town Post Code Red Hot Media East Lowestoft NR32 1EBGoldengate East Suffolk IP30 9QSDublin Store Ireland Dublin Dublin 2North Dublin Store Ireland Dublin Dublin 7TMC Ireland Tullow EE1 1EECentral London Store London Baker Street NW1 6UYShiver London Camden NW1 0AGSource Grafic Design London Catford SE6 1TJFull Colour Store London Clapham SW17 9SHPrint Express London Colindale NW9 5DLEaling Store London Ealing W13 8SB0800 Promote London Finchley N3 1TRGuildford Store London Guildford GU1 3HYHampstead Store London Hampstead NW3 5HSHarrow Life London Harrow HA1 2EAHarrow Store London Harrow HA7 2QJLuton Store London Luton LU1 2PLExpocentric - Dover London Mayfair W1X 3PHPrinthouse London Nottinghill W11 3HTOrpington Store London Orpington BR6 0JYReading Store London Reading RG1 4QALondon Print Compamy London Shaftesbury Avenue WC2H 8EBExpocentric - Wardour London Soho W1V 3AUToppers London Stevenage SG1 3HRKink Design London Thornton Heath CR7 7AXTalon Graphics London Thornton Heath CR7 7JWWatford Store London Watford WD17 1RAPrinter Net Services London Wimbledon SW19 8TYSign It Midlands Beeston, Nottingham NG9 2AYGraphic Results Midlands Belper DE56 1AYSouth West Birmingham Midlands Birmingham B16 9RDArtichoke Design Midlands Birmingham B18 6NNEast Birmingham Midlands Birmingham B26 3JRBirmingham Store Midlands Birmingham B5 4JLCoventry Store Midlands Coventry CV2 4BEFirst Image Midlands Coventry CV5 7FWHussellworks Midlands Halesowen B63 3HRCre8ive Design Midlands Kenilworth CV8 1JDClientel Midlands Kibworth LE8 0HSKaleidoscope Midlands Leamington Spa CV31 1BZLeicester Store Midlands Leicester LE1 1LBThe Ideas Room Midlands Leicester LE3 0DLOzmedia Print Midlands Loughborough LE12 8JHPewter Design Midlands Market Harborough LE16 7DSFor Colour Midlands Newark, Nottingham NG24 1LECustard Creative Midlands Northampton NN3 6WLNottingham Store Midlands Nottingham NG1 6DQDove Signs Midlands Nuneaton CV11 6GXOxford Store Midlands Oxford OX2 7HTIdeas Taking Shape Midlands Rugby CV21 2SDFinal Imaging Midlands Sawtry PE28 5SBSt Ives Quickprint Midlands St Ives PE27 3WSHigh Tide Midlands Sutton Coldfield B18 6NFAlbry Printing Company Midlands Wallingford OX10 9DAThe Studio Midlands Walsall WS1 1JQWolverhampton Store Midlands Wolverhampton WV1 4BLCreative Web design UK North East Alnwick NE71 6EAPrint House Direct North East Bishop Auckland DL14 0LZBradford North East Bradford BD1 5BDPro-Actif Communications North East Darlington DL3 7TDDoncaster North East Doncaster DN3 3TWWeb Rocket Design North East Durham DH1 1RFHull Store North East Hull HU1 2AGLeeds Store North East Leeds LS1 3DLThe Factory North East Leeds LS12 2DSMiddlesbrough Store North East Middlesbrough TS1 1LYNewcastle Store North East Newcastle NE1 5EEMultiprint North East Normanton WF6 2AFBluprint North East Rotheram S60 8LZSheffield Store North East Sheffield S1 4GFMaskerade Design North East Sunderland SR2 7PRGOWEB North East Wakefield WF2 9BLColour Box Design North East York YO23 1NAColour Box Design North East York YO24 1ARBlah D Blah North Wales Bangor LL57 1NYER Design & Print North West Alsager CW2 5PRRhino Design North West Ashton-under-Lyne OL6 6XJUtopia North West Birkenhead CH41 7ABGranthams - Blackpool North West Blackpool FY1 4PEPrint Hub Design North West Bolton BL1 3QJWild Thang North West Bootle L31 2HBFluid Media North West Bury BB5 2LBBrightspark North West Carlisle CA2 5BBRAS Limited North West Chester CH3 5AGMailboxes North West Didsbury M20 6UGScissorsPaperStone North West Eccles M30 8GHSoda North West Golbourne WA3 3BULancaster Store North West Lancaster LA1 1XNLiverpool Store North West Liverpool L2 2HFCopycat North West Maghull L31 2HBAlert 2 Media North West Manchester M1 1DZOpenhouse North West Manchester M1 6DEManchester Store North West Manchester M3 4BQNorth Manchester Store North West Manchester M3 4BQPrint Design Warehouse North West Marple SK6 7ADGranthams - Preston North West Preston PR1 2UQMasterprint North West St Helens WA10 1DHMailboxes North West Stockport SK1 1LEImpact Advertising North West Timperley WA15 7SPThe Hub North West Trafford Park M17 1FGWarrington Store North West Warrington WA1 1EPPrintel North West Widnes WA3 8LGBradbury Graphics Northern Ireland Belfast BT7 1BSMooney Media Northern Ireland County Down BT32 4QDXpress Creative Northern Ireland Newtonabbey BT36 4PUX Display Systems Scotland Coatbridge ML5 4ASColor Co. - Edinburgh Scotland Edinburgh EH2 2PAEdinburgh Store Scotland Edinburgh EH3 6QYEdinburgh Store Scotland Edinburgh EH3 9LYGlasgow Store Scotland Glasgow G3 8LZHamilton (662c) Scotland Hamilton ML3 7ARAcademy Press Scotland Livingstone EH54 6QDGlasgow Print Scotland North Glasgow G64 1RXSouth Glasgow Store Scotland South Glasgow G5 9RRRepublique South Brighton BN1 4GHBrighton Store South Brighton BN2 8AATudor Print South Worthing BN11 1UYAshford Store South East Ashford TN24 8UUStudio Direct South East Chelmsford CM2 6HELussh Creative South East Chesterfield S40 2BYInprint South East Colchester CO1 1PBTRS Graphics South East Croydon CR2 6EBJelly Bean Graphics South East Croydon CR9 6YJFelix Communications South East Rochester ME2 4HZHaus of Print South West Andover SP11 6RUPrint Creative South West Bath BA1 2JBBournemouth Store South West Bournemouth DT1 1HSBristol South West Bristol BS1 3LZPresto Print South West Christchurch BH23 1QDExeter South West Exeter EX4 3AJWessex Direct South West Minehead TA24 5UBPlymouth Store South West Plymouth PL4 0AUMalthouse South West Taunton TA1 3EPPrinting South West South West Totnes TQ9 5DWAnneset South West Weston-Super-Mare BS23 3DEAustralian Welsh Wales Cardiff CF14 3JP This information is provided by RNS The company news service from the London Stock Exchange