10 Nov 2008 07:00
FOR RELEASE
7.00AM
10 November 2008
Printing.com plc
("Printing.com" or "the Company")
Specialist retail chain with 271 Outlets open and pending across the UK& Ireland
Unaudited Interim Results for the period ended 30 September 2008
| | Six months | Six months | |
| | ended | ended | |
| | 30 September | 1 October | |
| | 2008 | 2007 | Change |
| | | | |
| | | | |
| Total Retail Sales* | £13.17m | £12.12m | +8.7% |
| | | | |
| Turnover | £7.18m | £6.44m | +11.5% |
| EBITDA | £1.64m | £1.59m | +3.1% |
| Profit before tax | £1.02m | £0.97m | +5.2% |
| | | | |
| EPS - Basic | 1.61p | 1.51p | +6.6% |
| EPS - Fully Diluted | 1.59p | 1.45p | +9.7% |
| Dividend | 1.05p | 1.00p | +5.0% |
| | | | |
| Capital Expenditure | £0.29m | £0.85m | - |
| Net Cash | £2.94m | £2.74m | - |
| Net Funds/(Debt) | £0.95m | £(0.08)m | - |
| | | | |
| Outlets Active at Period end | | | |
| Stand alone stores | 48 | 49 | -2.0% |
| Bolt-ons | 223 | 175 | +27.4% |
| | | | |
| Total Outlets open and pending | 271 | 224 | +21.0% |
* Total Retail Sales is the retail sales value of product which goes through the Printing.com network and for which Printing.com earns revenue.
Sales, Profits, Earning per Share and Dividends increase
Number of Outlets now exceeds 270
Current Sales Volumes in line with Q2 Profile
Network Partner Programme now operational
Additional International Master Licence granted
For further information:
Printing.com plc
Tony Rafferty (Chief Executive) 07966 517 336
Alan Roberts (Finance Director) 07977 277 521
Cubitt Consulting
Brian Coleman-Smith / Nicola Krafft / James Verstringhe 020 7367 5100
Brewin Dolphin Ltd (Nominated Adviser)
Richard Evans 0845 213 4853
Printing.com
Printing.com offers a broad product range including leaflets, booklets, postcards, promotional cards, invitations, letterheads and business cards to consumers and small and medium sized companies. Unlike its competitors, Printing.com's Stores and Franchises do not depend on any printing equipment on location. The Company's printing and ancillary equipment is based at the centralised Production Hub with the head office in Manchester. All work is produced in full four colour rather than two colour. The printing sector has traditionally been served by smaller printing companies or other On Demand Printers and is estimated to be worth some £1 billion.
Printing.com has three routes to market: Franchise Stores, Bolt-on Franchises and Company owned Stores.
A complete list of Printing.com's active Outlets across the UK & Ireland is included at the end of the release.
Printing.com plc
("Printing.com" or "the Company")
Specialist retail chain with 271 Outlets open and pending across the UK & Ireland
Unaudited Interim Results for the period ended 30 September 2008
Chairman's & Chief Executive's Statement
Trading Results, Cash and Dividend
We are pleased to announce that, for the Interim Period covering the 6 months ending 30 September 2008, your Company increased pre-tax profits by 5.2% to £1.02m (2007: £0.97m).
Total Retail Sales (TRS), the measure that we believe best indicates transactional volumes, increased by 8.7% to £13.17m (2007: £12.12m). Turnover increased by 11.5% to £7.18m (2007: £6.44m).
We previously expressed the belief that EBITDA would increase by circa £1m for each additional £5m of Total Retail Sales. TRS and EBITDA increased by £1.05m and £0.05m respectively, a lower amount than would otherwise be anticipated by this measure. Whilst operating margins in general saw a slight erosion, principally the majority of this variance was attributable to the decision, given the current economic climate, to increase the Company's provisions in respect of debtors. Excluding this increase in provisions, the translation from TRS to EBITDA would be broadly in-line with the metric.
At the close of the Interim Period, the Company had cash-in-hand of £2.94m. Working capital increased by £0.07m and the Company paid dividends of £0.89m. During the Interim Period the Company made capital expenditure of £0.29m (2007:£0.85m), principally representing the ongoing investment in its Flyerlink software.
Given the uncertainty in the banking sector of late, the Company saw fit to review its treasury policies and consequently spread its cash reserve across several banks.
The Directors are declaring an interim dividend of 1.05p per share to be paid on 12 December 2008 to shareholders on the register at 21 November 2008.
Current Trading
At this juncture, sales volumes continue to follow a similar profile to the Company's second fiscal quarter, albeit some margin erosion has been experienced essentially due to the more potent monthly offers that have been made available, to stimulate demand via the Company's UK and Irish Franchises. Estate Development
The table below sets out the encouraging growth in Bolt-on Franchises during the Interim Period, in which 31 additional licenses were granted.
| 30 September 2008 | 1 October 2007 | 31 March 2008 | |
| Company owned Stores | 6 | 4 | 4 |
| Franchised Stores Open and pending | 42 | 45 | 44 |
| Bolt-on Franchises | 223 | 175 | 201 |
| Total Outlets open and pending | 271 | 224 | 249 |
Bolt-on Franchises are, in the main, partnerships with graphic businesses that carry out a multiplicity of other activities in tandem with the Printing.com offering. From time to time these businesses elect to change overall direction or, in some instances, cease to trade. Accordingly the growth in the overall number of Outlets in the Interim Period was marginally below the rate at which new agreements were granted. Where Printing.com encounters these circumstances, priority is given to the maintenance of client relationships. Often the business is redeployed to a neighbouring Outlet until a more permanent solution is possible via the grant of a replacement Bolt-on licence.
Like for Like
The Printing.com like for like metric takes into account the growth of Territory Franchises (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 Franchisee. Only Territory Franchises operational for over three years are included.
On this basis, like for like growth during the interim period was 16.5% versus 12.9% reported for the previous Interim Period.
International Development
Of particular note, albeit post the Interim Period, an additional Master Licence Agreement has been granted over a large territory where franchising is well established. The locality of this Partner will be released contemporaneously with their own PR initiatives and it is anticipated that this will take place in early 2009. The senior management team of the partner company (a successful commercial printer) has already undergone extensive training in the UK with additional support in the territory itself imminent. It is anticipated that this new Printing.com operation will commence trading during the first quarter of next year.
Elsewhere New Zealand continues to make good progress. Operations in France remain at an early stage with modest revenues being generated. However, the Company remains committed to the development of the French operations and intends to open two Stores in France as a catalyst to further franchise development. Options for Australia are still being explored.
Network Partner
The Network Partner programme is the initiative by which third party manufacturers of complementary printed products are able to market and transact business via the Printing.com network.
Whilst still at an early stage, the initiative appears to be gaining momentum and we are encouraged by the prospects for the second half of the year.
Outlook
Despite the deterioration in the UK and Irish economies we believe that trading has held up well to date. However, certain market segments which historically performed well, for instance Estate Agents, have shown a dramatic drop off. New business launches have also been an important component of the sales mix with these also faring badly. Conversely, we are aware of many instances in which our Franchisees are winning new clients and new business in situations where the client's previous printer has ceased to trade.
In addition, albeit at the expense of some operating margin, we are seeking to enhance Printing.com's monthly offers and have recorded an increase in the take up of these offers as a proportion of overall business. This reflects our belief that whilst the market may very well shrink in the short term, we can increase our market share as small businesses seek to reduce their costs.
However, given the gravity of the general economic situation we cannot say with any certainty how this may impact on trading during the remainder of the fiscal year and beyond. Accordingly, whilst not reflected at this juncture by sales volumes, we must remain cautious in the short term.
Notwithstanding our short term cautious stance, we believe that the additions of the grant of the recent Master Licence, the successful launch of the Network Partner programme along with the continued growth in the Printing.com estate, provide a solid basis for the further expansion of Printing.com both in the UK and overseas.
George Hardie Tony Rafferty
Chairman Chief Executive
10 November 2008 10 November 2008
Printing.com plc
("Printing.com" or "the Company")
Specialist retail chain with 271 Outlets open and pending across the UK & Ireland
Unaudited Interim Results for the period ended 30 September 2008
Consolidated Income Statement
for the six months ended 30 September 2008
| | Note | Unaudited | Unaudited | Unaudited |
| | | Six months to 30 September 2008 | Six months to 1 October 2007 | Year ended 31 March 2008 |
| | | £000 | £000 | £000 |
| | | | | |
| Revenue | | 7,177 | 6,439 | 13,479 |
| Changes in stocks of finished goods | | 11 | (18) | 5 |
| Raw materials and consumables used | | (2,377) | (2,113) | (4,473) |
| | | | | |
| Gross profit | | 4,811 | 4,308 | 9,011 |
| Staff costs | | (1,882) | (1,678) | (3,218) |
| Other operating charges | | (1,289) | (1,037) | (2,123) |
| Depreciation and amortisation | | (669) | (650) | (1,378) |
| | | | | |
| Operating profit | | 971 | 943 | 2,292 |
| Financial income | | 110 | 121 | 316 |
| Financial expenses | | (61) | (96) | (187) |
| | | | | |
| Net financing income | | 49 | 25 | 129 |
| | | | | |
| Profit before tax | | 1,020 | 968 | 2,421 |
| Taxation | 3 | (303) | (291) | (789) |
| | | | | |
| Profit for the period attributable to equity holders of the Company | | 717 | 677 | 1,632 |
| | | | | |
| Basic earnings per share | 4 | 1.61p | 1.51p | 3.64p |
| Diluted earnings per share | 4 | 1.59p | 1.45p | 3.51p |
Consolidated Statement of Changes in Shareholders Equity
for the six months ended 30 September 2008 (unaudited)
| Share Capital | Share premium | Merger reserve | Retained earnings | Total | |
| £000 | £000 | £000 | £000 | £000 | |
| Opening shareholders' funds at 3 April 2007 | 447 | 3,833 | 211 | 2,315 | 6,806 |
| Profit for the period | - | - | - | 677 | 677 |
| Dividends paid | - | - | - | (850) | (850) |
| Total recognised income and (expense) | - | - | - | (173) | (173) |
| Equity settled share based payments | 43 | 43 | |||
| Shares issued | 2 | 24 | - | - | 26 |
|
|
|
| |||
| Total movement in shareholders' funds | 2 | 24 | - | (130) | (104) |
| Closing shareholders' funds at 1 October 2007 | 449 | 3,857 | 211 | 2,185 | 6,702 |
| Opening shareholders' funds at 2 October 2007 | 449 | 3,857 | 211 | 2,185 | 6,702 |
| Profit for the period | - | - | - | 955 | 955 |
| Dividends paid | - | - | - | (450) | (450) |
| - | - | - | |||
| Total recognised income and (expense) | - | - | - | 505 | 505 |
| Equity settled share based payments | - | - | - | 18 | 18 |
| Own shares acquired | - | - | - | (82) | (82) |
| Shares issued | 1 | 14 | - | - | 15 |
| Total movement in shareholders' funds | 1 | 14 | - | 441 | 456 |
| Closing shareholders' funds at 31 March 2008 | 450 | 3,871 | 211 | 2,626 | 7,158 |
| 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) |
| Foreign Exchange Differences | - | - | - | (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 |
Consolidated Balance Sheet
at 30 September 2008
| | Unaudited | Unaudited | Unaudited |
| | 30 September 2008 | 1 October 2007 | 31 March 2008 |
| | £000 | £000 | £000 |
| Non-current assets | | | |
| Property, plant and equipment | 4,759 | 5,533 | 5,217 |
| Intangible assets | 1,213 | 1,128 | 1,139 |
| Deferred tax assets | 25 | 108 | 25 |
| Other receivables | 355 | 458 | 470 |
| | | | |
| Total non-current assets | 6,352 | 7,227 | 6,851 |
| | | | |
| Current assets | | | |
| Inventories | 120 | 121 | 109 |
| Trade and other receivables | 3,476 | 3,392 | 3,210 |
| Cash and cash equivalents | 2,937 | 2,740 | 3,502 |
| | | | |
| Total current assets | 6,533 | 6,253 | 6,821 |
| | | | |
| Total assets | 12,885 | 13,480 | 13,672 |
| | | | |
| Current liabilities | | | |
| Other interest-bearing loans and borrowings | (727) | (985) | (804) |
| Trade and other payables | (2,005) | (2,165) | (1,759) |
| Current tax payable | (311) | (89) | (377) |
| Accruals and deferred income | (968) | (878) | (1,094) |
| Other liabilities | (151) | (147) | (182) |
| | | | |
| Total current liabilities | (4,162) | (4,264) | (4,216) |
| | | | |
| Non-current liabilities | | | |
| Other interest-bearing loans and borrowings | (1,256) | (1,840) | (1,613) |
| Deferred tax liabilities | (678) | (674) | (685) |
| | | | |
| Total non-current liabilities | (1,934) | (2,514) | (2,298) |
| | | | |
| Total liabilities | (6,096) | (6,778) | (6,514) |
| | | | |
| Net assets | 6,789 | 6,702 | 7,158 |
| | | | |
| Equity | | | |
| Share capital | 450 | 449 | 450 |
| Share premium | 3,871 | 3,857 | 3,871 |
| Merger reserve | 211 | 211 | 211 |
| Retained earnings | 2,257 | 2,185 | 2,626 |
| | | | |
| Total equity | 6,789 | 6,702 | 7,158 |
| | | | |
Consolidated Cash Flow Statement
for the six months ended 30 September 2008
| | Unaudited | Unaudited | Unaudited |
| | Six months to 30 September 2008 | Six months to 1 October 2007 | Year ended 31 March 2008 |
| | £000 | £000 | £000 |
| Cash flows from operating activities | | | |
| Profit for the year | 717 | 677 | 1,632 |
| Adjustments for: | | | |
| Depreciation, amortisation and impairment | 669 | 650 | 1,378 |
| Financial income | (110) | (121) | (316) |
| Financial expense | 61 | 96 | 187 |
| Exchange gain | - | 4 | 75 |
| Equity settled share-based payment expenses | - | 43 | 71 |
| Taxation | 303 | 291 | 789 |
| | | | |
| Operating profit before changes in working capital and provisions | 1,640 | 1,640 | 3,816 |
| (Increase)/ decrease in trade and other receivables | (151) | 98 | 269 |
| Increase in stock | (11) | (19) | (5) |
| Increase/(decrease) in trade and other payables | 89 | 135 | (17) |
| | | | |
| Cash generated from the operations | 1,567 | 1,854 | 4,063 |
| Tax paid | (376) | (217) | (344) |
| | | | |
| Net cash inflow from operating activities | 1,191 | 1,637 | 3,719 |
| | | | |
| Cash flows from investing activities | | | |
| Interest received | 110 | 121 | 241 |
| Acquisition of property, plant and equipment | (40) | (502) | (235) |
| Capitalised development expenditure | (247) | (189) | (530) |
| Sale of property, plant and equipment | - | - | 150 |
| | | | |
| Net cash outflow from investing activities | (177) | (570) | (374) |
| | | | |
| Cash flows from financing activities | | | |
| Proceeds from the issue of share capital | 65 | 26 | 41 |
| Purchase of own shares | (257) | - | (82) |
| Interest paid | (61) | (96) | (187) |
| Payment of finance lease liabilities | (434) | (464) | (1,165) |
| Advances on finance leases | - | 202 | - |
| Payment of equity dividend | (892) | (850) | (1,300) |
| | | | |
| Net cash outflow from financing activities | (1,579) | (1,182) | (2,693) |
| | | | |
| Net (decrease)/increase in cash and cash equivalents | (565) | (115) | 652 |
| Exchange differences on cash and cash equivalents | - | - | (5) |
| Cash and cash equivalents at start of period | 3,502 | 2,855 | 2,855 |
| | | | |
| Cash and cash equivalents at end of period | 2,937 | 2,740 | 3,502 |
| | | | |
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 9 June 2008. 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 2008.
The financial information is unaudited and does not constitute the Company's statutory accounts within the meaning of Section 240 of the Companies Act 1985.
Statutory accounts for the year ended 31 March 2008 have been delivered to the Registrar of Companies. The comparative figures for the financial year ended 31 March 2008 are not the company's statutory accounts for the financial year. These accounts have been reported on by the company's auditors and delivered to the registrar of companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 237(2) or (3) of the Companies Act 1985.
2 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 Franchise and originates principally in the United Kingdom and Republic of Ireland.
Analysis by geographical destination
| Revenue | Net Assets | Capital expenditure | |||||
| 30 September 2008 | 1 October 2007 | 30 September 2008 | 1 October 2007 | 30 September 2008 | 1 October 2007 | ||
| £000 | £000 | £000 | £000 | £000 | £000 | ||
| United Kingdom | 6,708 | 6,092 | 6,319 | 6,295 | 282 | 815 | |
| Republic of Ireland | 384 | 322 | 401 | 396 | - | 5 | |
| Rest of the world | 85 | 20 | 69 | 11 | 5 | 30 | |
| 7,177 | 6,439 | 6,789 | 6,702 | 287 | 850 | ||
3 Taxation
The tax charge is based on the base tax rate of 28% which after adjusting for disallowable expenses and movement on Deferred Tax resulted in an estimated tax rate of 29.7% (six month period ended 1 October 2007 30%).
4 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 44,597,883 (period ended 1 October 2007:44,820,669; year ended 31 March 2008: 44,892,441).
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 2008 was 45,148,821 (period ended 1 October 2007: 46,690,604; year ended 31March 2008:46,547,410 ). 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 2008 which comprises the Consolidated Income Statement, the Consolidated Statement of Changes in Shareholders' Equity, the Consolidated Balance Sheet, the Consolidated Cash Flow Statement 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 next annual financial statements of the group will be prepared in accordance with IFRSs as adopted by the EU.
The accounting policies that have been adopted in preparing the condensed set of financial statements are consistent with those that the directors currently intend to use in the next annual financial statements. There is, however, a possibility that the directors may determine that some changes to these policies are necessary when preparing the full annual financial statements for the first time in accordance with 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 2008 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.
KPMG Audit Plc
Chartered Accountants
Manchester
10 November 2008
| 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 |
| 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 |
| 4si Solutions Ltd | Central England | Leicester | LE3 0LE |
| For Colour Ltd | Central England | Lincoln | LN2 4US |
| Trident Design & Print | Central England | Lutterworth | LE17 4EE |
| Penz n Print Ltd | Central England | Market Rasen | LN8 3EN |
| 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 |
| Oxford Store | Central England | Oxford | OX2 7HT |
| 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 |
| 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 |
| North Dublin Store | Ireland | Dublin | Dublin 7 |
| Trivium Limited | Ireland | Maynooth - Coun | EE1 1EE |
| Graphic Facilities | Ireland | Mullingar | 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 |
| 1st Creative | London | London SE1 | SE1 3ER |
| Marmoset Media Ltd | London | London SW17 | SW17 7PJ |
| 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 |
| Source Grafik Design | London | Thornton Heath | SE6 1TJ |
| 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 |
| 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 |
| Virtual Star Designs | Midlands | Lichfield | WS13 8EX |
| 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 |
| Astral Graphics | Midlands | Worksop | S81 8AP |
| Indigo Print & Design | North East | Alnwick | NE66 1HB |
| Documentshop.com limited | North East | Barnsley | S70 2HG |
| Smart Card International Limited | North East | Beverley | HU17 0TB |
| 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 |
| RT Design | North East | Consett | DH8 6BP |
| 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 |
| 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 |
| 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 |
| Eidos Design Limited | North East | Slaithwaite | HD7 5BQ |
| 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 |
| 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 |
| Elite Invite Limited | North West | Liverpool | L22 4QD |
| RPG Print Ltd | North West | Liverpool West | L7 0ES |
| Plinkfizz Limited | North West | Longton | ST3 4HY |
| Infinity Creative | North West | Macclesfield | SK11 6HN |
| Copycat Print Ltd | North West | Maghull | L31 2HB |
| 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 |
| The Graphics Department | North West | Salford | M3 6BF |
| 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 |
| 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 |
| Steptoe Creative Limited | Scotland | Ayr - Scotland | EE1 1EE |
| J&J Cornfield T/A Printing.com | Scotland | Coatbridge | ML6 9AF |
| 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 |
| 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 |
| Ashford Store | South East | Ashford | TN24 8UU |
| 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 |
| 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 |
| Clearmist Designs Limited | South East | Maidenhead | SL6 1NB |
| Colourwave Printers | South East | Maidstone | ME16 0JZ |
| Norwich Store | South East | Norwich | NR1 1PL |
| Graphics One Limited | South East | Norwich | NR7 0EQ |
| 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 |
| Print Creative. | South West | Bath | BA1 2JB |
| Digillicious | South West | Bexhill | TN40 1JB |
| Bournemouth Store | South West | Bournemouth | BH11 8PN |
| 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 |
| Wessex Direct Ltd | South West | Minehead | TA24 5BJ |
| Full Colour Store | South West | Newton Abbott | SW6 6SE |
| Plymouth Store | South West | Plymouth | PL4 0AU |
| 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 |
| Printing South West | South West | Totnes | TQ9 5DW |
| Whitman Design & Print Limited | South West | Truro | TR1 2HE |
| Anneset Productions | South West | Weston-Super-Mare | BS23 3DE |
| 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 |