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Pin to quick picksK3 Business Technology Group Regulatory News (KBT)

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Preliminary Results

2 Jun 2005 07:01

K3 Business Technology Group PLC02 June 2005 K3 BUSINESS TECHNOLOGY GROUP PLC PRELIMINARY RESULTS FOR THE YEAR TO 31 DECEMBER 2004 • Group fundamentally transformed with two acquisitions and a disposal: - legacy manufacturing software business sold for £1.92m in March 2004- distribution software business acquired in April 2004- retail software businesses acquired in October 2004 • Diversification strategy moves group into higher growth areas within supply chain software sector • Benefit of acquisitions not fully reflected in this year's trading results: - turnover on continuing operations increased to £8.12m (2003: £4.30m)- adjusted operating profit*1 on continuing operations of £0.59m (2003: £0.63m)- adjusted basic earnings per share*2 of 4.5p (2003: 6.5p)- consolidated net assets increased to £7.0m (2003: £3.0m) • Operating loss of £0.03m after charging £0.64m amortisation •Positive cash position of £0.40m at year end •Proposed acquisition of manufacturing software group, IEG, announced today. See separate statement. • Board views prospects for transformed group very positively - retail software business, K3 Landsteinar, has won new orders worth approx.£6.7m since year end- distribution software operation, K3 Elucid, agreed a major £0.3m contractsince year end- proposed acquisition of IEG adds critical mass to manufacturing softwareoperation George Matthews, commenting, said: "K3's growth prospects have been transformed with the changes made during 2004.The re-shaping of the company has taken us into related sectors, which offer usmore attractive opportunities for earnings growth and we now have a solidplatform in place from which to move forward. Most importantly, all ourdivisions have a strong product offering of Microsoft-based solutions. There are good growth opportunities across all three divisions, mostparticularly within retail and distribution. We have been seeking opportunitiesto act as a consolidator within the manufacturing software sector and aretherefore pleased to announce today the proposed acquisition, subject toshareholder approval, of Information Engineering Group, UK distributors for theSyspro range of ERP software for SME manufacturers. More details of this areprovided in a separate announcement." Enquiries: K3 Business Technology Andy Makeham, Chief T: 020 7448 1000Group plc Executive (today) David Bolton, Chief Finance Thereafter: 01282 Officer 864111 Biddicks Katie Tzouliadis T: 020 7448 1000 *1 Calculated before amortisation of goodwill of £0.60m and exceptional items of£nil (2003: amortisation of goodwill £0.30m and exceptional items of £0.61m). *2 Calculated before amortisation of goodwill of £0.64m and exceptional items of£1.25m (2003: amortisation of goodwill of £0.46m and exceptional items of£0.52m). K3 BUSINESS TECHNOLOGY GROUP PLC CHAIRMAN'S STATEMENT Overview 2004 has been a year of transition for K3. In line with our ambitious growthplans, the group has undergone significant transformation. In March 2004, wecompleted the sale of our non-core, legacy manufacturing software operationbased in Crewe and, later that year, acquired two businesses operating in thedistribution and retail software sectors. These acquisitions have changed K3'sprofile, reflecting our strategy to broaden the group's business base intocomplementary, higher growth markets. K3 is now clearly focused on providingMicrosoft-based business solutions to three sectors: retail, distribution andmanufacturing. Both acquisitions, renamed K3 Landsteinar and K3 Elucid, are bedding down welland we are pleased with the trading performance of each although the results for2004 do not include a full year's contribution from either business. Ourremaining manufacturing solutions business made progress over the year in adifficult market and, in the final quarter, the division substantially completedthe development of its new flagship product, SmartVisionCRM. Sales of this newproduct provide the division with growth prospects for 2005 and the proposedacquisition announced today of manufacturing software group, InformationEngineering Group ("IEG"), is an exciting development. Financial Results Results for the year ended 31 December 2004 reflect contributions from our newlyacquired businesses, K3 Elucid and K3 Landsteinar, as well as the impact of thedisposal of our legacy manufacturing software operation in March 2004. Elucid,in which we acquired a 38% investment in November 2003, became a wholly ownedmember of the group in April 2004 and Landsteinar was acquired in October 2004. Turnover on continuing operations almost doubled to £8.12m (2003: £4.30m) andadjusted operating profit*1 on continuing operations was £0.59m (2003: £0.63m).The two acquisitions contributed combined turnover of £4.23m and adjustedoperating profit*2 of £0.57m. Our on-going manufacturing software divisioncontributed turnover of £3.88m and adjusted operating profit*3 of £0.02m. Thedevelopment costs of £0.47m relating to the production of its new SmartVisionCRMproduct are included. Operating loss after amortisation of goodwill of £0.64m was £0.03m (2003: profitof £0.01m). The disposal of the legacy manufacturing software operation based in Creweresulted in a profit on disposal of £1.25m and profit before tax was £1.16m(2003: loss of £0.20m). Adjusted earnings per share*4 were 4.5p (2003: 6.5p)and, after taking into account goodwill amortisation of £0.64m (2003: £0.46m)and exceptional items of £1.25m (2003: £0.52m), earnings per share were 10.0p(2003: loss per share of 3.2p). Our earnings per share and number of shares inissue have been restated following the share consolidation (of one 25p ordinaryshare for every five 5p ordinary shares) which we completed in April. At 31 December 2004, the group had a positive cash balance of £0.40m comparedwith £1.23m at 31 December 2003. Dividend The Directors do not propose to pay a dividend (2003: £nil). Review of Operations Retail Division The acquisition, in October 2004, of the Alpha Landsteinar businesses thatcomprise this division was the highlight of the year. The business is theprincipal UK supplier of Microsoft Navision retail solutions and was acquiredfor a total consideration of £6.95m in a mix of cash and shares. Now renamed K3Landsteinar, it gives us a strong platform within the retail sector and we seeexcellent growth opportunities ahead. For the three month period since its acquisition in October, Landsteinarcontributed sales of £2.93m and adjusted operating profit*5 of £0.44m. Lookingforward, we anticipate that this division will represent the group's largestprofit contributor. Distribution Division In the first half of the year, we completed the acquisition of the remaining 62%shareholding in distribution software company, PSE, now renamed K3 ElucidLimited. Including the first tranche of shares which we acquired in November2003 for £0.19m, the purchase consideration totals £0.89m. The acquisition of Elucid represented our first step in our strategy todiversify into the retail and distribution software sectors and the business hasperformed very strongly. In the nine month period to 31 December 2004, Elucidwon 12 new orders worth £0.8m and sales totalled £1.30m. This representsturnover growth of 23% over the comparable period last year. The adjustedoperating profit*6 contribution was £0.14m. During the first half of 2005,Elucid is undertaking a significant upgrade of its core Warehouse Managementmodule. Whilst this will reduce earnings in the early months of 2005 (asdevelopment costs are written off as incurred), it should result in increasedsales and profits later in the year. Manufacturing Division The group's manufacturing division was restructured this year. In March, wedisposed of our Crewe-based operation (the Enterprise Systems Division) for£1.92m, of which £0.05m is deferred, realising a profit on sale of £1.25m. Thesale resulted from our strategic decision to focus on aligning our productoffering with Microsoft, with whom we have established a close relationship inthe mid-market ERP space. Our remaining operation, based in Walton-on-Thames, which providesMicrosoft-centric business solutions for small to medium sized manufacturingcompanies, performed solidly in a difficult market. Its newest product,SmartVisionCRM, was substantially completed in the final quarter of the year andmarks a significant turning point for the operation. The SmartVision suite,which has Microsoft's new Customer Relationship Management ("CRM") softwareembedded within the solution, provides a highly attractive solution forcustomers wishing to upgrade outdated products. We believe there are excellentopportunities to market this new product to our existing customer base as wellas to new customers. Outlook K3's growth prospects have been transformed with the changes made during 2004.The re-shaping of the company has taken us into related sectors, which offer usmore attractive opportunities for earnings growth and we now have a solidplatform in place from which to move forward. Most importantly, all ourdivisions have a strong product offering of Microsoft-based solutions. Following each acquisition, we have sought to consolidate back office functionsand identify synergies in order to underpin improved future performance. There are good growth opportunities across all three divisions, mostparticularly within retail and distribution and the launch of our newSmartVisionCRM product offering the prospect of revitalisation of ourmanufacturing software division. Since the year end, K3 Elucid has secured amajor contract worth some £0.30m and K3 Landsteinar has secured seven newbusiness contracts worth in total £6.70m, supporting our confident view of thegrowth prospects of these businesses. As we stated in our interim report, we have ambitious growth plans for thegroup. Our portfolio of businesses is healthy and cash generative and we seesignificant growth prospects across all our markets. We have been seekingopportunities to act as a consolidator within the manufacturing software sectorand are therefore pleased to announce today the proposed acquisition, subject toshareholder approval, of Information Engineering Group ("IEG"), UK distributorsfor the Syspro range of ERP software for SME manufacturers. More details of thisare provided in a separate announcement. This acquisition complements andstrengthens our own manufacturing software portfolio as it offers an upgradepath for existing users to newer Microsoft-based technologies, as well asproviding a compelling new business proposition for larger mid-rangemanufacturers. There are significant synergies between IEG and our existingmanufacturing business unit, and it is anticipated that these businesses will beconsolidated to increase combined profitability. We continue to view the group's prospects very positively. RESOLUTIONS PROPOSED Your attention is drawn to a number of resolutions which are to be proposed asspecial business at the company's annual general meeting. George Matthews Chairman *1 Calculated before goodwill amortisation of £0.60m and exceptional items of£nil (2003: amortisation of goodwill of £0.30m and exceptional items of £0.61m)*2 Calculated before goodwill amortisation of £0.30m*3 Calculated before goodwill amortisation of £0.30m*4 Calculated before goodwill amortisation of £0.64m and exceptional items of£1.25m (2003: amortisation of goodwill of £0.46m and exceptional items of£0.52m)*5 Calculated before goodwill amortisation of £0.23m*6 Calculated before goodwill amortisation of £0.07m OPERATING REVIEW The group has been fundamentally transformed over 2004, starting with the saleof our non-core manufacturing software operation. The subsequent acquisition oftwo Microsoft-based business applications providers has enabled us to extend ourfootprint into the distribution and retail sectors. These have given us a strongplatform for future growth and K3 is now well placed to make significantprogress in 2005 and beyond. Retail Division We had been actively seeking to acquire Microsoft-based retail solutionsbusinesses as part of our growth strategy and in October 2004 we were delightedto complete the acquisition of the three companies, Alpha Landsteinar Limited,Alpha Landsteinar (Ireland) Limited and Miracle Hindsight Limited, that togethercomprise Alpha Landsteinar. Established in 1997, the business is recognised asone of the leading providers of retail management solutions within themid-market space and it supports over 150 customers. It is a Microsoft GoldPartner and Microsoft's largest Navision partner in the UK. Alpha Landsteinar, now renamed K3 Landsteinar, gives us a significant presencein the retail software sector and, in the first three months of ownership, thebusiness demonstrated exceptionally strong levels of consultancy and softwarerevenues. Since the year end, we have signed new contracts worth a total of £6.70m,including a major contract with Moss Pharmacy for the next phase of a programmeto install Microsoft Navision software across Moss Pharmacy's retail outlets inthe UK and a contract with a major UK retailer to install new retail systems inup to 450 stores. These new contracts, together with other contracts, includingAdidas, Capital Hair & Beauty, Aldiss and Space NK, should provide encouragementfor future growth levels. Distribution Division In April 2004, we acquired the remaining 62% of the shares in PSE Limited, thewarehousing and distribution software company based in Lancashire. We hadpreviously acquired a 38% holding in November 2003. The balance of the shares inApril was acquired for an initial consideration of £0.45m, bringing the totalcash consideration to date for the entire share capital of the business to£0.64m. With an estimated deferred consideration of £0.25m, based on the futuregrowth of the business over the next three years, the total consideration is£0.89m. PSE is now being integrated within the group and has been renamed K3Elucid. This acquisition moves us forward in our strategy to extend the group's businessinto the retail and distribution software sectors. Elucid provides businesssolutions to the mail order and catalogue market and has been particularlysuccessful in providing an integrated solution that supports companies wishingto sell products over the internet. We see internet-related business as a growtharea and there are significant cross-selling opportunities with our RetailDivision. Elucid performed strongly over the period, with orders from JJB Sports(clothing), Bright Minds (educational toys), Rock Group (electronics), ClientBase (fulfilment house), and Joe Browns and Wealth of Nations (both clothing).The business contributed £0.14m to adjusted operating profit*6. The orderpipeline is encouraging and should translate into good performance in 2005. TheWarehouse Management module is being upgraded during the first half of 2005, andwhilst earnings will be reduced during the development period (as costs arewritten off as incurred), it should result in increased sales and profits laterin the year. Manufacturing Division The sale of our legacy manufacturing software operation based in Crewe,previously referred to as the Enterprise Systems Division, was a significantstep forward. The disposal was part of a strategic re-focusing of our activitieson Microsoft-based business solutions - which the Crewe business did not offer.Importantly, it also released funds to allow for the re-development of the groupthrough acquisition. The business was sold in March 2004 to Azur Group Limitedfor £1.92m, and realised cash of £2.55m. We considered this a particularly goodprice for an operation which generated revenues of £2.70m in 2003 and which wasno longer core to our business. In the two months prior to its sale, thebusiness delivered an adjusted operating profit*7 of £0.01m on sales of £0.41m. Our continuing operation, based in Walton-on-Thames, formerly referred to as theBusiness Systems Division, made solid progress this year. Our major focus wascentred on our development programme to embed Microsoft CRM software within ourSmartVision product. The initial version successfully passed Microsoft'sstringent quality and verification examination and, in the final quarter of theyear, we substantially completed development, ahead of schedule. Our totalinvestment in the development of SmartVisionCRM was £0.47m in 2004, and weexpect this to be somewhat lower in 2005. Initial marketing of the product suitehas confirmed significant interest and we have seen the creation of a healthypipeline of order opportunities for 2005, albeit trading conditions aredifficult. The marketplace remains tough and, whilst our products are well regarded, newbusiness sales remain challenging. The proposed acquisition of IEG brings intoK3 a leading manufacturing ERP solution and, as well as strengthening ourbusiness proposition, IEG provides significant upgrade opportunities across alarge customer base. Andy Makeham Chief Executive *6 Calculated before goodwill amortisation of £0.07m*7 Calculated before goodwill amortisation of £0.03m K3 BUSINESS TECHNOLOGY GROUP PLCConsolidated profit and loss account for the year ended 31 December 2004 2004 2003 ----------------------------------------------- -------------------------------- Discontinued Total Continuing Discontinued Total Continuing operations operations operations operations Continuing Acquisitions Notes £000 £000 £000 £000 £000 £000 £000 Turnover 3,884 4,232 413 8,529 4,305 2,697 7,002 Cost of sales (352) (1,251) (124) (1,727) (403) (555) (958)--------------- ----- -------- -------- ------- -------- -------- -------- --------Gross profit 3,532 2,981 289 6,802 3,902 2,142 6,044 Selling anddistributioncosts (1,647) (871) (218) (2,736) (1,613) (740) (2,353)Administrativeexpenses (2,166) (1,839) (94) (4,099) (2,565) (1,120) (3,685)--------------- ----- -------- -------- ------- -------- -------- -------- ----------------------- ----- -------- -------- ------- -------- -------- -------- --------Operatingprofit beforeamortisationof goodwill andexceptionalitems includedwithinadministrativeexpenses 20 573 10 603 630 444 1,074 Amortisationof goodwill (301) (302) (33) (636) (301) (162) (463)Exceptionaladministrativeexpenses 1 - - - - (605) - (605) --------------- ----- ------- ------- ------- ------- ------- ------- ------- Operating(loss) profit (281) 271 (23) (33) 276 282 6 Profit (loss)on disposal ofoperations 1 - - 1,248 1,248 (100) - (100) ------- ------- -------- -------- ------- ------- -------Profit (loss)on ordinaryactivitiesbefore financecharges (281) 271 1,225 1,215 (376) 282 (94) ------- ------- -------- ------- ------- Financecharges (net) (55) (105)--------------- ----- ------- ------- ------- ------- ------- ------- -------Profit (loss)on ordinaryactivitiesbefore taxation 1,160 (199) Tax on profit(loss) onordinaryactivities (59) (130)--------------- ----- ------- ------- ------- ------- ------- ------- -------Profit (loss)for financialyear 7 1,101 (329)--------------- ----- ------- ------- ------- ------- ------- ------- ------- Earnings (loss) per share Basic 8 10.0p (3.2p) Diluted 8 10.0p (3.2p) Basic before amortisation of goodwill 8 15.8p 1.3p Basic before amortisation of goodwill and exceptional items 8 4.5p 6.5p There were no recognised gains or losses in either year other than the profit(loss) for that year. K3 BUSINESS TECHNOLOGY GROUP PLCConsolidated balance sheet as at 31 December 2004 2004 2003 Notes £000 £000 Fixed assets Goodwill 9,919 3,354Tangible assets 570 342Investments 2 17 190------------------------------------ ------ -------- -------- 10,506 3,886------------------------------------ ------ -------- --------Current assetsDebtors 6,268 2,558Cash at bank and in hand 403 1,226------------------------------------ ------ -------- -------- 6,671 3,784------------------------------------ ------ -------- --------Creditors: amounts falling due within one yearConvertible debt (500) -Other creditors 3 (9,345) (4,706)------------------------------------ ------ -------- -------- (9,845) (4,706)------------------------------------ ------ -------- --------Net current liabilities (3,174) (922)------------------------------------ ------ -------- -------- Total assets less current liabilities 7,332 2,964 Creditors: amounts falling due after more than oneyear (337) ------------------------------------- ------ -------- --------Net assets 6,995 2,964------------------------------------ ------ -------- -------- Capital and reserves Called up share capital 3,329 2,548 Share premium account 7 6,463 6,441Other reserve 7 4,486 2,359 Profit and loss account 7 (7,283) (8,384)------------------------------------ ------ -------- --------Equity shareholders' funds 6,995 2,964------------------------------------ ------ -------- -------- K3 BUSINESS TECHNOLOGY GROUP PLCConsolidated cash flow statement for the year ended 31 December 2004 2004 2003 Notes £000 £000 Net cash inflow from operating activities 4 1,633 1,365 Returns on investments and servicing of finance 24 (23)Taxation (76) (11)Capital expenditure and financial investment (12) (99)Acquisitions and disposals 5 (2,331) (95)------------------------------------- ------ -------- --------Cash (outflow) inflow before financing (762) 1,137 Financing 5 (61) (34)------------------------------------- ------ -------- --------(Decrease) increase in cash in the year 6 (823) 1,103------------------------------------- ------ -------- -------- K3 BUSINESS TECHNOLOGY GROUP PLC Notes 1. Profit (loss) on disposal of operations and exceptional write-off The profit on disposal of operations in 2004 of £1.25m relates to the disposalof the manufacturing software operation based at Crewe to Azur Group Limited. The loss on disposal of operations in 2003 of £0.10m relates to a provisionagainst the deferred consideration which arose on the disposal of the legacybusinesses to RAP Group Limited ("RAP") in 2001. Operating profit in 2003 isstated after charging a write-off of £0.61m no longer considered recoverablefollowing the settlement of outstanding balances with RAP. 2. Investments Investments in 2004 relate to a 1% interest held by K3 Landsteinar Limited inPartner Power International, a computer software marketing company incorporatedin Denmark. Investments in 2003 relate to a 38% interest in K3 Elucid Limited(formerly PSE Limited). At 31 December 2003, the company owned 38% of the issued share capital of Elucidand accounted for the investment as a trade investment because the directors didnot consider that they exerted significant influence over Elucid. This was dueto the remaining shares being owned by a small group of people who togethercontrolled the decisions regarding trading and finance of Elucid. The remainderof the shares were acquired on 5 April 2004. 3. Creditors: amounts falling due within one year Included in other creditors falling due within one year is deferred income of£2.98m (2003: £2.26m) relating to licence and support charges billed but not yetrecognised as income. 4. Reconciliation of operating (loss) profit to operating cash flow 2004 2003 £000 £000 Operating (loss) profit (33) 6Depreciation charges and fixed asset impairment 215 182Loss on sale of tangible fixed assets 24 1Amortisation of goodwill 636 463Decrease in debtors (445) 1,290Increase (decrease) in creditors 1,236 (577)------------------------------------------ -------- --------Net cash inflow from operating activities 1,633 1,365------------------------------------------ -------- -------- 5. Analysis of cash flows Acquisitions and disposals 2004 2003 £000 £000 Acquisition of subsidiary undertakings (3,653) -Costs of acquisition of subsidiary undertakings (160) -Net bank overdrafts acquired with subsidiary undertakings (144) -Sale of business (net of costs) 1,721 -Acquisition of investment (95) (95)------------------------------------------ -------- -------- (2,331) (95)------------------------------------------ -------- -------- Financing 2004 2003 £000 £000 Capital element of finance lease rental payments (61) (34)------------------------------------------ -------- -------- (61) (34)------------------------------------------ -------- -------- 6. Analysis and reconciliation of net cash resources 1 Jan 2004 Cash flow Acquisitions Other non-cash 31 Dec 2004 and disposals changes £000 £000 £000 £000 £000 Cash in hand, at bank 1,226 (823) - - 403 Finance leases (51) 61 (571) (106) (667)------------------------- -------- -------- -------- -------- --------Cash resources (net debt) 1,175 (762) (571) (106) (264)------------------------- -------- -------- -------- -------- -------- 2004 2003 £000 £000 (Decrease) increase in cash in the year (823) 1,103 Cash outflow from decrease in debt and lease financing 61 34------------------------------------------ -------- --------Change in net debt/cash resources resulting from cash flows (762) 1,137Finance leases acquired with subsidiaries (571) -New finance leases (106) ------------------------------------------- -------- --------Movement in net debt in year (1,439) 1,137Cash resources at 1 January 2004 1,175 38------------------------------------------ -------- --------(Net debt) cash resources at 31 December 2004 (264) 1,175------------------------------------------ -------- -------- 7. Reserves Share premium Other reserve Profit and loss account account £000 £000 £000 At 1 January 2004 6,441 2,359 (8,384)Retained profit for the year - - 1,101Share capital issued 22 2,127 ------------------------------------- -------- -------- --------At 31 December 2004 6,463 4,486 (7,283)------------------------------------ -------- -------- -------- 8. Earnings (loss) per share The calculations of earnings (loss) per share are based on the following profits(losses) and numbers of shares. 2004 2003 ----------------------------- ------------------ Earnings Per share Per share Earnings Per share (losses) amount amount (losses) Amount Basic Diluted Basic and diluted £000 p p £000 pEarnings(loss) pershare (eps) 1,101 10.0 10.0 (329) (3.2)Effect of goodwillamortisation 636 5.8 5.8 463 4.5 -------- -------- -------- -------- --------Eps before amortisationof goodwill 1,737 15.8 15.8 134 1.3Exceptionalitems (net of tax) *+(1,248) (11.3) (11.4) *^524 5.2 ======== ======== ======== ======== ========Eps before amortisationof goodwill and exceptional items 489 4.5 4.4 658 6.5 ======== ======== ======== ======== ========*+ Relates to profit on disposal of manufacturing software operation based inCrewe of £1.25m on which there was no tax charge due to the availability ofcapital losses. *^ Relates to write-off of irrecoverable balances from RAP of £0.61m less tax of£0.18m and a further loss on disposal of the legacy businesses arising fromreduced deferred consideration of £0.10m which had no tax effect. The alternative earnings per share calculations have been computed because thedirectors consider that they are useful to shareholders and investors. 2004 2003 Number of Number of shares sharesWeighted average number of shares:For basic earnings per share 10,980,489 10,192,428Exercise of share options 40,264 - ------------- -------------For diluted earnings per share 11,020,753 10,192,428 ============= ============= FRS 14 requires presentation of diluted earnings per share when a company couldbe called upon to issue shares which could decrease net profit or increase netloss per share. For a loss-making company with outstanding share options, netloss per share would only be increased by the exercise of out-of-the-money shareoptions. Since it seems inappropriate to assume that option holders would actirrationally, no adjustment has been made to diluted earnings per share in 2003for out-of-the-money share options. Although the convertible 6% loan notes issued in connection with the Landsteinaracquisition are in-the-money, there is no intention to allow the notes toconvert and, therefore, they have been excluded from the calculation of dilutedearnings per share. 9. The directors do not recommend the payment of a final dividend and the dividend for the year is therefore £nil (2003: £nil). 10. The results have been prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards. The accounting policies have been applied consistently with those stated in the previous accounts. 11. The financial information set out above does not comprise the Company's statutory accounts. Statutory accounts for the previous financial yearended 31 December 2003 have been delivered to the Registrar of Companies. Theauditors' report on those accounts was unqualified and did not contain anystatement under section 237(2) or (3) of the Companies Act 1985. The auditorshave given an unqualified opinion on the accounts for the year ended 31 December2004 and it did not contain any statement under section 237(2) or (3) of theCompanies Act 1985. These will be delivered to the Registrar of Companiesfollowing the annual general meeting. 12. This preliminary announcement was approved by the Board of directors on 2 June 2005. 13. The full financial statements will be posted to shareholders on or around 30 June 2005. Further copies will also be available from the Company's registered office at Linden Business Centre, Linden Road, Colne, Lancashire, BB8 9BA from that date. This information is provided by RNS The company news service from the London Stock Exchange
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21st May 20245:56 pmRNSResult of AGM
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