Unaudited Unaudited Audited Six months ended Six months ended Year ended 30 September 30 September 31 March 2004 2003 2004 Restated Restated (note 1) (note 1) Turnover(a) £106.7m £103.5m £208.4m Operating profit/(loss)(a) £9.5m £6.9m (£2.0m) Operating profit before goodwill amortisation and exceptional items(b) £11.2m £8.0m £16.5m Finance charges (net) £1.2m £1.3m £2.5m Tax charge(c) £3.6m £2.4m £5.4m Goodwill amortisation and exceptional items before taxation(c) (£1.7m) (£1.1m) (£18.5m) Basic EPS/(loss) 7.1p 4.7p (15.0p) Basic EPS before goodwill amortisation and exceptional items(c) 9.6p 6.5p 13.0p Dividends per share 3.8p 3.8p 10.9p Net indebtedness £47.3m £48.4m £44.8m a Group and share of joint ventures (September 2003 Turnover restated - see note 1) b Group and share of joint ventures, before goodwill amortization and exceptional items, as extracted from the consolidated profit and loss account c As extracted from the consolidated profit and loss account
Commenting on the results, Graeme Coutts, Chief Executive, said, 'I am very pleased to announce a set of results that reflect in financial terms the substantive progress we've made in implementing the strategy announced a year ago. Our increased customer focus and technology development has helped reverse the previously downward volume trend, and revenues are beginning to grow. Earnings are now benefiting from the company's high operational gearing, coupled with lower financing and tax charges. The market outlook for the second half and beyond remains positive.'
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