plc - Results for the year ended 30 September 1995

1. Report and Accounts 1995

The financial information set out in this preliminary results announcement does not constitute the Company’s statutory accounts for the years ended 30th September, 1995 or 30th September, 1994 but is derived from those accounts. Statutory accounts for 1993/1994 contained an unqualified audit report and have been delivered to the Registrar of Companies. The statutory accounts for 1994/1995 will be posted shortly, and delivered to the Registrar of Companies following the Company’s Annual General Meeting to be held on the 26th January 1996.

2. Earnings per share

Basic earnings per share for the year ended 30th September 1995 is based on 16,800,328 ordinary shares, being the weighted average number of ordinary shares in issue during the year. The fully diluted earnings per share for the year ended 30th September 1995 takes account of share options in issue and is based on a weighted average of 18,264,410 ordinary shares issued and issuable.
The adjusted earnings per ordinary share for the year ended 30th September 1994 is based on earnings of £2,479,000 (being the consolidated profit for the financial year before exceptional items but after taxation and adjusted for the assumed issue of options) and on a weighted average of 17,507,868 ordinary shares issued and issuable.

3. Dividends per share

The Directors have recommended the payment of a final dividend of 4.5p (net) bringing the total dividend for the year to 6.0p (net) per share. The final dividend is payable on 2nd February 1996 to shareholders on the register at 28th December 1995.

4. Net cash flow from operating activities

					         1995          1994
					         £000          £000

Operating profit				4,586         3,501
Depreciation charge			        1,538         1,566
Loss on disposal of tangible fixed assets	  156            90
Increase in stock			       (1,132)       (1,014)
(Increase)/Decrease in debtors	               (4,539)        2,700
Increase/(Decrease) in creditors	        7,769        (4,600)

Net cash inflow from operating activities       8,378         2,243

On 5th May 1995 the Group acquired the business, assets and liabilities of an unincorporated partnership, Key Solutions, a specialist provider of education management and administration software. The activities of this business are now carried out through Key Solutions RM Limited, a wholly owned subsidiary. The profit and loss account for the year ended 30th September 1995 includes a post acquisition loss of £220,000 on a seasonally weak turnover of £308,000.

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