Results for the year ended

30 September 1996

Notes to the Financial Statements

1. Report and Accounts 1996

The financial information set out in this preliminary results announcement does not constitute the Company's statutory accounts for the years ended 30th September, 1996 or 30th September 1995 but is derived from those accounts. Statutory accounts for 1994/1995 contained an unqualified audit report and have been delivered to the Registrar of Companies. The statutory accounts for 1995/1996 will be posted shortly, and delivered to the Registrar of Companies following the Company's Annual General Meeting to be held on the 29th January 1997.

2. Earnings per share

Basic earnings per ordinary share for the year ended 30th September 1996 is based on 17,678,158 ordinary shares, being the weighted average number of ordinary shares in issue during the year. The fully diluted earnings per ordinary share for the year ended 30th September 1996 takes account of share options in issue and is based on a weighted average of 18,472,962 ordinary shares issued and issuable.

3. Dividends per share

The Directors have recommended the payment of a final dividend of 6.0p (net) bring the total dividend for the year to 8.0p (net) per share. The final dividend is payable on 3rd February 1997 to shareholders on the register on 10th December 1996.

4. Net cash flow from operating activities

Notes to the consolidated cash flow statement

£000 year ended:	1996	1995
Operating profit	6,352	4,586
Depreciation charge	1,965	1,538
(Profit)/Loss on disposal of fixed assets	(47)	156
Decrease/(Increase) in stock	1,219	(1,132)
(Increase)/Decrease in debtors	(2,504)	(4,539)
Increase in creditors	1,288	7,769
Net cash inflow from operating activities	8,273	8,378