plc - Interim Results for the six months ended 31 March 1996

Notes to the Interim Statements

Accounting policies

The financial information contained in this statement does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985.

The unaudited consolidated profit and loss account, balance sheet and cash flow statement for the half years ended 31 March 1995 and 31 March 1996 have been prepared on a basis consistent with the statutory accounts for the year ended 30 September 1995. Those accounts received an unqualified auditors report and have been filed with the Registrar of Companies.

Taxation

The tax charge for the half year ended 31 March 1996 has been provided at an estimated effective rate for the full year of 33%.

Dividends

The proposed interim dividend of 1.8p (net) per ordinary share will be paid on 5 July 1996 to shareholders on the register on 5 June 1996.

Earnings per share

Basic earnings per share for the half year ended 31 March 1996 is based on 17,666,663 ordinary shares, being the weighted average number of ordinary shares in issue during the half year ended 31 March 1996. The fully diluted earnings per share for the half year ended 31 March 1996 takes account of options in issue and is based on a weighted average of 18,472,963 ordinary shares issued and issuable.

Notes to the consolidated cash flow statement

£000 Half year ended:	31 March 1996	31 March 1995
Operating profit	1,089	794
Depreciation charge	895	745
(Profit)/Loss on disposal of fixed assets	(9)	123
Decrease/(Increase) in stock	364	(360)
(Increase)/Decrease in debtors	(1,784)	473
Increase in creditors	657	3,190
Net cash inflow from operating activities	1,212	4,965