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 and balance sheet for the half years ended 31 March 1996 and 31 March 1997 have been prepared on a basis consistent with the statutory accounts for the year ended 30 September 1996. Those accounts received an unqualified auditors report and have been filed with the Registrar of Companies. The cash flow statement for the half years ended 31 March 1996 and 31 March 1997 and the year ended 30 September 1996 has been prepared on the basis of Financial Reporting Standard 1 (FRS1) which became effective during the current reporting period.
The tax charge for the half year ended 31 March 1997 has been provided at an estimated effective rate for the full year of 33%.
The proposed interim dividend of 2.3p (net) per ordinary share will be paid on 4 July 1997 to shareholders on the register on 2 June 1997.
Basic earnings per share for the half year ended 31 March 1997 is based on 17,814,108 ordinary shares, being the weighted average number of ordinary shares in issue during the half year ended 31 March 1997.
The net cash balance of £9,716k as at 31 March 1996 comprises cash of £9,798k less lease liabilities of £82k.
| £000 Half year ended: | 31 March 1997 | 31 March 1996 | |
| Operating profit | 1,248 | 1,089 | |
| Depreciation charge | 1,095 | 895 | |
| Loss/(Profit) on disposal of fixed assets | 15 | (9) | |
| Decrease in stock | 426 | 364 | |
| Increase in debtors | (4,892) | (1,784) | |
| Increase in creditors | 4,836 | 657 | |
| Net cash inflow from operating activities | 2,728 | 1,212 |