The unaudited consolidated profit and loss account and balance sheet for the half years ended 31 March 1998 and 31 March 1999 have been prepared on a basis consistent with the statutory accounts for the year ended 30 September 1998. Those accounts received an unqualified auditor’s report and have been filed with the Registrar of Companies.

Taxation
The tax charge for the half year ended 31 March 1999 has been provided at the estimated effective rate for the full year.

Dividends
The proposed interim dividend of 0.66p per ordinary share (1998: 0.54p) will be paid on 2 July 1999 to shareholders on the register on 7 June 1999.

Earnings per share
Earnings per share for the half year ended 31 March 1999 are based on earnings of £1,795,000 (1998: £439,000).

Basic earnings per share is based on 91,612,199 ordinary shares (1998: 90,282,945), being the weighted average number of ordinary shares in issue during the half year ended 31 March 1999.

The fully diluted earnings per share is based on a weighted average of 94,345,793 (1998: 92,394,943) ordinary shares issued and issuable.

The earnings per share calculations and the historical comparatives are in accordance with the requirements of FRS14.

Notes to the consolidated cash flow statement

£000	Half year ended:
	31 March 1999	31 March 1998
Operating profit	2,262	334
Depreciation charge	2,220	1,629
Profit on disposal of fixed assets	(24)	(35)
Decrease in stock	508	989
Decrease in debtors	3,330	978
Decrease in Creditors	(3,457)	(1,588)
Net cash inflow from operating activities	4,839	2,307

A printed copy of this Annual Report and Accounts will be sent directly to shareholders after the posting date. Copies may be obtained after the posting date from the registered office of the Company at:

New Mill House, 183 Milton Park
Abingdon, Oxfordshire, OX14 4SE