2008/09 Financial Summary

  • Adjusted pre-tax profit of £2.54 million, despite prevailing market conditions*
  • Continued cash generation from operations of £5.91 million through reduction of working capital
  • Reduction in gross debt of £1.64 million
  • The Board proactively reviewed the operations at the end of H1 and formulated a restructuring programme, which is estimated to provide annual savings of circa. £4 million

The Income Statement for the year ended 31 March 2009 in relation to continuing operations can be summarised as follows:

Adjusted EBITDA*£4.55m£11.42m
Adjusted pre-tax profit*£2.54m£8.99m
Pre-tax loss from continuing operations(£11.00m)£6.18m
Adjusted diluted EPS*1.15p7.69p

* These figures exclude discontinued operations and take into account the separately identifiable items as below, which the management believe provide a better understanding of the Group's underlying performance

Disclosed items:-

Restructuring programme£3.70 million
Goodwill impairments£8.30 million
Associate impairment£0.66 million
Settlement claim£0.56 million
Intangible amortisation£0.27 million
IFRS 2 Charges£0.05 million
Total:£13.54 million