Final Results

Date : 07/26/2005 @ 8:00AM
Source : UK Regulatory (RNS & others)
Stock : Games Workshop Group Plc (GAW)
Quote : 4398.0  -10.0 (-0.23%) @ 4:35PM
Games Workshop share price Chart

Final Results

RNS Number:2649P
Games Workshop Group PLC
26 July 2005

                           PRELIMINARY RESULTS

Games Workshop Group PLC announces its preliminary results for the year ended 29
May 2005.


*  Underlying business healthy notwithstanding sales decline with the Lord
   of the Rings downturn
*  Turnover at #136.6m (2004: #151.8m)
*  Operating profit at #13.9m (2004: #19.9m)
*  Earnings per share of 28.2p (2004: 40.8p)
*  Maintained final dividend per share of 14.025p (2004: 14.025p)
*  21 new Hobby stores opened bringing the total to 327

Tom Kirby, Chairman and Chief Executive of Games Workshop, said: "Despite our
short-term difficulties, the Hobby is in good health.

"The directors believe the long-term prospects for the business remain very

For further information, please contact:

Games Workshop Group PLC                            Today only:   01756 770 376
Tom Kirby, Chairman and Chief Executive              Thereafter   0115 900 4001
Michael Sherwin, Finance Director                                 0115 900 4001
Julia Woodall, PR Manager                                         0115 900 4006
Wade Pryce, Assistant PR Manager                                  0115 900 4010

The analyst presentation may be viewed at
Investor Relations website         
General website                         

Rawlings Financial PR Limited                              Tel:   01756 770 376
John Rawlings
Catriona Valentine

                              FINANCIAL HIGHLIGHTS

                                                     2005                2004

Turnover                                           #136.6m             #151.8m

Operating profit                                    #13.9m              #19.9m

Pre-tax profit                                      #13.5m              #19.6m

Year end net funds                                   #3.4m               #8.2m

Earnings per share                                   28.2p               40.8p

Dividend per share                                 18.975p             18.750p


Summary of results - for the year to 29 May 2005


This is the first set of results for the Company which shows a fall in both
sales and profits, but nonetheless I am pleased to report that the Games
Workshop Hobby, and the business which supports and maintains it, continues to
enjoy good health. For the last two years we have been concerned that, for Games
Workshop, the Lord of the Rings business might create a bubble effect * which
might not be sustainable, but we have to confess that we underestimated the
impact which this would have on our sales and profits in the last quarter of
this financial year. Once the level of the decline became clear, we acted
quickly to slow down our production and to reduce unnecessary costs throughout
the business. We see this as a temporary reduction in sales for a business which
has proven its growth credentials over many years, credentials we expect to
re-establish. We are therefore not taking short-term actions on our cost base
which would prejudice our ability to grow in the long term. To reiterate, we
continue to see the Company as a growth business. Nevertheless, following the
phenomenal growth of the past few years, which has proven to be unsustainable,
we do need to call 'time out' while we re-establish our more normal pattern of
growth in sales and profits.

We know what we need to do: we need to stick to the basics of our business
model, which is designing and manufacturing the best model soldiers in the
world, and getting these into the hands of hobbyists wherever they may be. There
are no quick fixes or smart tricks, nor are we looking for any. The basics of
the business remain sound in all of our territories. Both new and existing
hobbyists continue to engage with our products, the quality of which we believe
remains without peer.

* 'We reported last year that DeAgostini, a third party business which had been
granted a licence by the Games Workshop Group to produce a serialised gaming
supplement based upon our Lord of the Rings tabletop battle game, launched its
'Battle Games in Middle-earth' product in the UK. This product, which was sold
through traditional magazine newsstand distribution channels, was heavily TV
advertised, and this resulted in an unexpected increase in the sales of our Lord
of the Rings products. At the time we indicated that this 'bubble' effect
increase in sales might not be sustainable in the future.' (extract from the
2004 annual report)

Sales by territory

                        2005       2004      Decline      Decline
                                                         (constant currency: 
                                                          see note 8)

Continental Europe    #59.5m     #61.3m       -#1.8m       -#1.6m
UK                    #40.1m     #48.2m       -#8.1m       -#8.1m
The Americas          #28.7m     #33.1m       -#4.4m       -#3.0m
Asia Pacific           #8.3m      #9.1m       -#0.8m       -#0.7m

The downturn in sales in the final quarter has been most evident in Continental
Europe and the UK, territories which have experienced particularly strong growth
in recent years buoyed especially by sales of the Lord of the Rings products.

Sales by channel

The Group has a single business segment, the Games Workshop Hobby. This is
supported and promoted by our own hobby stores, through which 46% of sales are
made. As we continue to grow the Hobby, we have opened another 21 stores during
the year taking our total to 327. Sales are also made through independent
retailers and direct, through the internet and mail order.

         Independent retailers     #61.0m        45%

         Hobby stores              #62.9m        46%

         Direct                    #12.7m         9%

Continental Europe

There are five autonomous sales businesses in Continental Europe, whose mission
it is to develop the Games Workshop Hobby in France, Germany, Spain, Northern
Europe and Italy. We now have 99 Games Workshop Hobby stores, up from 90 last
year. Sales grew modestly in Germany and Northern Europe but fell in the other
businesses during the year, in particular during the last quarter. Nevertheless
we continue to see growth in community activity and in the number of people
attending our annual Games Day celebrations of the Hobby, which augurs well for
the future.


We have 120 Games Workshop Hobby stores in the UK (2004: 117). Our UK business
has seen a slowdown in sales throughout the year, but the last quarter was
particularly tough. We have simplified the management structure to improve the
effectiveness of decision making and implementation in the business, and to
ensure that the balance between customer facing and back office roles remains

The Americas

2005 has been a year of consolidation and bedding in for our operations in the
Americas, which for us comprises the USA and Canada, after the significant
investment and structural change which we effected in 2004. We believe that we
now have a sales infrastructure which can deliver long-term growth to the Group.
Last year we established three new regional sales offices for the US in Chicago
(Mid-West), Los Angeles (West) and Memphis (South) in addition to the Baltimore
(North-East) operation; Baltimore was previously our sales centre for the entire
country. These offices, and the dedicated sales teams which each has
established, are now responsible for sales in each region, and for providing
customer service both through independent retailers and through our own Games
Workshop Hobby stores. To support these efforts on the ground we have opened a
further eight new Games Workshop Hobby stores, taking the total to 81 in the
Americas. Sales in the year through our own stores and through the direct
internet and mail order channels have continued to show healthy growth, while
sales to independent retailers have been in decline. The health of our
independent retailer customer base in the USA has been a source of concern for
some years now: we began this year with 958 active accounts and we have ended it
with 798. This consolidation is in part due to us choosing no longer to work
with uneconomic accounts, and in part due to some accounts going out of
business. We remain confident that the investment we have put into each region
will result in continued sales growth in our own stores and through our direct
channels. Whether this will also help to restore the health of our sales to
independent retailers, we shall have to wait and see.

Asia Pacific

This business comprises Australia and New Zealand, where we now have 27 Games
Workshop Hobby stores (2004: 28). Our sales in Australia and New Zealand in
local currency were flat year on year, the Lord of the Rings effect being less
significant than in the UK or Continental Europe. The improvement in performance
of this region has resulted from the refocusing of the management team on
Australia and New Zealand following the closure of our Hong Kong and Singapore
activities last year. Just after the year end we opened our first store in
Tokyo, Japan. While we expect our business here to grow modestly in its early
years, we see this as an exciting long-term growth area.

Manufacturing and supply chain

We have continued the programme of investment in our vertically integrated
design, manufacturing and distribution supply chain this year, resulting in the
consolidation of our European supply activities onto our newly developed
Nottingham site. The final stage of this programme, which involves moving our
plastic injection moulding facility from Wisbech, UK, to Nottingham, will be
completed during the next financial year. This programme is focussed upon
ensuring that our supply activities are flexible and responsive and that the
needs of our Continental European and UK businesses are catered for into the
medium term. This flexibility was well proved during the last quarter of this
financial year when the supply business responded swiftly to the downturn in
sales without a significant growth in stock levels.

In June 2003 we opened our new Memphis warehousing and distribution facility,
and in 2004 we introduced a box packing activity in the new facility. This year
we have introduced both metal casting and plastic injection moulding in Memphis,
and also bulk distribution for our Asia Pacific business. Going forwards we
expect that the Memphis facility will supply the majority of the needs of both
our American and Asia Pacific regions.

Other activities

Warhammer Online/computer games licensing

On 21 June 2004, we announced the termination of our direct involvement in the
development of Warhammer Online, a venture to operate a massively multiplayer
online role-play game (MMORPG) set in the Warhammer world. We have recently
concluded an agreement with Mythic Entertainment Inc., the developer and
publisher of Dark Age of Camelot, who will develop MMORPGs set in the Warhammer
world under licence from Games Workshop. Mythic Entertainment Inc. expects the
first game to be released on PC in 2007.

In addition to the MMORPG licence, we have granted licences in relation to our
intellectual property to certain publishers of console and PC based computer
games. THQ Inc. published Dawn of War during the year, based on our Warhammer
40,000 property, and we have recently licensed Namco Hometek Inc. to publish
games based on our Warhammer property.

BL Publishing

Our publishing business, which made sales of some #1.3m this year, has continued
its strategy to extend its activities outside the Warhammer and Warhammer 40,000
intellectual properties into other fantasy, science fiction and horror
properties published under the Black Flame title. This business is developing a
small but profitable niche publishing portfolio, while continuing to enhance and
develop the existing Games Workshop intellectual property.

Sabertooth Games

This US based collectible card game business, which has been struggling to break
even since we acquired it in 2002, is now based in our Memphis facility to
ensure that it can carry on business on a low cost infrastructure and obtain the
maximum benefit from Games Workshop's operational and logistical structures. We
believe that these actions will place this small business (sales this year of
$1.6m) on a firmer footing for the future.

Management structure

Last year we established a divisional management structure for the business with
four management groups.

Each division has clearly defined responsibilities as follows:

   Games Workshop Tabletop Wargaming division - responsible for the development 
   of the Hobby throughout the world. This encompasses the sales businesses in 
   each territory around the world as well as the design studio based in 

   Manufacturing and Supply division - responsible for the realisation of the
   designs into manufactured products, and the supply and distribution of those
   products to our sales businesses and their customers around the world.

   Other Activities division - responsible for the sales of all non-tabletop
   wargaming products, including publishing, collectible card games and computer

   Group - responsible for the financing and corporate governance of the 
   activities carried out in the divisions. This also includes intellectual 
   property management, legal, treasury, reporting and investor relations.

This structure has been in place throughout this year, and in addition to
improving our business focus we believe that we are now better placed to address
the key areas of management recruitment, development and succession planning in
a more systematic way.


Games Workshop is a special business with an even more special workforce. Many
share a passion for the Games Workshop Hobby, and those who do not have an
equally strong passion for providing excellent quality service to support it.

This year has been tough for all of our staff as we see the sales 'bubble'
deflating. And it remains tough today too. Most of our staff love what they do,
but they also love to succeed. It is part of management's job in Games Workshop
to provide reassurance to our staff that success isn't just about beating last
year's numbers (although that helps), it is about doing your best, every day, to
develop and further the business. So long as our staff are doing that, then they
get my wholehearted vote of confidence.

So once again, I would like to use this annual report to say thank you to all
our staff and I trust that our shareholders will join me.

Risks facing the business

Managing the risks which face our business is what we do every day. The
divisional management structure referred to above is how we make this process
transparent and accountable. The Games Workshop Tabletop Wargaming division is
responsible for keeping the Hobby fresh and exciting and for managing market
facing risks, the Manufacturing and Supply division is responsible for managing
product delivery risks, the Other Activities division is responsible for using
our intellectual property appropriately while not distracting our tabletop
wargaming activities, and Group is responsible for managing corporate risks. We
have a formal risk reporting process as part of our annual budgeting and
planning cycle, which is linked into the internal and external audit process,
but the management of these risks is an integral part of the daily management

Foremost amongst the market facing risks is our ability to forecast sales and
factory demand. As I have indicated elsewhere, we failed this year accurately to
forecast the extent of the sales downturn after the last of the Lord of the
Rings movies, although our supply business was able to react very swiftly once
the decline was upon us. We are currently looking at ways in which we might
better predict future sales by using trend analysis and statistical tools -
however, we believe it is unlikely that we will again find ourselves with such a
significant sales 'bubble' caused by third party advertising and movie
marketing, neither of which forms part of our normal business model.

Amongst the product delivery risks are those relating to input prices. The cost
of core raw materials (metal and plastic) represents no more than 3% of our
sales. While the prices of these commodities have shown significant volatility
during the last 18 months, we do not believe that this volatility represents a
significant threat to our long-term profitability. In the short term our buying
team continues to work hard to minimise these risks and the Manufacturing and
Supply division continues to seek process efficiencies to offset any cost

Many of our risks are mitigated by the significant portfolio effect which we
usually enjoy with different geographies, different routes to market and
different currencies. This leads me to conclude that the main source of risk for
us remains management error. This is why management recruitment, development and
succession planning are so important.


In the short term our trading prospects remain challenging: it is inherently
difficult to predict when our sales will again re-establish their historical
growth rates once we have put the Lord of the Rings sales 'bubble' behind us.

However, we remain confident that we are right to refer to these as short-term
trading issues. This confidence is based upon the following three fundamentals:

1.  The long-term growth credentials of the business

As I have indicated above, we see Games Workshop as a growth business. Between
2002 and 2004, the Lord of Rings products took our sales above the normal growth
line, and the 'bubble' is now deflating. We believe that it is only a matter of
time before we resume our historic linear growth rate.

2.  The market opportunity for our existing sales businesses

The table below shows our sales per capita in our key sales territories, based
upon our 2005 sales and the population statistics for each country. In the long
term we see no reason why we shouldn't achieve similar levels of sales
penetration in each of these markets to those which we currently have in the UK.
Achieving this would result in a multiple of our current level of sales.

Sales per capita by geographical area

    UK                     59p
    Asia Pacific           39p
    Continental Europe     23p
    The Americas           12p
    Japan                   0p

This is not a sales forecast but a rough indication of what the future potential
for Games Workshop might be.

3.  The health of the Games Workshop Hobby

Despite our short-term difficulties, the Hobby is in good health. Add to that we
are coming to the end of our programme of building developments in Nottingham,
which leaves the business seriously well invested.

The directors believe the long-term prospects for the business remain very good.

Tom Kirby
Chairman and Chief Executive


                                                       Year to         Year to
                                                   29 May 2005     30 May 2004
                                                          #000            #000

Turnover                                               136,647         151,775
Cost of sales                                          (42,071)        (50,099)
                                                     ---------       ---------

Gross profit                                            94,576         101,676
Net operating expenses                                 (80,683)        (81,821)
                                                     ---------       ---------

Operating profit                                        13,893          19,855
Interest receivable                                        153             145
Interest payable and similar charges                      (538)           (427)
                                                     ---------       ---------

Profit on ordinary activities before taxation           13,508          19,573
Taxation on profit on ordinary activities               (4,863)         (7,245)
                                                     ---------       ---------

Profit on ordinary activities after taxation             8,645          12,328
Equity minority interests                                    -               1
                                                     ---------       ---------

Profit for the financial year                            8,645          12,329
Dividends                                               (5,886)         (5,749)
                                                     ---------       ---------

Profit retained for the financial year                   2,759           6,580
                                                     =========       =========

Basic earnings per ordinary share                         28.2p           40.8p
Diluted earnings per ordinary share                       27.8p           40.1p
Dividend per ordinary share                             18.975p          18.75p

All items dealt with in arriving at the profit on ordinary activities before
taxation relate to continuing activities. There is no difference between the
profit on ordinary activities before taxation and the retained profit for the
year stated above and their historical cost equivalents.


                                                       Year to        Year to
                                                   29 May 2005    30 May 2004
                                                          #000           #000

Profit for the financial year                            8,645         12,329
Currency translation differences on foreign
currency net investments                                   483         (2,012)
                                                     ---------      ---------
Total recognised gains and losses relating to the
year                                                     9,128         10,317
                                                     =========      =========


                                   Group                      Company
                               As at         As at         As at         As at
                         29 May 2005   30 May 2004   29 May 2005   30 May 2004
                                #000          #000          #000          #000

Fixed assets
Goodwill                       2,085         2,463             -             -
Tangible assets               31,049        25,627             -             -
Investments                        -             -        30,281        30,281
                           ---------     ---------     ---------     ---------

                              33,134        28,090        30,281        30,281
                           ---------     ---------     ---------     ---------

Current assets
Stocks                        12,838        12,102             -             -
Debtors: due within
one year                      10,757        12,321         8,321         9,890
Debtors: due after one
year                           2,283         1,291            11            12
Cash at bank and in
hand                           8,610         8,570         2,115           551
                           ---------     ---------     ---------     ---------

                              34,488        34,284        10,447        10,453

Creditors: amounts
falling due
within one year              (23,533)      (26,558)       (9,349)       (9,833)
                           ---------     ---------     ---------     ---------

Net current assets            10,955         7,726         1,098           620
                           ---------     ---------     ---------     ---------

Total assets less
current liabilities           44,089        35,816        31,379        30,901
Creditors: amounts
falling due after
more than one year            (5,383)         (788)       (5,000)            -
Provisions for
liabilities and
charges                         (633)         (924)            -          (392)
                           ---------     ---------     ---------     ---------

Net assets                    38,073        34,104        26,379        30,509
                           =========     =========     =========     =========

Capital and reserves
Called up share capital        1,553         1,542         1,553         1,542
Capital redemption               101           101           101           101
Share premium                  6,542         5,251        14,570        13,279
Profit and loss account       29,877        27,210        10,155        15,587
                           ---------     ---------     ---------     ---------
Equity shareholders'
funds                         38,073        34,104        26,379        30,509
Equity minority                    -             -             -             -
interests                  ---------     ---------     ---------     ---------

Total capital employed -      38,073        34,104        26,379        30,509
all equity                 =========     =========     =========     =========


                                                       Year to        Year to
                                                   29 May 2005    30 May 2004
                                                          #000           #000

Net cash inflow from operating activities               18,607         23,490
                                                     ---------      ---------
Returns on investments and servicing of finance
Interest received                                          151            147
Interest paid                                             (503)          (408)
Interest paid on finance leases                            (13)            (9)
                                                     ---------      ---------
Net cash outflow from returns on investment and
servicing of finance                                      (365)          (270)
                                                     ---------      ---------
UK corporation tax paid                                 (4,141)        (6,201)
Overseas taxation paid                                  (2,186)        (1,977)
                                                     ---------      ---------

Net cash outflow from taxation                          (6,327)        (8,178)
                                                     ---------      ---------
Capital expenditure and financial investment
Purchase of tangible fixed assets                      (11,891)       (13,968)
Sale of tangible fixed assets                               49            117
                                                     ---------      ---------
Net cash outflow from capital expenditure and
financial investment                                   (11,842)       (13,851)
                                                     ---------      ---------

Equity dividends paid                                   (5,818)        (5,218)
                                                     ---------      ---------

Net cash outflow before financing                       (5,745)        (4,027)
                                                     ---------      ---------

Issue of ordinary share capital                            727          1,363
Repayment of principal under finance leases               (165)          (124)
Increase in medium-term revolving credit facility        5,000              -
                                                     ---------      ---------

Net cash inflow from financing                           5,562          1,239
                                                     ---------      ---------

Decrease in cash in the year                              (183)        (2,788)
                                                     =========      =========


Reconciliation of operating profit to operating cash flow

                                                              2005        2004
                                                              #000        #000

Operating profit                                            13,893      19,855
Loss/(profit) on disposal of tangible fixed assets              59         (35)
Depreciation of tangible fixed assets                        6,940       6,080
Amortisation of goodwill                                       379         366
(Increase)/decrease in stocks                                 (644)        263
Decrease/(increase) in debtors                               1,307      (1,754)
Decrease in creditors                                       (3,036)       (484)
Decrease in provisions                                        (291)       (801)
                                                         ---------   ---------

Net cash inflow from operating activities                   18,607      23,490
                                                         =========   =========

Analysis of net funds

                     As at                 Other non-   Exchange         As at
               31 May 2004   Cash flow   cash changes   movement   29 May 2005
                      #000        #000           #000       #000          #000

Cash at bank
and in hand          8,570        (183)             -        223         8,610
Debt due after
one year                 -      (5,000)             -          -        (5,000)
Finance leases        (364)        165             19         (1)         (181)
                 ---------    --------      ---------  ---------     ---------

Net funds            8,206      (5,018)            19        222         3,429
                 =========    =========     =========  =========     =========               

Reconciliation of net cash flow to movement in net funds

                                                       Year to        Year to
                                                   29 May 2005    30 May 2004
                                                          #000           #000

Decrease in cash in the year                              (183)        (2,788)
Cash (inflow)/outflow from (increase)/decrease in
debt and lease financing                                (4,835)           124
                                                     ---------      ---------

Change in net funds resulting from cash flows           (5,018)        (2,664)
New finance leases                                          19           (491)
Exchange movement                                          222           (367)
Net funds at 31 May 2004                                 8,206         11,728
                                                     ---------      ---------

Net funds at 29 May 2005                                 3,429          8,206
                                                     =========      =========


1.  The financial information given above does not constitute the Group's
statutory accounts. Statutory accounts for the years ended 29 May 2005 and 30
May 2004 which have been reported on by the Group's auditors, were unqualified
and did not contain statements under s237(2) or (3) of the Companies Act 1985.
Statutory accounts for the year ended 30 May 2004 have been delivered to the
Registrar of Companies and the statutory accounts for the year ended 29 May 2005
will be delivered to the Registrar of Companies in due course.

2.  The annual report will be mailed to shareholders on 27 July 2005.  Copies
of the annual report will also be available from Michael Sherwin, Games Workshop
Group PLC, Willow Road, Lenton, Nottingham NG7 2WS. This information is also 
available on the company web site at

3.  Segmental analysis

The Group has one business segment, the Games Workshop Hobby. A geographical
analysis of the Group's business is provided below:


By geographical area of sales operation

                                                    2005                 2004
                                                    #000                 #000

Continental Europe                                59,539               61,290

United Kingdom                                    40,166               48,241

The Americas                                      28,670               33,110

Asia Pacific                                       8,272                9,134
                                               ---------             --------

Turnover                                         136,647              151,775
                                               =========             =========

By geographical area of destination

                                                    2005                 2004
                                                    #000                 #000

Continental Europe                                61,732               66,643

United Kingdom                                    36,666               42,143

The Americas                                      29,624               33,291

Asia Pacific                                       8,530                9,501

Other                                                 95                  197
                                               ---------            ---------

Turnover                                         136,647              151,775
                                               =========            =========

Operating profit

By geographical area of sales operation

                                                    2005                 2004
                                                    #000                 #000

Continental Europe                                15,356               19,948

United Kingdom                                     7,071               11,370

The Americas                                         365                 (829)

Asia Pacific                                       1,027                  756
                                               ---------            ---------

                                                  23,819               31,245

Design and development costs - core               (3,324)              (2,873)

Design and development costs - other              (1,667)              (3,761)

Central costs                                     (5,309)              (4,942)
                                               ---------            ---------

Operating profit before royalties                 13,519               19,669

Royalty income                                       374                  186
                                               ---------            ---------

Operating profit                                  13,893               19,855
                                               =========            =========

Core design and development costs relate to expenditure incurred in the design
and development of tabletop wargaming product.

Other design and development costs include #0.6 million (2004: #2.5 million) in
respect of the Warhammer Online venture.

Net assets

By geographical area of sales operation

                                                    2005                 2004
                                                    #000                 #000

Continental Europe                                15,644               10,919

United Kingdom                                    11,851                8,252

The Americas                                       9,182               10,377

Asia Pacific                                       3,119                  398
                                               ---------            ---------

                                                  39,796               29,946

Unallocated net assets/(liabilities)
- cash                                             8,610                8,570
- borrowings                                      (5,000)                   -
- taxation                                           792                 (813)
- central                                         (6,125)              (3,599)
                                               ---------            ---------

Net assets                                        38,073               34,104
                                               =========            =========

4. Turnover, cost of sales, gross profit and net operating expenses

                                                    2005                 2004
                                                    #000                 #000

Turnover                                         136,647              151,775

Cost of sales                                     42,071               50,099
                                               ---------            ---------

Gross profit                                      94,576              101,676
                                               ---------            ---------

Selling and distribution costs                    45,311               45,035

Administrative costs                              35,746               36,972

Operating income - royalty income                   (374)                (186)
                                               ---------            ---------

Net operating expenses                            80,683               81,821
                                               ---------            ---------

Operating profit                                  13,893               19,855
                                               =========            =========

                                                    2005                 2004
                                                    #000                 #000
Administrative costs include:

Design and development costs - core                3,324                2,873

Design and development costs - other               1,667                3,761

Other administrative costs                        30,755               30,338
                                               ---------            ---------

Total administrative costs                        35,746               36,972
                                               =========            =========

5. The calculation of basic earnings per ordinary share has been based on profit
for the year of #8.6 million (2004: #12.3 million) and the weighted average
number of shares in issue throughout the year.

The calculation of diluted earnings per ordinary share has been based on profit
for the year and the weighted average number of shares in issue throughout the
year, adjusted for the dilution effect of share options outstanding at the year

                                                          2005            2004

Weighted average number of shares:
For basic earnings per ordinary share               30,691,357      30,223,087
Dilution effect of share options outstanding           384,946         495,036
                                                   -----------     -----------

For diluted earnings per ordinary share             31,076,303      30,718,123
                                                   ===========     ===========

6.  Taxation on profit on ordinary activities

                                                          2005           2004
                                                          #000           #000

Current taxation

UK corporation tax                                       3,633          4,410
Overseas tax                                             1,823          2,193
                                                   -----------    -----------

Total current taxation                                   5,456          6,603

Deferred taxation                                         (593)           642
                                                   -----------    -----------

Taxation on profit on ordinary activities                4,863          7,245
                                                   ===========    ===========

7.       The proposed final dividend per share of 14.025p will be paid on 28
October 2005 to shareholders on the register at the close of business on 7
October 2005.

8.       Constant currency growth is calculated by comparing sales in underlying
currencies for 2004 and 2005, both converted at the 2004 average exchange rates.

                                                   euro            US dollar
                                               2005     2004     2005     2004

Year end rate used for the balance sheet       1.46     1.50     1.82     1.83

Average rate used for earnings                 1.46     1.46     1.86     1.74

                      This information is provided by RNS
            The company news service from the London Stock Exchange


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