RNS Number:3069G
IDOX PLC
13 December 2004
IDOX plc
Results for the year ended 31 October 2004
FOR IMMEDIATE RELEASE 13 December 2004
Highlights
* Turnover increased by 113% to #9.55 million (2003: #4.47 million)
* Moved into profitable trading, in line with projection
* Profit before tax #0.09 million (2003: loss of #0.59 million)
* Profit after tax of #0.38 million (2003: loss of #0.59 million)
* Cash of #2.79 million as at 31 October 2004 (2003: #2.65 million)
* Strengthened market position through additional products and services,
new client wins and expansion within local authorities
* Successful acquisition and integration of TFPL Limited, enabling the
delivery of a broader range of services to new and existing clients
* #2.30 million raised in May 2004 from new and existing shareholders
Andrew Fraser, Chief Executive of IDOX, commented:
"I am delighted to announce that IDOX has moved into profitable trading for the
period under review. The Group has achieved a successful transformation from a
software development company and is now positioned as a leading provider of
information management solutions focused on the public sector. Following the
acquisition and integration of TFPL, we now offer a combination of information
management solutions with software, content and advisory services. This unique
offering enables us to capitalise on the considerable cross-selling
opportunities and we look forward to building upon this and delivering value to
our new and existing shareholders."
For further information please contact:
Andrew Fraser, CEO 020 7954 3800
Tim Bowen, CFO and COO 020 7954 3800
Nadja Vetter / Olivia Gallimore, Cardew Group 020 7930 0777
Notes to editors
IDOX plc is a fast-growing information and knowledge management company,
specialising in the development and delivery of software products, services and
people for information management and knowledge sharing for both the public and
private sectors. The Group's focus is on managing the world of structured and
unstructured information for, and on behalf of, its clients.
The TFPL Advisory team specialises in devising creative and innovative solutions
to problems associated with records, information, knowledge and content
management. Where a skills gap is identified, the Recruitment teams place
candidates of all levels into permanent, contract, and interim management
positions. Training is also a core offering and is delivered in a variety of
formats using experienced facilitators and leading industry practitioners.
IDOX Software is one of the leading players in the local government market for
managing paper and electronic records. IDOX Software has several modules
designed to capture, manage, store, preserve and deliver information for use
both within an organisation, and for access externally - by the public or other
partners.
The Group maintains a comprehensive database of bibliographic abstracts,
supported by the largest collection of information in the UK, on all aspects of
best practice and governance in the public sector. Expert information
professionals identify, summarise and manage a vast resource of information from
all sectors to save member organisations time and money. This outsourced library
service is available via annual subscription.
The Group has a leading position in putting the Local Government Planning
process online (its flagship Managed Services solution) and has developed the
first true end-to-end e-Planning solution for Local Authorities and their
citizens - UKPlanning.
IDOX plc
Chairman's Statement
For the year ended 31 October 2004
I am pleased to announce the results for the year ended 31 October 2004. Overall
the Group has achieved its first full year of pre-tax and after-tax
profitability.
IDOX plc (IDOX) has achieved a successful transformation from a software
development specialist to a comprehensive service company, focused on
information and knowledge management provision, predominantly in the public
sector. The Group now has a unique capability, offering clients an extensive
range of knowledge, information and records management services through its
advisory, people, content, software and managed services offerings. As a result
we are winning projects which encompass our complete portfolio of services. I am
pleased to report that IDOX's latest acquisition, TFPL Limited (TFPL), has been
integrated within the Group and has proved highly successful with its revenues
and profits exceeding our expectations. IDOX is now positioned as a leading
provider of information management software and services in the United Kingdom
public sector. In addition, 13% of our revenues are now from the private sector.
The Group's revenues for the financial year to 31 October 2004 increased by 113%
to #9.55 million (2003: #4.47 million). Excluding the effect of the acquisition
of TFPL half way through the year, the revenue growth rate was 43%. The Group
made a pre-tax profit of #0.09 million (2003: loss of #0.59 million) and
recorded an after-tax profit of #0.38 million (2003: loss of #0.59 million).
Cash reserves stood at #2.79 million as at 31 October 2004 compared with #2.65
million as at 31 October 2003. Ongoing discussions with the Inland Revenue, and
the consequent uncertainty over the recoverability of a Research and Development
tax credit of around #0.16 million in respect of the year ended 31 October 2003,
means that the after-tax profit announced is less than it would have been had
this tax credit been received, since we account for such credits on a cash
basis. If we are successful in receiving all or part of this claim it will be
accounted for in a later period.
Despite the lack of receipt of the tax credit, the Group has achieved results in
line with expectations for the year. The balance of those revenues and the
profitability between different business lines has changed in comparison with
our expectations at the time of our acquisition of TFPL in May 2004. Our
software business, while continuing to grow rapidly, has accounted for a lower
share of revenues than expected, while our services business has accounted for a
higher share. This trend has led us to revise the average margin that we expect
in the next financial year, as there is a higher cost of sales in our services
business than in our software business.
In line with our stated policy, earnings in the foreseeable future will be fully
re-invested to finance the ongoing growth of the business. The Directors,
therefore, do not recommend the payment of a dividend.
In May 2004, I informed the Board of my decision to step down as Non-Executive
Chairman of the Group as soon as a suitable successor could be identified. This
process is still underway and an announcement will be made in due course.
Finally, I would like to extend my sincere thanks to all our customers,
shareholders, employees and suppliers who have all contributed greatly to our
success and ability to grow in the 10 years that I have been Chairman of the
Group.
John Wisbey
Chairman
10 December 2004
IDOX plc
Chief Executive's Report
For the year ended 31 October 2004
Financial Review
The Group's revenues increased from #4.47 million to #9.55 million, an increase
of 113%, for the year ended 31 October 2004. The recorded profit after tax was
#0.38 million. This equates to earnings per share of 0.23 pence (2003: loss of
0.42 pence). The Group recorded a pre-tax profit of #0.09 million for the year
to 31 October 2004 against a loss of #0.59 million for the year to 31 October
2003. The gross margin for the period was 72%, down from 86% in 2003 as a result
of different gross profit margins in newly acquired business streams. Net cash
at 31 October 2004 amounted to #2.79 million (2003: #2.65 million). These
results include 6 months trading for TFPL Limited (TFPL) which was acquired in
May 2004. Turnover excluding TFPL grew 43% to #6.4 million. We are pleased to
report that the Group traded profitably for 7 months out of the 12 month period
under review.
Acquisition
In May 2004, IDOX announced that it had agreed to acquire TFPL, a leading
knowledge and information management consulting firm, for a consideration of up
to #4 million. Of this amount approximately #2 million was paid (in cash and
shares) upon completion, with the remainder being payable (in shares) contingent
upon gross profit targets being met during the periods to 31 October 2006.
Funding for the transaction was arranged via a placing of 23,000,000 ordinary
shares of 1p each, raising #2.3 million before issue expenses, at a price of 10p
per share.
IDOX Product and Service Offerings
IDOX plc (IDOX) has evolved into a well-established, information and knowledge
management company providing a wide spectrum of products and services. This has
been achieved by blending the right skills, experience and brands. Originally
selling document management software to the planning departments of local
authorities, the Group has now considerably expanded both its client base and
offerings. The Group's capability now includes advisory services, recruitment
services and training, content provision, knowledge sharing, information and
records management software and managed services for all sectors: public and
private.
Advisory
TFPL's advisory team works with clients in all areas of knowledge, information,
library, records and web content management. In recent months they have helped
many public sector clients prepare for the imminent implementation of the
Freedom of Information Act (FoI) in January 2005 through information and records
audits, strategy and process development, procedures and awareness seminars and
training sessions. This is in addition to regular assignments assisting clients
to develop information architectures, taxonomies and metadata for internal
information systems, portals, websites and intranets.
People
TFPL's recruitment services include executive search and the placement of
permanent, interim management and contract personnel in all positions requiring
knowledge, information, library, records or web content management skills and
experience. Executive search clients have recently included universities,
pharmaceutical companies and law firms. Senior interim management candidates
have been placed in many public sector organisations, such as the Learning and
Skills Council, HM Treasury and the Parliamentary and Health Services Ombudsman.
Since its acquisition by IDOX, TFPL has won new clients in the local authority
marketplace, for example, the London Borough of Ealing where we helped to define
the requirements of a new knowledge and information unit, to draw up job
specifications and to recruit the entire team.
TFPL's training team provides both open and in-house courses in all aspects of
knowledge, information and records management. We also develop bespoke awareness
and learning programmes for groups of clients. In recent months we have won a
number of assignments to help local authorities to prepare for FoI by running
awareness seminars across the organisation and providing targeted training
programmes for the teams responsible for implementing the regulations.
Content
The IDOX Information Service is used by central and local government,
professional firms and organisations and is one of the foremost information
providers on community, economic, environmental, and physical regeneration and
development in the United Kingdom. This encompasses everything from forward
planning and development control issues, to the e-Government and Modernisation
Agenda, from enterprise development to lifelong learning, and from social
inclusion issues to health and housing. In 2000, The British Library assessed
our information as better than their own or that held by the former London
Research Centre. This service complements and adds capacity to in-house research
and information gathering.
Software
IDOX Software focuses on the areas of electronic document and records
management, online forms, workflow and web-based information capture and
distribution. This suite of software was initially developed for the planning
departments of local authorities but has been developed to meet the needs of
other specialised departments and entire organisations. IDOX has recently
established a partnership with planning and Geographical Information Systems
(GIS) software vendor CAPS/ESRI, through which we have already won contracts
with Stockton-on-Tees Borough Council, Bath and North East Somerset Council, and
City of Bradford. This formal agreement strengthens our relationship with CAPS/
ESRI which had previously led to five new local authority clients, prior to a
formal agreement. IDOX has also extended its offering with CAPS/ESRI, with the
provision of a solution to enable local authorities to better meet the
requirements of the Licensing Act which comes into force on 7 February 2005.
Social Services departments will be a key focus for the coming year as pressure
is placed on local authorities to deliver the Electronic Social Care Record.
IDOX is well placed to take advantage of projected significant spend in this
area as two IDOX Software systems have already been implemented within Social
Services departments in the United Kingdom.
Increasingly, there has been a demand for the software product outside the local
authority marketplace, with other vendors and major consulting firms expressing
interest. The Group is looking to further expand its offering into these areas,
giving it greater opportunity and a stronger and more diverse client base.
The FoI Act implementation deadline is 1 January 2005. From this date, members
of the public will be able to request records from public bodies within a given
timescale of 20 working days. IDOX has designed a programme of products and
services that help local authorities and the wider public sector meet the
deadline for FoI. It is apparent from research into the sector that most local
authorities are not prepared and, even where departments have taken steps,
corporate implementations are scarce. Although the deadline is the start of the
year, it is clear that there is scope for selling the FoI programme well into
2005.
Managed Services
IDOX's Managed Services expertise has grown by working in partnership with our
local authority clients. The public sector recognises that it is not realistic
to undertake certain tasks within the organisation - especially when resources
are in short supply. UKPlanning is designed to provide Planning & Building
Control departments with an efficient means of realising e-Government targets
quickly, whilst taking the stress and risk out of administering applications,
both on and offline. IDOX hosts planning portals for 16 councils including
Wandsworth Council, Aberdeenshire County Council, Ashford Borough Council,
London Borough of Richmond-upon-Thames and Hastings Borough Council. Planning
applications are scanned and indexed using IDOX Software and displayed on the
councils' websites, and on the UKPlanning website, for public review and
comment. Applications can also be made online. As part of this managed service,
access to the IDOX Information Service is provided.
Contract Wins
IDOX continued to increase its market share with 21 new local authority software
clients contracted since October 2003. In the four years since flotation the
Group has continued to strengthen its presence and develop business
relationships with 196 local authorities from a total of 468. With
representation in more than 40% of local authorities, IDOX is a significant
supplier. Recent acquisitions have increased our penetration of the local
authority market. The traditional software business has continued its growth
trend within this sector.
Market Place and Market Dynamics
The market for local authority software solutions continues to grow, especially
with the implementation deadline for e-Government initiatives and the
implications of FoI. IDOX is ideally positioned as an established supplier
providing information management services and software.
The average time taken by councils to evaluate tenders continues to increase due
to volume of responses. Although the delay in decision-making does have some
impact on the Group, we continue to believe that we are well-placed to gain
significant additional contracts from the remainder of the United Kingdom local
authorities, as well as additional business from existing local authority
customers.
The importance of the local authority market is still very significant for IDOX,
however the acquisitions have broadened our client base and will help us to have
less reliance on a single market sector.
With 39% of our revenue being derived from the Public Sector (other than local
authorities) we believe we have strong potential to continue to expand in this
market. This will be assisted by the successful approval of our Records
Management software product by The National Archives, anticipated in the first
half of the new financial year, and the requirement for an FoI solution in all
public sector departments.
Product and Service Development
With the acquisition of IDOX Information Services Limited (previously The
Planning Exchange), Nettgain Solutions Limited (known as Mandoforms) and TFPL
Limited successfully completed and integrated, IDOX offers a range of products
and services to provide for the comprehensive assessment of a client's
information and knowledge management requirements and to implement them.
A noticeable transformation has been in the 'intellectual' capability of the
company to generate creative practical solutions from current product
developments, and thus take advantage of market opportunities quickly. This is
evidenced through the concept of joining Mandoforms and IDOX Software, which has
delivered a product ideally suited to managing the requests for information from
the public and thus assisting with the challenges of FoI. Discussions with
partners and resellers have also given us encouragement that exploiting our
products in other markets through such channels is possible.
The exploitation of existing relationships in the private sector and wider
public sector markets are opportunities which will have a significant positive
impact on the business.
Recent Developments
In the last 6 months the company changed its name from i-documentsystems group
plc to IDOX plc. This change reflected the continuing evolution of the company
from a single service provider of document management software to a full service
provider. Known informally throughout the marketplace as "IDOX", the new name
represented the ideal choice to retain client loyalty and maintain market
recognition.
In September 2004 IDOX moved its London team into the same building as TFPL.
This co-location has enabled further integration and the development of closer
working relationships between the operating teams. This has already led to new
cross-selling opportunities which will continue as we move forward.
Personnel
The Group's employees totalled 140 at 31 October 2004, compared with 94 at 31
October 2003. The Group now possesses a team and infrastructure capable of
delivering and managing rapid business growth. The anticipated higher revenue
flows can be accommodated within a stable cost base.
In addition to a team of over 30 of the United Kingdom's most experienced
knowledge and information consultants, TFPL also has access to over 100 interim
managers, 50 trainers and over 600 specialist contract staff who have an
extensive range of information skills and experience.
As an Investor in People company, we continue to focus on human resources and
the development and training of all our personnel. In 2005 we are planning a
company-wide management and leadership programme.
In recent months we have been actively looking for a suitable replacement for
John Wisbey in his capacity as Chairman. This has been a considerable task and
we are very grateful for John's continued support throughout this process.
Strategy and Outlook
As a Group we now have the capability to deliver an integrated range of
sophisticated information and knowledge management products and services to the
public and private sector.
We have an established expertise and presence in the local authority market and
we will continue to develop our strengths in this market, fostering new and
deeper relationships with local authority clients. We anticipate significant
revenues from this area. Through our acquisitions and product development, we
have a growing presence in the wider public sector and also in the private and
not-for-profit sectors. We plan to remain active in these sectors and to look
for opportunities to win new business where appropriate; in particular in the
area of managed services.
We will continue to strengthen our partnership arrangements, and seek
opportunities that will allow us to gain further market penetration in areas
where the Group has limited skill and reference ability.
The Group believes that a combination of: software designed to manage the
unstructured data for organisations; the delivery of strategic content through
the same software user interface; and the supply of specialist information
skills and resources to assist or provide the day to day management of content
for organisations is a unique proposition. We aim to reduce the cost of
processing information and increase the consistency and reliability of the
content to help organisations make more informed and intelligent decisions. This
combination is gaining some early acceptance though it will take time to develop
and build credibility; but it should deliver larger longer term contracts.
The organic business has continued to grow as IDOX gains market share through
winning new business. The Group will continue to seek to increase its market
share, revenue and profitability through organic growth and appropriate
accretive acquisitions. We believe that IDOX is strongly positioned with a clear
strategy to continue its success and we remain optimistic about future growth
plans.
Andrew Fraser
Chief Executive
10 December 2004
This announcement was approved by the Board of Directors on 10 December 2004.
IDOX plc
Consolidated Profit and Loss Account
For the year ended 31 October 2004
------------------- ----- -------- --------
Note 2004 2003
#000 #000
------------------- ------ -------- --------
Turnover
Continuing 6,403 4,472
Acquisitions 3,152 -
-------- --------
9,555 4,472
External charges
Continuing (836) (611)
Acquisitions (1,800) -
-------- --------
(2,636) (611)
6,919 3,861
Staff costs
Continuing (4,065) (3,224)
Acquisitions (713) -
-------- --------
(4,778) (3,224)
Other operating charges
Continuing (1,667) (1,306)
Acquisitions (467) -
-------- --------
(2,134) (1,306)
Operating profit/(loss)
Continuing (165) (669)
Acquisitions 172 -
-------- --------
7 (669)
Interest receivable 82 74
-------- --------
Profit/(loss) on ordinary activities before taxation 89 (595)
Tax on profit/(loss) on ordinary activities 3 292 -
-------- --------
Profit/(loss) for the period transferred to/(from)
reserves 381 (595)
-------- --------
Profit/(loss) per share (pence) 4 0.23p (0.42)p
All operations are attributable to continuing operations. There are no
recognised gains or losses other than those set out above.
IDOX plc
Consolidated Balance Sheet
At 31 October 2004
------------------- ----- -------- --------
Note 2004 2003
#000 #000
------------------- ----- -------- --------
Fixed assets
Intangible assets 5,265 1,703
Tangible assets 247 256
5,512 1,959
-------- --------
Current assets
Debtors 3,312 1,531
Cash at bank and in hand 2,797 2,647
-------- --------
6,109 4,178
Creditors: amounts falling due within one year (3,266) (2,841)
-------- --------
Net current assets 2,843 1,337
-------- --------
Total assets less current liabilities 8,355 3,296
Creditors: amounts falling due after more than one year (20) (30)
Net assets 8,335 3,266
-------- --------
Capital and reserves
Called up share capital 1,821 1,537
Capital redemption reserve 1,112 1,112
Share premium account 7,614 5,159
Shares to be issued 2,000 -
Other reserves 1,294 1,294
ESOP trust (79) (28)
Profit and loss account (5,427) (5,808)
Shareholders' funds 8,335 3,266
-------- --------
The ESOP Trust, as stated in the accounting policy note, under basis of
preparation has been restated for the prior year in accordance with the newly
issued UITF 38.
IDOX plc
Consolidated Cash Flow Statement
For the year ended 31 October 2004
------------------- ----- -------- --------
Note 2004 2003
#000 #000
------------------- ----- -------- --------
Net cash outflow from operating activities 5 (801) (624)
Returns on investments and servicing of finance
Interest received 82 72
-------- --------
Net cash inflow from returns on investments and
servicing 82 72
of finance
Tax credit received 244 -
Capital expenditure and financial investment
Purchase of tangible fixed assets (240) (211)
Sale of tangible fixed assets 12 3
Purchase of investment (ESOP trust) (51) -
-------- --------
Net cash outflow from capital expenditure and financial
investment (279) (208)
Acquisitions
Purchase of companies during the year (1,668) (90)
Deferred consideration (10) -
Net cash balances acquired with the company 380 (230)
-------- --------
Net cash outflow from acquisitions (1,298) (320)
Financing
Issue of shares 2,300 1,219
Costs for issue (98) (30)
Net cash inflow from returns on investments and
servicing 2,202 1,189
of finance -------- --------
Increase in cash 6 150 109
-------- --------
IDOX plc
Reconciliation of Movements in Shareholders' Funds
For the year ended 31 October 2004
2004 2003
#000 #000
--------------------------------- -------- --------
Profit/(loss) for the financial year 381 (595)
Additions to ESOP trust (51) -
Prior year adjustment - ESOP trust (see note 1) - (28)
Shares issued 2,739 1,189
Shares to be issued 2,000 -
-------- --------
Net increase in shareholders' funds 5,069 566
Shareholders' funds at 1 November 2003 3,266 2,700
Shareholders' funds at 31 October 2004 8,335 3,266
-------- --------
Notes to the announcement
For the year ended 31 October 2004
1 BASIS OF PREPARATION
The announcement have been prepared in accordance with applicable United Kingdom
accounting standards and under the historical cost convention.
The policies have remained unchanged from those set out in the Group's 2003
Annual Report and Accounts except for the reclassification of shares held in an
employee share ownership plan. Under UITF 38, the shares in IDOX plc held by
i-documentsystems Trustees Limited, which were previously included within
investments, are now disclosed as a deduction to shareholders' funds. The
previous year's figures have been restated to reflect this.
The financial information set out in this announcement does not constitute
statutory financial statements as defined in section 240 of the Companies Act
1985. The consolidated balance sheet at 31 October 2004, the consolidated profit
and loss account, consolidated cash flow statement and associated notes for the
year then ended have been extracted from the statutory accounts upon which the
auditors opinion is unqualified and does not include any a statement under
section 237 of the Companies Act 1985.
These financial statements have not yet been delivered to the Registrar of
Companies.
2 SEGMENTAL ANALYSIS
Turnover, operating profit and net assets by class of business are set out
below:
------------------- ------- -------- ------- --------
2004 2004 2003 2003
Continuing Acquisitions Continuing Acquisitions
#000 #000 #000 #000
------------------- -------- --------- -------- ---------
Turnover
Information management
solutions 6,403 739 4,472 -
Information management
recruitment - 2,413 - -
6,403 3,152 4,472 -
Operating profit/(loss)
Information management
solutions 14 97 (587) -
Information management
recruitment - 275 - -
14 372 (587) -
Goodwill amortisation (179) (200) (82) -
(165) 172 (669) -
Net assets
Information management
solutions 2,338 78 1,563 -
Information management
recruitment - 654 - -
2,338 732 1,563 -
Goodwill 1,490 3,775 1,703 -
3,828 4,507 3,266 -
3 TAX ON PROFIT/(LOSS) ON ORDINARY ACTIVITIES
The tax credit is made up as follows:
2004 2003
#000 #000
--------------------------- -------- --------
Current tax
UK corporation tax (27) -
Research and development tax credit (244) -
-------- --------
Total current tax (271) -
Deferred tax - origination and reversal of timing differences (21) -
Tax on profit/(loss) on ordinary activities (292) -
-------- --------
Unrelieved trading losses of #3,337,000 (2003: #4,493,000) which, when
calculated at the standard rate of corporation tax in the United Kingdom of 30%,
amounts to #1,001,000 (2003: #1,348,000). These remain available to offset
against future taxable trading profits. During the year #1,514,000 of tax losses
relating to prior periods (years ended 31 October 2001 and 31 October 2002) were
surrendered in exchange for the research and development tax credit. The tax
credits in relation to the year ended 31 October 2002 may be subject to claw
back by the Inland Revenue but if this occurred 2/3 of the tax losses
surrendered in respect of that year would be reinstated.
Factors affecting the tax credit in the period:
2004 2003
#000 #000
--------------------------- -------- --------
Profit/(loss) on ordinary activities before taxation 89 (595)
-------- --------
Loss on ordinary activities multiplied by the standard
rate of corporation tax in the United Kingdom of 30% 27 (178)
Effects of:
Expenses not deductible for tax purposes 22 4
Depreciation in excess of capital allowances 72 23
Other timing differences 19 6
Difference in tax rates (4) -
Research and development tax credit (244) -
(Decrease)/increase in tax losses (163) 145
(271) -
-------- --------
Total unrecognised deferred tax asset amounts to #1,110,000 (2003: #1,385,000).
The Directors consider that it is unlikely that this deferred tax asset will
crystallise in the foreseeable future.
4 PROFIT/(LOSS) PER SHARE
The profit per ordinary share is calculated by reference to the profit/(loss)
attributable to ordinary shareholders divided by the weighted average number of
shares in issue during each period, as follows:
2004 2003
#000 #000
--------------------- --------- ---------
Profit/(loss) for the year 381 (595)
Weighted average number of shares in issue 166,384,328 142,805,965
Profit/(loss) per share (pence) 0.23p (0.42)p
The share options are anti dilutive under FRS 14.
5 NET CASH OUTFLOW FROM OPERATING ACTIVITIES
2004 2003
#000 #000
-------------------------------- --------------- ---------
Operating profit/(loss) 7 (669)
Depreciation 256 217
Goodwill amortisation 379 82
Goodwill adjustment 34 -
Loss/(profit) on sale of fixed assets 1 (1)
Increase in debtors (739) (218)
Decrease in creditors (739) (35)
Net cash outflow from operating activities (801) (624)
--------------- ---------
6 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET FUNDS
2004 2003
#000 #000
--------------------------------- -------- --------
Increase in cash in the year, being movement
in net funds in the year 150 109
Net funds at 1 November 2003 2,647 2,538
Net funds at 31 October 2004 2,797 2,647
-------- --------
7 FURTHER COPIES
Copies of this announcement and the full annual report and accounts are
available, free of charge, for a period of one month from the Company's
Nominated Adviser and Broker Noble & Company Limited, 120 Old Broad Street,
London, EC2N 1AR, Tel: 020 7763 2200 or from IDOX plc, 17-18 Britton Street,
London EC1M 5TL, Tel: 020 7954 3800. Copies of the full financial statements
will be posted to shareholders on 13 December 2004.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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