TIDMSGI
RNS Number : 2217J
Stanley Gibbons Group PLC
26 March 2010
THE STANLEY GIBBONS GROUP PLC
26 March 2010
THE STANLEY GIBBONS GROUP PLC ("the Company" or "the Group")
Audited Results for the year ended 31 December 2009
The Stanley Gibbons Group plc, based in Jersey, comprising principally the
businesses of Stanley Gibbons, Fraser's Autographs and Collector Café, today
announced its audited results for the year ended 31 December 2009.
Key Financial Highlights
· Sales up 20% to GBP23.4m (2008: GBP19.4m)
· Profit before tax of GBP4.1m (2008: GBP3.7m) and Earnings Per Share of
14.7p (2008: 13.2p), both up 11%
· EBITDA of GBP4.3m (2008: GBP3.8m), up 13%
· Proposed final dividend of 3p per share (2008: 2.75p per share), up 9%
giving a total dividend for the year of 5p (2008: 4.75p), up 5%
· Cash inflow from operating activities in year of GBP4.9m (2008: cash
outflow from operating activities of GBP0.6m), an improvement of GBP5.5m
· Cash funds at 31 December 2009 of GBP3.1m (2008: GBP0.6m)
· Stock levels at 31 December 2009 of GBP9.3m (2008: GBP11.7m), down by 21%
Outlook
· Major refurbishment of our flagship retail premises at 399 Strand
scheduled for completion in April 2010
· Growing awareness of stamp collecting resulting from the London 2010
Festival of Stamps in May
· Re-launch of our website in Q4 2010
· Launch of rare stamp investment fund in second half of 2010
· Market values for rare stamps and signatures continuing to be robust
during recent period of economic volatility
· Excellent performance from auction activities in 2009. Incomes up 16% and
profits up 49% with good prospects in 2010
· Entry into Chinese market through possible strategic alliance
· Investment office in Jersey opened on schedule at end of 2009 with
marketing and PR campaign, repeating in 2010 the success of the Guernsey office
opened in 2006
· Potential strategic acquisitions being assessed to strengthen brand
offering and extend the range of our services
Martin Bralsford, Chairman, commented:
"Our strategy is unchanged but we continue to improve on its execution. Whilst
I am content with the overall performance of the Stanley Gibbons Group plc for
the year ended 31 December 2009, it was below our expectations at the start of
the year. However, apart from sales growing by over 20% and profits up by 11%,
we also made substantial progress in the realisation of our core strategic
objectives. We look forward to recognising the benefits in 2010 and beyond.
The Group has incurred additional costs in 2009 to build the infrastructure
required to implement our growth strategy. Some transformational changes in our
business lie ahead as Stanley Gibbons faces an important year in 2010. We have a
number of immediate benefits to come through from the refurbishment of our
retail premises at 399 Strand completed in April, ahead of the International
Stamp Show coming to London in May. Both of these events provide us with
opportunities to generate additional business long term.
The development of our website and the launch of the rare stamp investment fund
should begin to generate new revenue streams later in the year. The huge market
for stamp collecting in China means that even a small level of success of our
initiatives there would have a substantial impact on our sales and
profitability.
Cash reserves of over GBP3 million and strong cash flow generation give us the
resources to consider looking at a number of opportunities to strengthen our
brand through Shareholder value enhancing expansion."
For further information, contact:
The Stanley Gibbons Group plc
Michael Hall, Chief Executive
+44 (0) 1534 766711
Seymour Pierce Limited, Nomad/Broker
Jonathan Wright / John Cowie
+44 (0) 20 7107 8000
Chairman's Statement
I welcome this third occasion to present the Annual Report of The Stanley
Gibbons Group plc on behalf of your Board. For the first time, it is apparent
that the Group's businesses are moving ahead in line with its Board's strategy.
In a year which has witnessed many other businesses struggle to generate revenue
growth, it is pleasing to report substantial growth in both sales and
profitability of the Group for the year ended 31 December 2009.
With the benefit of time, I have gained a fuller appreciation of the power and
quality of the Group's brands. Wherever and whenever I represent your Company it
seems that everyone has heard of Stanley Gibbons for the right reasons. It is
the strength of both our brands and our business model that has enabled us to
continue to grow in a particularly difficult environment.
It is also encouraging that profits now reported are struck after charging a
high level of revenue investment to support the Group's growth strategy. Heavy
increases in our marketing activity this year resulted in the recruitment of new
high net worth clients whose future activities are expected to contribute to the
Group's long-term performance and profitability.
The most compelling aspect of the Group's performance in 2009 was our ability to
generate almost GBP5 million of cash from operations producing a balance of
slightly over GBP3 million in hand after distributions of GBP2 million in tax
and dividends.
The strong performance also produced an increase in net tangible assets from 63p
per share to 72p per share, up 14%. It is important to observe that no value is
attributed in the Balance Sheet to the Group's significant intangible assets of
brand names, websites, Stanley Gibbons stamp referencing system in use
worldwide, editorial intellectual property or its database of customers.
Financials
Turnover for the year was GBP23.4 million, over 20% up on the previous year and
Profit before tax was GBP4.1 million, up 11% on the preceding year. Earnings per
share were 14.7 pence (2008: 13.22 pence), again representing an increase of
11%. The widely used EBITDA performance measure was GBP4.3 million (2008: GBP3.8
million) up 13% for the year.
Dividend
Your Board is pleased to recommend to Shareholders, for approval at the
forthcoming AGM, a final dividend of 3p per share (2008: 2.75p), which would
produce a total dividend from 2009 earnings of 5p (2008: 4.75p), an increase of
5% over 2008.
The Board intends to maintain a progressive dividend policy with dividends, if
approved, covered almost 3 times by earnings in 2009. Our dividend proposal for
2009 also takes into account projected capital expenditure commitments for 2010
including the GBP0.75m refurbishment programme of our flagship premises at 399
Strand and the continued investment in the development of our internet strategy
and related catalogue database.
Outlook
The incoming year is very important for us. In the first half, we look forward
to the completion of the refurbishment of our London premises in April followed
by the International Stamp Show taking place in London during May. Both of these
events provide us with substantial opportunities to generate additional
business.
Furthermore, we opened our new investment office in Jersey at the end of 2009 to
give our first trading presence in this our home market. Our aim is to replicate
the success of the Guernsey investment office in what is a larger, but similar
geographic market.
In the second half some important elements of our core strategy should start to
deliver returns. These are mainly the development of our website and the launch
of the online trading community together with the significant IT project to
capture all of our printed catalogue data in a central database. Difficult but
essential decisions were made during 2009 including substantial changes to the
internet development project team.
We are optimistic of our ability to launch successfully the long awaited rare
stamp investment fund during 2010, working with an investment partner who
possesses the required skills, knowledge and proven track record. This partner
has previously launched a fine wine investment fund raising approximately GBP10
million in its first year. Until marketing commences we cannot be certain that
this will generate sufficient demand to create a viable investment vehicle.
However, we are confident in our joint ability to achieve a successful
distribution using the existing network of agents and current client bases.
By far the most important emerging market in stamps has been identified as
China. According to authoritative sources, China has approximately 50,000
philatelic associations, comprising more than 20 million collectors,
representing approximately a third of the world total. Consequently, we intend
to gain a presence there, either through strategic alliance with, or acquisition
of, a key philatelic company. Our longer term plans also include the building of
a Mandarin language version of the Stanley Gibbons website enabling us to offer
the full range of products.
Our auction business had enjoyed a very successful year in 2009 with profits up
49%. The success of our auction business each year remains dependent on sourcing
suitable collections. It is expected that there will be an increase in the
number of collections coming up for sale in 2010 as a result of the heightened
interest generated by the London 2010 Festival of Stamps.
Values of rare stamps and historical signatures have not experienced any
downturn during the recent period of global economic turmoil demonstrating the
strength of collectibles as an alternative asset class uncorrelated with many
others. A positive consequence is increasing interest from new investors.
As reported in January, increased sales of our investment products in 2009 were
conducted at lower average gross margins as a result of the Board effecting a
deliberate shift away from investment products linked to future guarantees into
others which earn a lower initial gross margin but avoid certain contingent
risks. This change improves the long term balance of the Company's returns and
risks.
In November 2009 we acquired the luxury stamp album manufacturer, Frank Godden
Limited. This range of stamps albums are world renowned for their quality and
are used to house many award winning stamp collections. It represents a perfect
complement to our Stanley Gibbons brand.
Your Board is confident in the ability of the Group's businesses to achieve
organic growth based on the opportunities already identified. But also, a number
of potential strategic acquisitions in areas which either complement our
existing strengths or provide the skills and an ability to diversify our
offering into other areas of collectibles are under review. Using our
significant cash reserves and a strong cash flow, we have the potential to
increase Shareholder returns through value driven expansion.
People
The Group enjoys the active support of over 100 employees and its network of
agents worldwide. On behalf of the Board, I wish to extend my thanks to all of
them for their commitment to achieving the potential of our brands and
businesses by providing a friendly, efficient and experienced service to our
customers and more generally for their hard work during the year.
Staff training to support and help develop our staff is considered a key
priority for 2010 in order to continue to improve on our customer service and
our dedication to building long term client relationships.
Board
Your Company's Board has recently been enhanced by the inclusion of Donal Duff
taking up the newly created role of Chief Operating Officer in 2009. He has
already made a significant contribution. The Chairmen of the Board's two
principal standing Committees of Audit and Remuneration have fulfilled their
roles with great care and dedication, supported by John Wright who has indicated
his intention to step down from the Board in the next few months. We thank him
for his valuable contribution as a Non-Executive director over the last six
years. The Board is actively seeking his replacement and an announcement in this
respect will be made in due course.
Operating Review
Operating results for the year
+--------------------------------+----------+---------+--------+---------+--------+---------+
| | 2009 | 2009 | 2008 | 2008 | 2007 | 2007 |
+--------------------------------+----------+---------+--------+---------+--------+---------+
| | Sales | Profit | Sales | Profit | Sales | Profit |
+--------------------------------+----------+---------+--------+---------+--------+---------+
| | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 | GBP000 |
+--------------------------------+----------+---------+--------+---------+--------+---------+
| Philatelic trading and retail | 17,657 | 4,056 | 13,801 | 3,251 | 14,945 | 3,868 |
| operations | | | | | | |
+--------------------------------+----------+---------+--------+---------+--------+---------+
| Publishing and philatelic | 3,057 | 742 | 2,899 | 785 | 2,919 | 868 |
| accessories | | | | | | |
+--------------------------------+----------+---------+--------+---------+--------+---------+
| Dealing in autographs, records | 2,610 | 990 | 2,655 | 1,179 | 2,284 | 1,076 |
| and | | | | | | |
+--------------------------------+----------+---------+--------+---------+--------+---------+
| related memorabilia | | | | | | |
+--------------------------------+----------+---------+--------+---------+--------+---------+
| | | | | | | |
+--------------------------------+----------+---------+--------+---------+--------+---------+
| | 23,324 | 5,788 | 19,355 | 5,215 | 20,148 | 5,812 |
+--------------------------------+----------+---------+--------+---------+--------+---------+
| Internet development | 41 | (138) | 39 | (140) | 43 | (65) |
+--------------------------------+----------+---------+--------+---------+--------+---------+
| Corporate overheads | | (1,521) | | (1,377) | | (1,269) |
+--------------------------------+----------+---------+--------+---------+--------+---------+
| Interest and similar (charges) | | (16) | | 91 | | 147 |
| / income | | | | | | |
+--------------------------------+----------+---------+--------+---------+--------+---------+
| | | | | | | |
+--------------------------------+----------+---------+--------+---------+--------+---------+
| Before exceptional items | 23,365 | 4,113 | 19,394 | 3,789 | 20,191 | 4,625 |
+--------------------------------+----------+---------+--------+---------+--------+---------+
| | | | | | | |
+--------------------------------+----------+---------+--------+---------+--------+---------+
| Exceptional operating costs | | - | | (88) | | (117) |
+--------------------------------+----------+---------+--------+---------+--------+---------+
| | | | | | | |
+--------------------------------+----------+---------+--------+---------+--------+---------+
| Group total sales and profit | 23,365 | 4,113 | 19,394 | 3,701 | 20,191 | 4,508 |
| before tax | | | | | | |
+--------------------------------+----------+---------+--------+---------+--------+---------+
Overview
Group turnover increased by GBP3.97 million (20%) compared to last year. The
profit before tax for the year of GBP4.11 million compared to a profit in 2008
of GBP3.7 million, representing an increase of 11%. Earnings per share were
14.7p (2008: 13.22p), also up 11%.
The key contributors to growth in sales and profits in the year were:
· Improved focus on client relationship management of key clients through
personal contact plan increasing the level of business conducted with those
clients during the year
· Success from online client recruitment campaign resulting in a 24%
increase in the size of our e-mail database with e-marketing generating sales of
almost GBP3 million in the year
· Increased advertising spend in year, particularly in last quarter
including a number of inserts in national publications delivering acceptable
response and conversion rates. Total investment sales contribution from
advertising and insert campaigns of over GBP2 million for the year
· Excellent performance from auction activities in year with incomes up 16%
and profits up 49%
The gross margin percentage for the year ended 31 December 2009 was 42.9%
compared to 47.7% last year. Gross margins were impacted significantly by our
decision to curtail sales of our investment products offering guaranteed
returns. Investment products sold in place of these offer up-front discounts on
retail value to investors but do not offer any guaranteed rates of return. Gross
margins will benefit in future years from reduced provisioning requirements
against guarantees given.
Overheads were GBP0.2 million (4%) higher than the prior year mainly through the
recruitment of high quality management to support the successful development of
our business plan. The Group increased marketing expenditure in the year to
GBP0.8 million supporting the sales growth achieved together with the
recruitment of new high net worth clients expected to contribute towards future
growth.
Philatelic Trading and Retail Operations
Philatelic trading and retail sales were 28% higher than last year with profit
contribution up by 25%. Sales growth was achieved primarily from an increase in
sales to investment clients and high net worth collectors together with the
strong performance from auction activities this year.
We have witnessed an increased acceptance by investors of our products as an
alternative investment asset class. Investors are becoming increasingly
attracted to our asset class as traditional investments fail to provide
acceptable returns and investors become more than ever conscious of the
importance of wealth diversification.
Our auction activities showed strong growth benefiting from an improved quality
of material in popular areas of philately sourced for auction this year. We have
also improved the presentation of our printed auction catalogues whilst reducing
overheads by sourcing lower print prices, improving the targeting of our
mailings and obtaining more competitive postage rates.
Sales to collectors of British stamps were broadly in line with the prior year
and sales to collectors of stamps of British Commonwealth countries were 12% up
on the prior year. The British stamp market suffered from a lack of liquidity in
2009 with few major collections of the right quality coming onto the market.
Indicators in the market suggest that the 2010 Festival of Stamps in London will
provide the catalyst required to increase liquidity.
Publishing and Philatelic Accessories
Publishing and philatelic accessory sales were 5% higher than last year although
profit contribution was down 5%.
Sales benefited from an increase in the number of new titles published and the
re-printing of one of our most popular stamp album ranges in the year. Growth
levels have however been dampened to some extent by the current weak consumer
environment in lower value non-essential philatelic accessories.
Profit contribution from our Publishing business was impacted by a reduction in
gross margins, which included a GBP42,000 one-off cost following a major
clearout of our warehousing facilities. Profit contribution was further impacted
by increased management costs to support future initiatives including, in
particular, the implementation of a central database to store all our catalogue
data. Once this project is completed, scheduled for the second half of 2010, we
will have substantial opportunities to better monetise our publishing
intellectual property across all mediums including print, digital and online.
The Group completed the acquisition of the "Philatelic Exporter" publishing
title in January 2009 for a purchase consideration of GBP50,000 followed by a
further GBP20,000 after 12 months. The Philatelic Exporter contributed profits
of GBP28,000 in 2009 thus generating a 56% return on investment for the
eleven-month period since acquisition.
Autographs, Records and Related Memorabilia
Autographs, records and related memorabilia sales were 2% lower than last year
with profit contribution down by 16%. Sales to collectors and trade were up by
41% in the year, which included the completion of a major trade deal in December
for GBP0.4 million and the benefits of strong customer recruitment during the
year.
Sales to investors were down by 18% as more investors opted for rare stamps in
the current cautionary climate where the longer term documented price histories
and proven track record of rare stamps proved more attractive than the
potentially high growth market of rare signatures.
We intend to increase focus on our marketing strategy in 2010 towards educating
potential investors more on the unique benefits within the market for rare
signatures. We also purchased some top quality rarities early in 2010 which were
sold through our e-marketing almost immediately demonstrating the importance in
focusing on top pieces of significant historical importance in developing this
part of our business to its full potential.
Internet Development
Sales reported within this department relate to online subscription revenue
only. Online retail sales represented 7% of total revenue compared to 8% in the
prior year, when excluding investment sales. The website generated investment
sales totalling GBP1.2 million in the year demonstrating the growing importance
of this medium of communicating our services to the world.
We recently completed a major restructuring of our web development team with
particular emphasis on the need to ensure that our core development projects
scheduled for completion in the second half of 2010, remain on track. The web
development function will now be outsourced with a tender document, detailing
our web strategy, soon to be distributed to a number of web development
agencies. We believe our strategic plans will prove transformational both in
terms of our online revenue streams as well as the services our web platform
will provide to collectors.
Corporate Overheads
Corporate overheads were GBP0.14 million (10%) higher than last year. Corporate
overheads include the increased costs of our Chief Operating Officer and Group
Director of Sales and Marketing recruited to the senior executive team in 2009.
The benefits of our investment in our senior executive team are expected to be
demonstrative in future years as we are able to better control the execution of
our strategy.
Corporate overheads include an IFRS2 actuarial accounting charge for share
options of GBP71,000 (2008: GBP48,000).
Strategic Focus and Opportunities
Our primary strategic focus in 2010 is to maximise the potential from the London
2010 Festival of Stamps and our refurbishment at 399 Strand. In a broader
perspective though, we aim to maximise the potential inherent within our brand
simply by doing what we do, better. This includes a number of key areas of focus
encompassing:
· Improved presentation of our image as the premier brand in philately
greatly assisted by the refurbishment of our flagship premises at the Strand in
London
· Increased focus in our buying efforts to acquire unique pieces and items
of the highest level of rarity and hence providing the best long term investment
potential
· Focus on improving our customer service and extending our range of
services
· Increased investment in our marketing activities to recruit new clients
from mediums proven already to deliver acceptable returns on investment
· Enhancements to our website to bring functionality and design up to "best
practice"
· Development of stronger client relationship management techniques through
increased personal contact and networking during the year
All of the above objectives serve to deliver the level of basic organic growth
available and untapped within our existing business model. Our primary
opportunities to grow the business through development into new markets and
enhancement of our existing business model include:
· Creation of the philatelic online trading community
· Launch of the rare stamp investment fund
· Development into Chinese market including sourcing a supply chain for
rare stamps from the Greater China Region and the development of a Chinese
version of our website
· Strategic acquisitions to enhance our offering and recruitment of
valuable specialists
· Marketing and PR campaign to develop sales from our new investment office
in Jersey, Channel Islands.
Our brand is our core strength. We have significantly enhanced our management
team in the past year enabling us to progress more quickly in the development of
the opportunities available to us. The market for rare stamps and signatures
remains strong and has recently weathered one of the fiercest financial storms
in history. Overall, we remain very confident in the quality of our business,
the strength of our market and our ability to generate growth in sales and
profits to the benefits of our Shareholders.
Financial Review
Liquidity and Funding
The Group's cash funds at 31 December 2009 were GBP3,062,000, compared to
GBP535,000 at the end of last year. The Board is satisfied that the Group has
sufficient funds to meet its forecast working capital and capital expenditure
plans in the foreseeable future.
Surplus funds are currently invested in short term deposits into UK clearing
banks, which generate low rates of interest in the current economic climate but
with low risk. The Board is currently reviewing options of placing surplus funds
on longer term deposits to attract a higher rate of interest whilst retaining
sufficient short term funding availability to support ongoing operations. It is
not the Group's policy to engage in speculative activity or to use complex
financial instruments.
The Group is debt free and had no outstanding borrowings at 31 December 2009.
The Group had a bank overdraft facility in place of GBP2,000,000 which expired
on 31 December 2009 and, in order to save fees, has not been renewed due to our
comfortable level of cash reserves at this time. Our bankers have indicated
their willingness to provide the Group with short term funding in the future
should the need arise.
Balance Sheet and Cash Flow
Cash generated from operating activities was GBP4,896,000 compared with cash
used from operating activities in 2008 of GBP601,000. A summary reconciliation
of operating profit to cash generated from operating activities is given below:
+---------------------------------------------+--------+
| | GBP000 |
+---------------------------------------------+--------+
| Operating profit | 4,129 |
+---------------------------------------------+--------+
| | |
+---------------------------------------------+--------+
| Non-cash charges to profits | 262 |
+---------------------------------------------+--------+
| IFRS2 actuarial accounting charge for share | 71 |
| options | |
+---------------------------------------------+--------+
| | |
+---------------------------------------------+--------+
| Operating profit after adding back | 4,462 |
| accounting charges to profit which do not | |
| impact on cash flows | |
+---------------------------------------------+--------+
| | |
+---------------------------------------------+--------+
| Cash generated from working capital | 435 |
+---------------------------------------------+--------+
| | |
+---------------------------------------------+--------+
| Operating cash generated in year | 4,897 |
+---------------------------------------------+--------+
Cash was primarily generated during the year from operating profits together
with cash realised from the substantial reduction in the Group's inventory
levels.
Included within trade receivables are sales of GBP118,000 (2008: GBP2,801,000)
made on interest free credit terms exceeding one year in duration. The Group
retains possession of the material sold under interest free credit terms until
fully paid for, thus limiting any credit risk from entering into such
arrangements. The Board took the decision in April 2008 to limit to a maximum of
12 months interest free credit terms offered on investment portfolio sales,
which includes a requirement to pay a 10% non-refundable deposit up-front.
Stock levels at 31 December 2009 were GBP9,289,000, 21% lower than at 31
December 2008. The reduced supply available in the market during 2009 of quality
rare stamps required to support our business activities has necessitated a
reduction in our overall stockholding. This vindicated our decision in prior
years to take the opportunities when they arose to acquire the right kind of
quality material in the market. Based on experience to date, the Group expects
to re-purchase GBP1.6 million of rare stamps and signatures in 2010 from
investors when their guaranteed minimum return contracts expire. This represents
approximately 10% of the expected total purchasing requirements of the Group in
2010 and would comprise some of the finest quality items ever handled by Stanley
Gibbons in the past.
The increase in cash during the year of GBP2,527,000 is net of dividends paid of
GBP1,196,000 and tax paid of GBP783,000.
The Group invested GBP420,000 (2008: GBP122,000) in capital expenditure during
the year which included goodwill on the acquisition of Philatelic Exporter and
Frank Godden Limited of GBP100,000.Leasehold improvement costs of GBP142,000
included planning costs and design proposals for the refurbishment of 399 Strand
scheduled for completion in April 2010.
We are committed to a substantial increase in capital investment in 2010
including up to GBP750,000 in respect of the refurbishment of 399 Strand and
anticipate a further spend of circa GBP500,000 on our internet strategy and
related catalogue database. Such expenditure provides the platform to realise
the key elements of our growth strategy and is expected to generate a payback of
three years or less. Capital expenditure is funded from existing cash reserves
and operating cash inflows anticipated during 2010.
Finance Income
Group cash funds generated GBP2,000 (2008: GBP50,000) bank interest for the
year. Included within "Finance costs" is GBP14,000 (2008: Finance income of
GBP53,000), representing the difference between the interest cost and the
expected return on assets in the Group's defined benefit pension scheme under
the disclosure requirements of IAS19 "Employee Benefits".
Taxation
The tax charge for the year (excluding deferred taxation) was GBP424,000 (2008:
GBP396,000) incurred on UK profits, resulting in an overall effective rate of
10.3% (2008: 10.7%). Profits from our Channel Island trading companies are
currently subject to tax at zero percent.
Dividends
The Board is recommending a final dividend of 3p per Ordinary Share (2008:
2.75p) giving a total dividend of 5p for the year ended 31 December 2009 (2008:
4.75p). Subject to Shareholders' approval, the final dividend will be paid on 17
May 2010 to Shareholders on the register at 9 April 2010.
Accounting Policies
Accounting polices, which remain unchanged from the prior year, are detailed in
Note 1 to the Annual Report and Accounts.
Consolidated statement of comprehensive income
for the year ended 31 December 2009
+------------------------------+-------+---+-------+----------+--+-------+----------+
| | | | | | |
+------------------------------+-------+---+------------------+--+------------------+
| | | | | | |
| | | | Year ended | | Year ended |
+------------------------------+-------+---+------------------+--+------------------+
| | | | 31 | | 31 |
| | | | December 2009 | | December 2008 |
+------------------------------+-------+---+------------------+--+------------------+
| | Notes | | | | |
| | | | GBP'000 | | GBP'000 |
+------------------------------+-------+---+------------------+--+------------------+
| | | | | | | | |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| Revenue | | | | 23,365 | | | 19,394 |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| Cost of sales | | | | (13,345) | | | (10,135) |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| | | | | | | | |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| Gross Profit | | | | 10,020 | | | 9,259 |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| | | | | | | | |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| Administrative expenses | | | | (1,817) | | | (1,734) |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| Selling and distribution | | | | (4,074) | | | (3,827) |
| expenses | | | | | | | |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| Exceptional operating costs | | | | - | | | (88) |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| | | | | | | | |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| Operating Profit | | | | 4,129 | | | 3,610 |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| Finance income | | | | 2 | | | 103 |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| Finance costs | | | | (18) | | | (12) |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| | | | | | | | |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| Profit before tax | | | | 4,113 | | | 3,701 |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| Taxation | | | | (413) | | | (378) |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| | | | | | | | |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| Profit for the financial | | | | 3,700 | | | 3,323 |
| year | | | | | | | |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| Other comprehensive income: | | | | | | | |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| Actuarial (losses) / gains | | | | (352) | | | 160 |
| recognised in the pension | | | | | | | |
| scheme | | | | | | | |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| Tax on actuarial (losses) / | | | | 80 | | | (62) |
| gains recognised in the | | | | | | | |
| pension scheme | | | | | | | |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| Other comprehensive (loss) / | | | | (272) | | | 98 |
| income for the year, net of | | | | | | | |
| tax | | | | | | | |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| | | | | | | | |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| Total comprehensive income | | | | 3,428 | | | 3,421 |
| for the year | | | | | | | |
+------------------------------+-------+---+-------+----------+--+-------+----------+
| | | | | | | | |
+------------------------------+-------+---+-------+----------+--+-------+----------+
+-------------------------+----+--+-------+--------+--+-------+--------+
| | | | | | | | |
+-------------------------+----+--+-------+--------+--+-------+--------+
| Basic earnings per | 3 | | | 14.70p | | | 13.22p |
| Ordinary share | | | | | | | |
+-------------------------+----+--+-------+--------+--+-------+--------+
| Diluted earnings per | 3 | | | 14.69p | | | 13.19p |
| Ordinary share | | | | | | | |
+-------------------------+----+--+-------+--------+--+-------+--------+
Statement of financial position
as at 31 December 2009
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| | | | Group | Group | | Company | |
| | | | | | | | Company |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| | | | 31 | 31 | | 31 | 31 |
| | | | December | December | | December | December |
| | | | 2009 | 2008 | | 2009 | 2008 |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| |Notes | | | | | | |
| | | | GBP'000 | GBP'000 | | GBP'000 | GBP'000 |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Non-current assets | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Intangible assets | | | 186 | 64 | | - | - |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Property, plant and | | | 1,103 | 901 | | - | - |
| equipment | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Deferred tax asset | | | 124 | 21 | | - | - |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Trade and other | | | 118 | 2,801 | | - | - |
| receivables | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Investment in subsidiary | | | - | - | | 5,974 | 5,903 |
| undertakings | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| | | | 1,531 | 3,787 | | 5,974 | 5,903 |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Current Assets | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Inventories | | | 9,289 | 11,745 | | - | - |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Trade and other | | | 9,848 | 3,988 | | - | - |
| receivables | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Cash and cash | | | 3,062 | 535 | | 32 | 31 |
| equivalents | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| | | | 22,199 | 16,268 | | 32 | 31 |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Total assets | | | 23,730 | 20,055 | | 6,006 | 5,934 |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Current liabilities | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Trade and other payables | | | 4,014 | 2,828 | | 352 | 351 |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Current tax payable | | | 296 | 656 | | - | - |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| | | | 4,310 | 3,484 | | 352 | 351 |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Non-current liabilities | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Retirement benefit | | | 442 | 75 | | - | - |
| obligations | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Deferred tax liabilities | | | 161 | 144 | | - | - |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Provisions | | | 660 | 517 | | - | - |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| | | | 1,263 | 736 | | - | - |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Total liabilities | | | 5,573 | 4,220 | | 352 | 351 |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Net assets | | | 18,157 | 15,835 | | 5,654 | 5,583 |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Equity | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Called up share capital | | | 252 | 252 | | 252 | 252 |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Share premium account | | | 5,195 | 5,195 | | 5,195 | 5,195 |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Share compensation | | | 163 | 92 | | 163 | 92 |
| reserve | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Capital redemption | | | 38 | 38 | | 38 | 38 |
| reserve | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Revaluation reserve | | | 201 | 182 | | - | - |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Retained earnings | | | 12,308 | 10,076 | | 6 | 6 |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
| Equity shareholders' | | | 18,157 | 15,835 | | 5,654 | 5,583 |
| funds | | | | | | | |
+--------------------------+-------+-+-------------+-------------+----------+----------------+-------------+
Statement of changes in equity
for the year ended 31 December 2009
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| The Group | Called | | Share | | | | |
| | up | | compensation | | Capital | | |
| | share | Share | reserve | Revaluation | redemption | Retained | |
| | capital | premium | | reserve | reserve | earnings | Total |
| | | account | | | | | |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| | | | | | | | GBP'000 |
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| At 1 January 2009 | 252 | 5,195 | 92 | 182 | 38 | 10,076 | 15,835 |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| Total comprehensive | - | - | - | - | - | 3,428 | 3,428 |
| income for the year | | | | | | | |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| Dividends | - | - | - | - | - | (1,196) | (1,196) |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| Cost of share options | - | - | 71 | - | - | - | 71 |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| Revaluation of | - | - | - | 19 | - | - | 19 |
| reference collection | | | | | | | |
| (net of deferred tax) | | | | | | | |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| At 31 December 2009 | 252 | 5,195 | 163 | 201 | 38 | 12,308 | 18,157 |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| At 1 January 2008 | 251 | 5,148 | 44 | 182 | 38 | 7,849 | 13,512 |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| Total comprehensive | - | - | - | - | - | 3,421 | 3,421 |
| income for the year | | | | | | | |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| Dividends | - | - | - | - | - | (1,194) | (1,194) |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| Cost of share options | - | - | 48 | - | - | - | 48 |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| Share options | 1 | 47 | - | - | - | - | 48 |
| exercised | | | | | | | |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| At 31 December 2008 | 252 | 5,195 | 92 | 182 | 38 | 10,076 | 15,835 |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| The Company | Called | | Share | | | | |
| | up | | compensation | | Capital | | |
| | share | Share | reserve | Revaluation | redemption | Retained | |
| | capital | premium | | reserve | reserve | earnings | Total |
| | | account | | | | | |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| | | | | | GBP'000 | | GBP'000 |
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | | GBP'000 | |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| At 1 January 2009 | 252 | 5,195 | 92 | - | 38 | 6 | 5,583 |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| Total comprehensive | - | - | - | - | - | 1,196 | 1,196 |
| income for the year | | | | | | | |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| Dividends | - | - | - | - | - | (1,196) | (1,196) |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| Cost of share options | - | - | 71 | - | - | - | 71 |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| At 31 December 2009 | 252 | 5,195 | 163 | - | 38 | 6 | 5,654 |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| At 1 January 2008 | 251 | 5,148 | 44 | - | 38 | 7 | 5,488 |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| Total comprehensive | - | - | - | - | - | 1,193 | 1,193 |
| income for the year | | | | | | | |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| Dividends | - | - | - | - | - | (1,194) | (1,194) |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| Cost of share options | - | - | 48 | - | - | - | 48 |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| Share options | 1 | 47 | - | - | - | - | 48 |
| exercised | | | | | | | |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| | | | | | | | |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
| At 31 December 2008 | 252 | 5,195 | 92 | - | 38 | 6 | 5,583 |
+-----------------------+---------+---------+--------------+-------------+------------+----------+---------+
Statement of cash flows
for the year ended 31 December 2009
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| | | | Group | Group | | Company | |
| | | | | | | | Company |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| | | | 31 | 31 | | 31 | 31 |
| | | | December | December | | December | December |
| | | | 2009 | 2008 | | 2009 | 2008 |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| | Notes | | GBP000 | | | GBP000 | |
| | | | | GBP000 | | | GBP000 |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| Cash generated from / (used | 4 | | 4,897 | (601) | | 1 | 4 |
| in) operations | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| Interest paid | | | (4) | (12) | | - | - |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| Taxes paid | | | (783) | (647) | | - | - |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| Net cash generated from / | | | 4,110 | (1,260) | | 1 | 4 |
| (used in) operating | | | | | | | |
| activities | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| Investing activities | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| Purchase of property, plant | | | (275) | (69) | | - | - |
| and equipment | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| Purchase of intangible | | | (114) | (53) | | - | - |
| assets | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| Interest received | | | 2 | 50 | | - | - |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| Dividends received | | | - | - | | 1,196 | 1,194 |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| Net cash (used in) / | | | (387) | (72) | | 1,196 | 1,194 |
| generated by investing | | | | | | | |
| activities | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| Financing activities | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| Dividends paid to company | | | (1,196) | (1,194) | | (1,196) | (1,194) |
| shareholders | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| Net proceeds from issue of | | | - | 48 | | - | - |
| ordinary share capital | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| Net cash used in financing | | | (1,196) | (1,146) | | (1,196) | (1,194) |
| activities | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| Net increase / (decrease) in | | | 2,527 | (2,478) | | 1 | 4 |
| cash and cash equivalents | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| Cash and cash equivalents at | | | 535 | 3,013 | | 31 | 27 |
| start of year | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
| Cash and cash equivalents at | | | 3,062 | 535 | | 32 | 31 |
| end of year | | | | | | | |
+------------------------------+-------+-+-------------+----------+-+----------+----------+
Notes
1. Basis of preparation
The financial information set out in this announcement does not constitute the
Group's statutory financial statements for the years ended 31 December 2009 and
31 December 2008.
The financial information for the year ended 31 December 2008 has been extracted
from the audited statutory financial statements for that year which include an
unqualified audit report and have been filed with the Registrar of Companies in
Jersey. The financial information for the year ended 31 December 2009 has been
extracted from the audited financial statements of the Group for the year ended
31 December 2009 which were approved by the Board of Directors on 25 March 2010.
2. Dividends
Subject to approval at the AGM on 28 April 2010, the final dividend of 3.00p per
Ordinary Share will be paid on 17 May 2010 to all shareholders on the register
on 9 April 2010.
3. Earnings per ordinary share
The calculation of basic earnings per ordinary share is based on the weighted
average number of shares in issue during the year. Adjusted earnings per share
has been calculated to exclude the effect of exceptional operating costs. The
Directors believe this gives a more meaningful measure of the underlying
performance of the Group.
For diluted earnings per share, the weighted average number of ordinary shares
in issue is adjusted to assume conversion of all dilutive potential ordinary
shares. The Group has only one category of dilutive ordinary shares: those share
options granted to employees where the exercise price is less than the average
market price of the Company's ordinary shares during the year. Also in existence
were 402,521 options issued under the Company's 2007 Long-Term Incentive Plan
(LTIP). These options were not dilutive at 31 December 2009.
+----------------------------------------+------------+------------+
| | Year ended | Year ended |
+----------------------------------------+------------+------------+
| | 31 | 31 |
| | December | December |
| | 2009 | 2008 |
+----------------------------------------+------------+------------+
| Weighted average number of ordinary | 25,177,443 | 25,145,312 |
| shares in issue (No.) | | |
+----------------------------------------+------------+------------+
| Dilutive potential ordinary shares: | 5,842 | 39,496 |
| Employee share options (No.) | | |
+----------------------------------------+------------+------------+
| Profit after tax (GBP) | 3,700,000 | 3,323,000 |
+----------------------------------------+------------+------------+
| Exceptional operating cost (net of | - | 88,000 |
| tax) | | |
+----------------------------------------+------------+------------+
| | | |
+----------------------------------------+------------+------------+
| Adjusted profit after tax (GBP) | 3,700,000 | 3,411,000 |
+----------------------------------------+------------+------------+
| | | |
+----------------------------------------+------------+------------+
| Basic earnings per share - pence per | 14.70p | 13.22p |
| share (p) | | |
+----------------------------------------+------------+------------+
| | | |
+----------------------------------------+------------+------------+
| Diluted earnings per share - pence per | 14.69p | 13.19p |
| share (p) | | |
+----------------------------------------+------------+------------+
| | | |
+----------------------------------------+------------+------------+
| Adjusted earnings per share - pence | 14.70p | 13.57p |
| per share (p) | | |
+----------------------------------------+------------+------------+
4 Cash generated from / (used in) operations
+----------------------------+---------+----------+----------+----------+
| | 31 December | 31 December |
| | (Group) | (Company) |
+----------------------------+--------------------+---------------------+
| | 2009 | 2008 | 2009 | 2008 |
+----------------------------+---------+----------+----------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+----------------------------+---------+----------+----------+----------+
| | | | | |
+----------------------------+---------+----------+----------+----------+
| Operating profit/(loss) | 4,129 | 3,610 | - | (1) |
+----------------------------+---------+----------+----------+----------+
| Depreciation | 99 | 146 | - | - |
+----------------------------+---------+----------+----------+----------+
| Amortisation | 23 | 26 | - | - |
+----------------------------+---------+----------+----------+----------+
| Increase in provisions | 140 | 190 | - | - |
+----------------------------+---------+----------+----------+----------+
| Cost of share options | 71 | 48 | - | - |
+----------------------------+---------+----------+----------+----------+
| Decrease / (Increase) in | 2,456 | (4,636) | - | - |
| inventories | | | | |
+----------------------------+---------+----------+----------+----------+
| (Increase) / decrease in | (3,168) | 305 | - | - |
| trade and other | | | | |
| receivables | | | | |
+----------------------------+---------+----------+----------+----------+
| Increase / (decrease) in | 1,147 | (290) | 1 | 5 |
| trade and other payables | | | | |
+----------------------------+---------+----------+----------+----------+
| | | | | |
+----------------------------+---------+----------+----------+----------+
| Cash generated from / | 4,897 | (601) | 1 | 4 |
| (used in) operations | | | | |
+----------------------------+---------+----------+----------+----------+
5. Annual report and accounts
The Annual Report and Accounts for the year ended 31 December 2009 will be
posted to shareholders shortly. Further copies can be obtained from the Company
Secretary at 6 Vine Street, St Helier, Jersey, JE2 4WB, or the Company's Broker,
Seymour Pierce Limited at 20 Old Bailey, London EC4M 7EN or can be viewed on the
Company's website at www.stanleygibbons.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR KKPDDOBKDPNB
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