Team (Impression) Holdings plc

October 28, 2009 03:00 ET

Audited Results for the year ended 31 May 2009


                                    TEAM (IMPRESSION) HOLDINGS PLC
                                       ("Team" or "the Company")
                            Audited Results for the year ended 31 May 2009

The Directors' Report

Year Ended 31 May 2009

The Directors have pleasure in presenting their report and the financial statements of the Company and
its subsidiaries (the "Group") for the period ended 31 May 2009.

Principal Activities and Business Review

The  principal activity of the Group during the period continued to be commercial litho,  digital  and
large format printing.

The  board of the Company are pleased to announce its results for the year ending May 2009, its second
full  year report as a PLUS-quoted company. Our wholly owned subsidiary Team (Impression) Limited  has
performed satisfactorily, maintaining sales and posting a profit in extremely difficult circumstances.

The board are pleased with the group's trading performance for the period, where a fall in turnover of
0.3% (2008 - an increase of 8.6%) has been achieved which produced an EBITDA fall of 35.5% (2008 -  an
increase of 11.0%) and a 2.4% (2008 - 8.3%) net profit before tax. These results were achieved against
a  back drop of challenging conditions within the general print market. Our net profit was impaired by
reduced margins due to the increased cost of raw materials following the fall in the value of sterling
against  both the dollar and the euro and also unsustainably low pricing by competitors in an  attempt
to  secure  work  in  the face of a decrease in the demand for print during the  recession;  increased
(first  year) depreciation on recent capital expenditure also had an impact. Shareholders  funds  have
increased  from  the previous period by 4.9% (2008 - 14.3%) following the taxation charge  falling  to
0.9%  of  turnover  (2008 - 2.2%), partly a consequence of the changes made to the capital  allowances

We  will continue to focus on the types and mix of work and products that deliver high added value and
contribution.  To aid this we have continued to invest in equipment and operations that  mean  we  can
produce  whereever possible "the whole" of a print and marketing project thus reducing  the  need  for
outwork  and the associated transport, control, cost and administration issues. We continue to explore
new territories and are experiencing buoyant trading from our London based design clients.

As  reported at our interim stage, Team has acquired the fixed assets, order book and key personnel of
Mannanco Ltd and this is proving to be an earnings enhancing new division.The Directors feel this move
further enhances our offering and gives further added value products.

The  sitting tenant has moved out of Unit 3, Lockwood Close and the recently acquired Perfect  Binding
machine and Stitching machine are now installed and working. The upgrade of software coupled with  the
introduction across the factory of internet data capture was introduced in June 2009.

The Directors see the current financial year beset with challenges, with no sign of any improvement in
the  economy which has experienced its worst recession in 80 years. Because of this, we will  look  to
consolidate,  significantly reduce capital expenditure and reduce borrowing.  We  look  forward  to  a
continuation of the ending of a number of finance and hire purchase agreements on plant and equipment,
thus leaving these assets un-encumbered yet not requiring replacement.

Our  key  challenge continues to be to provide our customers with the quality and standards of service
to which they have become accustomed.

The  board  feels  that allowing for the uncertainties in the economy, a period  of  re-trenchment  is
advisable.  However,  they  are also aware that there are opportunities to  gain  growth  through  the
acquisition  of the right "fit" businesses. We will therefore continue to explore those  opportunities
and if, without risk to the business, these prove to offer value for Team and its shareholders, we may
consider taking things further.

Team (Impression) Holdings plc

Audited Results for the 12 months ended 31 May 2009

                                12 months to 31 May 2009 12 months to 31 May 2008

Group Profit and Loss Account                     GBP                             GBP

Group Turnover                                    7,338,330                       7,363,492

Operating Profit                                    395,357                         871,096

Interest Payable                                   (218,473)                       (260,461)

Profit on Ordinary activities before taxation       176,884                         610,635

Tax on Ordinary activities                          (68,012)                       (164,719)

Profit after taxation                               108,872                         445,916

                                  12 months to 31 May 2009 12 months to 31 May 2008
Group Balance Sheet                               GBP                            GBP

Fixed Assets
        Tangible Assets                          5,243,562                        5,265,231

Current Assets
        Stocks                                     328,140                          297,652
        Debtors                                  2,128,641                        2,203,013
        Cash and Bank Balances                         130                               19

Current Assets                                   2,456,911                        2,500,684

Creditors Due Within One Year
Short Term Borrowings                              284,168                           58,326
Trade and Other Creditors                        2,519,452                        2.756,758

Creditors Due Within One Year                    2,803,620                        2,815,084

Net Current Liabilities                           (346,709)                        (314,400)

Total Assets Less Current Liabilities            4,896,853                        4,950,831

Creditors Due After More Than One Year
        Loan Capital                             2,100,438                        2,295,295
Provisions for Liabilities and Charges
        Deferred Taxation                          487,659                          455,652

Net Assets                                       2,308,756                        2,199,884

Capital and Reserves
        Called up Share Capital                    534,666                          534,666
        Revaluation Reserve                        192,741                          192,741
        Retained Profit                          1,581,349                        1,472,477
Equity Shareholders Funds                        2,308,756                        2,199,884

The Directors do not recommend the payment of a dividend for this period.

The figures contained in this announcement have been extracted from the audited information.

The full accounts are available from the Company and can also be found on the PLUS markets website at

The Directors of the Company are responsible for the contents of this announcement.

Contact Information:

Team Impression (Holdings) Plc
Glyn Shaw
Telephone: 0113 272 4800

Corporate Adviser:
St Helens Capital Partners LLP
Mark Anwyl or Duncan Vasey
Telephone: 020 7368 6959

Contact Information

  • Team (Impression) Holdings plc