Team (Impression) Holdings plc
LSE : TIHP

October 16, 2008 03:00 ET

Fianal Results for the year ended 31 May 2008

                                                                                            16/10/2008
                                                                             GB00B24HQB30/GBP/PLUS-exn


                                    TEAM (IMPRESSION) HOLDINGS PLC
                                                   
                             FINAL RESULTS FOR THE YEAR ENDED 31 MAY 2008


Team (Impression) Holdings PLC ("Team" or "the Company")

Results for Financial year (12 months) to 31st May 2008

The Board of Team (Impression) Holdings PLC is pleased to announce its results for year ending 31st
May 2008, its first full year report as a PLUS-quoted company. Our wholly owned subsidiary Team
Impression Limited has performed well, delivering top line sales growth and much better than trade
average net profit.

The Directors consider that a period of consolidation is advisable due to the uncertainties in the
economy. However they believe that realistic opportunities to acquire right "fit" businesses offering
value for Team and its shareholders will be explored as and when they arise.

Principal Activities and Business Review

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

The Board is pleased with the Company's performance, achieving budgeted top line growth of approx 8.5%
and producing a percentage net profit, the envy of most of the commercial print sector, against a back
drop of challenging conditions within the general print market. However our net profit was impaired
from a one off repair cost to our Komori 6 colour press (currently the subject of an insurance claim),
increased (first year) depreciation on recent capital expenditure and a increased provision for bad
debt.

We will continue to focus on the types and mix of work and products that deliver high added value. To
aid this we have continued to invest in equipment and operations which allow us to offer a vertical
print offering to our customers, 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.

The Company won the prestigious title of "Printer of the Year" as voted for by the readers of
advertising/marketing trade publication the "DRUM".

As reported at our interim stage, during this period the Company invested in new capital equipment to
bolster our digital departments and introduced a HP Indigo 5500 press and a FUJI Acuity large format
flat bed press enabling us to print on a much wider range and size of substrates. The Directors feel
this move further enhances our offering and gives further added value products to our ever increasing
client base.

With the uncertainties in the economy the Directors have taken the view that in the current financial
year they look to consolidate, significantly reduce capital expenditure and reduce borrowings. Among
other things they look forward to ending a number of Finance and HP agreements on plant & equipment,
thus leaving these un-encumbered and not requiring replacement.

On behalf of the Board, I would like to take this opportunity to thank all of our staff who have
continued to work tirelessly during the course of the financial year.



John Crowson
Chairman


Team (Impression) Holdings plc

Audited Results for the 12 months ended 31 May 2008

                                12 months to 31 May 2008 12 months to 31 May 2007

Group Profit and Loss Account                     GBP                             GBP

Group Turnover                                    7,363,492                        6,778,893

Operating Profit                                    871,096                          860,315


Interest Payable                                   (260,461)                        (212,692)


Profit on Ordinary activities before taxation       610,635                          647,623


Tax on Ordinary activities                         (164,719)                          76,633


Profit after taxation                               445,916                          724,256

Basic earnings per ordinary share                      4.17p
-
Diluted earnings per ordinary share                    4.17p
-

                                  12 months to 31 May 2008 12 months to 31 May 2007
                                  
Group Balance Sheet                               GBP                            GBP

Fixed Assets
        Tangible Assets                          5,265,231                        4,953,233

Current Assets
        Stocks                                     297,652                          304,639
        Debtors                                  2,203,013                        1,678,394
        Cash and Bank Balances                          19                               61

Current Assets                                   2,500,684                        1,983,094

Creditors Due Within One Year
Short Term Borrowings                               58,326                          314,743
Trade and Other Creditors                        2,756,758                        1.914,189

Creditors Due Within One Year                    2,815,084                        2,228,932

Net Current Liabilities                           (314,400)                        (245,838)

Total Assets Less Current Liabilities            4,950,831                        4,707,395

Creditors Due After More Than One Year
        Loan Capital                             2,295,295                        2,404,878
        
        
Provisions for Liabilities and Charges
        Deferred Taxation                          455,652                          377,456

Net Assets                                       2,199,884                        1,925,061


Capital and Reserves
        Called up Share Capital                    534,666                          534,666
        Revaluation Reserve                        192,741                          192,741
        Retained Profit                          1,472,477                        1,197,654
        
Equity Shareholders Funds                        2,199,884                        1,925,061

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
www.plusmarketsgroup.com.

The Directors of the Company accept responsibility for this announcement.

Contact Information:

Company:
Glyn Shaw
Telephone: 0113 272 4800

Corporate Adviser:
St Helen's Capital Plc,
Barry Hocken/Duncan Vasey
Telephone: 020 7628 5582

Contact Information

  • Team (Impression) Holdings plc