Team (Impression) Holdings plc
LSE : TIHP

February 26, 2009 10:30 ET

Interim Results for six months ended 30 November 2008

                                                                                            26/02/2009

                                                                             GB00B24HQB30/GBP/PLUS-exn
                                                   
                                    

                                    TEAM (IMPRESSION) HOLDINGS PLC
                                                   
                       Team (Impression) Holdings PLC ("Team" or "the Company")

                      Interim Results for the six months ended 30th November 2008


Chairman's statement for Team (Impression) Holdings Plc

The Board of Team (Impression) Holdings Plc is pleased to announce its Interim Accounts for the period
1st June 2008 - 30th November 2008.

The Company has continued to enjoy top line sales growth, with turnover up 3% to £3.9m against the
background of a challenging trading environment. Increased raw material costs plus marginal pricing by
some of our local competitors has contributed to a fall in operating profit by 34% to £0.4m.

Client numbers continue to hold up very well. New business is constantly being obtained from blue
chip, end user and design/advertising clients. Recent investment in differing technologies such as
large format and other digital technologies is now starting to pay dividends. As previously stated the
local market remains competitive, however the combination of success in new territories (such as
Scotland, North East England and the Midlands) with these new added value and specialist products will
counteracts the erosion of local market margin. The Company remains profitable and is cash generative
against the current trends within the industry. Team continues the sensible policy of not chasing low
margin work and in effect buying turnover, preferring to concentrate on providing a quality service
and added value products to a discerning client base.

The enhanced internal and external sales departments have settled down well and we should feel the
benefit in the second half of the year.

The current five year investment programme in new plant is now complete and due to this and earlier
large finance deals coming to an end, the Company will make substantial savings in interest payments
going forward.

As previously announced the board entered into a 50/50 joint venture, called Fruition Digital
Marketing Ltd., with a West Yorkshire company specialising in web to print. However it has
subsequently been decided to continue to develop a web to print business in-house and we are
withdrawing from the joint venture at minimal cost to Team. Team will continue to work with Gecko, the
joint venture partner, on litho and digital print.

On 24 February 2009, Team announced that they had recently acquired the fixed assets, order book and
key personnel of Mannanco Ltd. and this has been set up as a division of Team (Impression) Ltd. The
Board expect this acquisition will be earnings enhancing with immediate effect.

During the next few months the sitting tenant will move out of Unit 3, Lockwood Close which the
Company owns. This will give a further 6,500 sq ft of manufacturing area allowing scope for further
expansion and potential earnings' enhancing acquisitions that will complement the business should
appropriate opportunities arise.

After taking all the above matters into consideration the company is well placed now for the
challenges ahead.

John Crowson, Chairman commented " The Company's plan to acquire the higher end short/medium print
production in many output forms, whilst producing the added value finishing elements required in house
for a nationwide client base is starting to pay dividends.  The business continues not to rely on any
one client making up any more than 7% of sales, or any one print production method. As mentioned Team
will enjoy lower interest payments, and be more cash generative due to the curtailment of various HP
finance agreements".



John Crowson
Chairman




Unaudited Results for the 6 months ended 30 November 2008

Profit and Loss Account      6 months to            6 months to                    12 months to
                               30.11.08                      30.11.07
31.05.08
                            (unaudited)             (unaudited)                     (audited)

                                  GBP                    GBP                           GBP

Turnover                       3,917,857              3,806,036                      7,363,492

Operating Profit                 380,864                577,226                        871,096


Interest Payable                (130,899)              (128,363)                      (260,461)


Profit on Ordinary activities    249,965                448,903                        610,635
before taxation

Tax on Ordinary activities       (84,976)              (118,298)                      (164,719)


Profit after taxation            164,989                330,605                        445,916


The Directors of the Issuer accept responsibility for this announcement.


Contact Information: Company:
Team (Impression) Holdings Plc
Fusion House
1 Lockwood Close
Leeds
LS11 5UU

Glyn Shaw
Telephone: 0113 272 4800

Corporate Adviser:
St Helen's Capital Plc,
15 St Helen's Place,
London,
EC3A 6DB

Barry Hocken / Duncan Vasey
Telephone: 020 7628 5582

Contact Information

  • Team (Impression) Holdings plc