Team (Impression) Holdings plc

March 06, 2008 12:38 ET

Team (Impression) Holdings Plc: Interim Results for Six Months to 30th November 2007

LONDON, UNITED KINGDOM--(Marketwire - March 6, 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 2007- 30th November 2007.

As per our recent trading statement the company has continued to enjoy top line sales growth and allowing for the costs of listing on PLUS continues to prove to be a highly profitable print business.

Booked in sales in the period were up approximately 14% on the same period for the last financial year on like for like basis, resulting in invoiced sales Pounds Sterling 457,000 over budget.

During this period we have also bolstered our external and internal sales and admin departments to cope with demand, thus allowing a settling in period prior to further sales growth expected in our new financial year.

Looking forward we are aware of the proposed changes to first year capital allowances in April and as such feel sensible capital equipment spend will achieve significant level of allowances, and as such is a tax efficient investment. We are also mindful of our business plan for continued growth and the capital equipment required to facilitate this. Your board is currently evaluating various solutions to add value and to expand our offering.

Terms have been agreed with Hewlett Packard for the supply of a new state of the art HP Indigo 5500 which has the very latest specification and allows very high levels of production and quality.

A Heidelberg bespoke foil blocking machine is to be installed within our print finishing factory. This will allow foil blocking in-house, previously an outwork cost of approx Pounds Sterling 85,000 per annum.

We are intending to purchase a new front end work flow to be installed by the end of March. Demonstrations of such systems and negotiations continue with various suppliers. This investment in technology should allow increase in sales without the need for increase in head count.

The board are investigating the possibility of a move into the large format sector and are consulting with various providers of this type of equipment. This will allow us to cross sell further added value products into our existing client base. This will be a digital output device with UV curing and will print a size of 1.25 metres x 2.5 metres and up to 48mm calliper - this is much larger and thicker than we can presently output.

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

John Crowson, Chairman

Unaudited Results for six months to 30th November 2007

Profit and Loss Account to 30th November 2007 6 months to 12 months to
30.11.07 31.05.07
(unaudited) (audited)
Turnover 3,806,036 6,778,893
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Operating Profit 577,226 860,315

Interest Payable (128,323) (212,692)


Profit on Ordinary activities before taxation 448,903 647,623

Taxation on Ordinary activities (118,298) 76,633


Profit after taxation 330,605 724,256
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Unaudited Group Balance Sheet at 30th
November 2007 6 months to 12 months to
30.11.07 31.05.07
(unaudited) (audited)

Fixed Assets
Tangible Assets 4,845,941 4,953,233

Current Assets

Stocks 377,778 304,639
Debtors 2,260,660 1,678,394
Cash & Bank Balances 179 61


Current Assets 2,638,617 1,983,094

Creditors Due Within One Year
Short Term Borrowings 496,442 314,743
Trade & Other Creditors 2,141,495 1,914,189


Creditors Due Within One Year 2,637,937 2,228,932


Net Current Assets/(Liabilities) 680 (245,838)


Total Assets Less Current Liabilities 4,846,621 4,707,395

Creditors Due After One Year
Loan Capital 2,143,739 2,404,878

Provisions For Liabilities & Charges
Deferred Taxation 447,216 377,456


Net Assets 2,255,666 1,925,061
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Capital & Reserves
Called Up Share Capital 534,666 534,666
Revaluation Reserve 192,741 192,741
Retained Profit 1,528,259 1,197,654


Equity Shareholder's Funds 2,255,666 1,925,061
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Unaudited notes to the 30th November 2007


1. The interim accounts which have not been audited nor reviewed, have
been prepared on the basis of the accounting policies set out in the
year ended 31st May 2007 Limited company accounts. The taxation charge
is based on the estimated tax rate for the year.

2. The transfer of Team (Impression) Limited on 29 August 2007 to Team
(Impression) Holdings plc has been accounted for in accordance with the
principles of merger accounting as set out in Financial Reporting
Standard 6 "Acquisitions and Mergers". The financial statements are
therefore presented as if Team (Impression) Limited has been owned and
controlled by Team (Impression) Holdings plc for the full financial

3. The information for the year ended 31st May 2007 does not constitute
statutory accounts as defined in s240 of the Companies Act 1985. A copy
of the statutory accounts for that year in respect of the Limited
company (not the parent company) has been delivered to the Registrar of
Companies. The auditors' report on those accounts was not qualified.

4. The results for the comparative 6 month period to 30 November 2006 are
not presented given it is not a requirement for a Limited company to
prepare interim results and hence they have not been historically

The Directors of the Issuer accept responsibility for this announcement.

Contact Information

  • Team (Impression) Holdings Plc
    Peter Crowson
    0113 272 4800
    Corporate Adviser:
    St Helen's Capital Plc
    Barry Hocken/Duncan Vasey
    020 7628 5582