Statement Made At Annual General Meeting On 18 July 2003


18/07/2003

We announced our results for the year ended 31 March 2003 on 29 May 2003 and provided a trading update.

Since May, the Group’s monthly sales have continued to be broadly level with the same period last year on a like-for-like basis. Regional sales have also developed as stated in May, though sporadic strikes in Europe have caused some disruption. Our e-commerce sales have continued to grow rapidly.

At the beginning of June we successfully switched to our new European integrated system in France.

Gross margin, costs and cash flow have continued to be managed effectively.

Enquiries:

Ian MasonChief Executive01865 204000
Jeff HewittDeputy Chairman / Finance Director01865 204000
Diana SoltmannFlagship Consulting Ltd0207 886 8440
Andy BerryFlagship Consulting Ltd0207 886 8440