 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
| |
 |
2003 |
|
 |
|
 |
2002 |
|
 |
|
 |
2001 |
|
 |
|
 |
2000 |
|
 |
|
 |
1999 |
|
 |
|
| Results |
 |
£m |
|
 |
|
 |
£m |
|
 |
|
 |
£m |
|
 |
|
 |
£m |
|
 |
|
 |
£m |
|
 |
|
| |
 |
|
|
 |
|
 |
|
|
 |
|
 |
|
|
 |
|
 |
|
|
 |
|
 |
|
|
 |
|
| Turnover |
 |
91.5 |
|
 |
|
 |
60.1 |
|
 |
|
 |
31.1 |
|
 |
|
 |
17.0 |
|
 |
|
 |
11.1 |
|
 |
|
| Operating profit |
 |
21.0 |
|
 |
|
 |
13.1 |
|
 |
|
 |
5.8 |
|
 |
|
 |
3.1 |
|
 |
|
 |
1.1 |
|
 |
|
| Normalised profit before tax1 |
 |
23.5 |
|
 |
|
 |
15.4 |
|
 |
|
 |
7.2 |
|
 |
|
 |
3.1 |
|
 |
|
 |
0.8 |
|
 |
|
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
| |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
| |
 |
2003 |
|
 |
|
 |
2002 |
|
 |
|
 |
2001 |
|
 |
|
 |
2000 |
|
 |
|
 |
1999 |
|
 |
|
| Key Statistics |
 |
£m |
|
 |
|
 |
£m |
|
 |
|
 |
£m |
|
 |
|
 |
£m |
|
 |
|
 |
£m |
|
 |
|
| |
 |
|
|
 |
|
 |
|
|
 |
|
 |
|
|
 |
|
 |
|
|
 |
|
 |
|
|
 |
|
| Earnings per share |
 |
11.17p |
|
 |
|
 |
7.69p |
|
 |
|
 |
3.07p |
|
 |
|
 |
1.95p |
|
 |
|
 |
n/a2 |
|
 |
|
| Diluted earnings per share |
 |
11.08p |
|
 |
|
 |
7.61p |
|
 |
|
 |
3.06p |
|
 |
|
 |
1.95p |
|
 |
|
 |
n/a2 |
|
 |
|
| Underlying earnings per share |
 |
15.09p |
|
 |
|
 |
10.49p |
|
 |
|
 |
4.77p |
|
 |
|
 |
2.46p |
|
 |
|
 |
n/a2 |
|
 |
|
| |
 |
|
|
 |
|
 |
|
|
 |
|
 |
|
|
 |
|
 |
|
|
 |
|
 |
|
|
 |
|
| Net debt/(funds) |
 |
2.9 |
|
 |
|
 |
(3.7) |
|
 |
|
 |
13.5 |
|
 |
|
 |
3.6 |
|
 |
|
 |
1.2 |
|
 |
|
| Net gearing |
 |
3.9% |
|
 |
|
 |
(7.6)% |
|
 |
|
 |
48.5% |
|
 |
|
 |
37.2% |
|
 |
|
 |
225.8% |
|
 |
|
| |
 |
|
|
 |
|
 |
|
|
 |
|
 |
|
|
 |
|
 |
|
|
 |
|
 |
|
|
 |
|
| Net cash flow from operating activities |
 |
23.5 |
|
 |
|
 |
16.9 |
|
 |
|
 |
8.3 |
|
 |
|
 |
(1.2) |
|
 |
|
 |
2.9 |
|
 |
|
| |
 |
|
|
 |
|
 |
|
|
 |
|
 |
|
|
 |
|
 |
|
|
 |
|
 |
|
|
 |
|
| Average monthly number of employees |
 |
580 |
|
 |
|
 |
430 |
|
 |
|
 |
252 |
|
 |
|
 |
162 |
|
 |
|
 |
81 |
|
 |
|
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |