Interim Results

• Return to profit: £0.1m PBT

• £6.0m cash in bank, net debt £1.8m

• Gearing 7.7% - includes third party dealer stocking loan

• Shareholder funds £22.9m

• Pension deficit at 31/7/04 on FRS 17 basis is £6.4m but reducing - MFR £3.1m but contributing double the MFR required contribution.

• Head Office costs – 50% reduction achieved in 2004 maintained in H1 2005