APPENDIX 1

The Data

1974

1975

1976

1977

1978

Net profit (loss) before tax

£62,032

£276,875

£67,896

£(558,321)

£162,403

Net profit (loss) after tax

£64,362*

£154,033

£33,396

£(525,792)

£152,308

Dividend paid to Exchequer

—

£16,112

—

—

—

Turnover

£2,882,712

£3,311,396

£3,780,257

£4,337,795

£4,986,059

Turnover, 1974=100

100

114.9

131.1

150.5

173.0

Net profit (before tax) as % of turnover

2.15%

8.36%

1.80%

(12.87%)

3.26%

Net assets at 31 December

£774,252

£933,423

£959,069

£417,027

£576,324

Value of net assets per share

£1.56p

£1.88p

£1.93p

£0.84p

£1.15p

Return on investment (i.e. net assets)

8.0%

29.67%

7.08%

(133.88%)

28.2%

Current assets

£1,143,225

£1,073,627

£1,356,973

£1,170,343

£1,189,871

Current liabilities

£748,824

£502,869

£763,148

£1,261,770

£1,089,863

Current assets to Current Liabilities

1.53

2.14

1.78

0.93

1.09

Current Liabilities, 1974 =100

100

67.2

101.9

168.5

145.6

Trade Creditors

£293,614

£399,563

£514,124

£616,769

£728,477

Do.—1974=100

100

136.1

175.1

210.1

248.1

Trade debtors and prepayments

£342,493

£351,174

£654,108

£543,681

£429,408

Do. as % of turnover

11.9%

10.6%

17.3%

12.5%

8.6%

Bank overdraft and short term loans

£455,210

£55,223

£193,899

£645,001

£356,339

Do.—1974=100

100

12.1

42.6

141.7

78.3