TAKE A LOOK AT THIS COMPANY , THEY ARE GOING TO VERY WELL AND SHORT TERM ARE LOOKING VERY ATTRACTIVE AS WELL . TAKE A LOOK AT THE CHART. THEY HAVE A MAJOR PROJECT THAT IS IN THE PROCESS OF STARTING UP AND ON THAT NEWS ALONE WILL SHOOT UP 20 TO 30 PER CENT. they are way undervalued and trading results bear this out.

Bought these at 1.15 recently and I am optomistic for future growth,the recent fall in price however has left me somewhat bemused as I am hard pressed to find any negative influencing factors! I actually thought that by now COH would have attracted more positive interest. Any views........?

I have the same problem, there could be some news at the end of March / April as they tend to give updates. The thread on the link above has got the same views. One thing for sure is I will wait, if the price comes down more then I will buy as I can not see a downside. Perhaps it is the fact that alot bought and just decided to cash in and go elsr where.....who knows.

Have been pondering COH's latest results. The concept seems rather good to me and the management team seem switched on. Noticed that the IC commented on Friday that 'many think the UK coffee bar market is at saturation'. Wake up! COH are operating in Eastern Europe!

Any further thoughts on this one?

I completely agree with you Richie. COH has huge potential in Eastern Europe, especially since Poland is now in the EU. And the likes of Starbucks is unlikely to move into that market in the short term probably due to the fact that it takes around 48 weeks to setup a subsidary business in Poland (as reported in The Business a few months ago). So I belive COH has a way to go before there is any serious competition, and when that time comes, they'll be a probable likely takeover target!

The figures look good and the market is ignoring their positive stance IMHO.

I'm staying in because I believe this share will rocket when the EU/Poland business stance improves, COH publishes more good trading news, and the market finally realises there is medium term potential in this stock.

Anyone have any views on this stock?

Just in today - following the herd. A lot of blue so I'm assuming something is in the wind?
pthwaite - your analysis would seem to be sound, so intend to hold medium term.

Cynic.

Decided to have a dabble in COH. Risky perhaps, but I think patience over the medium to long term may bring rewards. They have a good product (a friend of mine has just returned from Poland - I tasked them to check out the Warsaw Airport store! Good stuff). Competition is thin from other branded coffee bars unlike the UK and yet the potential market is huge. As you say pthwaite, Poland's entry into the EU is likely to benefit a business like COH. Main concerns are weaknesses in the Polish currency (solved by the euro in the future?) and excessive rentals inhibiting growth prospects in the short term.

Ritchie....the Polish zloty has been appreciating/strong
against the sterling over the last couple of months

This news article is displayed preformatted as it may contain results tables

RNS Number:7305R
Coffeeheaven International PLC
26 September 2005

coffeeheaven international plc

Final Results for the Year Ended 31 March 2005

Highlights

*Net sales increase 80% to #3.8M against prior year same period. (Increase 50%
at constant exchange rates).

*Number of stores trading at 31 March 2005 - 36 (2004 - 22). Currently 38 with a
further 15 under contract or with terms agreed.

*Like-for-like sales growth 6% for 12 months to 31 March 2005.

*Combined trading subsidiary EBITDA grew 251% to #0.35M for 12 months to 31
March 2005. (2004 - #0.10M at constant exchange rates).

*Czech Republic market opened with 3 stores trading at 31 March 2005.

*Acquisition of leading Latvian coffee bar chain with 7 stores initiated and
completed June 2005.

*Significant progress made in moving coffeeheaven towards becoming a leading
branded coffee/sandwich bar chain in Central Europe.

Richard Worthington, Executive Chairman commented:

"With continued progress in Poland and the opening of two new markets during
the year, coffeeheaven remains on track to become a leading coffee bar brand
in Central Europe.

The current year has started well. Strong economic growth across much of Central
Europe, fuelled by European Union funding, is providing a powerful driver for
our business. We are pleased to have secured entry arrangements for two further
exciting new markets - Bulgaria and Romania."

Enquiries:

For further information, visit the Company's website: www.coffeeheaven@eu.com or
contact:

Richard Worthington, Executive Chairman
Tel: +48 606 818 850 or +44 7973 442 331
E-mail: richworth@aol.com

Simon Turton, Opera Public Relations
Tel: 0845 0600 650 or 07976 826 004
E-mail: simon@operapr.com

Jeremy Porter, Seymour Pierce Ltd
Tel: +44 20 7107 8000

Executive Chairman's Statement

Introduction

The year under review has been a success. Growth in sales revenues and operating
cash flows was strong and the Group reached a number of important milestones
towards the achievement of its long-term objectives.

coffeeheaven's market leadership position in Poland has been further
consolidated with the opening of new stores in high profile locations. We
believe our business in Poland has now reached the critical number of stores
needed to achieve pre-tax profitability in that market.

The first steps towards our goals for regional expansion within Central Europe
have been taken with the opening of stores in the Czech Republic and the
acquisition of the Coffee Nation coffee bar chain in Latvia.

The financial performance of the Group has improved in line with growing
revenues. Cash flows from operating activities grew strongly despite the cost of
opening our new market in the Czech Republic.

Excluding new market development costs and exceptionals, the Group's total
operating cash flows were close to balanced after interest and UK costs. Given
the development stage of the business and the relatively small number of stores
that are contributing mature cash flows, your Board believe this is a
significant achievement.

The Group continues to work within its key operating benchmark target of
month-to-month positive cash flows from combined trading operations throughout
the growth period.

The increased Group loss over the prior year is mainly attributable to
exceptional fixed asset write offs, new market development expenditures,
unrealised exchange losses and the exchange rate impact on comparatives (all
addressed later in this report).

New market development expenditures have resulted in the opening of two new
markets during the year and (shortly after the year end) the setting up of joint
venture arrangements in Bulgaria and Romania. We have also invested in
assessments of other Central European markets and are at various stages of
preparation for possible entry. These expenditures remain essential if the Group
is to achieve its long-term objective of a leading market positioning across
Central Europe.

At the macro economic level, Central and Eastern European countries admitted to
the European Union ('EU') in 2004 have economic growth rates at least 50% higher
than that of the UK and up to 3.75 times higher than the level of the
'Eurozone'. This economic grouping includes several of coffeeheaven's present
and target markets for which further growth will be fuelled in part by large
inward investment following their accession to the EU. Our two new markets of
Bulgaria and Romania are expected to join the EU in 2007.

The Group has continued its prudent growth policy of 'parallel infrastructure
investment' - that is to build the support structure of each operating company
in line with, rather than ahead of, sales growth. Our early stage development
arrangements in Bulgaria and Romania are expected to significantly reduce both
the cost and risk of new market entry and enable coffeeheaven stores to be
established earlier in these important markets than would otherwise be the case.

In less than 5 years coffeeheaven has grown from a concept to become a leading
branded retail food service chain in one of Europe's largest consumer markets
and is now making progress towards becoming a market leader across Central
Europe.

This considerable achievement would not have been possible without our
enthusiastic and highly dedicated colleagues in Poland, and now also in the
Czech Republic and Latvia. The Group has an outstanding management team led by
Pawel Wasiljew (Poland) Nikolaos Balamotis (Czech Republic) and Denis
Sherstjukov (Latvia) all supported by Group Financial Director (operating
companies) Maciej Jania and International Director of Operations Katarzyna
Tondera.

The Board's thanks and appreciation go to them and all our other colleagues in
the Group.

Operations and Development
coffeeheaven brand

Polish consumers are increasingly becoming highly brand-oriented. A new study
'What do Poles Think of Brands' (source: TNS OBOP) shows that 80% of Poles buy
branded products 'sometimes', 'often' or 'very often' with only 4% 'never' going
for brands. The trait most associated with branded products is quality at 73%.
Most of those who said they choose branded products 'very often' were mostly
young, independent, working people with higher education. In such a consumer
environment coffeeheaven's strong branding is an important and valuable business
asset.

The Group's coffeeheaven(R) brand continues to build in strength and awareness
both in Poland and the Czech Republic.

A recent independent survey suggests that coffeeheaven now has an approximately
20% market share of the branded coffee house market in Poland.

coffeeheaven has been nominated for a prestigious MAPIC 2005 Retailer Award for
its dynamic development in the Polish market. Through these awards, MAPIC, the
leading market for the expanding industry of international retail estate, has
for 10 years been recognising retail companies for their outstanding development
in terms of expansion, originality of concept and type of development. The
Awards will be presented at the MAPIC exhibition in Cannes, France in November
2005.

coffeeheaven was recently chosen as winner of 'Newsweek' (Poland) 'best service'
in Lodz, Poland's second largest city.

At the 2005 Poland round of the World Barista Championships organised by SCAE
(Speciality Coffee Association of Europe) we were proud that Katarzyna Tondera,
coffeeheaven's International Director of Operations was nominated senior
technical judge. With representative baristas from all over Poland competing in
this event, Katarzyna's appointment gives a clear statement of the technical
coffee expertise behind the coffeeheaven brand.

In the Czech Republic our baristas are also making an impact. Both in Prague and
Brno we had first round winners in the Czech Barista Championships who will now
go on to compete in the Czech Republic finals.

Our successful new flagship store, located right in the heart of Warsaw on the
intersection of Swietokrzyska and Marszalkowska, has become a landmark location
in the city providing coffeeheaven with high profile branding. The two-storey
site, complete with external first floor street balcony, is believed by your
Board to be a unique location in the Polish capital.

Our on going store investment programme means that coffeeheaven is now to be
found in most of Poland's major cities further reinforcing brand recognition and
coffeeheaven's position as the leading branded coffee/sandwich bar chain in
Poland.

Long term development and investment in the coffeeheaven brand continues to be a
major focus for the Group.

Poland
Sales and store operating results - Poland

Sales for the year at CHI Polska S.A. ('CHIP') in Poland were broadly in line
with expectations.
Total like-for-like sales grew 6% in the 12-month period to 31 March 2005 (prior
year same period +17%).
We are particularly pleased with progress of stores outside Warsaw where
like-for-like sales grew a robust 15%.

Store operating results are as follows:

2005 2004

Percentage of total revenues - Established Stores (note 1) 94% 85%
- New Stores (note 1) 6% 15%

Like-for-like sales growth - All Stores (note 2) 6% 17%

Combined Like-for-like
(Note 4)
2005 2004 2005 2004
Stores combined operating profit as a percentage
of sales (note 3) 13% 13% 20% 18%
Stores combined operating cash flows as percentage
of sales 22% 20% 27% 26%

Notes
1. For 2005, Established Stores are all those that were trading as at 1 April
2004; New Stores are those opened during the year to 31 March 2005. For 2004,
Established Stores are all those that were trading as at 1 April 2003; New
Stores are those opened during the year to 31 March 2004.

2. Like-for-like sales growth represents the sales percentage increase of
combined store sales for each 12 month period to 31 March with 'same store'
sales in the 12 month prior year period.

3. Store operating profits include all direct and where appropriate indirect
operating costs associated with the operating of each store including
depreciation.

4. Like-for-like compares the trading results from our first 11 stores
(excluding the store in Gdansk) for the 12 months to 31 March 2004, with trading
results from those same 11 stores for the 12 months to 31 March 2005.

In earlier reports we had flagged that sales results from stores outside the
Polish capital were not generally meeting our expectations. We noted that this
was unsurprising since in many cases we had entered new cities where the
coffeeheaven brand was less well known. We indicated that patience was required
and are now delighted that solid improvements are coming though.

The significant increase in quality retail space in Warsaw (to which we have
frequently referred in earlier reports) whilst providing new opportunities for
coffeeheaven to secure key retail locations, has limited like-for-like sales
growth in the year in that market to 2%. However with combined sales in Warsaw
increasing 41%, we are confident that coffeeheaven's share of the market has
considerably increased.

As the like-for-like comparatives show, even stores with a full two or more
years trading are still growing in terms of contribution at both the operating
profit and cash flow levels.

The actual combined investment payback rate for the Established Stores (as
defined in note 1 above) - that is, actual combined cumulative capital
expenditures expressed as a number of weeks actual combined store operating cash
flow - for the year ended 31 March 2005 was 145 (2004 - 103 weeks). Our
benchmarks for these stores range from 100 to 200 weeks.

There are now 17 coffeeheaven stores in Warsaw, most in key high street and
shopping mall locations. Of these stores 7 have been opened in the last 18
months. With this level of penetration, some short-term cannibalisation of sales
has been inevitable. The opening of the Arkadia shopping mall in October 2004
(some 100,000 sq. m. and one of the largest malls in Europe) has probably had
the biggest negative impact on other shopping malls in the city where there have
been some noticeable declines in customer traffic.

Despite the very significant increases in retail space over the last few years,
Poland still has significantly less modern retail space per capita compared to
the 15 'old EU' member states. We are confident that over time this new retail
space will be assimilated and that our like-for-like sales growth rates in
Warsaw will improve as the market expands on the back of robust economic growth.
There are already some indications that this may have started in the current
year. If so, coffeeheaven will continue to benefit from its prime positioning in
most major retailing locations.

In the first five months of the current year unaudited combined store operating
profits were 15% of sales (2005 - 10% same period prior year) and combined
operating cash flow 22% of sales (2005 - 18% same period prior year).

New Stores and Store Development - Poland

The majority of the 5 new stores opened during the year to 31 March 2005
(including 1 store relocation) were in Warsaw and commenced trading towards the
end of the financial year. Sales results from these units are currently above
our expectations with the star performer being our unit in the new Arkadia
shopping mall referred to elsewhere in this report.

Our target for store opening in 2004/05 was 8. However as detailed in our Annual
Report last year, for some time now asking prices per square metre for rental
space in new shopping centres have increased significantly. We suggested that
this might in part be a combination of EU entry 'hype' and a genuine spike in
market interest by international retailers seeking Polish market entry. We also
suggested that developers are anticipating a weakening of future rental rates as
more capacity - some might say excess capacity (at least in the short term) -
comes on stream and are endeavouring to secure high lease rates ahead of a
weakening market.

Our disciplined approach to site selection has meant that we continue to reject
otherwise suitable locations where we believe rental levels to be economically
unrealistic or plainly excessive. Unless there are overriding strategic reasons,
we will not take sites that do not meet CHIP's investment criteria. We believe
that our 'pause and see policy' is the correct approach to these market
conditions.

As shopping mall rentals have increased so high street rentals have weakened and
we have taken advantage of this situation in the current year with a modest
switch in focus to high street sites. However we are still taking a very
selective approach to new store openings in Poland and for the year to 31 March
2006 have set a modest target of 6 new stores.

Looking forward we are delighted to have secured possibly the best cafe location
in Poland in the new 225,000 sq. m. Zloty Tarasy mixed-use centre in the very
heart of Warsaw. Currently under construction and expected to open in 2006, the
exceptional location of this mall, with its spectacular clear domed roof,
finally brings a central focus to the Polish capital. We are delighted that its
developers have chosen coffeeheaven for such a key position in this centre.

Czech Republic
Sales and Store Operating Results - Czech Republic

Our first two stores in the Czech Republic opened in Prague in September and
October 2004 comprising one shopping mall and one high street unit. A further
shopping mall store opened in Brno (the second largest city in the Czech
Republic) in March 2005.

Initial trading patterns are tending to mirror those of some of our first stores
in Poland and our key focus remains on building brand awareness and consumer
understanding of the coffeeheaven concept.

The first two stores are located in 'existing' sites and accordingly we did not
have the luxury we had in Poland of selecting and sizing units from a
developer's plans. As a result our Czech stores are somewhat larger and hence
more costly to operate than our early stores in Poland. This means that reaching
store profitability will take longer to achieve as, in addition to increased
operating cost, these stores carry a higher depreciation burden.
However we are already seeing growth in customer numbers and remain confident
that with patience we will repeat coffeeheaven's success as in Poland.

New Stores and Store Development - Czech Republic

Looking forward we expect to open at least two new stores in the current year
and are currently in discussions on several other locations. As in Poland, we
are taking a very disciplined approach to the selection of new sites, even if
this results in a slower rate of store openings than we would have wished.

Latvia
Sales and Store Operating Results - Latvia

Results from our Latvian business (trading as Coffee Nation(R)) have not been
consolidated into the results for the year to 31 March 2005 as the Group
acquired only a 19.9% interest in this business in October 2004. The cost of
this initial equity is carried as an investment asset in the Group Balance Sheet
as at 31 March 2005. Trading results will be consolidated into the Group results
from 1 June 2005, being the date the Group acquired a 100% equity interest.
In the current financial year we are delighted with the results from our stores
in Latvia. Like-for-like sales for the 5 months ended 31 August 2005 increased
22% despite very poor spring/summer weather.

With the increase in tourism and one of the fastest growing economies in the EU,
we are very positive about our prospects in the Latvian market.

New Stores and Store Development - Latvia

In practice we have been working with our colleagues in Latvia for many months.
Coffee Nation stores already had a coffeeheaven 'look' and we are presently
retro fitting a number of these to bring them even closer. We are also actively
seeking new locations in Riga and expect to open one new store in the current
financial year. For the time being we intend to retain the Coffee Nation trading
name.

Our challenge now is to 'up - scale' the present business with more stores
whilst at the same time enhancing returns from the current estate with new
products and services.

Given the right opportunities and market conditions, we will consider (during
the current year) expansion into other Baltic State capitals.

Product and Product Supply - All Markets

Your Board believe that the association by consumers with coffeeheaven as an
innovator of high quality foods is essential to coffeeheaven's competitive
positioning, particularly as our markets start to mature.

We continue to focus on both the range and quality of food products and during
the year to 31 March 2005 we introduced a number of new food lines.
In the current year we are looking to improve food margins but will continue
with selective promotions as appropriate.

The early 2005 spike in world coffee prices seems to have been temporary. In
addition the strength of the Polish Zloty (PLN) has had the potential of
insulating the Group from increases in the price of coffee beans. Elsewhere we
are seeing little direct price pressure on material costs.

We continue to monitor the capabilities of our current product supply chain to
support a national roll out. For the most part we intend to retain our present
policy of 'partnership-working' with local suppliers. To date this approach has
served the Group well by keeping indirect overhead costs to a minimum yet
providing the flexibility to work with new entrants to the supplier market. We
continue our policy of direct day-to-day supervision of the preparation of some
key products. At Coffee Nation in Latvia we have set up our own kitchen
facilities outside Riga. This is in part to address the difficulties in locally
sourcing some products but also to provide the Group with a 'pilot' operation
for possible application in other markets.

Central distribution in Poland of non-perishable lines is for the most part now
complete. It is expected that the costs benefits from this arrangement will
start to flow through as volumes grow.

Since many of our current and target markets are now EU members, we continue to
explore with our distribution service provider the opportunities to centrally
distribute products from Poland to other Central European markets. We are
already doing this on a limited basis in both the Czech Republic and Latvia.

All coffeeheaven stores (except in Latvia) use a comprehensive combined point of
sale and store management system. This system is supported throughout most of
Central Europe giving the Group the capability to maintain centralized
operational control of stores in all markets from the Group's Head office in
Warsaw.

New Market Development

In previous reports we indicated that rapid economic development in Central
Europe made it important for the Company to maintain its pace of new market
entry.

During the year the Group opened stores in the Czech Republic and acquired
stores in Latvia.

To accelerate new market entry we have previously indicated that we were
considering entering some new markets under joint venture arrangements. We
believe such arrangements will enable the Group to achieve regional market
presence more rapidly, and at a lower entry cost and financial risk than would
otherwise be the case.

The Group has now concluded joint venture arrangements in Bulgaria and Romania
with local synergistic businesses. Our first site in Sofia, Bulgaria has been
secured and this store is expected to open in March 2006 in the new Mall of
Sofia shopping centre. We are actively seeking further sites in Bulgaria and are
looking to secure our first site in Bucharest, Romania in the near future.

With significant populations and robust economic growth prospects, both these
markets represent important early stage opportunities for securing
coffeeheaven's leadership positioning. Both countries are expected to join the
EU in 2007.

We continue to look at other Central European markets. In our view Ukraine with
a population of some 49M represents a highly attractive opportunity being ranked
by AT Kearney in 2005 as the third most attractive market in the world (after
India and Russia) 'on the urgency for retailers to enter' list. Although we have
carried out market studies in Ukraine, there are no plans for imminent entry.
The Group has also initiated preliminary market studies elsewhere in Central
Europe.

One option for new market entry is through acquisition. However securing
expansion by this method in the Central European region is particularly
challenging. Although we have been successful with this route in Latvia,
elsewhere we have had to decline a number of apparently attractive opportunities
at a fairly late negotiation stage. This has been for a variety of reasons but
most notably because we have been unable to complete satisfactory due diligence.

Financials and Funding
Overview

The Group funding strategy during coffeeheaven's development phase looks to
minimize both shareholder dilution and the business risk associated with
movements in foreign exchange.
In summary, we look to use equity capital raised in the London market to fund
new market development expenses, early stage entry into each market and to cover
UK operating expenses.
Once established in a given market, the Group looks to find local debt or other
financial instruments to fund store expansion in that market. We remain flexible
as to the nature of such funding our only stipulation being that it is provided
in local currency.

In Poland the appropriate means of local funding has been through publicly
listed bonds.

New Equity

During the year to 31 March 2005 the Company raised #992,173 (net of expenses)
of new equity through the placing of 120 million new ordinary shares at prices
between 0.75 and 1.10 pence per share.

Subsequent to the year end the Company raised a further #260,550 (net of
expenses) through the placing of 27 million new ordinary shares at 1.0 pence per
shares and issued 14,204,244 new ordinary shares at 1.25 pence per share as part
consideration for the acquisition of Coffee Nation SIA, Latvia.

Results

* Group

Group turnover expressed in sterling for the 12 months to 31 March 2005
increased 80% to #3,789,321 (2004: #2,107,591).

The Group loss after taxation for the 12 months to 31 March 2005 was #675,250
(2004 - #399,499) and is arrived at after deducting net expenses of #197,579
(2003 - #152,626) incurred by the Company in the UK. These expenses relate
principally to the cost of maintaining the Company's AIM listing and similar UK
corporate non-trading expenses. Some of these costs are non-recurring but most
will remain relatively fixed in value on an annualised basis as the Group's
revenues grow. A full analysis of these expenses is set out in the notes to the
Pro-forma Group Profit and Loss Account on page 31.

In addition the Group loss includes a number of other non-trading and/or
non-recurring items. These are as follows:

1. Acquisition and development expenses amounting to #78,880 (2004 - #26,827).
These relate to the development of, and research on, new markets.

2. New market pre-trading expenses amounting to #87,624 (2004 - nil). These
relate to all pre-trading costs incurred by CHI Czech S.A. including the write
off of approximately #20,000 of costs capitalized in the prior year.

3. Unrealised foreign exchange losses amounting to #31,356 (2004 - #14,398).
These relate to foreign currencies held for the purposes of hedging foreign
currency lease rentals and to provide long-term rental security deposits.

4. Exceptional fixed asset write off amounting to #44,266 (2004 - nil). This
relates in the main to the total cost of the store closure in Gdansk referred to
extensively in the 2004 Annual Report.

A full breakdown of all of the above costs is provided on page 31 in the notes
to the Pro-forma Group Profit and Loss Account.

As set out in the Pro-forma Group Profit and Loss Account on page 30 the Group
loss on ordinary activities - local markets, was #279,255 (2004 - #249,415 using
31 March 2005 exchange rates).

Local market EBITDA grew 251% to #352,635 (2004 - #100,556 using 31 March 2005
exchange rates) and the Group was close to cash breakeven after interest
expenses and recurring corporate administration expenses - UK.

Comparatives shown above for the Pro-forma Group Profit and Loss Account and
local market EBITDA are unaudited and restated at the exchange rates effective
at 31 March 2005.

* CHI Polska SA ('CHIP')

CHIP turnover expressed in sterling for the 12 months to 31 March 2005 increased
44% to #3,627,993 (2004: #2,517,215 using constant 31 March 2005 exchange
rates).

As shown on page 30 in the Pro-forma Group Profit and Loss Account, CHIP
recorded a pre-tax profit expressed in sterling of #46,433 (2004 - #95,893 loss)
after charging depreciation of #311,746 (2004 - #232,540) but before charging
net interest payable of #235,342 (2004 - #174,964) and positive EBITDA of
#405,832 (2004 - #100,556).

Combined store net operating margins for the 12 month period as set out on page
9 were 13% (2004 - 13%). Net cash inflows from all stores was 22% (2004 - 20%).
Administration and other overhead costs in Poland grew approximately 6% well
below the 12% target growth rate indicated in our 2004 Annual Report. We expect
this modest rate of growth to continue in future years.

All figures relating to CHIP in this paragraph are unaudited and expressed at
the constant exchange rate of GBP 1 = 5.9291 PLN.

* CHI Czech sro ('CHIC')

CHIC commenced trading operations in the Czech Republic in September 2005.
Turnover expressed in sterling for the period to 31 March 2005 was #161,328.
CHIC reported a pre-tax trading loss expressed in sterling of #74,438 (2004 -
nil) after charging depreciation of #21,241 (2004 - nil) but before charging net
interest payable of #7,622 (2004 - nil).

As shown on page 30 in the Pro-forma Group Profit and Loss Account, CHIC
reported a negative EBITDA of #53,197 (2004 - nil).

All figures relating to CHIC in this paragraph are unaudited and expressed at
the constant exchange rate of GBP 1 = 43.498 CZK.

* Coffee Nation SIA ('CNL')

The Group acquired a 19.9% interest in CNL in October 2004. At 31 March 2005
this holding was carried as an investment in the Group Balance Sheet.
Accordingly no operating results for CNL have been included in the Group
Financial Statements to 31 March 2005. On 1 June 2005 the Group acquired the
remaining equity in CNL bringing its holding to 100% and from that date the
results of CNL will be consolidated into Group results.

Foreign Exchange

The Group strategy for minimizing foreign exchange risk is set out in the
Financials and Funding section above.

Longer term we anticipate that most, if not all, of our target markets in the
region will adopt the Euro. If the UK also adopts the Euro, the Group's foreign
exchange exposure will be limited to US Dollars. Under this scenario the
importance of foreign exchange risk for the Group will significantly reduce.
Currently the Group operates with six currencies being Pounds Sterling (GBP),
Polish Zlotys (PLN), Czech Crowns (CZK), Euros (EUR), Latvian Lats (LVL) and US
Dollars (USD), each impacting the Group results in various ways.

Revenues of the Group are in PLN, CZK or LVL. In each case there is a material
match between the currency of each operating company's revenue stream, primary
assets, debt and debt servicing. However each company in the Group has property
lease rentals expressed in a mix of local currency, USD, and EUR. Thus the
exchange rates between the USD/EUR and the local currency in each market is of
material importance although in Latvia the LVL is already pegged to the Euro.
The most significant foreign exchange factor in the year to 31 March 2005 has
been the very marked increase in the strength of the PLN against all relevant
currencies. This has had a generally positive impact on the year's trading
results in Poland.

The results of CHIP for the year to 31 March 2005 are converted from PLN to GBP
at the 31 March 2005 year-end exchange rate. Year on year the PLN strengthened
against the GBP by some 18%. To illustrate the effect of this, Group sales for
the year to 31 March 2005, if converted at the rates used for the 31 March 2004
statements, would have resulted in a sales figure in sterling of #3,179,298
being #610,023 less than that reported for the year in the Group Profit and Loss
Account of #3,789,321.

The mix of rentals at CHIP denominated in currencies other than PLN is broadly
evenly split between USD and EUR (and the currency exposure for rentals in other
markets is not yet material or relevant). As a result the Group generally does
not use advance currency hedging. However as reported in the prior year, CHIP
has an ongoing limited hedge position against the USD covering approximately 6
months of USD exposure at a rate of USD 1 = 4.0 PLN. The USD/PLN rate at 31
March 2005 was USD 1 = 3.2 PLN. In addition CHIP carries on its balance sheet a
number of long-term rent deposit assets held in USD and EUR. The combined effect
of these items is that an unrealized foreign exchange loss of #31,356 has been
charged in the Financial Statements for the year to 31 March 2005.
The Group continues to keep its hedging options under review in the light of
market conditions.

Economies and Markets

The Group's target markets are those countries running north/south through the
centre of Europe from the Baltic States in the north to Bulgaria in the south.
This represents a market of some 100 million inhabitants.

A number of these markets recently joined the European Union and others are
expected to do so in the coming years.

Whilst the region comprises many countries with very different characteristics,
your Board believe there are two common macro economic drivers present that are
important to a brand such as coffeeheaven - faster economic growth rates than
the global average and a low density per capita of modern retailing.

Key Data

Country Population Real GDP Est. GDP Est.GDP Est. consumer Unemployment
in growth growth growth % price % est. % end
millions % 2004 % 2005 2006 increase 2005 2005

Poland 38.6 5.6 4.7 4.6 3.3 19
Czech 10.2 3.7 4.0 4.0 2.5 8
Republic
Latvia 2.3 7.6 6.2 6.0 4.4 8
Bulgaria 7.9 5.2 5.0 4.8 4.3 12
Romania 22.3 7.8 5.4 5.2 8.8 8
(source: Consensus Economics Inc.)

Poland

Economic Update - Poland

'Fuelled by low wage costs and a favourable corporate tax regime Poland has led
development in post-accession Europe and the country can expect several years of
significant growth and foreign investment'. (source: 2005 The Years Ahead -
Merrill Lynch Investment Banking Group).

Poland's economy now appears to have entered a period of sustained economic
growth after several years of lacklustre performance. Although unemployment
remains stubbornly high and there are some uncertainties as a result of imminent
parliamentary elections, if the incoming executive is able to implement further
fiscal and structural reforms the economic outlook should remain positive.

A drag on the economy has been the exceptional strength of the Polish Zloty
against the Euro and US Dollar, which is undermining the country's competitive
advantage. However, recent cuts in interest rates, coupled with the political
nervousness surrounding near-term government elections is expected to result in
a weakening of the Zloty.

There is little doubt that Poland is a big beneficiary of the improving macro
economic outlook across the whole of Central Europe following EU enlargement.
Poland's middle classes now appear to be thriving and this is starting to be
reflected in their propensity to spend.

Market Risks and Competition - Poland

coffeeheaven remains market leader in Poland. Although a number of new entrants
have appeared or expanded their operations in Poland during the year, none are
considered to threaten coffeeheaven's strongly branded positioning.

A recent survey suggests there are more than 130 branded coffee bars in Poland
(approximate 38.6M population) out of a total coffee bar market of some 700
units. At this level there is clearly significant room for growth. To put this
into perspective, in the United Kingdom (approximate 59.6M population) there are
estimated to be 2,400 branded coffee bars out of a total coffee bar market in
excess of 8,300 units. (UK data source: Allegra Strategies).

Some major coffee producers continue to maintain and in some cases modestly
expand their retail coffee bar presence in the Polish market. So far as your
Board is aware, none of the major UK or North American speciality retail coffee
chains are represented in Poland.

Czech Republic

Economic Update - Czech Republic

For many years the Czech Republic has been hyper-attractive to international
investors. A principal driver for this has been retail expenditure levels that
are amongst the highest in Central Europe. This is reflected in both the Czech
economy and its retail structure which is well developed compared with others in
the region.

The Czech economy remains robust, driven by strong export performance and like
its neighbours has benefited from inward investment following EU accession. In
recent months there has been considerable political uncertainly surrounding the
stability of the present government but this is unlikely to impact the country's
economic performance.

One of the most important positive factors in this market is tourism with Prague
being a leading tourist destination. Not only do tourists have a high propensity
to spend but many come from markets where consumer offerings such as
coffeeheaven are well represented.

Market Risks and Competition - Czech Republic

Although your Board believe the Czech retail market to be more developed and
sophisticated than in Poland, so far as we are aware, there are no significant
coffee/sandwich bar concepts similar to coffeeheaven. In addition it appears
that no major UK or North American coffee bar chains operate in the market.
Overall the coffee bar market is fragmented with few stores having a clear brand
focus although there are a number of franchise operators.

For a number of reasons we believe that it will not be as easy to establish a
clear leadership position in this market as in Poland. One reason for this is
the relatively low level of new retail development and concentrations of
population in a few key areas. Prague, with its significant tourist traffic
presents, we believe, a great opportunity but suitable sites are challenging to
secure at economic rentals. Conversely, the relatively good road infrastructure
means that a national presence could be established more rapidly than in Poland.

Latvia

Economic Update - Latvia

Latvia was the star economic performer of the EU last year recording the highest
GDP growth rate of all EU member states. Tourism remains a key economic driver
with more than 2.5M visitors last year. The current year should see further
significant increases in tourism with Riga International Airport recording an
84% increase in passenger traffic to 1.2M for the 5 months ended 31 August 2005.
EU entry has bolstered foreign trade with year-on-year exports increasing 28% -
again one of the highest increases in export volumes recorded in the EU.

Inflation remains the government's key challenge although the consensus is that
this results from short-term factors and it is anticipated that over time
inflation should reduce.

Together the above is resulting in improving purchasing power for the population
reflected in year-on-year retail sales growth of 18.3% for the second quarter of
2005. (source: Bank of Latvia - August 2005). We are seeing the effect of this
in our Riga stores where we are recording substantial increases in like-for-like
sales.

Market Risks and Competition - Latvia

Our stores (all in Riga) currently trade under the Coffee Nation brand, which is
already well established with a leading market positioning. Although there are
many coffee bars in Riga, most of our competitors are far less focused in terms
of brand offering. So far as your Board is aware, there are no major UK or North
American coffee bar chains currently operating in the Latvian market.

Bulgaria

Economic Update - Bulgaria

Your Board believe the Bulgarian economy is moving in a positive direction with
strong GDP growth, increasingly prudent fiscal management and solid progress
with structural reforms. Overall Bulgaria is generally considered well placed to
join the EU in 2007. Recent parliamentary approval of a new coalition government
should ensure that the uncertainly created by an inconclusive election result in
June 2005 does not stall the further reforms required for EU accession.
We see significant long-term opportunities in this market, not only in the
capital Sofia, but also in the increasingly popular tourist resorts on the
Bulgarian coast.

Market Risks and Competition - Bulgaria

The coffee bar market in Bulgaria consists in the main of traditional cafes.
There is one small chain of stores in Sofia with an offering that has some
similarities to coffeeheaven. So far as your Board is aware, there are no major
UK or North American coffee bar chains operating in the Bulgarian market.

Romania

Economic Update - Romania

The macro economic backdrop to Romanian EU candidacy has improved considerably
in recent years, although we believe the government has much work to do in terms
of meeting EU requirements for a modern democracy supported by sound
institutions. However, with one of the larger populations in Europe and strong
economic growth, Romania presents a major long-term opportunity for the Group.
There are few retail shopping malls and these are generally of a poor standard.
The high demand for quality retail space from international retailers is already
attracting shopping mall developers.

Market Risks and Competition - Romania

The coffee bar market in Romania is highly fragmented. Many operators in
Bucharest and other large cities provide quality coffee bar offerings along
traditional cafe lines. So far as your Board is aware, there are no major UK or
North American coffee bar chains with any significant presence in the Romanian
market.

Our Responsibility to Society

The Company is proud to support two important organisations, which we believe,
help achieve a better world for our younger fellow citizens.

Foundation for Corporate Social Responsibility

The Foundation for Corporate Social Responsibility provides practical support to
some of the youngest, most disadvantaged citizens of the European Union. Amongst
other things this wonderful organisation provides the practical everyday support
of a daily hot meal to many hundreds of the poorest children in north-west
Poland. For more information on the Foundation and its work contact
chasey@ipgate.pl

Coffee Kids

Based in Santa Fe, New Mexico, Coffee Kids supports coffee farming families
through forums and education to promote economic diversification. In addition
Coffee Kids promotes awareness amongst consumers and businesses about prevailing
conditions in coffee growing communities and gives them information on ways they
can help. For more information about Coffee Kids and its work contact
info@coffeekids.org

The Future

The current financial year has started strongly.

In Poland and Latvia sales and operating results for the first quarter of the
current financial year to 31 March 2006 are ahead of your Board's expectations
and we are seeing an improved trend in trading at our stores in the Czech
Republic.

Your Board believe that, based on current market conditions, our business in
Poland has now reached the critical number of stores needed to achieve pre-tax
profitability in that market.

coffeeheaven remains on track to becoming a leading branded coffee/sandwich bar
chain in Central Europe and your Board's vision for the Group is beginning to be
realized.

Using 31 March 2005 exchange rates, and based on current trading conditions, the
Board believe that the unaudited sales of the Group to date in the current
financial year are consistent with indicative combined Group revenues for the
year to 31 March 2006 of approximately #5.7 million. If this is achieved, it
would represent an increase in sales of 50% over the year to 31 March 2005.
Based on present trading conditions, the Group expects to open 10 new stores in
the current financial year. We anticipate only modest increases in Groups
overhead costs.

Our next goal is to reach Group profitability. This will be achieved by
increasing the number of stores whilst maintaining, and in some cases enhancing,
the historical trading performance of our current units concurrent with
containing growth in overhead costs.

Your Board looks to the future with enthusiasm and confidence.

Richard D. Worthington
Executive Chairman
26 September 2005

Pro-forma Group Profit and Loss Account for the year ended 31 March 2005
(unaudited)

Poland Czech Republic Group
2005 2004 2005 2004 2005 2004
#'000 #'000 #'000 #'000 #'000 #'000

All comparatives restated at 31 March 2005 exchange
rates

Turnover 3,628 2,517 161 - 3,789 2,517
Stores - local
market
Materials and
all store
operating
expenses
excluding
depreciation -
local markets (2,815) (2,018) (164) - (2.979) (2,018)
_________________________________________________
Net cash
inflows/(outfl
ows) from
store
operations 813 499 (3) - 810 499
Administrative
costs
excluding
depreciation
and interest -
local markets (378) (358) (46) - (424) (358)
Store
pre-opening
costs - local
markets (29) (41) (4) - (33) (41)
_________________________________________________
Net cash
inflows/(outfl
ows) from
operations -
local market
(EBITDA) 406 100 (53) - 353 100
Depreciation
store and
other assets -
local market (312) (233) (21) - (333) (233)
Exceptional
fixed assets
write off -
local market (44) - - - (44) -
Other
adjustments -
local markets (4) 37 - - (4) 37
_________________________________________________
Profit/(loss)
before
interest and
taxation -
local markets
(EBIT) 46 (96) (74) - (28) (96)
Taxation -
local markets (8) 22 (8) 22
Interest
receivable -
local market 32 63 1 - 33 63
Interest
payable -
local market (267) (238) (9) - (276) (238)
_________________________________________________
Loss on
ordinary
activities -
local markets (197) (249) (82) - (279) (249)
_________________________________________________
Corporate
administration
expenses - UK (198) (153)
Acquisition
and
development
expenses (79) (27)
New market
pre-trading
expenses (88) -
Unrealised
foreign
exchange
losses 10 (31) (14)
Group loss for
the financial
period (675) (443)

Notes to the Pro-forma Group Profit and Loss Account are set out on page 31.

Notes to Pro-forma Group Profit and Loss Account:

1. Turnover and all expenses (other than those shown as UK) are received or
incurred in Polish Zlotys or Czech Crowns and converted to pounds sterling at
the rate of #1 = 5.9291 PLN and #1 = 43.498 CZK which were the rates in force at
31 March 2005. For comparability the 2004 results have also been translated at
the same 31 March 2005 foreign exchange rates.

2. Administrative costs - local markets: Represents all overhead costs
attributable to the business in local markets only.

3. Store pre-opening costs - local markets: Represents expenses on stores
incurred prior to opening. Expenses incurred prior to the first store opening in
a new local market are shown separately (see note 9).

4. Depreciation - local markets: Represents the total depreciation charge for
all business assets in local markets including non-store assets.

5. Exceptional fixed assets write off: Relates principally to fixed assets write
offs resulting from the closure of one store in Gdansk, Poland. This store was
closed in July 2004 as a consequence of structural problems within the
hypermarket centre in which it was situated.

6. Interest payable: Represents interest and amortized costs of bonds issued in
May 2003 by CHI Polska S.A. (Poland) and bank interest in the Czech Republic.

7. Corporate administration expenses - UK: Represents principally costs incurred
as a result of the Company's public listing on AIM, together with the Directors'
fees for services as members of the coffeeheaven international plc Board. Costs
(including fees, salaries and expenses) of Directors who perform services in
local markets are paid by CHI Polska SA (Poland) and included in administrative
costs - local markets.

2005 2004
#'000 #'000
Directors' fees for services rendered in the UK (3 Directors) 53 33
AIM, legal and other professional expenses - UK 79 65
Accountancy, administration and insurance - UK 42 37
Audit fees - UK 10 9
Other expenses - UK 14 9
___ ___
Total UK expenses 198 153

8. Acquisition and development expenses: Relates to the development of and
research on new markets as follows:
2005 2004
#'000 #'000
Latvia (acquisition costs expensed) 36 -
Czech Republic (pre-formation set up costs expensed) 29 27
Bulgaria, Romania, Ukraine and other 14 -
___ ___
Total 79 27

9. New market pre-trading expenses: Relates to all pre-trading costs incurred by
CHI Czech s.r.o. in the 9 months between the formation of the company and the
opening of the first store for trading at end September 2004. Approximately 50%
of these costs relate to rental payments made on leases during construction. The
balance relates to administration and management costs incurred setting up the
business.

10. Unrealised foreign exchange losses relate to foreign currencies held for the
purpose of hedging foreign currency denominated rentals and to provide long term
rental security deposits. At 31 July 2005 approximately #9,000 of this
unrealised loss would be reversed due to favourable exchange movements.

Group Profit and Loss Account for the year ended 31 March 2005

2005 2004
# #
Turnover 3,789,321 2,107,591
Cost of sales (1,669,532) (1,010,578)
_________ _________
Gross profit 2,119,789 1,097,013
Net operating expenses (2,504,678) (1,369,594)
Other operating income 15,485 972
_________ _________
Operating loss (369,404) (271,609)
Loss on disposal of assets (38,397) -
Revaluation of investment 14,806 -
Other interest receivable and similar income 33,031 53,042
Interest payable and similar charges (307,000) (199,359)
_________ ________
Loss on ordinary activities before taxation (666,964) (417,926)
Tax on loss on ordinary activities (8,286) 18,427
_________ ________
Retained loss for the financial year (675,250) (399,499)
_________ ________

Loss per share
- Basic (0.19p) (0.15p)
- Fully diluted (0.19p) (0.15p)

Total recognised Gains and Losses

Group Statement of Total Recognised Gains and Losses for year ended
31 March 2005

2005 2004
# #

Loss for the financial year (675,250) (399,499)

Currency translation differences 77,473 (77,886)
________ _______

Total recognised gains and losses relating to
the year (597,777) (477,385)
_________ _________

Group Balance Sheet

Group Balance Sheet at 31 March 2005
2005 2004
Fixed assets # #
Intangible fixed assets 34,967 15,518
Tangible assets 2,479,984 1,428,096
Investments 232,356 194,705
_________ _________
Total fixed assets 2,747,307 1,638,319

Current assets
Stocks 110,993 59,226

Debtors 827,943 451,555
Investments 230,729 136,798
Cash at bank and in hand 661,353 1,227,442
_________ _________
Total current assets 1,831,018 1,875,021

Creditors:
Amounts falling due within one year (608,602) (412,444)
_________ _________
Net current assets 1,222,416 1,462,577
_________ _________
Total assets less current liabilities 3,969,723 3,100,896

Creditors:
Amounts falling due after more than one year
Non-convertible debt (2,439,984) (1,976,993)

Other creditors (11,440) -
_________ _________
Net assets 1,518,299 1,123,903

Capital and reserves
Called up share capital 437,459 317,459
Share premium account 2,349,644 1,477,471
Other reserves 740,000 740,000

Profit and loss account (2,008,804) (1,411,027)
__________ _________
Shareholders' funds 1, 518,299 1,123,903
__________ _________
Attributable to equity shareholders 1,518,299 1,123,903
__________ _________

Company Balance Sheet

Company Balance Sheet at 31 March 2005
2005 2004
Fixed assets # #
Intangible fixed assets 34,967 15,518

Investments 76,126 82,836
_______ _________
Total fixed assets 111,093 98,354

Current assets 2,549,820 1,744,616

Debtors
Cash at bank and in hand 330,176 334,830
_________ _________
Total current assets 2,879,996 2,079,446

Creditors:
Amounts falling due within one year (71,643) (18,341)
_________ _________
Net current assets 2,808,353 2,061,105
_________ _________
Net assets 2,919,446 2,159,459
_________ _________

Capital and reserves
Called up share capital 437,459 317,459
Share premium account 2,349,644 1,477,471
Other reserves 740,000 740,000
Profit and loss account (607,657) (375,471)
_________ _________
Shareholders' funds 2,919,446 2,159,459
_________ _________
Attributable to equity shareholders 2,919,446 2,159,459

Group Cash Flow Statement

Group Cash Flow Statement for the year ended 31 March 2005
2005 2004
# #
Net cash outflow from operating activities (333,422) (3,240)
Returns on investments and servicing of
finance (259,163) (146,317)
Capital expenditure (1,092,860) (1,026,891)
Acquisition and disposal (74,802) -
Management of liquid resources 168,659 (136,798)
_________ _________
(1,591,588) (1,313,246)

Financing 1,093,605 563,630
_________ ________
Decrease in cash (497,983) (749,616)
_________ ________

Reconciliation of net cash flow to movement in
net debt
Decrease in cash in the period (497,983) (749,616)
Cash inflow from increase in debt (101,432) -
Foreign exchange differences (290,019) -
________ ________
Change in net debt (889,434) (749,616)
Net debt at 1 April (759,900) (10,284)
_________ ________
Net debt at 31 March (1,649,334) (759,900)

Notes

1. The financial information set out in this preliminary announcement does not
constitute statutory accounts as defined in section 240 of the Companies Act
1985.

The financial information has been extracted from the group's 2005 financial
statements. Those financial statements have not yet been delivered to the
Registrar, however the group's auditors have given an unqualified audit opinion
on those financial statements.

The preliminary results have been prepared under the historical cost convention
in accordance with applicable United Kingdom accounting standards.

2. Earnings per shares

Earnings per ordinary share is calculated as follows:

Basic Fully diluted
2005 2005
# #
Loss attributable to ordinary shareholders 675,250 675,250
Weighted average number of ordinary shares 360,792,792 360,792,792
Loss per ordinary shares (0.19p) (0.19p)

3. The Directors are not proposing that a dividend payment be made.

4. Copies of the Report and Accounts will be posted to shareholders and will be
available from the offices of Seymour Pierce Limited at Bucklersbury House, 3
Queen Victoria Street, London EC4N 8EL.

This information is provided by RNS
The company news service from the London Stock Exchange

END
FR LFMLTMMTTMAA

Hope this helps, looks good... Glad I'm in...

Be prepared for further falls over the coming weeks as COH.L investors get hit from multiple directions. All the talk about the benefits of Zloty strength now seem like yesterday's news as the run on Eastern European currencies continues unabated. I have said before that, at 30p to 40p, COH was trading on a forward multiple that spanned generations! So as the management faces up to sticky growth rates in some of its markets, the share price has to face up to some pretty chunky falls.

I don't think COH is quite ready to stand on its own two feet just yet so the issue of a further cash call remains a distinct possibility for reasons already advanced on this board.

never did like either COH or CFE (which looks to have had a share consolidation) ..... imo, neither have a snowball's chance of surviving

Looks like the market does not like them either massive drop on COH this morning. Could be a 10p share very soon if this trend keeps on.

I wonder where all those are who were " firm" there was a bid coming?

I believe the only thing to be coming here is yet another cash call!

Looks more now like massive share dumping due to an unfavorable economic outlook for the region.

Looks as if those who bought in at over 40p on false bid rumours will have really burnt their sausages.

Nice positive statement... i have just topped up today...

you have selective reading ...... rns in full is below ..... i see a number of cautionary comments and no profits!


Growth slows at Coffeeheaven International
Coffee house operator Coffeeheaven International said like-for-like sales rose 16% in the six months ended 30th September 2008. This compared to 20% growth the year before.

The group has 90 stores currently trading in 7 markets (Poland: 54, Czech Republic: 19, Latvia: 8, Bulgaria: 4, Hungary: 2, Slovakia: 2, Romania: 1)

Overall group revenues from continuing operations increased 82% or 39% at constant currency rates to 11.9m after particularly strong growth in its two main markets Poland and Latvia.

Richard Worthington, Executive Chairman of the Group, commented: 'We have yet to see any major impact on trading from the current global financial crises other than in the Czech Republic.

However we do see deterioration in longer-term prospects in a few of our markets. In response, we are pro-actively reducing relevant development expenditures in these markets, increasing cash resources by selling under-performing assets and looking to close a small number of loss-making stores. We believe these are sensible prudent steps given current market conditions.

We already see evidence that the current global crisis could provide a number of potential 'one- time' opportunities for coffeeheaven to increase market share in central Europe and to further consolidate its sector leadership position in the region.

With a strong Balance Sheet, meaningful cash balances and robust cash flow, coffeeheaven is well positioned to take full advantage of any such opportunities.'

Do I have selected reading?... I would suggest your name "Cynic" has some bearing on your point of view. I have been in COH for sometime now and know the company well and in the current global markets I am very happy with the comments provided by COH... : - )... Regards.

chart says it all!

Yes and how many other companies show that kind of chart in the last six months... There is a time to sell and a time to buy... Regards.

this is NOT the time to buy, and certainly not a tiddler in this sector .... unless you really think someone is going to bother to take them over

At these prices I believe personally it is a good buy, I may be proven right or wrong but that is my choice and that is why I made the statement I did... I have researched this company, attended two AGM's and have confidence the board will deliver.... Lets come back in six months and see who is correct Cynic... Regards.

no probs or even rancour ..... i confess to having a pretty jaundiced view of small coffee chains - CFE is another - especially where they try to operate/offer franchises but do not have seriously solid and profitable back-up