A potential growth stock ? Company is already profitable and debt free. They provide digital audio and video content to radio stations and tv stations. They appear ideally poised to take advantage of both digital radio advertising and digital tv content such as music videos. They have a fast and comprehensive digital distribution network so a new pop song can be didgitally sent to all radio stations with a press of a button. No more Cd's and videos by courier service.

Liquidity and spread are the only short term problems but the shares look good value. IMHO Any thoughts appreciated?

Independent Media Distribution plc

PRELIMINARY RESULTS

Record Sales and Profits

"growth fuelled by new territories and new services"


Independent Media Distribution PLC (www.imdplc.com, "IMD") is Europe's leading
'media logistics' specialist for online digital delivery of finished TV & radio
commercials & music videos and 'industry level' advertising campaign management.


Today, IMD announces its Preliminary results for the year ended 31 December
2009.

Highlights

Revenues up 9%
Profit before taxation (normalised*) up 50%
International revenues up 366%
Five new services established across the group
Nil borrowings and a cash balance of GBP0.9m
Second Interim dividend double last year's final - a 14% increase for the
year as a whole

* Note: Normalised profit is before GBP0.2m amortisation of intangibles created
upon acquisition of Optimad (2007: GBP0.2m).

Commenting, David Haynes, Chairman said:

"I am delighted to report another record year for IMD and one in which our
business proved extremely resilient during the downturn. IMD is successful
because we are expanding into new fields and we bring completely fresh and new
solutions to old problems".

"Our strong financial position and high level of cash generation has enabled us
to continue our growth plans unhindered by the wider recession".


About IMD

Founded in 1996 and working with all of the UK's top creative and media
advertising agencies, post production houses, TV and radio broadcasters and a
growing number of digital media companies, IMD connects more components of the
UK's advertising and media community than anyone else.

IMD's media logistics solutions operate in two areas:

Content distribution: For example, IMD TV and IMD Radio deliver around
half of the commercials aired across the UK into TV channels and radio stations;

Data administration: Services for TV advertising including IMD's 'industry
standard' CARIA system which administers over 85% by value of all UK TV
advertising bookings.

IMD also operates several of these services in Ireland, Germany and France. And
IMD's new IMD World service is able to deliver TV commercials to over 90
countries worldwide.

IMD is at the forefront of a structural changethat is taking place in the media
logistics sector, as the market migrates to online digital delivery and data
administration from traditional methods, such as tapes, couriers, emails and
faxes. This substitution of 'new for old' creates rapidly growing new markets
for IMD.


CHAIRMAN'S STATEMENT

I am delighted to report another record year for IMD and one in which our
business proved extremely resilient during the downturn. Our strong financial
position and high level of cash generation has enabled us to continue our
expansion plans unhindered by the wider recession.

This is a remarkable achievement and a much better result than we originally
envisaged, given the difficult trading conditions experienced throughout the
year; thanks to the resourcefulness of our staff and the non-cyclical nature of
much of our business.

IMD is successful because we are expanding into new fields and we bring
completely fresh and new solutions to old problems. Over the years IMD has built
highly sophisticated and bespoke IT systems and services specifically for the
advertising and promotion industries. We are now using these platforms to
exploit major growth opportunities by expanding, at low cost, into overseas
markets and related fields.
+---------------------------+----------------+--------------------+
| | 31 December | 31 December 2008 |
| | 2009 | |
+---------------------------+----------------+--------------------+
| Turnover | GBP8.08m | GBP7.44m |
+---------------------------+----------------+--------------------+
| Profit before tax | GBP1.68m | GBP1.12m |
| (normalised)* | | |
+---------------------------+----------------+--------------------+
| Profit per share (basic) | 3.14p | 1.89p |
+---------------------------+----------------+--------------------+
| Profit per share | 3.12p | 1.88p |
| (diluted) | | |
+---------------------------+----------------+--------------------+
| Dividend per share | 1.20p | 1.05p |
+---------------------------+----------------+--------------------+

* NOTE:before GBP0.22m amortisation of intangibles created upon acquisition of
Optimad (2007: GBP0.22m)

In one of the toughest periods for the advertising industry, IMD's revenues were
up 9% to GBP8.1m (2008: GBP7.4m) and normalised* profit before taxation after
absorbing GBP0.3m of start up losses (2008: GBP0.8m) increased by 50% to GBP1.7m
(2008: GBP1.1m).

Cashflow and Balance Sheet

Given our robust financial performance, cash generation remained strong during
the year with net cash generated from operating activities (after tax paid) up
27% to GBP2.1m (2008: GBP1.7m). This enabled us to pay down all our debt and
have a positive cash balance of GBP0.9m at the year end, despite increased
capital expenditure (including development expenditure) up 24% to GBP0.8m (2008:
GBP0.7m) and GBP0.4m (2008: GBP0.8m) of cash investment in start ups.

The Group has a strong balance sheet, with no long-term financial liabilities.
In addition, the Group has agreed but unused debt facilities of GBP1.25m, with
which to support future investments.

Dividend

Along with other companies and in the interest of shareholders, the Board has
decided to pay a second Interim dividend and not to propose a final dividend.
In view of our strong performance and balance sheet, the second Interim dividend
will be 0.70p per share (2008 final: 0.35p) making a total dividend for the year
of 1.20p per share (2008: 1.05p). This dividend will be paid on 1st April
2010, to shareholders on the register at 26th March 2010.

Five year record

The five year table below illustrates how our strategic decisions to enter the
digital TV distribution business, acquire Optimad and expand internationally is
now paying off:


+------------------------+--------+--------+------+------+------+
| | 2005 | 2006 | 2007 | 2008 | 2009 |
+------------------------+--------+--------+------+------+------+
| | GBPm | GBPm | GBPm | GBPm | GBPm |
+------------------------+--------+--------+------+------+------+
| Turnover | 3.73 | 4.34 | 6.89 | 7.44 | 8.08 |
+------------------------+--------+--------+------+------+------+
| Profit before tax | (0.28) | (0.21) | 1.25 | 1.12 | 1.68 |
| (normalised)* | | | | | |
+------------------------+--------+--------+------+------+------+

* NOTE:before GBP0.22m per annum amortisation of intangibles created upon
acquisition of Optimad

The benefits of our diversification into new service areas as well as new
territories are clearly visible in the quality of these Group results which have
withstood the vagaries of the recession extremely well.

Our initial and considerable GBP5m+ investment in our UK TV delivery service
some years ago, including building our bespoke technology platform and our
subsequent GBP3m acquisition of Optimad (including the CARIA TV data
administration system) have laid the foundations for development of these new
revenue streams and territories, at a far lower marginal investment, going
forward. The Group has always written off all prior development costs rapidly,
despite its sustained expansion into new services and geographies.

An added benefit of IMD's strategy is that our new services also support each
other. For example our new Paris office, which was established to set up
domestic distribution of TV commercials in France, was able to sell our new
cross border delivery service IMD World, before we actually delivered any
commercials domestically inside France.

I am also pleased to report we are now seeing the fruits of past investments
coming through, as Digital and Germany became profitable in 2009 and our
start-up losses are now modest and confined to France. I am confident our
carefully planned dual expansion programme, based upon the combination of new
services and new geographies, will underpin our future growth for some time to
come.

David Haynes
Chairman
12 March 2010


CEO's TRADING REVIEW

IMD's ability to launch successful new services and build new geographic
territories became very apparent in 2009.

Last year we launched no fewer than five new services, which all generated
revenue and by the end of their first year, they accounted for 10% of Group
turnover (new services 2008: 4%). The new services that started to generate
revenue during 2009 were:

IMD World - delivery of finished TV commercials from one production centre
to our network of over 90 countries for broadcast

PubID - generation of unique identification numbers for commercials in
France

Sponsorship Delivery - digital delivery of TV sponsorship 'idents' piloted
for ITV's X-factor

Media Engine - preparation and delivery of commercials for internet
delivered TV services

Subtitling - creation and insertion of subtitles into TV commercials

Geographically, we also grew our activities across the German-speaking
territories, in Ireland and in France during the year and these regions now
account for over 10% of Group turnover.

Detailed below is an operational analysis of the Group, under our three key
strategic headings of the UK, International and Digital:

UK

IMD Radio maintained its market share in the distribution of finished radio
commercials. This was once IMD's only business activity - but as expected (and
despite a pick up towards the end of the year) IMD Radio's revenues declined
sharply during the recession and dropped by 27% to GBP1.2m (2008: GBP1.7m),
representing just 15% of Group turnover. The decline was less in the second
half of the year at 12% compared to 40% in the first six months.

Radio delivery is cyclical. As marketing budgets are cut, radio advertising has
always been one of the first elements to be removed from media schedules. As
radio stations decrease their volume of advertising, the freed up airtime is
readily filled by more editorial content and as a result, the number of radio
advertising 'spots' drop. So, our revenue also falls as it is based on the
number of commercials delivered.

IMD TV, our delivery service for finished TV commercials into the UK, remains
our single largest revenue stream, however, strategically our dependence on it
has reduced and it now only accounts for 37% of revenue (2008: 47%).

Unlike radio, the dramatic and first ever double digit drop in the UK TV
advertising market did not translate into a volume reduction for the TV
commercial delivery market. Practicalities and regulation prevent the TV
industry from cutting its volume of advertising in the same way as radio and
whilst some brands reduced their TV advertising activity, others increased it.
The net result was that market volumes for delivering TV commercials were fairly
flat and recession resistant, a key factor in our strong performance despite the
state of the media market.

Notwithstanding a flat delivery market, IMD TV's revenues did fall slightly as
we lost our largest (and only) reseller client in early February 2009, as
previously announced. Although this client had accounted for 31% of IMD TV's
revenue in 2008, our successful strategy of selling directly to its previous
end-user clients (and making them direct clients of IMD) and other new account
wins, meant that IMD TV's revenues dropped only 15%. As a result, the decline
was less in the second half of the year at 9% compared to 22% in the first six
months.

Including UK sales of IMD World (described below in the International section)
which was launched in March as a direct consequence of the reseller loss, all UK
sales of TV distribution rose by 11% in the second half after a fall of 7% in
the first six months. Over the full year these revenues rose 2% to GBP3.6m
(2008: GBP3.5m).

IMD Fastrax, our delivery service for finished music videos, grew by 15% in
2009. Revenues grew because both the number of delivery points and client
usage have increased.

IMD Data services grew 15% to GBP1.6m (2008: GBP1.4m) driven by an increase in
clients and additional integration work linking the industry standard CARIA
system that we operate into broadcasters' own systems and by extending our role
in the industry.

As well as IMD World, three other new services contributed positively to our UK
performance:

We concluded an agreement with The Mill to participate in Adtext, a TV
advertisement subtitling business, launched with IMD's help in 2008. Over 15%
of UK viewers watch TV with subtitles switched on, therefore a commercial
without subtitles may not deliver its message. Adtext has rapidly built its
position to become the market leader, both in terms of quality and share, in
this important niche.

In the middle of 2009 we launched our Media Engine service for ITV. This new
service prepares all the short-form video used in ITV's internet delivered TV
services (primarily the ITV Player) and is described in the Digital section
below.

Also last summer, we piloted a service for the digital delivery of Sponsorship
'idents' on the "X Factor" in conjunction with ITV and the brand TalkTalk.
This brought benefits all round, including cost savings and greater delivery
speeds. This service is now being offered to all broadcasters

INTERNATIONAL

Revenue up 366% to GBP1.4m (2008: GBP0.3m)

Following the recently announced acquisition of the other 50% of our
joint-venture IMD Adsat in Ireland and the acquisition of the related Adsat
radio commercials distribution business described below, we now have wholly
owned operations in three regions outside the UK:

Germany, Switzerland and Austria ("GSA")
France
Ireland

GSA's revenues grew by 229% in 2009 and this operation is now profitable. The
main service in this region is the delivery of TV commercials to the three
German speaking territories. During 2009 we completed our digital connections
with all the major broadcasters across all three countries and our current
penetration of the TV commercial delivery market in Germany stands at around
15%. We have also sold IMD World to German clients.

In France we developed three new sources of revenue. Ahead of the launch of a
domestic digital TV distribution service, we were able to offer IMD World to
clients in France and generate significant revenues from this.

As expected, much of the year was spent developing our network of digital
connections to broadcasters for our TV commercials delivery service. As we
found in the UK, this requires a considerable upfront investment of time to
cater for the particular requirements of each broadcaster, but it is ultimately
well worth it. Today we have digital connections to five broadcasters,
including the market leader TF1, with all remaining major broadcasters on course
to follow shortly. As a result, we are now generating material revenue from our
domestic delivery service in France.

The third important source of revenue from France comes from the development of
a service to support the new PubID initiative in France. PubID is another
'industry level' service (like CARIA ) that IMD offers through IMD Optimad. It
is sponsored by the advertisers', agencies' and sales houses' trade associations
and commissioned by the cross-industry body ARPP. PubID will generate unique
identification numbers for commercials in France for use by agencies,
advertisers, post production houses, the regulatory authority and broadcasters.
It's the first service that the group has originated outside the UK.

In Ireland, IMD Adsat's revenues grew by 16% in 2009.

In early March 2010 we announced the acquisition of the 50% of the IMD Adsat
joint venture that we didn't already own, together with 100% of the business and
assets of Adsat. The total cost of these acquisitions was GBP122k and was
funded from our own cash reserves. The Board anticipates that these acquisitions
will be immediately earnings enhancing.

IMD Adsat, in which we have held a 50% stake since its inception in 2004,
distributes TV commercials domestically in Ireland (our IMD TV business) and
Adsat distributes radio advertisements (our IMD Radio business). These two
services share many clients and their acquisition by us now makes our offering
in the Irish market more comprehensive and compelling. We also operate
CARIA in Ireland, so we now have a line up of three services there.

The launch in early 2009 of IMD World in all IMD's offices was an outstanding
success and contributed significant revenue in 2009. IMD World delivers
finished TV commercials from one production centre to our network of over 90
countries for broadcast. This service provides the last step in the
international "re-versioning" of finished commercials, which is an increasingly
popular process to dramatically reduce production costs by localising 'core'
commercial material in one country for broadcast in multiple local markets.

DIGITAL

The middle of 2009 saw the launch of our Media Engine service with ITV as our
first client. This service prepares TV advertisements, sponsorship and
promotions for use across ITV's VOD (Video on Demand) services - such as ITV
Player. This has increased both the quality and efficiency of ITV's VOD
processes.

2009 has also seen a strong rise, albeit from a low base, of revenue from
agencies and post production houses for the delivery of TV advertisements to
digital media owners (e.g. AOL, MSN and 4OD), thanks to the rise in online video
advertising. Often these commercials are also delivered to "linear"
broadcasters (e.g. ITV) as well as to these new "non-linear" digital media
owners.

VOD is increasing the overlap between traditional, linear and new non-linear
media in terms of both the advertising material used and the handling of
campaigns by agencies and sales houses. This convergence is helping IMD gain
traction in digital media from its strong base in traditional, linear broadcast
media.

Outlook

Our revenues in the first two months of the new financial year are in line with
management expectations and up 21% compared with last year. We are seeing
growth in every area of our operations and our international businesses continue
to perform very strongly. UK Radio has been delivering good growth since the
last quarter of 2009.

Our prime focus is to continue building our new and existing revenue streams by
maintaining our focus on organic development and exploiting the strong growth
opportunities available.

Given the strength of our balance sheet and cash flow, we may also look to build
upon the two Irish acquisitions we have just made but only if we can find
complementary businesses at the right price.

As a result of the Group's strategy of low cost diversification into new service
areas and new territories, and the sustained high performance and commitment of
our employees which is greatly appreciated, the Board remains confident of the
future prospects for the Group.

Simon Cox
Chief Executive
12 March 2010


CONSOLIDATED INCOME STATEMENT

+--------------------------------------------+----------------+----------+----------------+
| | 2009 | | 2008 |
+--------------------------------------------+----------------+----------+----------------+
| | GBP'000 | | GBP'000 |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| TURNOVER | 8,082 | | 7,444 |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| Cost of sales and overheads | (6,626) | | (6,514) |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| Operating profit before amortisation of | 1,678 | | 1,152 |
| acquired intangibles | | | |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| Amortisation of customer related | (222) | | (222) |
| intangibles | | | |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| OPERATING PROFIT | 1,456 | | 930 |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| Finance expenditure | (2) | | (33) |
+--------------------------------------------+----------------+----------+----------------+
| | -------------- | | -------------- |
+--------------------------------------------+----------------+----------+----------------+
| PROFIT BEFORE TAX | 1,454 | | 897 |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| Tax charge | (381) | | (250) |
+--------------------------------------------+----------------+----------+----------------+
| | ------------- | | ------------- |
+--------------------------------------------+----------------+----------+----------------+
| PROFIT FOR THE YEAR | 1,073 | | 647 |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| Other comprehensive income/(expense) | | | |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| Translation difference on overseas | - | | (8) |
| operations | | | |
+--------------------------------------------+----------------+----------+----------------+
| | ------------- | | ------------- |
+--------------------------------------------+----------------+----------+----------------+
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,073 | | 639 |
+--------------------------------------------+----------------+----------+----------------+
| | ======= | | ====== |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| PROFIT PER SHARE | | | |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| BASIC | 3.14p | | 1.89p |
+--------------------------------------------+----------------+----------+----------------+
| | ====== | | ====== |
+--------------------------------------------+----------------+----------+----------------+
| | | | |
+--------------------------------------------+----------------+----------+----------------+
| DILUTED | 3.12p | | 1.88p |
+--------------------------------------------+----------------+----------+----------------+
| | ====== | | ====== |
+--------------------------------------------+----------------+----------+----------------+



CONSOLIDATED BALANCE SHEET

+----------------------------+------------------+-----------------+
| | 2009 | 2008 |
+----------------------------+------------------+-----------------+
| | GBP'000 | GBP'000 |
+----------------------------+------------------+-----------------+
| | | |
+----------------------------+------------------+-----------------+
| ASSETS | | |
+----------------------------+------------------+-----------------+
| Non-current assets | | |
+----------------------------+------------------+-----------------+
| Intangible assets | 2,357 | 2,570 |
+----------------------------+------------------+-----------------+
| Property, plant and | 653 | 422 |
| equipment | | |
+----------------------------+------------------+-----------------+
| Deferred tax asset | 178 | 296 |
+----------------------------+------------------+-----------------+
| | ------------- | ------------- |
+----------------------------+------------------+-----------------+
| | 3,188 | 3,288 |
+----------------------------+------------------+-----------------+
| | ------------- | ------------- |
+----------------------------+------------------+-----------------+
| Current assets | | |
+----------------------------+------------------+-----------------+
| Trade and other | 2,226 | 1,823 |
| receivables | | |
+----------------------------+------------------+-----------------+
| Cash and cash equivalents | 893 | 191 |
+----------------------------+------------------+-----------------+
| | ------------- | ------------- |
+----------------------------+------------------+-----------------+
| | 3,119 | 2,014 |
+----------------------------+------------------+-----------------+
| | ------------ | ------------ |
+----------------------------+------------------+-----------------+
| Total assets | 6,307 | 5,302 |
+----------------------------+------------------+-----------------+
| | ------------ | ------------ |
+----------------------------+------------------+-----------------+
| LIABILITIES | | |
+----------------------------+------------------+-----------------+
| Non-current liabilities | | |
+----------------------------+------------------+-----------------+
| Deferred tax liabilities | 69 | 66 |
+----------------------------+------------------+-----------------+
| | ------------ | ------------ |
+----------------------------+------------------+-----------------+
| Current liabilities | | |
+----------------------------+------------------+-----------------+
| Financial liabilities | - | 308 |
+----------------------------+------------------+-----------------+
| Trade and other payables | 1,461 | 1,058 |
+----------------------------+------------------+-----------------+
| Current tax liabilities | 255 | 208 |
+----------------------------+------------------+-----------------+
| | ------------ | ------------ |
+----------------------------+------------------+-----------------+
| | 1,716 | 1,574 |
+----------------------------+------------------+-----------------+
| | ------------ | ------------ |
+----------------------------+------------------+-----------------+
| Total liabilities | 1,785 | 1,640 |
+----------------------------+------------------+-----------------+
| | ------------ | ------------ |
+----------------------------+------------------+-----------------+
| | | |
+----------------------------+------------------+-----------------+
| Net assets | 4,522 | 3,662 |
+----------------------------+------------------+-----------------+
| | ====== | ====== |
+----------------------------+------------------+-----------------+
| | | |
+----------------------------+------------------+-----------------+
| Called up share capital | 3,415 | 3,415 |
+----------------------------+------------------+-----------------+
| Share premium account | 86 | 86 |
+----------------------------+------------------+-----------------+
| Other reserve | (1,218) | (1,295) |
+----------------------------+------------------+-----------------+
| Retained earnings | 2,239 | 1,456 |
+----------------------------+------------------+-----------------+
| | ------------ | ------------ |
+----------------------------+------------------+-----------------+
| Total equity | 4,522 | 3,662 |
+----------------------------+------------------+-----------------+
| | ====== | ====== |
+----------------------------+------------------+-----------------+



CONSOLIDATED CASH FLOW STATEMENT

+------------------------------------------+----------------+-----------------+
| | 2009 | 2008 |
+------------------------------------------+----------------+-----------------+
| | GBP'000 | GBP'000 |
+------------------------------------------+----------------+-----------------+
| Cash flows from operating activities | | |
+------------------------------------------+----------------+-----------------+
| Profit for the period | 1,073 | 647 |
+------------------------------------------+----------------+-----------------+
| Adjustments for: | | |
+------------------------------------------+----------------+-----------------+
| Tax charge | 381 | 250 |
+------------------------------------------+----------------+-----------------+
| Finance expenditure | 2 | 33 |
+------------------------------------------+----------------+-----------------+
| Depreciation and amortisation | 828 | 1,174 |
+------------------------------------------+----------------+-----------------+
| Profit on disposal of fixed assets | - | (1) |
+------------------------------------------+----------------+-----------------+
| Exchange rate differences | - | (8) |
+------------------------------------------+----------------+-----------------+
| Share option charge | 77 | 70 |
+------------------------------------------+----------------+-----------------+
| Increase in trade and other receivables | (404) | (43) |
+------------------------------------------+----------------+-----------------+
| Increase/(decrease) in trade and other | 404 | (51) |
| payables | | |
+------------------------------------------+----------------+-----------------+
| | -------------- | -------------- |
+------------------------------------------+----------------+-----------------+
| Cash generated from operations | 2,361 | 2,071 |
+------------------------------------------+----------------+-----------------+
| Tax paid | (214) | (377) |
+------------------------------------------+----------------+-----------------+
| | -------------- | -------------- |
+------------------------------------------+----------------+-----------------+
| Net cash generated from operating | 2,147 | 1,694 |
| activities | | |
+------------------------------------------+----------------+-----------------+
| | -------------- | --------------- |
+------------------------------------------+----------------+-----------------+
| | | |
+------------------------------------------+----------------+-----------------+
| Cash flows from investing activities | | |
+------------------------------------------+----------------+-----------------+
| Purchases of property, plant and | (578) | (313) |
| equipment | | |
+------------------------------------------+----------------+-----------------+
| Sale of property, plant and equipment | - | 1 |
+------------------------------------------+----------------+-----------------+
| Intangible asset additions | (267) | (369) |
+------------------------------------------+----------------+-----------------+
| Interest received | 1 | - |
+------------------------------------------+----------------+-----------------+
| Interest paid | (3) | (33) |
+------------------------------------------+----------------+-----------------+
| | -------------- | -------------- |
+------------------------------------------+----------------+-----------------+
| Net cash used in investing activities | (847) | (714) |
+------------------------------------------+----------------+-----------------+
| | -------------- | -------------- |
+------------------------------------------+----------------+-----------------+
| | | |
+------------------------------------------+----------------+-----------------+
| Cash flows from financing activities | | |
+------------------------------------------+----------------+-----------------+
| Dividends paid to Company's shareholders | (290) | (478) |
+------------------------------------------+----------------+-----------------+
| | -------------- | -------------- |
+------------------------------------------+----------------+-----------------+
| Net cash used in financing activities | (290) | (478) |
+------------------------------------------+----------------+-----------------+
| | -------------- | -------------- |
+------------------------------------------+----------------+-----------------+
| | | |
+------------------------------------------+----------------+-----------------+
| Net increase in cash and cash | 1,010 | 502 |
| equivalents | | |
+------------------------------------------+----------------+-----------------+
| Cash and cash equivalents at beginning | (117) | (619) |
| of year | | |
+------------------------------------------+----------------+-----------------+
| | -------------- | -------------- |
+------------------------------------------+----------------+-----------------+
| Cash and cash equivalents at end of year | 893 | (117) |
+------------------------------------------+----------------+-----------------+
| | ======= | ======= |
+------------------------------------------+----------------+-----------------+
| | | |
+------------------------------------------+----------------+-----------------+

+--+-------------------------------------------------------------------+
| 1.| ACCOUNTING POLICIES |
+--+-------------------------------------------------------------------+
| | The financial information set out in this announcement has been |
| | prepared in accordance with the recognition and measurement |
| | principles of IFRS as endorsed for use in the European Union. |
+--+-------------------------------------------------------------------+
| | |
+--+-------------------------------------------------------------------+
| 2.| ANNUAL REPORT |
+--+-------------------------------------------------------------------+
| | The financial information set out in this announcement, which was |
| | approved by the Board of Directors on 12 March 2010, does not |
| | comprise statutory accounts. The statutory accounts for the year |
| | ended 31 December 2008 have been delivered to the Registrar of |
| | Companies and included an audit report which was unqualified and |
| | did not contain statements under s237(2) or (3) of the Companies |
| | Act 1985. The statutory accounts for the year ended 31 December |
| | 2009 will be delivered to the Registrar of Companies in due |
| | course. |
+--+-------------------------------------------------------------------+
| | |
+--+-------------------------------------------------------------------+


- ENDS -

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

FR ZMGMFRMZGGZM