Bought these some years ago at IPO. Waited a long time. Moved from Ofex to AIM 11/8/04. Now racing ahead, but I think still a lot of growth left.

EPS growing rapdly, Peg .30, Rolling Peg .32, Turnover climbing, profit climbing EPS up and up. Management seems to know what it is up to or against.



Unfortunately, my holding are outside a Sipp. But a beggar can't choose.



DYOH

Going very nicely once again. Be even nicer with greater volume and a tighter spread.

i wanted to buy these when they were on ofex but couldn't. feel like i missed my chance recently when they were 30p. got them in my champinvestor portfolio though and i will probably get first hand experience of how good they are next week when i go to see them for some flyers.

Bosley, will you let us know how you get on?

There have been a spate of recent buy recommendations, it looks like Printing.com is bucking the current retail trend. They appear to offer cheaper rates for a higher standard of product. When retailers are cost cutting they could benefit from a move to Printing.com. Hence, I feel this company could prosper in any market. It benefits from economies of scale as well as barriers to entry at this sort of level. Onwards and upwards we go!

Could be a bit of a tree shake on today's sp.

Here is a recent Growth Company Investor article:

Commentary:
Shares in retail chain Printing.com, which recently said full year profits would be at the lower end of the forecast range, have edged north on a bullish pre-close update for the year ending 4 April, and the tantalising prospect of a maiden dividend when full year figures are unveiled in June. Chief executive Tony Rafferty said pre-tax profits would meet market forecasts of around 1.5m, flagged up further robust trading in the final months of the fiscal year, and also pointed to strong operational cash generation in the second half. Now that Printing.com's balance sheet is showing distributable reserves, a dividend looks on the cards, which is a very good milestone for the rapidly developing company. 'It's the first time we've really seen some serious cash generation,' he opined. Rafferty also said the group's estate expansion, for both territory and bolt-on franchises, had proved encouraging. As the profile of the company improves, he says Printing.com is seeing a higher quality of 'far more serious' potential territorial franchisees. When the full year numbers are announced, Brewin Dolphin's Jon Lienard still expects pre-tax profits of 1.5m and earnings of 2.4p, before a jump to 2.5m and 3.9p for the year to 31 March 2006. On those numbers, Printing.com trades on a forward rating of 18.3 times, falling to 11.3 times for 2006. Strong buy.

Printing.com plc
01 June 2005



TO BE RELEASED 7.00AM 1 June 2005

PRINTING.COM PLC
('Printing.com','the Company'or 'the Group')
Specialist retail chain with 112 outlets (plus 15 pending) across the UK

Preliminary Results for
year ended 31 March 2005

2005 2004
Total Retail Sales 14.44m 10.84m +33.2%
Turnover 10.72m 9.33m + 14.9%
Profit Before Tax 1.51m 0.94m +60.6%
Earnings Per Share - basic 2.74p 1.53p +79.1%
Dividend 0.50p Nil N/A
Cash Reserves 2.86m 0.79m +262.0%

* Record turnover, profit before tax and earnings per share
* Strong cash position
* Maiden dividend of 0.50p
* Expansion continues to gather pace
o 50% increase in production floor space scheduled
o Further increase in printing capacity planned
* First 8 weeks of the current financial year in line with budget
* Currently opening an outlet every fifth working day
* Outlook for the future development of the Group is positive

For further information:

Printing.com plc
Tony Rafferty (Chief Executive) 07966 517 336
Alan Roberts (Finance Director) 0161 848 5713

Beattie Financial
Brian Coleman-Smith / Jo Clewlow 020 7053 6400


Background note:

Printing.com

Printing.com offers a broad product range including leaflets, postcards,
promotional cards, invitations, letterheads and business cards to consumers and
small and medium sized companies. Unlike its competitors, Printing.com Stores do
not have any printing equipment on location. The Company's printing and
ancillary equipment is based at the centralised Production Hub with the head
office in Manchester. All work is produced in full four colour rather than two
colour. Delivery to the customer is usually within three days. The printing
sector has traditionally been served by smaller printing companies or other On
Demand Printers and is estimated to be worth some GBP1 billion.

Printing.com has four routes to market: Franchise Stores, Bolt-on Franchises,
Company owned Stores, and via the Company's website where online design and
ordering are facilitated.

Printing.com outlets

Red Hot Media East Lowestoft NR32 1EB
Goldengate East Suffolk IP30 9QS
Dublin Store Ireland Dublin Dublin 2
North Dublin Ireland Dublin Dublin 7
Central London London Baker Street NW1 6UY
Store
Hampstead Store London Hampstead NW3 5HS
Watford Store London Watford WD17 1RA
Harrow Store London Harrow HA7 2QJ
Reading Store London Reading RG1 4QA
Ealing Store London Ealing W13 8SB
Orpington London Orpington BR6 0JY
Luton London Luton LU1 2PL
Expocentric - London Soho W1V 3AU
Wardour
Expocentric - London Mayfair W1X 3PH
Dover
London & London Chelsea SW10 0XF
General
Full Colour London Clapham SW17 9SH
Store
Print Express London Colindale NW9 5DL
0800 Promote London Finchley N3 1TR
Printer Net London Wimbledon SW19 8TY
Services
London Print London Shaftesbury WC2H 8EB
Compamy Avenue
Printhouse London Nottinghill W11 3HT
0800 Promote London North Finchley N12 9QG
Toppers London Stevenage SG1 3HR
Harrow Life London Harrow HA1 2EA
Birmingham Midlands Birmingham B5 4JL
Store
Oxford Store Midlands Oxford OX2 7HT
Leicester Store Midlands Leicester LE1 1LB
Wolverhampton Midlands Wolverhampton WV1 4BL
Nottingham Midlands Nottingham NG1 6DQ
Store
Kaleidoscope Midlands Leamington Spa CV31 1BZ
Albry Printing Midlands Wallingford OX10 9DA
Company
Final Imaging Midlands Sawtry PE28 5SB
Dove Signs Midlands Nuneaton CV11 6GX
Custard Midlands Northampton NN3 6WL
Creative
Cre8ive Design Midlands Kenilworth CV8 1JD
For Colour Midlands Newark, NG24 1LE
Nottingham
Sign It Midlands Beeston, NG9 2AY
Nottingham
Ozmedia Print Midlands Barrow Upon Soar LE12 8JH
Pewter Design Midlands Market Harborough LE16 7DS
St Ives Midlands St Ives PE27 3WS
Quickprint
Artichoke Midlands Birmingham B18 6NN
Design
The Ideas Room Midlands Leicester LE3 0DL
Ideas Taking Midlands Rugby CV21 2SD
Shape
Graphic Results Midlands Belper DE56 1AY
The Studio Midlands Walsall WS1 1JQ
Hussellworks Midlands Halesowen B63 3HR
First Image Midlands Coventry CV5 7FW
Hull Store North Hull HU1 2AG
East
Newcastle Store North Newcastle NE1 5EE
East
Leeds Store North Leeds LS1 3DL
East
Middlesbrough North Middlesbrough TS1 1LY
East
Sheffield Store North Sheffield S1 4GF
East
Colour Box North York YO23 1NA
Design East
Multiprint North Normanton WF6 2AF
East
Print House North Bishop Auckland DL14 0LZ
Direct East
The Factory North Leeds LS12 2DS
East
Maskerade North Sunderland SR2 7PR
Design East
Pro-Actif North Darlington DL3 7TD
Communications East
GOWEB North Wakefield WF2 9BL
East
Creative Web North Alnwick NE71 6EA
design UK East
Bluprint North Rotheram S60 8LZ
East
Blah D Blah North Bangor LL57 1NY
Wales
Manchester North Manchester M3 4BQ
Store West
The Hub North Trafford Park M17 1FG
West
Liverpool Store North Liverpool L2 2HF
West
Lancaster Store North Lancaster LA1 1XN
West
Warrington North Warrington WA1 1EP
West
Granthams - North Preston PR1 2UQ
Preston West
Granthams - North Blackpool FY1 4PE
Blackpool West
Print Design North Marple SK6 7AD
Warehouse West
RAS Limited North Chester CH3 5AG
West
Silverback North Isle of Man IM1 2LA
West
Mailboxes North Stockport SK1 1LE
West
Printel North Widnes WA3 8LG
West
ER Design & North Alsager CW2 5PR
Print West
Impact North Timperley WA15 7SP
Advertising West
Masterprint North St Helens WA10 1DH
West
Copycat North Maghull L31 2HB
West
Utopia North Birkenhead CH41 7AB
West
Alert 2 Media North Manchester M1 1DZ
West
Print Hub North Bolton BL1 3QJ
Design West
Soda North Golbourne WA3 3BU
West
Justleigh North Eccles M30 8GH
West
Brightspark North Carlisle CA2 5BB
West
Openhouse North Manchester M1 6DE
West
Bradbury Northern Belfast BT7 1BS
Graphics Ireland
Xpress Creative Northern Newtonabbey BT36 4PU
Ireland
Mooney Media Northern County Down BT32 4QD
Ireland
Edinburgh Store Scotland Edinburgh EH3 6QY
Edinburgh Store Scotland Edinburgh EH3 9LY
Glasgow Store Scotland Glasgow G3 8LZ
Color Co. - Scotland Edinburgh EH2 2PA
Edinburgh
Glasgow Print Scotland North Glasgow G64 1RX
Hamilton (662c) Scotland Hamilton ML3 7AR
Haus of Print South Andover SP11 6RU
Brighton South Brighton BN2 8AA
Ashford Store South Ashford TN24 8UU
East
TRS Graphics South Croydon CR2 6EB
East
Felix South Rochester ME2 4HZ
Communications East
Studio Direct South Chelmsford CM2 6HE
East
Lussh Creative South Chesterfield S40 2BY
East
Inprint South Colchester CO1 1PB
East
Bristol Store South Bristol BS1 3LZ
West
Plymouth Store South Plymouth PL4 0AU
West
Bournemouth South Bournemouth DT1 1HS
West
Anneset South Weston-Super-Mare BS23 3DE
West
Presto Print South Christchurch BH23 1QD
West
Malthouse South Taunton TA1 3EP
West
Wessex Direct South Minehead TA24 5UB
West
Print Creative South Bath BA1 2JB
West
Printing South South Totnes TQ9 5DW
West West
Australian Wales Cardiff CF14 3JP
Welsh


PRINTING.COM PLC
('Printing.com' or 'the Company')
Specialist retail chain with 112 outlets (plus 15 pending) across the UK

Preliminary Results for
year ended 31 March 2005

Chairman's Statement

Trading Results

Once again I am pleased to report that for the year under review the Company
made further significant progress, resulting in a turnover of 10.72m (2004:
9.33m) and a pre tax profit of 1.51m (2004: 0.94m). Earnings per share were
2.74p an increase of 79%.

Total Retail Sales 'TRS' (being the estimated value of invoiced sales through
the Printing.com network) were 14.44m (2004: 10.84m). The increase in TRS
reflects the significant growth in the size of our network with 119 outlets open
and pending at the year end (2004: 85). Since the year end the number of outlets
open or pending has increased by 8.

Cash

I am also pleased to report a strong generation of cash from operational
activity, especially during the second half, with the result that your Company
closed the year with cash reserves of 2.86m (2004: 0.79m).

Successful Move to AIM

Following almost four years on London's Ofex market, August 2004 saw the
successful admission of the Company's shares to AIM. Since making this move we
have seen an appreciation in the share price and a significant increase in the
liquidity of our shares.

Dividend

The Company now has distributable reserves and the Board are proposing the
payment of a final dividend of 0.50p per ordinary share on the 5th August 2005
to shareholders on the register at the close of business on the 17th June 2005.
This reflects the Company's dividend policy as set out in its AIM admission
prospectus.

Employees and Franchisees

The Company's employees have continued to meet the challenges of working in a
dynamic and evolving business and, together with the hard work and endeavours of
our Franchisees and their employees, this has underpinned another year of
considerable progress. On your behalf we thank them all for their invaluable
contribution in moving your Company forward.

British Franchise Association / HSBC Award for Enterprise

I am delighted to report that your Company won the British Franchise Association
'HSBC Award for Enterprise' at the May annual Franchisor of the Year Awards held
at London's Savoy Hotel. Sponsored by HSBC and the Daily Express, the BFA awards
ceremony aims to showcase the UK's strongest and better performing franchisors.

Brian Smart, Director General of the British Franchise Association, was quoted
as saying 'the judges felt Printing.com had taken up the challenge of
enterprise, both in its business and its approach to franchising in a way that
could not be matched'. I believe that in winning this award it can only further
enhance the Company's brand and market awareness and is further recognition of
our rapid growth and success.

Outlook

Each year when reporting Printing.com's preliminary results, I have expressed my
optimism regarding the Company's ongoing potential. With three consecutive years
exhibiting sequential material growth in profitability, the result of a robust
and scaleable business model, I believe that my previous optimism has proved
well-founded.

We have a strong pipeline of prospective Franchisees and I now believe the
Company is entering its most exciting phase to date. Expansion continues to
gather pace providing scope for Printing.com to deliver an ongoing increase in
shareholder value.

George Hardie
Chairman


Chief Executive's Statement

Looking back, the Company's 14 directly owned stores (opened between 1998 and
2001) served as an important phase in refining and proving the format and
provided the platform for future growth via franchising. It is still only a
little over three years since the Company's first Bolt-on Franchise opened and
just over two years since the first Printing.com Store Franchise commenced
operations.

Moving forward our expansion plans are centred on a further rapid increase in
our network essentially via franchising. Winning the British Franchise
Association / HSBC Award for Enterprise is a significant reflection of the
progress and profile that Printing.com now enjoys within the UK franchise
community.

Network Overview

The table below sets out the Printing.com network and illustrates the rapid
expansion during the year under review coupled with an acceleration post the
close of the year.

1st June March March
2005 2005 2004
Company owned Stores 9 9 10
Franchised Stores*
Open and pending 36 33 20
under option
Bolt-on Franchises** 82 77 55

Total 127 119 85

*Includes Territory Franchises and two 'Boutique' Franchises - see below
**Includes four 'Guerrilla' Franchises - see below

Territory Franchise Development

During the year we completed the process of formally upgrading the early
adopters of the Printing.com Store Franchise to the new Territory format. This
granted each Franchisee a licence not only to operate a Printing.com Store but
also to establish a network of Printing.com Bolt-on Franchises. All 12 of our
Store Franchisees at the time upgraded.

Eight Territory Franchises became operational during the year in Reading,
Middlesbrough, Warrington, Wolverhampton, Bournemouth, Orpington, North Dublin
and Luton. A further 3 Territory Franchises were established, 2 through MBIs of
our Nottingham and Ealing Stores and 1 through an MBO of our Sheffield Store.

At the end of the period under review, there were a further 8 'Options' (each
involving the payment of a non-refundable deposit of 6,000) taken out over
Territory Franchises. Since the end of the period a further Store has commenced
trading in Brighton. Property is being sought for East Glasgow and negotiations
continue to progress in respect of premises for the Manchester North, Birmingham
East, Birmingham South West, Coventry, Northampton and Cardiff Territory
Franchises. We are optimistic that these endeavours will result in a steady
stream of openings and that most will indeed be trading by the close of H1.

Over the past month an additional 3 Options have been taken out, covering our
Exeter, Bradford and Guildford Territory Franchises. The Guildford Option has
been taken out by an internal candidate. With an anticipated June launch, this
would take the number of employees becoming Territory Franchisees to 5. We
believe that these employee Buy Outs / start-ups not only provide the basis for
excellent sector news flow but also serve to reassure external candidates
considering franchise opportunities with Printing.com.

New Franchise Format - The Printing.com Boutique Franchise

We have developed the Boutique format to meet the demand from prospective
franchisees seeking a Printing.com outlet. This format can prove suitable where,
geographically a Territory Franchise is unavailable or where the Franchisee is
seeking a lower level of regulation or does not want to be concerned with the
management and development and support of Bolt-on Franchises. It also offers a
lower cost route to a Printing.com Store as the franchise fees charged are
lower.

We are delighted to report that the first two Boutiques are now under option in
South Glasgow and Doncaster. It is believed that this format will provide a
significant number of additional outlets and additional revenues as new outlets
mature.

Bolt-on Franchise Development

At the start of the year we had 55 Bolt-on Franchises and by year end this had
risen to 76. Post the year end we have completed a further 2 agreements.

The pipeline of prospective transactions is also very buoyant which leads us to
be optimistic that a further significant wave of Bolt-on Franchise openings is
imminent.

New Franchise Format - The Guerrilla Franchise

We have developed the Guerrilla format to enable fledgling entrepreneurs,
without the investment capital required to follow the Territory or Boutique
schemes, to open a Printing.com outlet.

Typically, such a Franchise would be launched from serviced offices or similar
low cost premises. Overheads would also be kept to a minimum, as no additional
staff would be employed until the franchise became profitable. In certain
instances the Franchisee may be allowed to work for a short period from home
allowing start up costs to be further reduced.

The inspiration for this scheme comes directly from my own experience starting
the business that today is Printing.com and that of Peter Gunning (the Company's
Operations Director). In my case the business was started with under 5,000 and
operated from a small rented office. Peter Gunning started 'The Design Foundry'
in Edinburgh with a similar level of investment.

In the Guerrilla scenario, whilst launching the business with limited capital,
the Franchisee would already be working in the sector. We believe that their
existing technical skills plus their contacts in the local business community
will compensate for the lack of capital.

To facilitate this development the Company has developed a finance option in
conjunction with the Royal Bank of Scotland. Essentially 500,000 is being made
available by RBS, in tranches of circa 10,000 to 15,000, to finance
initiatives of this nature.

Whilst Printing.com provides certain guarantees (in addition to the Franchisee's
own personal guarantee) to RBS in respect of this financing, the Board believe
that this initiative makes sound commercial sense and that the risk is mitigated
as:

(i) a significant proportion of the investment is paid immediately to
Printing.com (in respect of licence and support fees);
(ii) the risk will be spread across a high number of low value 'investments'.

Towards the close of the year, the first Franchise of this format opened and
post the year end a further 3 agreements have been completed. The profile of a
typical 'Guerrilla' Franchisee is reflected by our recent Carlisle opening. The
Franchisee, aged 26, was previously working as an Account Executive / Graphic
Designer with a rival local company. This Guerrilla Franchise required an
overall investment of less than 20,000 reflecting the dramatically lower set up
costs of this format.

We anticipate that Guerrilla Franchisees may progress from office space to
retail premises, thereby essentially becoming a Boutique Franchise and from
there, in some cases, to purchasing a Territory Franchise.

We believe this new format enables us to tap into the wealth of young talent in
the industry at large and facilitate entrepreneurialism that may otherwise be
stifled through lack of access to capital. We also anticipate this additional
route to market will further increase our rate of growth.

The Agency

Following a restructuring of The Agency, its divisional Managing Director has
now left the Company. As we have indicated in the past it is our objective to
transfer this division to franchised ownership. Under the new structure the
Agency is now producing stable revenues operating as three independent teams, it
also means that buy-outs or buy-ins can be progressed on a team by team basis.
We are currently in discussion with a number of internal candidates.

The Production Hub and Infrastructure

We have previously indicated that the capacity of our national Hub, measured in
terms of TRS, was in the range of 20-25 million. We now believe that the
capacity is nearer to the higher end of this range reflecting our improved
efficiency.

Additional Printing Capacity

At this juncture we believe it is prudent to expand the Manchester Hub before
seeking an additional Hub in the south of England. At present we have two
printing presses operating in parallel, a third is now being ordered. The
additional press is in essence a 'double decker' meaning that both sides of the
paper can be printed simultaneously thereby providing savings in labour, speed
of delivery and floor space. The new press will provide capacity similar to that
of the two existing presses combined, increasing overall TRS press capacity to
45-50 million. The press reflects an investment of circa 1.8 million and we
anticipate it will be commissioned during April 2006.

Upgrade to logistics

The available production floor space is scheduled to be increased by 50% with
the installation of a mezzanine level. The mezzanine will house additional print
finishing plant that we expect to bring online as turnover increases. The
additional infrastructure will also feature improvements to internal logistics
with the objective of significantly reducing manual handling and packing.

Flyerlink Pro

A further significant development during the year under review was the launch of
Flyerlink Pro, a new generation of the Company's software. Flyerlink is the
conduit that connects our outlets with the Hub and is now in a format that can
be readily scaled.

International Expansion

In essence we opened our Dublin Store 2 years ago to test the Company's systems
working with multiple currencies. The advent of Flyerlink Pro together with the
increasingly proven nature of the Printing.com model, encourages us that
international development can now be explored.

It is anticipated that such expansion would be via joint ventures or master
franchise arrangements and executed via such a mechanism that would not put our
core UK and Ireland operations at risk.

Current Trading

The first two trading periods (four week) of the current financial year have now
been completed. Overall trading has proved in line with the Company's internal
budget.

Outlook

In terms of the rate at which new Franchisees are being attracted to
Printing.com we are at present experiencing our fastest ever growth. Significant
expansion has been achieved of late with the network now having 127 outlets
'operational and pending'. This current growth rate represents an additional
unit every fifth working day.

In addition to new outlets opening, additional revenues should be generated as
our recently opened outlets develop quickly and our more established outlets
mature.

Given present growth rates, and the premise that every new outlet should yield
an additional positive contribution from day one, we remain optimistic that the
outlook for the future development of the Group is positive and the prospect of
continued growth in shareholder value good.

Anthony Rafferty
Chief Executive


Finance Director's Statement

Total Retail Sales (TRS)

TRS is a key metric, being the retail price paid by the client irrespective of
whether the transaction took place through a Company owned or a franchised
outlet. The importance of this measure is that it gives the clearest indication
of the growth in the network. With TRS increasing by 33.2% to 14.44m (2004:
10.84m) the underlying development of the Printing.com network is clearly
illustrated. At this level we would estimate that Printing.com still accounts
for less than 2% of the available market.

Turnover

The statement of turnover masks the underlying growth in the Printing.com
network. Network growth is essentially derived from our Franchise initiatives:
with such transactions our turnover is limited to the 'wholesale' value of the
orders. In addition three Stores, previously under direct ownership, have now
been franchised with the retail component of the respective orders given over to
the franchisee. Overall turnover increased by 15% from 9.33m to 10.72m.
Company Store sales and sales to Franchisees increased by 26% from 7.39m to
9.32m for the year. Company turnover was held back by sales at The Agency which
fell to 1.40m from 1.94m.

Gross Profit

The Company's simple definition of Gross Profit is sales less direct materials
(including the cost of distribution, when made direct to customers).

Gross Profit increased from 7.10m to 7.83m. Overall it reduced from 76.1% to
73% of turnover as more sales moved through the franchise channels where the
retail margin is passed over to Franchisees who, of course, incur the
corresponding retail overheads.

Pre-Tax Profit

The Company recorded a pre tax profit of 1.51m (an increase of 0.57m). This
represented 14% of Company turnover and 10.4% of TRS. In the previous year the
pre tax profit of 0.94m represented 10% of turnover and 8.7% of TRS. We believe
the significant increase in pre tax profitability, in both absolute terms and on
these key metrics, validates our franchised centred strategy.

Staff costs increased in real terms by 13% but fell as a percentage of turnover
from 32.1% to 30.3%. Other major costs for the year were Depreciation 0.73m
(2004: 0.70m) and Operating Lease costs (plant & property) 0.41m (2004:
0.38m).

Those overheads directly related to Company owned retail operations, including
payroll and depreciation, reduced from 2.94m to 2.26m or 31.5% of turnover
down to 21.1%. This was essentially due to Stores previously owned by the
Company becoming franchised units.

The strong operational cash flow and the placing on the AIM flotation increased
cash balances. All bank loans were cleared and coupled with reducing lease
finance costs net interest charges decreased to 0.12m from 0.25m.

Taxation

The tax charge for the current year is 0.35m or 23% (2004: 0.35m or 36.8%) of
PBT. The lower charge this year is due to certain gains qualifying for rollover
relief.

Earnings per share (EPS)

Basic EPS improved by 79% to 2.74p, the weighted average number of shares used
was 42,208,789. Fully diluted EPS improved by 86% to 2.66p. The year closed with
44,289,716 ordinary shares in issue.

Cash Flow

At the year end the Company had cash balances of 2.86m (2004: 0.79m).

Operational cash flow surged ahead to 2.43m (2004: 1.54m). The operating
profit of 1.63m and depreciation & amortisation charge of 0.73m were offset by
an increase in stock of 0.04m, an increase in debtors of 0.49m and
supplemented by an increase in creditors of 0.59m. Trade debtor balances at the
year end represented 36 days as they did in 2004.

Capital Expenditure

The total expenditure for the year was 0.5m (2004: 1.6m).

This was made up of:-

a) software development and computing 0.25m;
b) production equipment 0.11m;
c) purchase of the Oxford Store and certain limited Store refurbishments 0.14m.

Share Capital and Share Options

Options over 1,592,243 shares were exercised during the year, being:-

a) employees options, 175,563;
b) Haltcrown Limited options 1,408,680;
(option granted at the time of the Company's OFEX IPO)
c) Franchisee options 8,000.

In July 2004 Territory Franchisees were granted options over 1,400,000 shares
subject to their achieving performance targets and there being a sustained
increase in the share price. Employee EMI options totalling 3,190,000 were
issued in August 2004, as with the Territory Franchise options each employee has
performance targets to achieve and there has to be a sustained increase in share
price for the options to become exercisable.

During the year 105,000 employee and 106,000 Franchise options lapsed.

Flotation on AIM

The Company moved its share quotation from Ofex to AIM on the 11th August 2004
at the same time placing 3,833,333 ordinary Shares of 1p for a consideration of
30p per share. The placing raised 0.86m net of costs.

Alan Q. Roberts
Finance Director

Unaudited consolidated profit and loss account for the year ended 31 March 2005

Notes 2005 2004
(000) (000)

TURNOVER 1 10,717 9,328
Changes in stocks of finished goods 35 (6)
-------------- --------------

10,752 9,322

Other operating income - 10
-------------- --------------

10,752 9,332


Raw materials and consumables 2,924 2,231
-------------- --------------

7,828 7,101


Staff costs 3,243 2,859

Depreciation and amortisation 728 698

Other operating charges 2,225 2,351
-------------- --------------

OPERATING PROFIT 1,632 1,193


Investment income 67 10

Interest payable and similar charges (191) (263)
-------------- --------------

PROFIT ON ORDINARY ACTIVITIES BEFORE
TAXATION 1,508 940

Taxation 2 (350) (346)
------------- --------------

PROFIT ON ORDINARY ACTIVITIES AFTER
TAXATION 1,158 594
Dividends on equity shares (221) -
------------- --------------

RETAINED PROFIT FOR THE YEAR 937 594
------------- --------------


Earnings per ordinary share - basic 5 2.74p 1.53p
Earnings per ordinary share - fully
diluted 5 2.66p 1.43p
Dividend per ordinary share 4 0.50p -

The result is based on the Group's continuing operations.

No separate statement of Total Recognised Gains and Losses has been presented as
all such gains and losses have been dealt with in the profit and loss account.

Unaudited group balance sheet as at 31 March 2005

2005 2004
(000) (000)

FIXED ASSETS
Intangible assets 65 54
Tangible assets 3,637 3,901
------------ ------------
3,702 3,955
------------ ------------

CURRENT ASSETS
Stocks 108 73
Debtors 2,150 1,715
Cash at bank and in hand 2,864 789
------------ ------------
5,122 2,577

CREDITORS: Amounts falling due (3,006) (2,317)
within one year
------------ ------------
NET CURRENT ASSETS 2,116 260
----------- ------------

TOTAL ASSETS LESS CURRENT 5,818 4,215
LIABILITIES

CREDITORS: Amounts falling due after
more than one year (904) (1,497)


PROVISION FOR LIABILITIES AND CHARGES (312) -

----------- ------------
4,602 2,718

CAPITAL AND RESERVES
Called up share capital 443 389
Share premium 3,769 2,876
Merger reserve 211 211
Other reserve 1 1
Profit and loss account 178 (759)
------------ ------------
4,602 2,718



Unaudited group cash flow statement for the year ended 31 March 2005

Notes 2005 2004
(000) (000)

Cash flow from operating activities 3a 2,425 1,537
Returns on investments and servicing
of finance 3b (124) (253)

Capital expenditure 3b (425) (629)

Taxation 12 (12)
------------ ------------
CASH INFLOW BEFORE FINANCING 1,888 643

Financing 3b 187 (722)
----------- ------------
INCREASE/(DECREASE) IN CASH IN YEAR 2,075 (79)
----------- ------------


RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN DEBT

Increase/(decrease) in cash in the 3c 2,075 (79)
year
Cash outflow from decrease in net debt
financing 3c 760 723
----------- -----------
Change in net debt resulting from cash 2,835 644
flows
New finance leases (51) (897)
----------- -----------
MOVEMENT IN NET DEBT IN THE YEAR 2,784 (253)

NET DEBT AT 1 APRIL 2004 3c (1,346) (1,093)
----------- -----------
NET FUNDS /(DEBT) at 31 MARCH 2005 3c 1,438 (1,346)
=========== ===========


1 TURNOVER

The principal components of turnover are the design and production of publicity
and marketing material, and franchise fee income. All of the turnover is in one
continuing business segment being the development of the Printing.com Franchise
and originates in the United Kingdom and Republic of Ireland. The directors
believe that full compliance with SSAP25 'Segmental Reporting' would be
seriously prejudicial to the interests of the Group as it would require
disclosure of commercially sensitive information.

An analysis of turnover by geographical segment is given below:

2005 2004
(000) (000)
United Kingdom 10,445 9,201
Republic of Ireland 272 127
-------- ---------
10,717 9,328
======== =========

2 TAXATION
2005 2004
(000) (000)
Corporation tax at 30% (2003: 19%) - -
Overprovision in prior year (12) (10)
---------- -----------
Total current tax (12) (10)
---------- -----------
Deferred tax:
Origination and reversal of timing
differences 362 356
---------- -----------
Tax on profit on ordinary activities 350 346
========== ===========
Factors affecting the tax charge for
the year
Profit on ordinary activities before
taxation 1,508 940
========== ===========
Profit on ordinary activities before
taxation multiplied by standard rate
of UK corporation tax of 30.00% (2004:
30.00%) 452 282

Effects of:
Non deductible expenses 30 47
Income not taxable (92) -
Capital allowances in excess of (51) (85)
depreciation
Other tax adjustments 4 (44)
Losses utilised (343) (200)
Prior year adjustment (12) (10)
------------- ------------
(464) (292)
------------- ------------
Current tax credit (12) (10)
============= ============

3 CASHFLOWS

a Reconciliation of operating profit to net cash inflow from operating
activities
2005 2004
(000) (000)
Operating profit 1,632 1,193
Amortisation 32 15
Depreciation 695 683
(Increase)/decrease in stocks (35) 6
Increase in debtors (485) (621)
Increase in creditors 586 272
Loss/(profit) on sale of fixed assets - (11)
------------ ---------------
2,425 1,537
============ ===============

b Analysis of Cash Flows For Headings Netted Off in the Cash Flow Statement

2005 2004
(000) (000)
RETURNS ON INVESTMENTS AND SERVICING OF FINANCE
Interest received 67 10
Interest paid (4) (14)
Interest element of finance lease rental
payments (187) (249)
------------ ------------
Net cash outflow from returns on
investments and
servicing of finance (124) (253)
============ ============
CAPITAL EXPENDITURE
Purchase of intangible assets (44) (41)
Purchase of tangible assets (406) (667)
Sale of tangible assets 25 79
------------ ------------
Net cash outflow from capital expenditure (425) (629)
============ ============

FINANCING
Issue of ordinary share capital 1,232 1
Issue costs (286) -
Repayment of bank loan (167) (113)
Capital element of hire purchase (592) (610)
contracts
------------ ------------
Net cash inflow/(outflow) from financing 187 (722)
============ ============


At Cash flow Other At
1 April 2004 (000) cash 31 March
(000) changes 2005
(000) (000)
c Analysis of net (debt)/funds
Net cash
Cash at bank
and in hand 789 2,075 - 2,864
----------- ----------- ----------- ---------
789 2,075 - 2,864

Debt:
Finance leases (1,967) 592 (51) (1,426)
Bank loan due
within 1 year (110) 110 - -
Bank loan due
after 1 year (58) 58 - -
----------- ------------ ----------- -----------
(2,135) 760 (51) (1,426)
----------- ------------ ----------- -----------
Net(debt)/funds (1,346) 2,835 (51) 1,438
=========== ============ =========== ===========


4 DIVIDENDS
The Directors propose payment of a maiden dividend of 0.50p per ordinary share
(2004 Nil).

5 EARNINGS PER SHARE

The calculations of earnings per share are based on the following profits and
numbers of shares.

2005 2004
(000) (000)
Profit for the financial year 1,158 594
======= ======

Weighted average number of shares 2005 2004
No. of No. of
shares shares
For basic earnings per share 42,208,789 38,849,906
Exercise of share options 1,301,237 2,540,303
-------------- ------------
For diluted earnings per share 43,510,026 41,390,209
=========== ===========

6 BASIS OF THE PRELIMINARY ANNOUNCEMENT

The preliminary financial statements for the twelve months ended 31 March 2005
were approved by the Board of Directors on 31 May 2005. The results are
unaudited. The figures for the year ended 31 March 2005 do not constitute full
accounts within the meaning of Section 240 of the Companies Act 1985. The
figures for the year ended 31 March 2004 are audited. The preliminary
announcement is prepared on the same basis as set out the previous year's
statutory accounts. Those accounts, upon which the auditors issued an
unqualified opinion, have been delivered to the Registrar of Companies.



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

Up it goes! Brewin Dolphin has re-rated this stock from a 'hold' to a 'strong buy'. This stock is moving nicely on strong fundamentals.

Doing nicely. Interesting few months ahead.

nice rise on the price today.

A Mention in this weeks Shares Mag and Investors Chronicle should bolster the price mext week.

The Independant
By Derek Pain
Published : 11 June 2005

I first took an interest in Printing.com when its shares were traded on the fringe Ofex market. They moved to the Alternative Investment Market (Aim) last summer. When I alighted on them they were 30.5p; the price is now 51p. At least one influential commentator was rather disappointed by the group's performance. It was not strong enough, he opined, to justify the current share price. I disagree. Chief executive Tony Rafferty identified and exploited a revolutionary method of high street printing. Unlike its rivals, Printing.com shops do not print on the premises but transmit orders to its Manchester printing plant where the work is carried out and then delivered within a few days to the retailer.
The group now has approaching 130 outlets. They include company owned and franchised shops. By far the biggest retail spread, however, is made up of what are called bolt-on franchises where established printers offer the Printing.com service. A "significant wave" of new bolt-on agreements is said to be imminent. It also has international ambitions and has already set up shop in Dublin.
Rafferty has gone back to his early days to keep the domestic momentum going. He has launched what he calls "the guerrilla franchise".
Under this system a shop or printing works is not required. Instead, a business can be started from a small office or even a room at home. Rafferty knows from experience that such modest enterprises can be successful. After all, it was from a rented office, with just 5,000, that he started what has developed into an Aim company with a 22m capitalisation.

THIS WEEKS SHARES MAGAZINE - PRINTING.COM'S WINNING FORMULA:

The past 12 months have been memorable for Printing.com, In August 2004 , the company moved from Ofex to Aim. In May this year it won the HSBC award for enterprise at the Franchise of the Year awards. It has now capped this progress by reporting profits up by over 65% and paying a maiden dividend.
The Printing.com model is very simple. It relies on a centralised printing press in Manchester but a local selling organisation. Concentrated mainly on an ever-growing number of franchises and bolt-on stores. This strategy has proved very successful as the group can easily undercut other more traditional printers.
The Manchester Printing press specialises in full-colour printing, offering a Rolls-Royce service at Rover prices. Thus the group can print 10,000 leaflets for 135 pounds compared with 365 pounds charged by the competition.
Comparrisons are less favourable but still significant if the customer wants only two colours.
The group has a strong program of physical expansion. At the beginning of 2004-05 it had 20 area franchises open or under option and there are now 36. Each area franchise is then encouraged to attract further bolt-on franchise stores. Since the beginning of the last financial year there has been an increase of over 40% in the number of these franchises.
The group is anticipating furthe growth and expanding the capacity of the Manchester printing plant by 50%. This new printing press will be a 'double decker', allowing printing on both side simultaniously. The group will then be able to quote more competitive delivery times and save on storage space and labour.
House broker Brewin Dolphin Securities is forecasting rapid earnings per share growth to 3.7p this year (against 2.7p) and then to 5p next year. The dividend should grow from 1.5p and then 2.5p. This has encouraged Brewin Dolphin to raise it's target price to 65p compared with 51p now. The shares should yield 3.8% in 2006/07 and are trading on a PE of 13.
Shares says: The company is at the beginning of a long and profitable journey. BUY

I am suprised that nobody has picked up on these. On a 12 month low and a dividend attached also.....surely this is worth a punt...any thoughts?

I hold the shares, which I bougth at flotation. Perhaps I should have dumped early at baout 70p.

The drop is in response to trading announcement
"When reporting the Company's preliminary results in early June 2006, we referred
to current trading being mixed. Subsequently, trading has proved soft, resulting
in transactional volumes below expectations albeit still ahead of last year.
Trading in the printing sector at large is presently reported as being
difficult. Ordinarily Printing.com has been able to mitigate such problems.
However, this has been hampered due to resource being diverted in the short term
towards the major Hub development project designed to expand capacity, from
circa 20-25m to 40-45m of Total Retail Sales ("TRS").



They are also X-div. I think you will have to wait until interims to see uplift.

My guess is the results will be good and longterm holds is wortwhile. Could be wrong.

Fred, I struggle to see many competitors as visible as printing.com on the market...Is this correct?

Fred, I struggle to see many competitors as visible as printing.com on the market...Is this correct?

Any thoughts on this company? Surely a good investment over the long term, despite the recent trading setback?

Results are out on 21/11/2006. We will all have to wait. The charts shows only disillusion with the share. I still hold and expect reasonable results.

I have been watching this stock for a number of weeks and iin my opinion it is good value.