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office2office plc

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Continued broadening of the customer base. Trading performance ... a holiday pay ... require staff to use holiday entitlement in the current financial ... – PowerPoint PPT presentation

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Title: office2office plc


1
  • office2office plc
  • Interim Results Presentation
  • Six months to 30 June 2005

2
Highlights
  • Increased revenues and profits
  • Strong cash generation
  • Major accounts retained
  • Continued broadening of the customer base
  • Trading performance continuing in H2

3
Business Review
  • Market
  • Sound employment levels
  • key driver of demand
  • Public sector purchasing review
  • account consolidation
  • E-auctions
  • opportunities and risks
  • Electronic office supplies
  • market growing
  • o2os market position
  • solid with opportunity

4
Strategy
  • Expanding our customer base
  • Single-source solution
  • product/service range expansion
  • Increasing e-commerce
  • functionality
  • volumes rising
  • Improving service and efficiency in operations
  • Focus on merchandising
  • Pan-European positioning

5
Revenue
6
EOSA
  • Our European Alliance continues to win
    pan-European customers
  • e.g.
  • Nordea (Scandinavia)
  • Group4 Securicor (UK, France, Germany,
    Scandinavia)
  • Bristol Myers Squibb (across Europe)
  • Coca Cola (UK, France, Netherlands)
  • Carrefour (Spain, France, Belgium, Italy)

7
Gross Margins
  • Continuing strong performance in 2005
  • 2005 2004 2004
  • H1 H1 Full Year
  • 32.6 32.4 0.2
    32.9
  • Issues impacting gross margin
  • Account re-tenders
  • New-business wins
  • Commodity price increases (oil, paper, etc)
  • Exchange rates
  • Product mix
  • Merchandising activity/Brand mix
  • Procurement savings
  • Contract management

8
Results
9
Group Income Statement
10
Dividends
  • 2004 final dividend of 1.5m (4.2p per share) -
    paid in May 2005
  • Proposed interim dividend in respect of H1 2005 -
    1.1m
  • 3.1p per share
  • Payable in November 2005
  • Comprehensive review of impact of IFRS upon
    distributable reserves completed. No significant
    impact.

11
Group Balance Sheet
12
Group Cashflow
13
Key impacts of IFRS
  • Adoption of IFRS with effect from 1 January 2004
  • Recognise the deficit on the defined benefit
    pension scheme
  • Deficit 1.5m, scheme closed 30/09/96, to be
    funded over 15 years
  • Recognise a holiday pay accrual
  • employment contracts require staff to use holiday
    entitlement in the current financial year (i.e.
    no carry over)
  • Review goodwill for impairment as opposed to
    straight-line amortisation
  • Recognise final dividends when approved, interim
    dividends when paid

14
IFRS impacts on results
15
Current Developments
  • Strengthening Management Team
  • Increased Asian sourcing
  • Enhancement of websites and internet systems
  • Launch of Health Safety and Security product
    ranges
  • ISO14001 award recommended
  • Consultation on Long Term Incentive Plan
  • Directors to sell a proportion of their shares
    which will aid liquidity in the stock

16
Focus
  • To maintain profit and sales growth and minimise
    downward margin pressure, through-
  • Retaining existing customers and growing in all
    market sectors
  • Achieving the highest degree of customer
    satisfaction
  • Cautious expansion of products and services
  • Merchandising strategy/procurement savings
  • Tight cost control
  • Developing further our single-source solution
  • Seeking suitable acquisitions
  • Outlook
  • measured confidence

17
  • office2office plc
  • Results Presentation
  • Six months to 30 June 2005
  • END
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