Bernard Cassell, CPI managing director, says “The performance of the various divisions of the Group remain as described in my address to the AGM on 20 November 2003. The non-performing areas continued to be the Machinery and Imaging divisions, whilst the Papers division performed well.

“The strategic review referred to at the AGM has been completed and is currently being considered by the Board. In addition, a programme to reduce funds employed in the non-performing divisions has been implemented and some consequences of this programme are evident in this result. Considering the options presented by the Strategic Review, the Board believes a profitable model will be implemented.”

In light of recent results and the virtual certainty requirement of the accounting standard, the Group has reversed its accumulated Future Income Tax Benefit. This resulted in a $3.89 million charge to profits.

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