Interim results

1

• Interim results
• Six months ended 31st October 2004
• 15th December 2004

2
Highlights

• Acquisitions
• Cabouchon
• I Want One of Those.com
• Television shopping channel
• broadcast on Sky 659
• re-branding eeZee tv
• 50 subsidiary being consolidated
• European launch
• 1,500 distributors
• retailing well received
• Continuing growth in average sales per retailer
  at Kleeneze UK

3
Financial highlights

• Turnover from existing operations up 4.9 to
  79.3m (2003 75.6m)
• Operating profit from existing operations up 3.6
  to 2.9m (2003 2.8m)
• Profit before tax 4.3m (2003 loss 9.2m)
• Normalised basic EPS increased 7.7 to 4.2p
  (2003 3.9p)
• Interim dividend up 7 to 1.07p (2003 1.00p)
• Cash at bank up 6.4m to 17.5m (2003 11.1m)

4
Group Profit Loss Account
5
Kleeneze Europe Profit Loss

• Increase in ASR offsets reduction in distributors
• Kleeneze Netherlands launched in September
• Efficiencies from new distribution centre in
  Bristol

6
Distributor Numbers Kleeneze Europe
7
Farepak Profit Loss

• Voucher sales increasing to 86 in full year
• Improvement in production costs will be
  recognised in second half

8
Non operating exceptional items

• 0.9m profit generated from sale of 5
  shareholding in Premier for 1.2m in July 2004

9
Balance Sheet at 31st October 2004

• Fixed assets increased due to goodwill arising on
  acquisitions
• Long term liabilities include loan notes issued
  as consideration on the acquisition of I Want One
  of Those.com

10
Net debt at 31st October 2004
11
Cash flow
12
Cash flow continuing operations
13
Outlook

• Integration of acquisitions
• Further European expansion
• Continue to transform Kleeneze into leading home
  shopping specialist
• Full year results in line with expectations