RNS Number:9026H
Access Plus PLC
25 February 2003


                                ACCESS PLUS PLC

            Preliminary results for the year ended 31 December 2002


                                                                25 February 2003


Access Plus, the Bristol based provider of print related marketing services,
announces its preliminary results for the year ended 31 December 2002 - its
seventh set of full year results since being admitted to the Alternative
Investment Market, in November 1996.


*    TURNOVER                                    increased by            2%
*    GROSS PROFIT                                down by                (6%)
*    PROFIT BEFORE TAX (before bad debt)*        down by                (11%)
*    EARNINGS PER SHARE (before bad debt)*                            14.60p
*    DIVIDENDS                                   increased by           1.5%
*    CASH GENERATION                             ahead of 2001 

*before goodwill amortisation

-    Commenting on 2002's trading performance, Tim Brettell, the Chairman said,
     "With many newly won contracts contributing only a few months in 2002, the
     outlook for growth this year from Print Management work is very positive."

-    "With the final dividend maintained at 5.80 pence, this gives a full year
     payment to shareholders of 8.675 pence per share - an increase of 1.5% on 
     2001."

-    "Our major three year contract win in late 2001, with a large international 
     life and pensions group has developed significantly throughout 2002 and now 
     stands as the Group's leading customer."

-    "The Group has made significant progress in broadening its service offering 
     to its top customer base.  The top ten clients accounted for 35% of gross 
     profits in 2002, an increase of 6% over 2001, whilst diversity was 
     maintained as no individual company represented more than 6.3%."

-    "Cash generation has remained very strong during the year allowing for both 
     a net repayment of loans and a share buy-back programme.  At the year-end,
     the Group balance sheet is strong with gearing at 9%, despite the effect of 
     the share redemptions."

-     "The exceptional bad debt announced in November was lower than first 
     estimated with a final charge of #0.491m.  This resulted from a third party
     business relationship.  The Directors can confirm that there are no other
     exposures of this nature amongst its top customers."


For further information:

Tim Brettell                    Barrie Newton                 Ken Rees
Access Plus PLC                 Rowan Dartington              Winningtons
Tel: 0117 317 9477              Tel: 0117 925 3377            Tel: 0117 317 9477
(25 February 2003)              
Tel: 0117 933 1000 (thereafter)


CHAIRMAN'S STATEMENT

FINANCIAL RESULTS

I am pleased to announce the results for the year to 31 December 2002.  In a
testing period with volatile market conditions, sales revenues have advanced by
2% to #30.453m (2001 - #29.780m).  Group gross profit was down 6% at #8.585m
(2001 - #9.151m), and gross margins reduced 2.5% to 28.2%.

In November, the Company announced that it had suffered an exceptional bad debt.
At the time, I anticipated that this would cost the Company in the region of
#600,000.  As a result of lower than anticipated legal costs and an allowance
for the reclaim of VAT, the cost in 2002 has been reduced to #0.491m.  Before
accounting for the effect of this exceptional bad debt and goodwill
amortisation, Group earnings before tax fell by 11% to #3.910m (2001 - #4.406m)
and on the same basis earnings per share declined during 2002, to 14.60p (2001 -
16.97p).  It should be noted, however, that the 2001 earnings per share figures
were enhanced by an effective tax rate of 27.6%.  After allowing for a full tax
charge, in 2001, earnings per share fell 10.8%.

After charging both the exceptional bad debt, and #0.441m of goodwill
amortisation (2001 - #0.448m), Group earnings before interest and tax fell to
#2.991m (2001 - #4.012m), and Group profit before tax was #2.978m, (2001 -
#3.958m).  Basic earnings per share were 10.41p (2001 - 14.58p).

The Group's cash generation has again been very strong during the year.  This
has been used firstly to extinguish the remainder of the Group's bank loan, with
the result that a five-year loan has been fully repaid in 2 years.  Secondly,
the Company has undertaken a regular share buy-back programme and has acquired
302,435 shares, for cancellation, at a cost of #0.503m.  Interest paid has been
reduced from #54,000 in 2001 to #13,000 in 2002.  Gearing has been maintained at
9% of shareholders' funds, despite the effect of the share redemptions.

The Directors recommend that the final dividend should be maintained at 5.80p
and that this should be paid on 6 May 2003 to shareholders on the register on 22
April 2003.  The shares will go ex-dividend on 16 April 2003.  Total dividends
for 2002, paid and proposed, amount to 8.675p per ordinary share (2001 - 8.55p)
showing an increase of 1.5% over last year.

The Group's exceptional bad debt, referred to above, resulted from a third party
business relationship.  The Directors can confirm that there is no other
exposure of this nature amongst its top customers.

MARKETS

Print Management is currently the most exciting market in which your Company is
operating.  The year 2002 has seen a material increase in corporate activity in
the print management sector with the purchase of Centurion Press Limited by
Communisis plc in May, and then in June the acquisition of Alistair McIntosh by
Williams Lea.  This trend towards consolidation within the industry is not
unexpected as there is, at present, considerable fragmentation.  Increased size
can be beneficial for print management companies bringing economies of scale and
greater purchasing power.  Print managers still only accounted for a very small
part (3% - 4%) of the total UK print market, which is estimated, by some
analysts, to be worth in the region of #12 billion.  The overall market
continues to expand and the present activity level experienced by the Group is
high, with large organisations increasingly looking to reduce operating costs by
utilising an outsource service for the first time.

Figures obtained from the Direct Mail Information Service indicate that volumes
in Direct Mail showed a modest improvement during 2002 with an advance of 5.9%
over the previous period.  The market was held back by a continued decline in
the Media, Insurance and Retail sectors, representing 26.1% of volumes and a
flat performance from the Financial sector representing 23.2%.  In stark
contrast to this Travel, Charity & Leisure were strongly ahead by 22% and Home
Shopping was up by 15.1%.

The overall view of the management is that the market is slowly beginning to
improve after the sharp declines of year 2001.

OVERVIEW OF SERVICES

In the year ended 31 December 2002, Access Plus provided project management
services in these two market areas, in the following three categories:

          Print Management (PM)                60% of sales       (2001 - 62%)
          Direct Mail (DM)                     20% of sales       (2001 - 19%)
          Special & Security Services (SS)     20% of sales       (2001 - 19%)

Despite the turbulent market conditions, our strategy of developing and
strengthening our existing customer relationships and, in particular, our top
clients, has remained our principal focus.  This has proved to be successful
with six of our top ten customers showing strong growth.  The amount of business
coming from the top ten clients has risen to 35% of total gross profit (2001 -
29%).  Also repeat business levels have remained high in line with last year.

With many new contracts in the year, the underlying growth in PM was suppressed
for three principal reasons; first one retail client reduced its spend in
December, secondly the loss of the ITV Digital work, and thirdly a timing issue
on a large order from a client that moved across to January 2003.  It has,
however, been a period of outstanding activity for new PM work with a number of
good contracts only partially contributing to year 2002 results.  This lays
strong foundations for future years.

1.   Print Management (PM)
     
PM sales were flat at #18.148m (2001 - #18.389m), in spite of underlying growth
throughout the year, and additional new contracts.  This was for the reasons
stated above.  A resumption in strong growth, however, is anticipated this year,
when a full 12 month contribution is expected from these new deals.

2.   Direct Mail (DM)
     
DM sales have risen by 9% to #6.145m (2001 - #5.613m).  This increase can be
largely attributed to additional DM work from two new memberships and an
existing client.  The overall number of DM clients has remained largely
unchanged and the Company has continued with its strategy of operating in those
niche areas that generate high repeat business.

3.   Special & Security Services (SS)
     
SS sales were recorded at #6.160m (2001 - #5.778m), up 7%.  Although our
principal sales focus is currently on PM, this SS performance was indicative of
the modest improvement experienced in the marketing and DM sector.

OUR OBJECTIVES FOR 2003

The management team has considered carefully its objectives for this year.  It
anticipates that the current economic conditions may well persist for this year
and next and, therefore, objectives must be drawn up in this context.

  * Further development of our top clients, by selling a wider range of
    services and increasing revenues from last year's new contracts.

  * Recruitment of top class sales executives, with specialist knowledge of
    print management based throughout the UK.

  * A continued focus on winning large PM contracts.

  * Use of our strong cash generation for strategic acquisitions, partnerships
    or JVs that can be readily integrated into our existing operating structure.

  * The Company will continue its share buy-back policy.

STAFF

Your Company's number one asset is our dedicated and loyal staff.  With
difficult market conditions, their perseverance and determination are
impressive.  I would like to thank them, on behalf of the Directors and the
Company's shareholders, for their energy, enthusiasm and hard work and to extend
a warm welcome to those new members of staff who have joined us in this period.

Access Plus will continue its successful policy of recruiting only the finest
talent for sales personnel, capable of maintaining a high level of productivity
whilst ensuring first class quality service to the customer.

FUTURE

With many newly won contracts contributing revenues for only a few months of
2002, the outlook for growth this year from PM work, in particular, is very
positive.  The year has started well and current sales activity is ahead of last
year for the same period.  This together with the slight improvements in the DM
market gives your Directors greater confidence for the year ahead.

Cash generation remains one of the Group's key strengths.  The Company's balance
sheet is robust with reduced levels of debt.  The Group is, therefore, well
placed to make selective acquisitions in accordance with its strategy.


T G BRETTELL
Chairman & Chief Executive
25 February 2003


                         GROUP PROFIT AND LOSS ACCOUNT
                      for the year ended 31 December 2002


                                                                       Notes            2002              2001
                                                                                        #000              #000

TURNOVER                                                                 2            30,453            29,780
Cost of sales                                                                         21,868            20,629

Gross profit                                                                           8,585             9,151
Administrative expenses                                                                5,103             5,139
Bad debt                                                                 4               491                 -

OPERATING PROFIT                                                                       2,991             4,012
Bank interest receivable                                                                  53               168
Interest payable                                                                        (66)             (222)

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION                                                                        2,978             3,958
Taxation on profit on ordinary activities                                3             1,027             1,217

PROFIT ON ORDINARY ACTIVITIES
AFTER TAXATION                                                                         1,951             2,741
Dividends                                                                5             1,610             1,613

RETAINED PROFIT FOR THE FINANCIAL YEAR                                                   341             1,128


Basic earnings per ordinary share                                        6            10.41p            14.58p
Diluted earnings per ordinary share                                                   10.35p            14.31p

Restated earnings per share before allowing for the exceptional bad debt and #0.441m (2000 - #0.448m) for
goodwill amortisation
Earnings per ordinary share                                              6            14.60p            16.97p
Diluted earnings per ordinary share                                                   14.51p            16.65p

Dividends per share                                                      5            8.675p             8.55p


                              GROUP BALANCE SHEET
                              at 31 December 2002

                                                                        Notes             2002              2001
                                                                                          #000              #000
FIXED ASSETS
Intangible assets                                                         8              7,920             8,512
Tangible assets                                                                          1,732             1,703

                                                                                         9,652            10,215

CURRENT ASSETS
Stocks                                                                                   1,340             1,092
Debtors                                                                                  7,460             7,191
Cash                                                                                       339             2,550

                                                                                         9,139            10,833

CREDITORS: amounts falling due within one year                            9              7,643             8,103

NET CURRENT ASSETS                                                                       1,496             2,730

TOTAL ASSETS LESS CURRENT LIABILITIES                                                   11,148            12,945

CREDITORS: amounts falling due after more than one year                                     25             1,680

PROVISION FOR LIABILITIES AND CHARGES
Deferred taxation                                                                           57                37

NET ASSETS                                                                              11,066            11,228


CAPITAL AND RESERVES
Called up share capital                                                                  1,851             1,881
Share premium account                                                                    9,705             9,705
Capital redemption reserve                                                               1,130             1,100
Profit and loss account                                                                (1,620)           (1,458)

EQUITY SHAREHOLDERS' FUNDS                                                7             11,066            11,228



                         GROUP STATEMENT OF CASH FLOWS
                      for the year ended 31 December 2002



                                                                        Notes           2002                2001
                                                                                        #000                #000

NET CASH INFLOW FROM OPERATING ACTIVITIES                                 10           3,794               3,692


RETURNS ON INVESTMENTS AND SERVICING OF
FINANCE
Interest paid                                                                           (66)               (222)
Interest received                                                                         53                 168

                                                                                        (13)                (54)

TAXATION                                                                             (1,339)             (1,574)


CAPITAL EXPENDITURE
Purchase of tangible fixed assets                                                      (362)               (130)
Disposal of tangible fixed assets                                                        127                  91
Deferred consideration paid                                                                -                (60)

                                                                                       (235)                (99)

EQUITY DIVIDENDS PAID                                                                (1,627)             (1,552)


FINANCING
(Redemption)/issue of share capital net of costs                                       (503)                  99
Repayments of Loan Notes                                                             (1,952)               (225)
Repayments of medium-term loan                                                       (1,500)             (1,350)

                                                                                     (3,955)             (1,476)


MOVEMENT IN CASH IN THE YEAR                                                         (3,375)             (1,063)



                       Notes to the Preliminary Accounts

1.   Accounting policies
     
     This statement has been prepared on the basis of the accounting policies as 
     set out in the Group's annual report for the year ended 31 December 2001.  
     There have been no changes to these policies during the current year.

2.   Turnover
     
     Turnover represents amounts derived from the provision of goods and 
     services during the year stated net of value added tax.  The turnover and 
     pre-tax profit is attributable to one continuing activity, the provision of 
     print related marketing services from within the United Kingdom.  All 
     turnover is into the United Kingdom apart from less than 1% which is to the 
     rest of Europe.

3.   Taxation
     
     Taxation for year ended 31 December 2002 has been charged at an effective 
     rate of 30.0%.

4.   Exceptional item
     
     Bad debt suffered in 2002, #0.491m, with a taxation credit of #0.147m.  
     There was no equivalent charge in 2001.

5.   Dividends
                                                                                        2002              2001
                                                                                        #000              #000
     Under provision in prior year                                                         -                 5
     Interim dividends - paid                                                            536               517
     Final dividends - proposed/paid                                                   1,074             1,091

                                                                                       1,610             1,613

     The Directors have proposed a final dividend of 5.80p per share (May 2002 -
     5.80p per share), payable on 6 May 2003 to shareholders on the register on 
     18 April 2003.  If approved by shareholders, the total dividend for the 
     year ended 31 December 2002 will be 8.675p (2001 - 8.55p).

6.   Earnings per ordinary share
     
     Basic earnings per ordinary share has been calculated by dividing the 
     profit on ordinary activities after taxation for each financial year 
     #1.951m (2001 - #2.741m) by the weighted average number of ordinary shares 
     in issue in each year 18,732,280 (2001 - 18,790,803).  At 31 December 2002, 
     the issued share capital of the Company was 18,508,693 ordinary shares.

     Diluted earnings per share has been based on profit for the year of #1.951m
     (2001 - #2.741m).  The weighted average number of dilutive shares has been
     calculated as follows:


                                                                                       2002                 2001
     Basic weighted average number of shares                                     18,732,280           18,790,803
     Dilutive potential ordinary shares from share options                          120,610              355,148

                                                                                 18,852,890           19,145,951

     Profit on ordinary activities after taxation of #1.951m (2001 - #2.741m) is
     shown after deducting #0.491m (2001 - NIL) in respect of an exceptional bad
     debt, and #0.441m (2001 - #0.448m) in respect of goodwill on the 
     acquisition Software Stationery Holdings Limited ("Software Stationery").  
     The restated earnings have been calculated by dividing the adjusted profit 
     of #2.736m (after allowing for the tax credit on the bad debt - see note 4) 
     by the same weighted average number of shares in issue at 31 December 2002.  
     There are no changes to the basis for calculating the comparative or the 
     diluted earnings per share.


7.   Reconciliation of movements in equity shareholders' funds
          

                                                                                                             #000
Equity shareholders' funds at 1 January 2002                                                               11,228

Retained profits for the year                                                                                 341
Ordinary shares redeemed during the year                                                                    (503)

Equity shareholders' funds at 31 December 2002                                                             11,066


8.   Intangible fixed assets
     

                                                                                                            #000
Cost of goodwill:
At 1 January 2002                                                                                          9,915
Adjustment to contingent deferred consideration payable (note 9)                                           (130)

At 31 December 2002                                                                                        9,785


Amortisation:
At 1 January 2002                                                                                          1,403
Provided in the year in relation to Software Stationery                                                      441
Provided for the year                                                                                         21

At 31 December 2002                                                                                        1,865


Net book value at 1 January 2002                                                                           8,512


Net book value at 31 December 2002                                                                         7,920


     On 5 July 2000, the Group acquired the entire issued share capital of 
     Software Stationery.  At 31 December 2002, the level of goodwill contingent 
     upon future events has been revised from #0.750m to #0.620m as the result 
     of calculating the final deferred consideration.  Goodwill arising on this 
     acquisition is being amortised evenly over its estimated economic life of 
     20 years.

     In addition, #0.250m of goodwill was acquired as part of the acquisition.
     Goodwill of #0.243m in Software Stationery represents the cost of the 
     copyright in the design of business forms for specific accounting software 
     packages, either by way of absolute assignment or a long term licence.  
     Goodwill and intangible fixed assets are amortised on a straight line basis 
     over the assets' estimated economic lives of between four and twenty years.  
     Goodwill of #7,000 in Software Stationery Specialists Limited represents 
     the cost of certain customer lists and is being amortised on a straight 
     line basis over the asset's estimated economic life of four years.

9.   Creditors
     
     Deferred consideration of #0.620m is payable, to some of the vendors of 
     Software Stationery, on 30 April 2003.

10.  Reconciliation of operating profit to net cash inflow from operating
     activities

                                                                                           2002             2001
                                                                                           #000             #000
Operating profit                                                                          2,991            4,012
Depreciation                                                                                208              263
(Profit)/loss on disposal of tangible fixed assets                                          (2)               21
Amortisation of intangible fixed assets                                                      21               20
Amortisation of goodwill                                                                    441              448
Release of government grants                                                                (5)              (4)
(Increase)/decrease in stocks                                                             (248)              271
(Increase)/decrease in debtors                                                            (269)              360
Increase/(decrease) in creditors                                                            657          (1,699)

Net cash inflow from operating activities                                                 3,794            3,692


11.  Reconciliation of net cash flow to movement in net debt
     

                                                                                               #000          #000
Movement in cash                                                                            (3,375)       (1,063)
Repayments of Loan Notes                                                                      1,952           225
Repayments of medium-term loans                                                               1,500         1,350

Change in net debt resulting from cash flows                                                     77           512
Non cash flows in net debt                                                                        -         (238)

MOVEMENT IN NET DEBT                                                                             77           274
NET DEBT AT 1 JANUARY                                                                       (1,060)       (1,334)

NET DEBT AT 31 DECEMBER                                                                       (983)       (1,060)


12.  Analysis of cash, loans and other debt
     
                                                                     31 December            Cash       1 January
                                                                            2002           flows            2002
                                                                            #000            #000            #000
Cash at bank                                                                 339         (2,211)           2,550
Bank overdrafts                                                          (1,164)         (1,164)               -
Bank loans                                                                     -           1,500         (1,500)
Guaranteed Loan Notes                                                      (158)           1,952         (2,110)

                                                                           (983)              77         (1,060)
13.  Financial statements
     
     Following a Board Meeting held today, 25 February 2003, the Directors 
     announce the results and dividends for the year ended 31 December 2002.

     These figures do not constitute full accounts within the meaning of section 
     240 of the Companies Act 1985.  They have been extracted from the statutory 
     accounts for the year ended 31 December 2002, on which the auditors have 
     issued an unqualified audit report.  The statutory accounts have not yet 
     been delivered to  the Registrar of Companies.



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