Final Results

RNS Number:8478P
Compel Group PLC
17 September 2003





                                                              17 September 2003
                                Compel Group PLC
                           ("Compel" or "the Group")

              Preliminary Results for the year ended 30 June 2003

Compel Group PLC announces preliminary results for the year ended 30 June 2003.

Highlights

   * Creditable result in difficult trading conditions

   * Both Compelsolve and Hamilton Rentals outperformed their major
     competitors, increasing market share

   * Profit before tax, goodwill, exceptional items and other operating
     income, of #0.7 million (2002: #1.5 million) on turnover of #52.9 million
     (2002: #63.9 million). Loss before tax reduced to #0.4 million (2002: loss
     before tax of #1.7 million). Earnings per share improved to 1.3 pence (2002:
     loss per share of 3.2 pence)

   * Final dividend maintained at 1.0 pence; full year dividend maintained at
     1.5 pence

   * Continued healthy balance sheet and good cash flows. Cash at year end of
     #11 million (2002: #9.7 million)

   * Positive final resolution of matters relating to 2001 sale of
     Compelsource to SCH, including the receipt of an additional #985,000 after
     the year end

   * Confident about prospects

Neville Davis, Chief Executive, commented:

"Compel is a strong business with a healthy balance sheet and good cash
reserves. We offer solutions which add real value to our customers' businesses
and we will continue to strengthen the quality, breadth and attractiveness of
these solutions. We have capable, committed and dynamic staff, managers and
directors, who will drive this business to take full advantage of every possible
customer and corporate opportunity.

"Expenditure levels in the sectors we address will at some time increase;
however, we believe it is prudent to manage our business on the working
assumption that current market conditions will persist for the foreseeable
future. Our strengths position us well to succeed both now and in the long term,
and we are confident about our prospects."

For further information please contact:
Compel Group PLC Today                                (17.09.03): 020 7067 0700
Neville Davis, Chief Executive                         Thereafter: 01438 791461

Weber Shandwick Square Mile                                       020 7067 0700
Nick Oborne/Sally Lewis





                                                              17 September 2003

                                Compel Group PLC
                           ("Compel" or "the Group")

              Preliminary Results for the year ended 30 June 2003

CHAIRMAN'S STATEMENT

In a market which continued to be very difficult, Compel delivered a creditable
result for the year ended 30 June 2003, performing better than its main
competitors. Our revenues of #53 million and operating profit before exceptional
costs and goodwill of #0.5 million were as expected and the business has
sustained a strong balance sheet, containing #11 million of cash.

In keeping with our approach of strongly managing our cost base in response to
market changes, we undertook cost reduction measures in the first half of the
year, incurring a restructuring charge of approximately #400,000 in so doing. In
implementing these cost reductions we have minimised any impact upon the
excellence of our customer service, our ability to win new business and our long
term prospects.

These conditions place particular pressure on our employees and, once again,
they have responded very well to the challenges we have faced. I and the Board
continue to be very grateful for such outstanding attitude and application.

We are pleased to announce the appointment of Paul Berry to the Board today.
Paul, aged 41, has extensive sales, marketing and general management experience,
both outside and within the IT industry. He joined Compel in 1992, left in 1995
to become National Sales Manager of Bull Information Systems and rejoined the
Group in 1997, becoming a Director of Compelsolve the following year. Paul has
been Managing Director of Compelsolve's Oracle Practice since 2000 and is also
responsible for sales and marketing within Compelsolve.

Effective 31 December 2002, Dick Measelle resigned as a non-executive director
after 3 years service. The Board wish to thank him for his substantial
contribution during that period. He was replaced by Karen Slatford, who has
spent most of her career working for Hewlett Packard in Sales, Marketing and
General Management roles, most recently as Vice President and General Manager
Worldwide Sales and Marketing, Business Customer Organisation, where she had
responsibility for all of Hewlett Packard's business customers worldwide. Karen
left Hewlett Packard in 2001 to pursue a range of non-executive and consultancy
activities. Her skills, experience and extensive knowledge of the IT industry
are of material benefit to Compel.

It is positive that we have now drawn a final line under the disposal of
Compelsource and the matters arising therefrom. The outcome of the outstanding
issues, outlined in more detail in the Operating and Financial Reviews, has been
more than satisfactory for Compel and I am particularly heartened to see an end
to the inevitable distraction this has caused.

We do not expect market conditions to worsen further, nor are we placing any
reliance upon their improvement. Our business is now positioned and oriented to
perform and succeed irrespective of any such improvement, and this is exactly
what we intend to do.

Sir Michael Bett
Chairman

17 September 2003

OPERATING REVIEW

Introduction

The year ended 30 June 2003 has once more been challenging, with our markets
again in decline. The business has coped effectively with these difficult
trading conditions, ensuring that we stayed profitable (before exceptional costs
and goodwill) and that our cash generation and balance sheet remained strong.

Mission, Strategy and Structure

Our mission is to be the UK's leading provider of IT Solutions. Our strategy is
to build a customer focused business that develops and provides Enterprise
Solutions and Rental Solutions.

Compel functions as a single business, comprising two divisions: Compelsolve
(Enterprise Solutions) and Hamilton Rentals (Rental Solutions). Where
appropriate, these two divisions work together to meet customer needs.

Market

Market conditions deteriorated further during the year. This was most marked
during the first half; in the second half the rate of decline slowed and market
conditions now appear to have stabilised.

Most customers are currently incurring IT expenditure only when it is
unavoidable or when the return on investment is clear-cut and swift, an approach
unlikely to change for some time. We believe that the market will therefore
remain depressed, but also that it will offer opportunities for strong
organisations to meet such customer needs with quality solutions.

There is now widespread acceptance of the nature of the market conditions and of
their likely continuance. This has resulted in an increasing level of realism
among manufacturers and solution and service providers at all levels within the
industry, which we believe will lead to an increasing level of corporate
activity and consolidation, particularly over the next 12 to 18 months. Compel
is well positioned to respond positively to such activity at manufacturer level
and to take advantage of opportunities as they arise within our own arena.

Performance

The financial performance of the business, split between the two halves and
compared with last year, can be summarised as:

#m                 Year ended 30 June 2003          Year ended 30 June 2002
              1st Half   2nd Half       Full   1st Half   2nd Half       Full
                                        Year                             Year
Turnover          24.8       28.1       52.9       32.0       31.9       63.9
Gross Profit       6.9        7.1       14.0        8.2        8.0       16.2
Operating
Profit, before
goodwill, exceptional
costs and other
operating income     0        0.5        0.5        0.4        0.9        1.3
Operating Loss    (0.8)      (0.7)      (1.5)      (0.4)      (1.5)      (1.9)

Clearly, the second half performance for this year is relatively stronger than
the first half. This arises from a slowing in the rate of decline in the markets
we address and reflects the more normal seasonal balance in our business between
the two periods.

We are also seeing the ongoing benefits from the key priorities in the business,
which remain:

   * High levels of customer service
   * Sales momentum
   * Cost control and profitability
   * Cash
   * Increasing the value quotient (and services content) of the solutions we
     offer.

Compelsolve

Compelsolve is a leading provider of IT Enterprise Solutions.

In line with the market, the revenues of this division declined compared to last
year. However, we have clearly outperformed our major competitors particularly
during the second half, further strengthening our market position.

Compelsolve focuses upon four key solutions areas:

- Oracle

Compelsolve is Oracle's leading partner in the UK, providing tailored solutions
based around both of Oracle's key business streams: Core Technologies
(predominantly Database Software) and E-Business Suite (Applications). During
the period, we delivered major solutions incorporating Java Bespoke
Applications, Portal and Financials.

We were recently named Oracle Partner of the Year (Technology) for the fourth
year in a row, and we have also won the HP/Oracle Joint Partner Award this year.

- Data Management
This area of our business focuses upon Enterprise Management, Enterprise
Storage, and Storage Management. Our solutions encompass the provision of
systems performance management, as well as creative and effective ways to meet
corporate requirements for data storage. The core of solutions in this area is
increasingly the innovative use of software and we have particularly
strengthened our position and skills with Hewlett Packard OpenView and Veritas
during the year.

- Technology
Here we provide design, integration, implementation and support of mid-range and
enterprise technologies. We have material relationships with all of the major
computer manufacturers in this area. This year we have been particularly
successful in developing and enhancing our relationships with our substantial
corporate customers.

- Digital Communication
This activity is branded Compelreach and harnesses web, multimedia and proven
software development technologies to provide a comprehensive range of bespoke
communication solutions in both business-to-business and employee markets. One
solution developed over the period and currently generating interest in the City
facilitates central control over PC based presentations, enabling organisations
to adhere to regulatory requirements, maintain the integrity and accuracy of
rapidly changing data and ensure compliance.

Hamilton Rentals

Hamilton Rentals is the UK's leading provider of IT Rental Solutions. We offer
short term full service rental of an extremely comprehensive range of
information technology, encompassing the entire spectrum of desktop, mid-range
and enterprise areas, for periods ranging from one day to two years.

Revenues in this division declined in line with the overall IT market, which
short term IT rental typically mirrors. Hamilton Rentals has, however, clearly
outperformed our major competitors, once more increasing market share.

We have a high level of experience and expertise in managing the level of our
rental fleet to appropriately reflect market conditions. Once again, this year
we reduced the value of our investment, without taking any abnormal write-offs
in so doing, and the fleet is now optimised for current business levels.

Compel's overall strategy of developing sophisticated and services rich
solutions applies to Hamilton Rentals; an example of this during the period is
the substantive enhancement of our Events Rental Service to encompass very
sophisticated audio visual equipment and comprehensive, all-embracing services
packages.

Compelsource

In March 2001, we sold our Compelsource business to Specialist Computer
Holdings.

Following disposal, a lengthy process was instigated to determine the value of
the net assets of Compelsource which were transferred to SCH. This was finally
concluded in October 2002 with an Independent Accountant determining that an
adjustment of #864,000 to the purchase price was required, compared with SCH's
claim of #6.6 million. The sale agreement had specified that SCH retain #2
million from the consideration until March 2003, subject to any claims. Compel
initially provided in full against the #2 million retention and, following the
determination, continued to provide against the balance of the retention of
#1,136,000 until such time as it was paid.

In February 2003, SCH made certain warranty and indemnity claims amounting to
#3.1 million, and in consequence withheld the balance of the retention sum.

We have now reached a final resolution with SCH on this matter, whereby SCH made
a payment to us on 12 September 2003 of #985,000 in full settlement of all
amounts due to us from the retention and also agreed that they would not pursue
further the warranty and indemnity claims they made in February 2003. The
#985,000 received has therefore been recognised as a non-operating item in the
profit and loss account for the year ended 30 June 2003.

Conclusion

Compel is a strong business with a healthy balance sheet and good cash reserves.
We offer solutions which add real value to our customers' businesses and we will
continue to strengthen the quality, breadth and attractiveness of these
solutions. We have capable, committed and dynamic staff, managers and directors,
who will drive this business to take full advantage of every possible customer
and corporate opportunity.

Expenditure levels in the sectors we address will at some time increase;
however, we believe it is prudent to manage our business on the working
assumption that current market conditions will persist for the foreseeable
future. Our strengths position us well to succeed both now and in the long term,
and we are confident about our prospects.

Neville Davis
Chief Executive


FINANCIAL REVIEW

Results

Turnover for the year declined by 17% to #52.9 million compared to #63.9 million
in the previous year. Gross profit reduced by the lesser amount of 14% from
#16.2 million to #14.0 million, as percentage gross margins again improved.
Gross margins have improved from 23.8% in 2001 to 25.3% in 2002 and 26.4% in the
current year, as product sales have represented a smaller proportion of sales
and higher margin services revenues progressively assume greater importance.

Operating expenses before exceptional costs and goodwill charges amounted to
#13.5 million (2002: #14.9 million), a reduction of 10%, following the
restructuring undertaken in the first half of the current year and previous
year, and continuing cost constraints across all parts of the business.

Operating profit for the year, before exceptional items and goodwill charges,
was #0.5 million (2002: #1.3 million).

Exceptional items and disposal of Compelsource

Exceptional costs of #1.2 million comprise a #0.4 million restructuring charge
and an increase in provisions for non-operational property of #0.8 million. The
restructuring charge was taken in the first half to achieve further annualised
cost savings of #1 million. The charge mainly comprises staff severance costs
and was fully expensed during the year.

As a result of the disposal of Compelsource in 2001, certain leasehold premises
retained by Compel became surplus to Group requirements, and in accordance with
Financial Reporting Standard 12, provision was made to cover rental and other
expenses on this surplus property for the estimated period until tenants could
be found. Over the past 2 years the market for commercial premises has been
difficult and in some areas has progressively worsened. To curtail the
continuing costs of certain premises the decision was taken to seek an
assignment or surrender of the lease in exchange for a lump sum payment. In the
last 12 months good progress has been made in reducing the annual outgoings on
vacant premises from #0.8 million to #0.2 million. This was achieved at a cost
in incentive payments on assignment or surrender of #1.0 million, of which #0.6
million was incurred following the year end. In the light of the adverse market
conditions and to cover these additional disposal costs a further provision of
#0.8 million has been made in the accounts for 2003. We are confident that no
further increase in provision will be required for the remaining vacant
properties.

On disposal of Compelsource a prudent view was taken of the tax losses of that
company available for group relief to the remaining Group. That position has now
been largely clarified, following the submission of detailed tax returns by
Compelsource and other relevant companies. This results in a tax credit of #0.8
million for the year, being an adjustment to the estimated charge for previous
years.

As explained in the Operating Review #985,000 was received from SCH following
the year end in settlement of the retention due from the sale of Compelsource in
2001. This amount had previously been fully provided against, and is now
recognised in the profit and loss account below operating activities as an
adjustment on disposal of discontinued operations. In the balance sheet the cash
receivable is included under debtors as deferred disposal consideration.

Tax

In addition to the tax credit in respect of prior years detailed above, the
group has unrecognised deferred tax assets of at least #2.1 million comprising
tax losses of #0.7 million and capital allowances of #1.4 million, which can be
utilised in future years. During the year the Group received corporation tax
refunds of #1.2 million following submission of detailed tax returns, carry back
and group relief claims. A further #0.9 million recoverable is included within
debtors at the year end, of which #0.4 million is expected to be received
shortly.

Earnings per share and dividends

The Group recorded basic earnings per share after goodwill charges of 1.3p
(2002: loss of 3.2p). Excluding goodwill charges, basic earnings per share for
the year amounted to 3.9p (2002: 7.2p).

The board has proposed an unchanged final dividend of 1.0p, which together with
the interim dividend of 0.5p makes a total of 1.5p for the year.

Balance Sheet and Cash Flow

The book value of rental equipment assets in Hamilton Rentals reduced over the
year by 26% from #5.4 million to #4.0 million, as the level of investment was
scaled down to match demand in response to market conditions. Purchases of new
rental equipment during the year amounted to #5.1 million, a reduction of 23% on
the previous year, but still representing a substantial investment in refreshing
the fleet. New purchases during the year as a percentage of equipment cost at
the year end were 39% (2002: 44%). Sales of ex-rental equipment realised #2.3
million in cash (2002: #3.2 million) and generated profits on disposal of #0.4
million (2002: #0.4 million).

At the year end the Group had an excellent cash position with gross cash
balances of #11.0 million (2002: #9.7 million) boosted by tax refunds and strong
customer collections in June. Total debt was #3.9 million (2002: #5.7 million),
comprising a bank loan of #1.7 million and loan notes of #2.2 million. The loan
notes are backed by matching treasury deposits, shown under current asset
investments. The net funds position at the year end was therefore #9.3 million
(2002: #7.7 million).

Cash generation remained healthy, with cash inflow generated from operating
activities at #3.5 million. After net expenditure on the rental fleet (purchases
less realisations on disposal) of #2.7 million, cash inflow was #0.9 million.

During the year the Group received refunds of corporation tax paid under
self-assessment amounting to #1.2 million. Including net interest receipts of
#0.2 million and dividends paid of #0.5 million the Group had an overall net
cash inflow before financing of #1.5 million (2002: #1.9 million).

Financial Instruments

The Group's financial instruments comprise loan capital, borrowings, cash and
liquid resources, and various items that arise directly from its operations. The
primary purpose of these financial instruments is to provide finance for
operations. The Group does not enter into speculative derivative transactions,
to hedge interest rate risk or trade in financial instruments.

The Board determines the policies to manage the key financial risks, which are
interest rate risk and liquidity risk.

The Group's policy on interest rate risk is to minimise overall interest
charges. The Group finances its operations through a mixture of retained
earnings, bank and other loans and leasing arrangements. Interest rates are
managed using floating rate borrowings linked to LIBOR fixed in advance for one
to six months. Overnight rates are used where favourable, including placing
money on deposit.

The Group's policy on liquidity risk is to maintain sufficient short and medium
term funding and committed bank facilities to meet any foreseeable peak in
borrowing requirements. Short term flexibility, to support the working capital
requirements of the Group, is provided by overdraft facilities. Liquidity risk
is monitored regularly through cash reports, cash forecasts and comparisons to
budgets. The Group's net cash position at the year end of #9.3 million, together
with undrawn committed bank facilities of #2.6 million, provides a generous
safety margin for working capital movements and places the Group in a strong
position to finance the ongoing requirements of the business.

Andrew Lee
Finance Director



COMPEL GROUP PLC
Consolidated Profit and Loss Account
For the year ended 30 June 2003


                                                              2003        2002
                                                   Note      #'000       #'000

Turnover                                                    52,880      63,892
Cost of sales                                              (38,910)    (47,709)
                                                          ---------- -----------

Gross profit                                                13,970      16,183
Operating expenses                                         (15,517)    (19,156)
Other operating income                                           -       1,028
                    
Operating profit before exceptional costs                      502       2,298
and goodwill charges
Exceptional costs                                           (1,222)     (1,037)
Operating (loss)/profit before goodwill charges               (720)      1,261
Goodwill charges                                              (827)     (3,206)


Operating loss                                              (1,547)     (1,945)
Adjustment to loss on disposal of discontinued 
operations                                                     985           -
Interest receivable and similar income                         320         595
Interest payable and similar charges                          (165)       (341)
                                                          ---------- -----------

Loss on ordinary activities before taxation                   (407)     (1,691)
Taxation on loss on ordinary activities                        798         706
                                                          ---------- -----------

Profit/(loss) on ordinary activities after                     
taxation                                                       391        (985)
Dividends                                                     (466)       (467)
                                                          ========== ===========

Retained loss for the financial year                           (75)     (1,452)
                                                          ---------- -----------

Earnings/(loss) per ordinary share
Basic and diluted                                     3        1.3p       (3.2p)
Basic and diluted - before goodwill charges           3        3.9p        7.2p

Compel Group PLC has no recognised gains nor losses during the current and
previous year other than those passing through the Profit and Loss account.



COMPEL GROUP PLC
Consolidated Balance Sheet
As at 30 June 2003


                                                     2003                  2002
                                          #'000     #'000     #'000       #'000
Fixed assets
Intangible assets - goodwill                        5,784                 6,611
Tangible assets                                     4,624                 6,143
Investments                                            80                    80
                                     -------------------------------------------
                                                   10,488                12,834
Current assets
Stocks                                      359                 297
Debtors                                  11,618              14,511
Investments                               2,214               3,731
Cash at bank and in hand                 10,950               9,655
                                     -------------------------------------------
                                         25,141              28,194
Creditors
Amounts falling due within one year     (13,869)            (18,147)
                                     -------------------------------------------
Net current assets                                 11,272                10,047
                                     -------------------------------------------

Total assets less current liabilities              21,760                22,881

Creditors
Amounts falling due after more than one year         (800)               (1,700)

Provisions for liabilities and charges             (1,434)               (1,501)

Deferred income                                    (1,017)               (1,096)
                                     ===========================================
Net assets                                         18,509                18,584
                                     -------------------------------------------

Capital and reserves
Called up share capital                             1,551                 1,551
Share premium account                               4,951                 4,951
Capital reserve                                     1,865                 1,865
Other reserves                                      3,786                 3,786
Profit and loss account                             6,356                 6,431
                                     ===========================================
Equity shareholders' funds                         18,509                18,584
                                     -------------------------------------------



COMPEL GROUP PLC
Consolidated Cash Flow Statement
For the year ended 30 June 2003

                                                     2003               2002
                                       Note    #'000     #'000    #'000     #'000

Net cash inflow from operating
activities                              4                3,526              6,684

Returns on investments and servicing of
finance
Interest received                                320               595
Interest paid                                   (159)             (358)
Interest on finance leases                        (1)              (14)
                                     -------------------------------------------
                                                          160                223
Taxation
UK corporation tax received/(paid)                      1,181               (727)

Capital expenditure and financial
investment
Purchase of tangible fixed assets             (5,190)           (6,932)
Proceeds on sale of tangible fixed
assets                                         2,307             3,183
                                     -------------------------------------------

                                                       (2,883)            (3,749)

Equity dividends paid                                    (466)              (551)

                                     -------------------------------------------

Net cash inflow before use of liquid
resources and financing                                 1,518              1,880

Management of liquid resources
Loan note and other treasury deposits                   1,517                 55

Financing
Repurchase of shares                               -               (20)
Repayment of debt                               (900)             (900)
Capital element of finance lease rental
payments                                          (5)              (78)
Loan notes issued                                 39                46
Loan notes repaid                               (874)           (4,382)
                                     -------------------------------------------

Net cash outflow from financing                        (1,740)            (5,334)
                                     ===========================================


Increase/(decrease) in cash in the year   5             1,295             (3,399)
                                     -------------------------------------------


Notes

1. The results incorporated in the preliminary announcement have been
   prepared on the basis of accounting policies consistent with previous years.

   The financial information set out above does not constitute the Company's
   statutory accounts for the years ended 30 June 2003 or 2002, within the meaning
   of Section 240(1) of the Companies Act 1985, but is derived from these
   accounts.  Statutory accounts for 2002 have been delivered to the Registrar of
   Companies and those for 2003 will be delivered following the Company's Annual
   General Meeting.  The auditors have reported on these accounts; their report was
   unqualified and did not contain statements under Section 237(2) or (3) of the
   Companies Act 1985.

   The summary information presented herein was approved by the board on 16
   September 2003.

2. The final dividend of 1.0 pence (net) per share will be paid on 20
   November 2003 to shareholders on the register on 26 September 2003.

3. Earnings/(loss) per share

The calculation of earnings/(loss) per ordinary share is based on a profit of
#391,000 (2002: loss of #985,000) and on a weighted average of 31,016,344 (2002:
30,824,214) ordinary shares in issue during the year. The calculation of diluted
earnings/(loss) per ordinary share is based on the weighted average ordinary
shares of 31,072,362 (2002: 30,824,214) which would arise if all outstanding
share options were exercised. Diluted loss per share is the same as basic loss
per share as the impact of the dilutive potential ordinary shares would be to
decrease the loss per share. The earnings per share before goodwill is not
diluted as a result of the options.

The earnings/(loss) per share information has been calculated as follows:

                                                               2003       2002
                                                              #'000      #'000
Earnings/(loss) attributable to shareholders

Profit/(loss) attributable to shareholders                      391       (985)

Effect of goodwill charges                                      827      3,206
                                                             ===================
Earnings before goodwill charges                              1,218      2,221
                                                             -------------------

The earnings per share before goodwill charges is disclosed as the directors
believe that this provides a better reflection of the Group's performance.

4. Reconciliation of operating loss to operating cash flow

                                                             2003         2002
                                                            #'000        #'000

Operating loss                                             (1,547)      (1,945)
Depreciation charges                                        4,820        6,392
Goodwill amortisation and impairment                          827        3,206
Profit on sale of fixed assets                               (382)        (406)
(Increase) in stocks                                          (62)         (40)
Decrease in debtors                                         3,459        3,515
(Decrease) in creditors                                    (3,443)      (3,624)
(Decrease)/increase in deferred income                        (79)         126
(Decrease) in provisions                                      (67)        (540)
                                                            ====================
Net cash inflow from operating activities                   3,526        6,684
                                                            --------------------

5. Reconciliation of net cash flow to movement in funds

                                                        2003              2002
                                               #'000   #'000    #'000    #'000

Increase/(decrease) in cash in year            1,295           (3,399)
Cash outflow from decrease in lease financing      5               78
Net cash outflow from decrease in debt funding   900              900
Cash inflow from decrease in liquid resources (1,517)             (55)
Loan notes issued                                (39)             (46)
Loan notes repaid                                874            4,382
                                               ---------------------------------
Change in net funds resulting from cash flow           1,518             1,860
New loan notes                                             -            (3,599)
                                              ---------------------------------

Movement in net funds in year                          1,518            (1,739)
Opening net funds                                      7,732             9,471
                                              ==================================
Closing net funds                                      9,250             7,732
                                              ----------------------------------
6. Copies of the 2003 Report and Accounts will be sent to shareholders in
   due course. Further copies will be available from the registered office of
   Compel Group PLC, 6 Meadway Court, Rutherford Close, Stevenage, Hertfordshire,
   SG1 2EF.




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