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DG9H 04: Business Accounting PAGE 4 ? Scottish Qualifications Authority 2004 SSP plc 31 DECEMBER 2004 Report of the directors SSP plc is engaged in food processing, supplying all the main supermarket chains with first class processed meat products. The last few years have been difficult for the food manufacturing industry, primarily as a result of food scares surrounding BSE and Foot and Mouth disease, both of which have led to declining demand for meat products around the world. However, 2004 has seen a partial rebound in the market and this combined with restructuring efforts has led to an increase in turnover by nearly 15%. It is expected that this rebound in the market will gather momentum over the coming year and we are planning to take even greater strides forward by opening a new processing plant in Glasgow. As a responsible employer, we have taken steps to ensure the health and safety of all our employees engaged in the handling of meat at all stages of the production chain, and our products and processes, have been certified 100% safe by Her Majesty’s Inspectorate. The directors propose to restrict the dividend this year in order to retain profit for expansion. An interim dividend was paid in June and no further dividend payment will be made this financial year. This is consistent with our policy of not exposing the company to any financial risk due to over borrowing. We look forward with confidence to the future and expect to reward our shareholders with increased earnings in the next twelve months. SSP plc Profit and Loss Account Year ended 31 December 2003 2004 ￡000 ￡000 Sales 11,674 13,382 Cost of Sales 4,674 5,345 GROSS PROFIT 7,000 8,037 Administrative Expenses 4,505 5,685 Distribution Costs 1,079 1,217 OPERATING PROFIT 1,416 1,135 Interest payable 234 234 PROFIT BEFORE TAXATION 1,182 901 Corporation Tax 287 221 PROFIT AFTER TAXATION 895 680 Dividends 390 260 RETAINED PROFIT FOR YEAR 505 420 Retained profit b/f 430 935 RETAINED PROFIT c/f 935