... 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 at June. Total debt was £3.9 million (2002: £5.7 million), comprising a bank loan of £1.7 million and a bank loan notes of £2.2 million. The loan notes are backed by matching treasury deposits, shown under current assets investments. The net funds position at the year end was therefore £9.3 million (2002: £7.7 million). 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 respond to market conditions . Purchases of new rental equipment during the year amounted to £5.1 million, a reduction of 23% on the previous year. New purchases during the year as a percentage of equipment cost at the ...

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