Trading Update


16/07/2004

We announced our results for the year ended 31 March 2004 on 26 May 2004 and provided a review of current trading as part of that announcement.

Since the year end, our overall sales have continued to grow at about 5% on a like for like basis against the same period last year. Growth in our geographic regions has also been similar to the rates achieved at the year end.

Gross margin, costs and cash flow to date have been in line with our expectations.

Though economic indicators remain positive across our major markets, we continue to believe that a cautionary view is appropriate.

Contacts:

Ian MasonChief Executive01865 204000
Jeff HewittDeputy Chairman / Finance Director01865 204000
Diana SoltmannFlagship Consulting Ltd0207 886 8440
Andy BerryFlagship Consulting Ltd0207 886 8440