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Posted on 26 October 2000  - 12:00

Tottenham Hotspur (Spurs) Football Club is located in North London. The club is also known as Spurs. Tottenham's home ground is White Hart Lane. The club motto is Audere est Facere (To dare is to do).

<DIV class=Section1><P align=center class=MsoNormal style="TEXT-ALIGN: center"><B style="mso-bidi-font-weight: normal"><U><SPAN style="FONT-SIZE: 15pt&#59; mso-bidi-font-size: 10.0pt">TOTTENHAM HOTSPUR PLC<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN></U></B><P align=center class=MsoNormal style="TEXT-ALIGN: center"><B style="mso-bidi-font-weight: normal"><U><SPAN style="FONT-SIZE: 15pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></U></B><P align=center class=MsoNormal style="TEXT-ALIGN: center"><B style="mso-bidi-font-weight: normal"><U><SPAN style="FONT-SIZE: 15pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></U></B><P align=center class=MsoNormal style="TEXT-ALIGN: center"><B style="mso-bidi-font-weight: normal"><U><SPAN style="FONT-SIZE: 15pt&#59; mso-bidi-font-size: 10.0pt">PRELIMINARY RESULTS FOR THE YEAR<o:p></o:p></SPAN></U></B><P align=center class=MsoNormal style="TEXT-ALIGN: center"><B style="mso-bidi-font-weight: normal"><U><SPAN style="FONT-SIZE: 15pt&#59; mso-bidi-font-size: 10.0pt">ENDED 31st JULY 2000<o:p></o:p></SPAN></U></B><P align=center class=MsoNormal style="TEXT-ALIGN: center"><B style="mso-bidi-font-weight: normal"><U><SPAN style="FONT-SIZE: 15pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></U></B><P align=center class=MsoNormal style="TEXT-ALIGN: center"><B style="mso-bidi-font-weight: normal"><U><SPAN style="FONT-SIZE: 15pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></U></B><P class=MsoNormal style="tab-stops: right 9.0cm 14.0cm">&nbsp&#59;<o:p></o:p><P class=MsoNormal style="tab-stops: right 9.0cm 14.0cm"><B style="mso-bidi-font-weight: normal"><U><SPAN style="FONT-SIZE: 15pt&#59; mso-bidi-font-size: 10.0pt">HIGHLIGHTS</SPAN></U></B><SPAN style="FONT-SIZE: 15pt&#59; mso-bidi-font-size: 10.0pt"><o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 9.0cm 14.0cm"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt&#59; MARGIN-LEFT: 36pt&#59; TEXT-INDENT: -36pt&#59; tab-stops: list 36.0pt&#59; mso-list: l17 level1 lfo19"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">-<SPAN style="FONT: 7pt 'Times New Roman'">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN></SPAN><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">Turnover increased to &pound&#59;48.0m (1999 - &pound&#59;42.6m)<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt&#59; MARGIN-LEFT: 36pt&#59; TEXT-INDENT: -36pt&#59; tab-stops: list 36.0pt&#59; mso-list: l17 level1 lfo19"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">-<SPAN style="FONT: 7pt 'Times New Roman'">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN></SPAN><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">Operating profit before player trading &pound&#59;7.5m (1999 - &pound&#59;8.9m)<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt&#59; MARGIN-LEFT: 36pt&#59; TEXT-INDENT: -36pt&#59; tab-stops: list 36.0pt&#59; mso-list: l17 level1 lfo19"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">-<SPAN style="FONT: 7pt 'Times New Roman'">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN></SPAN><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">Profit after tax &pound&#59;0.1m (1999 - &pound&#59;0.8m)<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt&#59; MARGIN-LEFT: 36pt&#59; TEXT-INDENT: -36pt&#59; tab-stops: list 36.0pt&#59; mso-list: l17 level1 lfo19"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">-<SPAN style="FONT: 7pt 'Times New Roman'">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN></SPAN><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">No dividend (1999 - &pound&#59;nil)<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt&#59; MARGIN-LEFT: 36pt&#59; TEXT-INDENT: -36pt&#59; tab-stops: list 36.0pt&#59; mso-list: l17 level1 lfo19"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">-<SPAN style="FONT: 7pt 'Times New Roman'">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN></SPAN><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">Merchandise revenue up 28% to &pound&#59;4.8m (1999 - &pound&#59;3.8m)<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt&#59; MARGIN-LEFT: 36pt&#59; TEXT-INDENT: -36pt&#59; tab-stops: list 36.0pt&#59; mso-list: l17 level1 lfo19"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">-<SPAN style="FONT: 7pt 'Times New Roman'">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN></SPAN><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">&pound&#59;23.4m spent on strengthening playing squad<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt&#59; MARGIN-LEFT: 36pt&#59; TEXT-INDENT: -36pt&#59; tab-stops: list 36.0pt&#59; mso-list: l17 level1 lfo19"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">-<SPAN style="FONT: 7pt 'Times New Roman'">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN></SPAN><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">&pound&#59;7.0m received from player disposals<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">-<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>Chairman&rsquo&#59;s Statement follows<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="LINE-HEIGHT: 24pt"><B style="mso-bidi-font-weight: normal"><U><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">Enquiries</SPAN></U></B><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">:<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>John Sedgwick, Finance Director &mdash&#59; Tottenham Hotspur plc<o:p></o:p></SPAN></B><P class=MsoNormal style="LINE-HEIGHT: 24pt&#59; MARGIN-LEFT: 36pt&#59; TEXT-INDENT: 36pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">020 8365 5026<o:p></o:p></SPAN></B><P class=MsoNormal><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: Arial&#59; FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt&#59; mso-bidi-font-family: 'Times New Roman'">&nbsp&#59;<o:p></o:p></SPAN></B><H1 align=center style="TEXT-ALIGN: center"><SPAN style="FONT-FAMILY: 'Times New Roman'&#59; FONT-SIZE: 13pt&#59; mso-bidi-font-size: 10.0pt">CHAIRMAN&rsquo&#59;S STATEMENT<o:p></o:p></SPAN></H1><H1><SPAN style="FONT-FAMILY: 'Times New Roman'&#59; FONT-SIZE: 13pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></H1><H1><SPAN style="FONT-FAMILY: 'Times New Roman'&#59; FONT-SIZE: 13pt&#59; mso-bidi-font-size: 10.0pt">Results for the Year Ended 31<SUP>st</SUP> July 2000<o:p></o:p></SPAN></H1><H1><SPAN style="FONT-FAMILY: 'Times New Roman'&#59; FONT-SIZE: 13pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></H1><P class=MsoNormal>Following a disappointing year on the pitch it is with some relief that I report a small profit after tax of &pound&#59;0.1m (1999 - &pound&#59;0.8m).<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Turnover increased 13% to &pound&#59;48.0m (1999 - &pound&#59;42.6m) whilst our operating profit before amortisation of player contracts remains healthy at &pound&#59;7.5m (1999 - &pound&#59;8.9m).<P class=MsoNormal>&nbsp&#59;<o:p></o:p><H4 style="MARGIN-LEFT: 0cm"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 'Times New Roman'&#59; FONT-SIZE: 13pt&#59; mso-bidi-font-size: 10.0pt">Income<o:p></o:p></SPAN></B></H4><P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>We were sold out for most of our League matches and averaged an attendance of 96% of capacity.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>League match receipts increased by &pound&#59;2.4m to &pound&#59;18.3m.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Season ticket sales for 2000/01 have reached over 19,000, a new record for the Club.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>We were unable to repeat our Cup successes of 1999 when we won the Worthington Cup and reached the semi-final of the FA Cup.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Our performances in the UEFA Cup (two rounds), Worthington Cup (two rounds) and the FA Cup (one round) led to a reduction in Cup income of &pound&#59;2.7m to &pound&#59;3.7m.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>We held four Cup games here at White Hart Lane as against six last year.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>Television income has risen &pound&#59;3.3m to &pound&#59;12.3m (1999 - &pound&#59;9.0m).<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Most of this increase came from our UEFA Cup deal with BskyB.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>The Club appeared live on television six times in the Premier League, the same as last year. <P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>Sponsorship income grew 10% to &pound&#59;6.7m (1999 - &pound&#59;6.1m) largely as a result of our new deals with our partners adidas and Holsten.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>Merchandise income of &pound&#59;4.8m (1999 - &pound&#59;3.8m) now represents the first full year of our three-year adidas deal.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>The previous year&rsquo&#59;s income included the first month of trading of our new home kit therefore the figures reflect not only an absolute increase of 28% but also a strong underlying trend.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>The White Hart Lane Conference Centre was launched in August 1999.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Turnover from this division of &pound&#59;0.5m is included in other income this year.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>This was an encouraging first year.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><H4 style="MARGIN-LEFT: 0cm"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 'Times New Roman'&#59; FONT-SIZE: 13pt&#59; mso-bidi-font-size: 10.0pt">Expenses<o:p></o:p></SPAN></B></H4><P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>Cost of sales have increased by 20% to &pound&#59;45.4m (1999 - &pound&#59;37.7m).<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Within this category, amortisation on players&rsquo&#59; contracts has increased by &pound&#59;2.4m to &pound&#59;11.5m as a result of additions to the squad during the year and a full year charge <P class=MsoNormal>relating to purchases of the previous year.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>Payroll costs have increased 21% to &pound&#59;26.2m (1999 - &pound&#59;21.7m).<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>Administrative expenses increased by &pound&#59;1.6m due to a number of factors.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>These include costs for the new White Hart Lane Conference Centre, increased warehouse costs as we expand operations to keep apace with increased sales and the FA fine of &pound&#59;150,000.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>The Football Association fine was levied against the Club for the alleged misconduct of the players at an away match against Leeds.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>We are still appealing strongly against this decision.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><H4 style="MARGIN-LEFT: 0cm"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 'Times New Roman'&#59; FONT-SIZE: 13pt&#59; mso-bidi-font-size: 10.0pt">Player Trading<o:p></o:p></SPAN></B></H4><P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>Strengthening of the squad continued with &pound&#59;23.4m spent on the acquisition of new players.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>Player disposals generated &pound&#59;7.0m and a net profit of &pound&#59;4.0m.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>Within the profit of &pound&#59;4.0m there is a cost of &pound&#59;1.8m relating to the net book value of players released on free transfers.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><H5 style="MARGIN-LEFT: 0cm"><U><SPAN style="FONT-FAMILY: 'Times New Roman'&#59; FONT-SIZE: 13pt&#59; mso-bidi-font-size: 10.0pt">Balance Sheet<o:p></o:p></SPAN></U></H5><P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>Net assets on the balance sheet remain largely unchanged at &pound&#59;41.2m.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>Intangible assets have increased by &pound&#59;8.9m as a result of player trading.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><H4 style="MARGIN-LEFT: 0cm"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 'Times New Roman'&#59; FONT-SIZE: 13pt&#59; mso-bidi-font-size: 10.0pt">Cashflow<o:p></o:p></SPAN></B></H4><P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>The Group generated cash from operating activities of &pound&#59;7.4m.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>All of this cash plus an increase in borrowings was used to fund expenditure on player acquisitions of &pound&#59;17.6m.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>All amounts due from the sale of players at the end of July will fall into future years. The overall decrease in cash was &pound&#59;8.8m (1999<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>-<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>decrease - &pound&#59;3.6m).<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN><P class=MsoNormal>&nbsp&#59;<o:p></o:p><H2><U><SPAN style="FONT-FAMILY: 'Times New Roman'&#59; FONT-SIZE: 13pt&#59; mso-bidi-font-size: 10.0pt">Dividend<o:p></o:p></SPAN></U></H2><P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>Your Board continues to hold the view that any surplus funds are better used by further re-investment in the Club and therefore there will be no dividend in respect of this financial year.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><H2><U><SPAN style="FONT-FAMILY: 'Times New Roman'&#59; FONT-SIZE: 13pt&#59; mso-bidi-font-size: 10.0pt">Commercial<o:p></o:p></SPAN></U></H2><P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>We are currently seeking planning permission to increase the stadium capacity to 44,000 by rebuilding the East Stand.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>We will not commit to pursuing this strategy until we feel sure that the additional capacity will be adequately utilised and we will closely study the effects of more live televised football from next season.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>Our merchandise sales showed good increases last year both on a comparable basis and from new footage.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>This is in contrast to many other sports replica retailers and clubs reporting a slow down.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>Our Internet sales show strong growth potential and this will be helped by our partnership with BskyB and Planet Football, our new Internet partners.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Our Internet site is currently registering around seven million page impressions a month, probably ranking us as one of the most visited sports sites in the UK.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>The White Hart Lane Conference Centre has been well received.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>We have included all the set up costs in this year&rsquo&#59;s figures.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>The lack of any market presence prior to the launch makes the break-even position of the Centre in the first year very encouraging. <P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>Our long-standing catering contract with Letheby and Christopher is due to end in May 2001.<SPAN style="mso-spacerun: yes">&nbsp&#59;&nbsp&#59; </SPAN>We have advertised for tenders and appointed professional advisers to manage the process.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><H2><SPAN style="FONT-FAMILY: 'Times New Roman'&#59; FONT-SIZE: 13pt&#59; FONT-WEIGHT: normal&#59; mso-bidi-font-size: 10.0pt">We continue to develop our presence in the locality through our Football in the Community scheme.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>In addition we are now screening all away matches (where the away club allows) on our Jumbotron screens at the stadium and admission is free to children and senior citizens.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>In many cases this will be the only chance they get to see &lsquo&#59;live&rsquo&#59; football in a stadium and the attraction is evident.<o:p></o:p></SPAN></H2><P class=MsoNormal>&nbsp&#59;<o:p></o:p><H2><U><SPAN style="FONT-FAMILY: 'Times New Roman'&#59; FONT-SIZE: 13pt&#59; mso-bidi-font-size: 10.0pt">Football<o:p></o:p></SPAN></U></H2><P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>Tenth position in the Premier League and early exits from all Cup competitions was very disappointing.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>Our net spending on transfers this financial year was &pound&#59;16.4m (purchases &pound&#59;23.4m, sales &pound&#59;7.0m) and we have been the fourth highest net spender in the Premier League<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>over the previous five years.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>Player acquisitions included Oyvind Leonhardsen, David McEwen, Matthew Etherington, Simon Davies, Anthony Gardner, Gary Doherty, Sergei Rebrov and Ben Thatcher.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>Player disposals included Moussa Saib, Paolo Tramezzani, Justin Edinburgh, Espen Baardsen, David Ginola, Peter Crouch and Allan Nielsen.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>The Youth Academy is still in its early stages of development and we have become more aggressive with our identification and registration of younger players.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>We have over 150 boys between the ages of 9-16 who train on a regular basis at Spurs Lodge.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Our coaches are enthusiastic and capable of encouraging skilful football.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>We are optimistic about the new under 17 intake.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Included amongst these boys are four schoolboy international players and in the group that will join next year, we have three players who have already received international recognition.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Over the last year six of our players represented their country at under 21 level.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>The European Commission will ultimately rule on the system of transfer fees in this and other European countries.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Let us hope that they take heed of representations made by the Football Association and the Premier League.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Clubs must be able to protect their investments otherwise there will be little point in us making them.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><B style="mso-bidi-font-weight: normal"><U><SPAN style="FONT-FAMILY: 'Times New Roman'&#59; FONT-SIZE: 13pt&#59; mso-bidi-font-size: 10.0pt&#59; mso-fareast-font-family: 'Times New Roman'&#59; mso-ansi-language: EN-GB&#59; mso-fareast-language: EN-US&#59; mso-bidi-language: AR-SA"><BR clear=all style="PAGE-BREAK-BEFORE: always"></SPAN></U></B><H2><U><SPAN style="FONT-FAMILY: 'Times New Roman'&#59; FONT-SIZE: 13pt&#59; mso-bidi-font-size: 10.0pt">Outlook<o:p></o:p></SPAN></U></H2><P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>The Group is doing everything within its power to maximise revenues, all of which are ploughed back into strengthening the Club and playing squad.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>We are working hard to obtain planning permission to redevelop the East Stand.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Subject to the European Commission ruling we should begin work on building a new site for the sole purpose of the Academy.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>The Premier League has collectively negotiated a new television deal taking us up to 2004.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>This not only guarantees the clubs more money from next year but also opens up other sources of income for individual clubs to develop.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><P class=MsoNormal>I would like to thank our loyal fans for their invaluable support.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>We are all working towards the same goals &mdash&#59; success and long term prosperity for Tottenham Hotspur.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>With patience on all sides I am confident that we will get there.<P class=MsoNormal>&nbsp&#59;<o:p></o:p><H5>&nbsp&#59;<o:p></o:p></H5><H5 style="MARGIN-LEFT: 0cm"><SPAN style="FONT-FAMILY: 'Times New Roman'&#59; FONT-SIZE: 13pt&#59; mso-bidi-font-size: 10.0pt">Sir Alan Sugar<o:p></o:p></SPAN></H5><H3 style="MARGIN-LEFT: 0cm"><SPAN style="FONT-FAMILY: 'Times New Roman'&#59; FONT-SIZE: 13pt&#59; mso-bidi-font-size: 10.0pt">Chairman<o:p></o:p></SPAN></H3><P class=MsoNormal><B style="mso-bidi-font-weight: normal">&nbsp&#59;<o:p></o:p></B><P class=MsoNormal><B style="mso-bidi-font-weight: normal">25<SUP>th</SUP> October 2000<o:p></o:p></B><P class=MsoNormal style="LINE-HEIGHT: 24pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 14pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></B><SPAN style="FONT-FAMILY: 'Times New Roman'&#59; FONT-SIZE: 13pt&#59; mso-bidi-font-size: 10.0pt&#59; mso-fareast-font-family: 'Times New Roman'&#59; mso-ansi-language: EN-GB&#59; mso-fareast-language: EN-US&#59; mso-bidi-language: AR-SA"><BR clear=all style="PAGE-BREAK-BEFORE: always"></SPAN><P align=center class=MsoNormal style="TEXT-ALIGN: center"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 16pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-spacerun: yes">&nbsp&#59;</SPAN>Consolidated Profit and Loss Account<o:p></o:p></SPAN></B><P align=center class=MsoNormal style="TEXT-ALIGN: center"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 12pt&#59; mso-bidi-font-size: 10.0pt">for the year ended 31st July 2000<o:p></o:p></SPAN></B><P class=MsoFooter style="tab-stops: decimal 259.1pt 316.65pt 374.5pt 432.05pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><P class=MsoNormal style="tab-stops: 277.85pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>2000<o:p></o:p></SPAN></B><P class=MsoNormal style="tab-stops: 261.1pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-spacerun: yes">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>_____________________________________<o:p></o:p></SPAN></B><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 374.5pt 432.05pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>Operations,<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><o:p></o:p></SPAN></B><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 374.5pt 432.05pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>excluding player<SPAN style="mso-tab-count: 1">&nbsp&#59; </SPAN>Player<o:p></o:p></SPAN></B><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>trading<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>trading<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>Total<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>1999<o:p></o:p></SPAN></B><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>Note<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>&pound&#59;&rsquo&#59;000<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>&pound&#59;&rsquo&#59;000<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>&pound&#59;&rsquo&#59;000<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>&pound&#59;&rsquo&#59;000<o:p></o:p></SPAN></B><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></B><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></B><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></B><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Turnover</SPAN></B><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>3<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>47,974<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>-<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>47,974<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>42,585<o:p></o:p></SPAN><P align=right class=MsoNormal style="TEXT-ALIGN: right&#59; tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Cost of sales<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>(33,877)<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>(11,520)<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>(45,397)<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>(37,703)<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>_______<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>______<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>______<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>______<o:p></o:p></SPAN><P align=right class=MsoNormal style="TEXT-ALIGN: right&#59; tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Gross profit<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>14,097<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>(11,520)<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>2,577<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>4,882<o:p></o:p></SPAN><P align=right class=MsoNormal style="TEXT-ALIGN: right&#59; tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Administrative expenses<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>(6,619)<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>-<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>(6,619)<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>(5,052)<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>_______<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>______<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>______<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>______<o:p></o:p></SPAN><P align=right class=MsoNormal style="TEXT-ALIGN: right&#59; tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Operating profit/(loss)</SPAN></B><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59; </SPAN>6<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>7,478<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>(11,520)<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>(4,042)<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>(170)<o:p></o:p></SPAN><P align=right class=MsoNormal style="TEXT-ALIGN: right&#59; tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Profit on disposal of registrations<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>-<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>3,987<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>3,987<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>1,889<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>______<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>______<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>_____<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>______<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Profit/(loss) before interest and taxation</SPAN></B><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U><SPAN style="mso-spacerun: yes">&nbsp&#59;&nbsp&#59; </SPAN>7,478</U><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U><SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>(7,533</U>)<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>(55)<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>1,719<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Net interest payable<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>(702)<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>(426)<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>_____<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>______<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">(Loss)/profit on ordinary activities<o:p></o:p></SPAN></B><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>before taxation</SPAN></B><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>(757)<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>1,293<o:p></o:p></SPAN><P align=right class=MsoNormal style="TEXT-ALIGN: right&#59; tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Tax credit/(charge) on (loss)/profit on<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>ordinary activities<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>4<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>815<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>(447)<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>_____<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>______<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Profit on ordinary activities<o:p></o:p></SPAN></B><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>after taxation</SPAN></B><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1"> </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>58<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>846<o:p></o:p></SPAN><P align=right class=MsoNormal style="TEXT-ALIGN: right&#59; tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Equity dividends<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>2<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>-<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>-<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>_____<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>______<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Retained profit for the year</SPAN></B><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>58<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>846<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>_____<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>______<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt 382.75pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Earnings per share &mdash&#59; basic<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59; </SPAN>5<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>0.1p<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>0.8p<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: right 212.65pt 382.75pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Earnings per share &mdash&#59; diluted<SPAN style="mso-tab-count: 1"> </SPAN>5<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>0.1p<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>0.8p<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Turnover and operating profit/(loss) all derive from continuing operations.<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">A Statement of<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>Total Recognised Gains and Losses has not been presented because there were no recognised gains or losses other than as stated in the Consolidated Profit and Loss Account above.<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 259.1pt 12.0cm 383.0pt 432.05pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN></DIV><P><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-FAMILY: 'Times New Roman'&#59; FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt&#59; mso-fareast-font-family: 'Times New Roman'&#59; mso-ansi-language: EN-GB&#59; mso-fareast-language: EN-US&#59; mso-bidi-language: AR-SA"><BR clear=all style="PAGE-BREAK-BEFORE: always&#59; mso-break-type: section-break"></SPAN></B>&nbsp&#59;<DIV class=Section2><P align=center class=MsoNormal style="TEXT-ALIGN: center&#59; tab-stops: decimal 252.0pt 324.0pt 432.0pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Balance Sheets<o:p></o:p></SPAN></B><P align=center class=MsoNormal style="TEXT-ALIGN: center&#59; tab-stops: decimal 252.0pt 324.0pt 432.0pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">as at 31st July 2000<o:p></o:p></SPAN></B><P class=MsoNormal style="tab-stops: decimal 252.0pt 324.0pt 432.0pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: 9.0cm 13.0cm"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;</SPAN>Group<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>Company<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 201.6pt 259.2pt 316.8pt 374.4pt 432.0pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>2000<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>1999<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>2000<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>1999<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 201.6pt 259.2pt 316.8pt 374.4pt 432.0pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>&pound&#59;'000<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>&pound&#59;'000<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>&pound&#59;'000<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>&pound&#59;'000<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 201.6pt 259.2pt 316.8pt 374.4pt 432.0pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Fixed assets</SPAN></B><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 201.6pt 259.2pt 316.8pt 374.4pt 432.0pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Intangible assets<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;</SPAN>36,533<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>27,627<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>-<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>-<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 201.6pt 259.2pt 316.8pt 374.4pt 432.0pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 201.6pt 259.2pt 316.8pt 374.4pt 432.0pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Tangible assets<SPAN style="mso-tab-count: 1"> </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>47,483<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>46,842<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>47,424<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>46,771<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 201.6pt 259.2pt 316.8pt 374.4pt 432.0pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 201.6pt 259.2pt 316.8pt 374.4pt 432.0pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Investments<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-spacerun: yes">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U><SPAN style="mso-spacerun: yes">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;</SPAN>- </U><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U><SPAN style="mso-spacerun: yes">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;</SPAN><SPAN style="mso-spacerun: yes">&nbsp&#59;&nbsp&#59;</SPAN>-</U><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U><SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>1,345</U><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U><SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>1,345</U><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 201.6pt 259.2pt 316.8pt 374.4pt 432.0pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U><SPAN style="mso-spacerun: yes">&nbsp&#59;</SPAN>84,016</U> <SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U>74,469</U><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U>48,769</U><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U>48,116</U><o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 201.6pt 259.2pt 316.8pt 374.4pt 432.0pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Current assets</SPAN></B><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 201.6pt 259.2pt 316.8pt 374.4pt 432.0pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Stocks<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>1,051<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>450<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>1,051<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN>450<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 201.6pt 259.2pt 316.8pt 374.4pt 432.0pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Debtors<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U>10,541</U><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U><SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>5,799</U><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U>11,282</U><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U><SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>4,376</U><o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 201.6pt 259.2pt 316.8pt 374.4pt 432.0pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 201.6pt 259.2pt 316.8pt 374.4pt 432.0pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt"><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U>11,592</U><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-spacerun: yes">&nbsp&#59;&nbsp&#59; </SPAN><U><SPAN style="mso-spacerun: yes">&nbsp&#59;&nbsp&#59;</SPAN>6,249</U><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U>12,333</U><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U>4,826</U><o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 201.6pt 259.2pt 316.8pt 374.4pt 432.0pt"><B style="mso-bidi-font-weight: normal"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Creditors:<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN></SPAN></B><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Amounts falling due within<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 201.6pt 259.2pt 316.8pt 374.4pt 432.0pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">one year<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U>(45,038)</U><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U>(32,003)</U><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U>(15,471)</U><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U>(13,544)<o:p></o:p></U></SPAN><P class=MsoNormal style="tab-stops: decimal 201.6pt 259.2pt 316.8pt 374.4pt 432.0pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Net current liabilities<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;</SPAN><U>(33,446)</U><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U>(25,754)</U><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U><SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>(3,138)</U><SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59; </SPAN><U><SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>(8,718)</U><o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 201.6pt 259.2pt 316.8pt 374.4pt 432.0pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">&nbsp&#59;<o:p></o:p></SPAN><P class=MsoNormal style="tab-stops: decimal 201.6pt 259.2pt 316.8pt 374.4pt 432.0pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">Total assets less</SPAN><P class=MsoNormal style="tab-stops: decimal 201.6pt 259.2pt 316.8pt 374.4pt 432.0pt"><SPAN style="FONT-SIZE: 11pt&#59; mso-bidi-font-size: 10.0pt">current liabilities<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;</SPAN>50,570<SPAN style="mso-tab-count: 1">&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbsp&#59;&nbs