Final Results

Informa Group PLC
02 March 2004

                               Informa Group plc
            Preliminary Results for the Year ended 31 December 2003


Informa Group plc is pleased to announce its preliminary results for the year
ended 31 December 2003.


Highlights

   •Subscription income largest revenue stream at 36% of total revenue

   •MMS/MCM integration on track

   •Maritime division returns to growth

   •Established critical mass in Life Sciences with the acquisition of PJB
    Publications Limited

   •2004 3GSM successful with 4,000 delegates and a 9% increase in
    sponsorship and exhibition revenue


Preliminary Results Summary

    Statutory Results                    2003     2002
    Turnover                             £268m    £283m
    Operating profit margin              6.5%     7.0%
    Profit before tax                    £7.7m    £12.1m
    Basic earnings per share             0.65p    3.74p
    Business Performance                 *2003    2002
    Operating profit margin              14.0%    13.1%
    Profit before tax                    £31.6m   £30.1m
    Adjusted EPS                         17.23p   16.36p

    * Before amortisation of goodwill and exceptional items


Peter Rigby, Chairman of Informa Group commented:

"I am pleased to report our full year figures which show a return to growth in
earnings before exceptional items and goodwill amortisation, despite the
challenging conditions experienced in the first half of 2003.

"It is our intention to build a business which allies defensive qualities with
the ability to take strong advantage of economic improvements. In the latter
part of the year, acquisitions of MMS and PJB helped push our subscription
revenues up to 36% of total revenues in 2003 (over 40% on a pro-forma basis for
2004). This is part of our stated strategy to develop subscriptions as the
dominant revenue stream going forward. On the other hand we continued to develop
our events business which is highly operationally geared. It contributed 44% of
group profits in 2003, and we are pleased to report a modest recovery in
delegate revenue in the last quarter of the year, a trend which has continued
into the early part of this year.

"We believe that our structure is now lean and efficient and we are well placed
to drive additional profits through incremental advertising and delegate
revenues as economic conditions improve.
"The outlook for 2004 appears more positive than in recent years and we look
forward to another successful year."


Further enquiries

Jim Wilkinson                      020 7017 4302
Informa Group plc

Catherine Lees                     020 7861 3877
Zoe Sanders                        020 7861 3887
Bell Pottinger Financial


Notes:

   •There will be a conference call today for wire services at 7.30am. Please
    dial 020 8996 3950, followed by access code 687795#.

   •A presentation to analysts will take place at 9.30am at the City
    Conference Centre, 80 Coleman Street, EC2R 5BJ.

   •A press briefing will take place at 11.15am at the City Conference
    Centre, 80 Coleman Street, EC2R 5BJ.


Chairman's Annual Statement

I am pleased to announce the results for the year ended 31 December 2003. The
year was notable for a return to growth in operating profit before exceptional
items and goodwill amortisation ('adjusted operating profit') and the completion
of several important acquisitions, most notably MMS Group Holdings Limited (MMS)
and PJB Publications Limited (PJB).

Our adjusted operating profit at £37.5m was 1% above 2002 on turnover of £268m
which was 5% below the previous year. The decline in sales was countered by
continuing strong cost control which helped lift the operating margin to 14.0%
from 13.1%. The effect of this, plus a slight decline in our corporation tax
rate resulted in our adjusted earnings per share rising by 5.3%.

The acquisitions of MMS and PJB in the latter part of the year, helped push our
subscription revenues up to 36% of total revenues in 2003. This should rise to
above 40% in 2004 with the acquisitions included for a full year, with a
significant proportion deriving from electronically delivered information.

The integration of the acquisitions, associated restructuring and loss on
disposal of some titles during the year led to an exceptional charge of £12.4m
compared with £7.0m in 2002, which left profits after tax at £0.9m (2002:£4.8m),
after an £11.5m (2002:£11.0m) charge for goodwill amortisation.

The rate at which we turn adjusted operating profit into cash was 109% (2002:
126%) again reflecting the benefits of pre-paid subscription and event income.
The net interest charge for the year was £5.8m, compared with £7.2m in 2002 and
was covered 6.4 times by our adjusted operating profit, compared to 5.2 times in
2002. Net debt rose to £178m by the year-end following the acquisitions.

The Directors believe that the group remains financially strong and will
recommend the payment of a final dividend of 4.94p per share. This together with
an interim dividend of 2.66p per share will give a total dividend of 7.6p per
share for the year, which is the same as 2002. The dividend will be paid on 20
May 2004 to all shareholders on the register on 23 April 2004.


Trading

We successfully raised adjusted operating profit in the year despite mixed
trading conditions. The war in Iraq and the SARS outbreak exacerbated an already
challenging business environment in the first part of the year. Once these
uncertainties were removed confidence returned to many of our markets and we saw
an encouraging improvement in conditions in the second half of the year,
reflected in a stronger performance from both our event and publishing
businesses.

The effect of the slower first half saw sales decline overall by 5%, requiring a
continued focus on cost cutting. Staff numbers (excluding acquisitions) were
lowered by 8% and in addition a number of small and under-performing
publications were merged, closed or sold and some events cancelled. In total we
ran 2,627 events in 2003 compared with 3,052 in 2002. Although total delegate
revenue fell over the year as we reduced the number of events, we saw a recovery
in the last four months of 2003 with average delegate attendance at our events
increasing by 4% compared to the same period in 2002. This upward trend has
continued into the early part of 2004.

We believe that our structure now is lean and efficient and we are well placed
to drive additional profits through incremental advertising and delegate
revenues as economic conditions continue to improve. We would only expect to
start increasing our cost base again as conditions become favourable and we feel
it appropriate to step up our output more dramatically.

The Group has a significant proportion of its activities based overseas and as
such its results can be affected by movements in currency exchange rates,
particularly those of the Euro and US Dollar. The effect on overall 2003 Group
operating profits was limited as translation losses on Dollar earnings were
offset by gains on Euro earnings. Within individual divisions the exchange rate
movements had some effect since the Finance and Insurance results are
predominately US Dollar denominated whilst Law and Tax is mainly Euro
denominated.


i. Finance and Insurance

This is our largest sector accounting for 34% of total group adjusted operating
profit. This division showed good growth with adjusted operating profits of
£12.9m, up 6% on 2002. At constant currency rates the profits were 15% higher
than 2002 and excluding the contribution of acquisitions the division still
showed a 3% growth in underlying profits. The acquisitions of MMS and NetDecide
in the second half of 2003 helped profit growth and contributed to a solid
recovery from the difficult market conditions in the financial services sector
which existed in the first half of the year.

MMS, which provides real time information on corporate and government bonds and
currencies and which uses Reuters, Bloomberg and the internet to deliver its
content, fits extremely well with our other capital markets information service
companies, particularly MCM which we acquired in February 2001. We have largely
completed our stated plan of merging the two businesses and establishing a
single content platform with combined sales and editorial teams. We have reduced
the overall workforce from 318 people in September 2003 to around 200 by the end
of the year and closed all the duplicated offices around the world. The key to
the success of this strategy will be measured by how high a percentage of shared
customers can be retained which will not be known until we have experienced the
full twelve-month renewal cycle. Initial indications though are positive with
our estimates of the retention rate having risen from 45% at the date of
acquisition to above 60% at present. We have however elected to retain more cost
in the business than we had originally envisaged, specifically maintaining a
strong internet development capability to diversify the future content delivery
options for the business.

Our other acquisition, NetDecide, provides wealth management software solutions
in the North America marketplace. It fits well with our Effron business with
which it has already been integrated.

Elsewhere in the financial area our conferences and the advertising based
Banking Technology magazine continued to find conditions difficult, though our
insurance business did better as we saw increased buoyancy in the reinsurance
markets manifesting itself in higher advertising revenue yields. Trading in the
last quarter of 2003, which has carried over into 2004, indicates a marked
improvement in financial conferences performance.


ii. Telecoms and Media

Telecoms and Media profits of £8.4m accounted for 22% of total adjusted
operating profit in 2003. The retrenchment in the mobile telecommunications
industry, which began in earnest in 2002, continued in 2003. As a result, our
adjusted operating profits fell 10% on sales which were16% lower although these
results reflect signs of stabilisation in the market compared to the declines
experienced in 2002. The mainstay once again was our flagship 3GSM World
Congress in Cannes, which we operate in association with the GSM Association. In
2003 it maintained its profitability and achieved an increase in visitor numbers
over 2002.

Elsewhere a number of our smaller events declined or were not run at all and our
China events were disrupted in the first part of the year by SARS. Our leading
mobile magazine MCI saw an upturn in its profitability as advertisers slowly
returned to spending and we gained market share as competitors closed down their
publications.

Of all our industry areas Telecoms has faced the most difficult economic
conditions and is where we have had to take out most cost and product over the
last two years. Moving into 2004 the mobile industry at last seems to be
recovering with both operators and manufacturers showing enhanced earnings. The
launch of 3G services is important to the industry and now seems set to occur in
the second half of 2004.

We have renewed and further broadened our agreement with the GSM Association,
which will enable us to build upon the 3GSM World Congress, and our smaller
regional GSM-related events, with increased support from the industry. In
addition, in partnership with the GSMA we are launching an Asian version of the
World Congress in Singapore in the autumn. This is extremely exciting as it is
the Asian market - especially China - which is experiencing highest growth rates
in mobile uptake and where there are major opportunities to exploit.


iii. Law and Tax

This is our third biggest area growing 31% (10% at constant currency) year on
year with adjusted operating profits of £6.2m in 2003 compared with £4.7m in
2002. This business has done well with a sound performance in our legal and
taxation journal, books and newsletter business resulting in significantly
improved adjusted operating profitability. Our legal conference businesses
especially in Germany and the UK showed strong recovery during 2003.


iv.Maritime, Trade & Transport

This division generated adjusted operating profits of £2.7m showing growth of
13% over 2002. 2003 included the biennial Cruise + Ferry show in May which,
whilst highly profitable, showed a decline over 2001, reflecting more uncertain
conditions in the passengership sector. As the year progressed shipping market
conditions improved markedly as freight rates rose to their highest levels in
some years. This is largely driven by the strength of the Chinese market both as
an importer of raw materials and an exporter of finished goods. We now expect
our advertising based publications to take advantage of this return to
prosperity for many of our maritime customers. This division has the highest
exposure to advertising income of any of our divisions and current signs of
recovery look promising.


v. Life Sciences

After a very strong performance in 2002, adjusted operating profits in this
division at £4.1m (11% of group adjusted operating profits) were 24% lower,
largely due to the launch costs associated with two new controlled circulation
magazines - BioProcess International and PreClinica. These were launched early
in the year and are on target to contribute to profits in 2005.

The spend on R&D by pharmaceutical companies continues to drive the market and
our business. Overall we expect the Life Sciences market to grow by around 6% a
year over the next five years, offering considerable encouragement for the
future.

Our Drug Discovery businesses have felt some slowdown in life sciences spending
as the impact of new technologies is reassessed. The flagship Drug Discovery
Technology Congress last August saw a reduction in delegate numbers although
sales of sponsorship and exhibition opportunities remained at previous levels as
did total visitors to the event. On the other hand we launched an Asian version
of this event, which was held in Singapore in September. This attracted 200
delegates and significant sponsorship and exhibition revenues and will be
repeated this year.

To date, this division has been heavily concentrated on early stage drug
discovery and whilst this has proved a highly profitable niche, it has been our
intention for some time to broaden our publishing and event profile in the
biomedical and pharmaceuticals markets.

The acquisition of PJB, which was successfully completed just before Christmas,
helps meet this strategic aim. PJB cost a net £120m after deducting the cash
acquired with the business. The main products Scrip, Pharmaprojects and Clinica
are highly respected market leading sources of information for the
pharmaceutical and medical devices and diagnostics industries backed up by a
variety of newsletters, management reports and databases, which provide a broad
based and high margin information service.

We are extremely encouraged by this acquisition as it provides us not only with
critical mass in Life Sciences but also the chance to extend the PJB product
range. In particular the opportunity to run branded events and to use our
electronic publishing, marketing and advertising skills to benefit the PJB
business promises well and will result in a significant improvement in the
profitability of the business.


v.i.Commodities and Energy

This division made an adjusted operating profit of £2.9m in 2003, which was down
18% on the previous year. Despite this, most elements of the business performed
well. The Agra Europe Publishing and conference business exceeded expectations
and the Annual German Energy Conference, which is run in association with the
Handelsblatt newspaper, posted record profits.

Our portfolio of energy conferences based largely in the Middle East was reduced
due to the Iraq war and uncertainty surrounding that region. Profits were down
in this area despite the success of our Russia-based events including the
flagship annual Sakhalin Oil conference. Opportunities even in this market are
now improving however and in January we produced a successful Investing in Iran
event which we expect to repeat later this year along with two new events on
Libyan oil.

However, Heighway, our commercial fishing business traded less strongly and has
been seriously affected by the North Sea fishing quota contraction. Revenues
from both our magazine and exhibition business in this area are well below the
levels of previous years.
Although there are no signs of recovery in the commercial fishing business,
energy events seem to be bouncing back aided by high oil prices and some return
to political stability.

In December we strengthened further our commodities portfolio with the
acquisition of Sparks, a US-based international soft commodity and
agriculture-focused consultancy concern, which we believe will dovetail well
with our existing Agra operations.


Other Highlights

During 2003 we began our cooperation in Eastern Europe with Expomedia running a
particularly successful telecoms event called Wireless Russia in Moscow and
developing a number of products for 2004 and beyond. These cover subjects in the
financial, legal, maritime, commodities, energy and fishing markets. In addition
the Telecoms event, which is being supported by the Russian telecommunications
ministry, will be repeated.

Also in Russia we joint ventured on a coal-mining event with the McCloskey group
with whom we already work in Australia and France. This new venture was
extremely successful achieving a delegate attendance of over 400 along with
additional revenues from sponsors and exhibitors.

We have also continued to develop a maritime intelligence security product aimed
largely but not only at the U.S. market. We have received one three year
subscription for this service to date and remain in discussions with a number of
US security agencies and various other ports and services around the world who
are evaluating its effectiveness.


Strategy

It is our intention to continue to build a business which allies defensive
qualities with the ability to take full advantage of economic improvement.
Following the recent acquisitions subscription revenues should account for over
40% of total revenues in 2004 and an even higher percentage at the operating
profit level. With high renewal rates and good margins these defensive high
quality revenues provide us with strong and predictable cash flow. However our
events business enjoys high operational gearing and provides considerable upside
profit potential as economic conditions improve. An additional delegate at every
event is worth approximately £1 million extra to group operating profit. In
recent years average delegates have declined by some 10% but we have the
appropriate infrastructure in place to take full advantage as numbers increase
into the economic upturn. It is also our intention to add new branded events as
appropriate and already plan to run 32 events in 2004. PJB for example,
historically ran no events of its own and with a number of strong brands in its
portfolio, this provides a real opportunity.

Although advertising revenues have been hit hard over the last few years there
are certainly signs of recovery both for us and in the business publications
sector generally. Although advertising only accounted for 11% (2002:12%) of
group revenues in 2003 there is considerable upside potential due to the highly
operationally geared nature of advertising based publications. Forward bookings
for 2004 are significantly ahead of this time last year.

We continue to believe that the portfolio approach covering media format, market
sectors and geographical jurisdictions is appropriate for a group such as ours
and that our current balance is an acceptable one.

Having been acquisitive over the last nine months with MMS, PJB, Sparks and
NetDecide and a couple of smaller fill-in acquisitions there is much integration
work to do especially with MMS and MCM and a number of new opportunities to
pursue particularly within PJB. This will take some time and effort but it is
well underway and already the results look promising.


Current Trading and Prospects

Overall we saw an improvement in trading conditions in the last quarter of 2003
which has continued into 2004. An improvement in the fortunes of mobile
telecommunications companies allied with our new agreement with the GSM
Association should see our Telecoms business growing again. Similarly, improved
freight rates will benefit our maritime business and a more settled Middle East
political situation allied with high oil prices will boost our energy revenues.
The acquisitions we have made in the Finance, Life Sciences and Commodities
areas will boost these divisions within which we also anticipate organic growth.
Geographically Australia, the United States, Germany and Brazil traded well in
2003 with Asia (due to SARS) and Holland performing poorly. Moving into 2004
most of our overseas operations should improve profitability as business
confidence improves.

Already in 2004 the Annual German Handelsblatt Energy event has exceeded the
record profit levels of 2003 and forward bookings for both conferences and
advertising based periodicals are ahead of this time last year.

The 3GSM World Congress, which took place in Cannes in February has at least
matched its 2003 profit levels with similar numbers of delegates (around 4,000)
and a 9% increase in sponsorship and exhibition revenue.

With an encouraging performance at the start of 2004 the outlook looks more
positive than in recent years and we look forward to a successful year.
I would like to close by thanking all of my colleagues at Informa for working so
hard during the last twelve months often in quite difficult trading conditions.
Their commitment and support has been fantastic and it is to be hoped that
conditions will continue to improve and that everyone will see the fruit of
their labours.




Consolidated profit and loss account
For the year ended 31 December 2003

                                          Before  Exceptional       2003       Before    Exceptional       2002
                                     Exceptional        Items             Exceptional          Items
                                           Items      (note 3)     Total        Items        (note 3)     Total
                              notes         £000         £000       £000         £000           £000       £000
-----------------            ------     --------    ---------    -------     --------      ---------    -------
Turnover                          1      267,997            -    267,997      283,442              -    283,442
-----------------            ------     --------    ---------    -------     --------      ---------    -------

Operating profit before           1       37,482       (8,543)    28,939       37,255         (6,454)    30,801
goodwill amortisation
Goodwill amortisation                    (11,534)           -    (11,534)     (10,992)             -    (10,992)
-----------------            ------     --------    ---------    -------     --------      ---------    -------
Operating profit                          25,948       (8,543)    17,405       26,263         (6,454)    19,809
Loss on sale and termination      3                    (3,822)    (3,822)                       (525)      (525)
of operations
-----------------            ------     --------    ---------    -------     --------      ---------    -------
Profit on ordinary activities     1       25,948      (12,365)    13,583       26,263         (6,979)    19,284
before interest
Net interest payable                      (5,847)           -     (5,847)      (7,200)             -     (7,200)
-----------------            ------     --------    ---------    -------     --------      ---------    -------
Profit on ordinary activities             20,101      (12,365)     7,736       19,063         (6,979)    12,084
before tax
Tax on profit on ordinary         4       (8,858)       2,065     (6,793)      (9,167)         1,909     (7,258)
activities
-----------------            ------     --------    ---------    -------     --------      ---------    -------
Profit on ordinary activitie              11,243      (10,300)       943        9,896         (5,070)     4,826
after tax
Minority interests - equity                                          (84)                                   (59)
-----------------            ------     --------    ---------    -------     --------      ---------    -------
Profit for the year                                                  859                                  4,767
attributable to shareholders
Equity dividends paid and                                        (11,089)                                (9,692)
proposed         
-----------------            ------     --------    ---------    -------     --------      ---------    -------
Loss for the year                                                (10,230)                                (4,925)
-----------------            ------     --------    ---------    -------     --------      ---------    -------
Dividends per
share                                                              7.60p                                  7.60p
-----------------            ------     --------    ---------    -------     --------      ---------    -------
Earnings per share
Earnings per share (basic)       2                                 0.65p                                  3.74p
Earnings per share (diluted)     2                                 0.65p                                  3.74p
Adjusted basic earnings per      2                                17.23p                                 16.36p
share  
-----------------            ------     --------    ---------    -------     --------      ---------    -------
All results are derived from continuing operations.

Acquisitions made during 2003 contributed revenue of £9,596,000 which is
included in the figures shown above. It is not possible to separately identify
the profit from these acquisitions as they have been integrated upon
acquisition.



Consolidated statement of total recognised gains and losses
For the year ended 31 December 2003

                                                       2003       2002
                                                       £000       £000
------------------------------------------------  ---------  ---------
Profit for the year                                     859      4,767
Currency translation differences on foreign          (2,358)    (3,809)
currency net
investments and borrowings
---------------------------                       ---------  ---------
Total gains and losses recognised in the year        (1,499)       958
---------------------------                       ---------  ---------



Consolidated cash flow statement
For the year ended 31 December 2003

                                                       2003       2002
                                          Notes        £000       £000
------------------------------------------------  ---------  ---------
Cash inflow from operating activities         5      34,174     46,510
Return on investments and servicing of               (6,025)    (6,492)
finance
Taxation                                             (4,149)    (1,667)
Capital expenditure                                  (2,467)    (2,123)
Acquisitions and disposals                         (144,535)    (4,576)
Equity dividends paid                                (9,943)    (9,674)
------------------------                  ------   ---------  ---------
Cash (outflow)/inflow before financing             (132,945)    21,978
Financing                                           138,892    (19,027)
------------------------                  ------   ---------  ---------
Increase in cash in the year                          5,947      2,951
------------------------                  ------   ---------  ---------



Reconciliation of net cash flow to movement in net debt
For the year ended 31 December 2003

                                                      2003        2002
                                         Notes        £000        £000
------------------------------------------------  ---------  ---------
Increase in cash in the year                         5,947       2,951
Cash (outflow)/inflow from (decrease)/             (86,880)     19,798
increase in debt financing
------------------------                ------   ---------   ---------
Change in net debt resulting from cash             (80,933)     22,749
flows
Translation differences                             (1,623)        554
Non-cash movements                                    (114)          -
------------------------                ------   ---------   ---------
Movement in net debt in the year                   (82,670)     23,303
Net debt at the start of the year            6     (95,529)   (118,832)
------------------------                ------   ---------   ---------
Net debt at the end of the year              6    (178,199)    (95,529)
------------------------                ------   ---------   ---------



Consolidated balance sheet
At 31 December 2003

                                                      2003        2002
                                                      £000        £000
------------------------------------------------  ---------  ---------
Fixed assets
Intangible assets                                  306,131     159,639
Tangible assets                                     27,262      23,080
Investments                                          6,893       4,788
------------------------------------------------  ---------  ---------
                                                   340,286     187,507
Current assets
Stocks and work in progress                          7,419       6,212
Debtors                                             56,163      51,734
Cash at bank and in hand                            10,455       5,195
------------------------------------------------  ---------  ---------
                                                    74,037      63,141
Creditors: amounts falling due within one year    (142,732)   (117,876)
------------------------------------------------  ---------  ---------
Net current liabilities                            (68,695)    (54,735)
------------------------------------------------  ---------  ---------
Total assets less current liabilities              271,591     132,772
Creditors: amounts falling due after more than     (86,880)     19,798
one year
Provisions for liabilities and charges             (10,903)     (7,028)
Minority interests-equity                              (79)       (334)
------------------------------------------------  ---------  ---------
Net assets                                          77,441      26,267
------------------------------------------------  ---------  ---------
Capital and reserves
Called up share capital                             15,195      12,824
Share premium account                              184,494     123,103
Special reserve                                          1           1
Other reserve                                       37,398      37,398
Profit and loss account                           (159,647)   (147,059)
------------------------------------------------  ---------  ---------
Shareholders' funds - equity                        77,441      26,267
------------------------------------------------  ---------  ---------



Notes

1.Segmental analysis

  Analysis by market sector             Turnover       Adjusted operating     Profit / (loss)
                                                              profit*         before interest
                                      2003       2002      2003      2002      2003      2002
                                      £000       £000      £000      £000      £000      £000
  --------------------            --------     ------   -------  --------  --------   -------
  Finance and Insurance             79,649     79,442    12,900    12,135     5,797     7,098
  Telecoms and Media                44,050     52,575     8,389     9,301     4,461     5,968
  Law and Tax                       39,218     45,097     6,209     4,737     2,712     1,877
  Maritime,Trade and                45,053     46,705     2,679     2,379    (1,338)     (582)
  Transport
  Life Sciences                     27,629     27,492     4,059     5,308     1,595     3,565
  Commodities and Energy            30,414     31,226     2,947     3,615       234     1,636
  Other                              1,984        905       299      (220)      122      (278)
  --------------------            --------     ------   -------  --------  --------   -------
                                   267,997    283,442    37,482    37,255    13,583    19,284
  --------------------            --------     ------   -------  --------  --------   -------
  *Adjusted operating profit excludes amortisation of goodwill and exceptional
  items.


 2.Earnings and adjusted earnings per share
   In order to show results from operating activities on a comparable basis, an
   adjusted earnings per share has been calculated which excludes amortisation
   of goodwill and exceptional items.

                                                              2003           2002
                                                              £000           £000
   ------------------------------------------------      ---------      ---------

   Profit for the year attributable to shareholders            859          4,767
   Adjustments:
   Amortisation of goodwill                                 11,534         10,992
   Exceptional items                                        10,300          5,070
   ------------------------------------------------      ---------      ---------
   Adjusted earnings                                        22,693         20,829
   ------------------------------------------------      ---------      ---------
   Weighted average number of equity shares
   - for basic and adjusted earnings                   131,695,549    127,294,855
   Effect of dilutive share options                         99,492          4,888
   Weighted average number of equity shares   
   - for diluted earnings                              131,795,041    127,299,743
   ------------------------------------------------      ---------      ---------
    Basic earnings per share                                  0.65p          3.74p
    Diluted earnings per share                                0.65p          3.74p
    Adjusted earnings per share                              17.23p         16.36p
   ------------------------------------------------      ---------      ---------


 3.Exceptional items

(1) Operating costs
    The £8,543,000 shown in the profit and loss account is in respect of the
    following:

 a. •prepaid bank loan facility fees (£874,000) now expensed as the facility was
    replaced in the year due to the acquisition of PJB Publications Limited;
 b. •restructuring costs largely related to integrating the acquisitions
    (£7,669,000).


(2) Loss on sale and termination of operations
    The current year charge represents the net cost arising on the disposal of
    certain publications and the sale of one subsidiary. The loss on disposal of
    a subsidiary undertaking in 2002 represents the net cost arising from the 
    closure of a Dutch subsidiary.


 4.Taxation

                                                   2003           2002
                                                   £000           £000
   -------------------------------------      ---------      ---------
   United Kingdom corporation tax                 1,689          1,514
   Overseas tax                                   3,269          5,046
   -------------------------------------      ---------      ---------
   Current tax                                    4,958          6,560
   Deferred tax                                   1,835            698
   -------------------------------------      ---------      ---------
                                                  6,793          7,258
   -------------------------------------      ---------      ---------


 5.Reconciliation of operating profit to net cash inflow from operating
   activities
                                                    2003        2002
                                                    £000        £000
   -------------------------------------       ---------   ---------
   Operating profit                               17,405      19,809
   Depreciation charges                            6,524       7,357
   Amortisation of goodwill                       11,534      10,992
   Profit on sale of tangible fixed assets           (25)        (23)
   (Increase)/decrease in stocks                    (829)        219
   (Increase)/decrease in debtors                   (127)     10,393
   Decrease in creditors                            (282)     (2,457)
   Other operating items                             (26)        220
   -------------------------------------       ---------   ---------
   Net cash inflow from operating activities      34,174      46,510
   -------------------------------------       ---------   ---------

    Included in net cash inflow from operating activities are payments of
    £5,884,000 (2002: £539,000) relating to exceptional costs. Excluding these
    costs the operating cash inflow is £40,058,000 (2002: £47,049,000).



 6.Analysis of changes in net debt

                                               At 1      Non-cash                  Exchange          At 31
                                            January     movements     Cash flow    Movement       December
                                               £000          £000          £000        £000           £000
-------------------                         -------      --------     ---------   ---------      ---------
    Cash at bank
    and in hand                               5,195             -         5,127         132         10,454
    Overdrafts                               (2,062)            -           820         (29)        (1,271)
    -------------------                     -------      --------     ---------   ---------      ---------
                                              3,133             -         5,947         103          9,183
    Bank loans due in less than one year      (374)             -        (3,827)          -         (4,201)
    Finance leases due in less than one year     -            (94)           54           -            (40)
    Bank loans due after one year          (98,288)             -       (77,231)     (1,726)      (177,245)
    Loans due after one year                     -              -        (5,876)          -         (5,876)
    Finance lease due after one year             -            (20)            -           -            (20)
    -------------------                    -------       --------     ---------   ---------      ---------
    Total                                  (95,529)          (114)      (80,933)     (1,623)      (178,199)
    -------------------                   -------     --------    ---------     ---------        ---------


 7.Basis of preparation and statutory information

  The financial information set out in the above pages 10 to 15 does not
  constitute the Company's statutory accounts for the years ended 31 December 
  2003 or 2002 but is derived from those accounts. The 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 those accounts; their reports were unqualified and did not contain
  statements under section 237 (2) or (3) of the Companies Act 1985.
  The financial information has been prepared on a going concern basis under the
  historical cost convention and in accordance with all applicable current
  accounting standards. The financial information has been prepared on a
  consistent basis with the prior year.




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