Final Results

RNS Number : 4401K

JPMorgan Indian Invest Trust PLC

18 December 2008

London Stock Exchange Announcement

JPMorgan Indian Investment Trust plc

Final Results for the year ended 30th September 2008

Chairman's Statement

Year Under Review

The Indian market, like other equity markets worldwide, has fallen substantially as global economic conditions have deteriorated. Over the year to 30th September 2008, your Company saw a decline in net assets of 29.8%, marginally underperforming our benchmark, the MSCI India Index (in sterling terms), which fell by 28.9%. The return to shareholders was a fall of 30.9%, reflecting a widening of the discount to net asset value of the Company's shares from 7.3% to 8.7%.

Our investment managers remain confident about the long term prospects for the Indian market and have maintained the themes of infrastructure and capital projects and high quality domestic consumer investments within the portfolio. The investment managers, in their Report, set out in more detail a review of the underlying portfolio and the outlook for the future.

Board of Directors

During the year, the Board carried out evaluations of the Directors, the Chairman, the Board and its Committees. The Directors retiring by rotation at this year's Annual General Meeting are Richard Burns and Pierre Dinan who, being eligible, offer themselves for re-election. Both Richard, in his role as Chairman of the Audit Committee, and Pierre have proved invaluable in the Board's deliberations and I have no hesitation in recommending their re-election.

Investment Manager

The Board has reviewed the investment management, secretarial and marketing services provided to the Company by JPMorgan Asset Management (UK) Limited ('JPMAM'). This annual review has included their performance record, management processes, investment style, resources and risk control mechanisms. The Board was satisfied with the results of the review and therefore in the opinion of the Directors, the continuing appointment of JPMAM for the provision of these services, on the terms agreed, is in the best interests of shareholders as a whole.

Share Issues and Repurchases

At the Annual General Meeting in January 2008 and again at the General Meeting held on 30th October 2008, shareholders granted the Directors authority to repurchase up to 14.99% of the Company's shares. Whilst the Company only repurchased 57,000 shares for cancellation during the year, the Company did purchase 765,000 shares to be held in Treasury. The Board believes that a facility to reduce discount volatility is important and is, therefore, seeking approval from shareholders to renew the authority at the forthcoming Annual General Meeting. Shares repurchased in this way might not be cancelled but rather held as Treasury shares. Purchases of shares to be held in treasury will be made in accordance with the Listing Rules of the UK Listing Authority and the Companies (Acquisitions of Own Shares) (Treasury Shares) Regulations 2003 as amended.

Shareholders also granted the Directors authority to issue new ordinary shares. At times over recent years, the Company's ordinary shares have traded at a premium to net asset value ('NAV') which has enabled the issue of new ordinary shares at various levels of premium. The Board has established guidelines relating to the issue of shares and if the conditions are met, this authority will be utilised to enhance the Company's NAV per share and therefore benefit existing shareholders. To supplement this authority the Board proposes to issue Treasury shares when appropriate, as issuing shares out of Treasury would be cheaper since they will avoid the necessity of the Company paying listing fees to the London Stock Exchange and the UK Listing Authority. The Board will only buy back shares at a discount to their prevailing net asset value, and issue shares when they trade at a premium to their net asset value, so as not to prejudice remaining shareholders.

The Board believes that the judicious use of share repurchase and issuance powers can minimise discount volatility by enabling the repurchase of shares at a discount and the issuance of new shares at a premium to their NAV. By undertaking such a programme the Board expects that the share price will move in a reasonable range around NAV, which your Directors believe is in the best interests of shareholders as a whole.

Bonus Issue of Subscription Shares

At a General Meeting held on 30th October 2008, shareholders approved the bonus issue of subscription shares, placing and offer for subscription as described in the Company's prospectus dated 30th September 2008. Pursuant to the approval of the Company's proposals, 21,001,937 subscription shares and 261,944 new ordinary shares were issued and trading in these securities began on 5th November 2008. The subscription shares were issued to qualifying shareholders on the basis of one subscription share for every five ordinary shares held. Each subscription share confers the right (but not the obligation) to subscribe for one ordinary share on any business day during the period from 2nd January 2009 to 2nd January 2014, after which the rights under the subscription shares will lapse.

Annual General Meeting

This year's Annual General Meeting will be held at Trinity House, Tower Hill, London EC3N 4DH at 12 noon on Wednesday 21st January 2009. As in previous years, in addition to the formal part of the meeting, there will be a presentation from representatives of the Manager, Ted Pulling and Rukhshad Shroff, who will answer questions on the portfolio and performance. There will also be an opportunity to meet the Board and representatives of JPMorgan. If you have any detailed or technical questions, it would be helpful if you could raise them in advance with the Company Secretary at Finsbury Dials, 20 Finsbury Street, London EC2Y 9AQ. Shareholders who are unable to attend the AGM are encouraged to use their proxy votes.

Hugh Bolland

Chairman

18 December 2008

Investment Managers' Report

Review

In what might well turn out to be one of the most extraordinary periods in our lifetime, the crisis in the credit markets, which started in the sub prime mortgage arena last year, quickly engulfed asset markets around the world and ended the raging bull run of the preceding four years.While most Asian stock markets began their declines in October 2007, India continued to rally through the fourth quarter of 2007 before peaking in early January 2008. Over the course of the Company's financial year, the MSCI India Index fell by 28.9% in sterling terms.

As the credit crisis intensified, the severe aversion to risk that set in resulted in foreigners selling over US$12bn of Indian equities during the year, having been net investors to the tune of over US$50bn since 2003. This was partially offset by domestic mutual funds, who invested over US$2bn, and also insurance companies, which have grown rapidly over the past few years selling equity linked products.

Apart from the well documented global factors, a series of domestic concerns also added to India's misery. Inflation jumped sharply in the first half of 2008 on the back of rising oil and other commodity prices (before they fell due to the global recession). The rate of Wholesale Price Inflation peaked at an annual rate of around 12% in July after rising from 3-4% in the fourth quarter of 2007. The Indian rupee plunged over 25% against the US dollar over the course of 2008, making it one of the worst performing currencies in the region. This was due to a combination of US dollar strength and concerns over India's deteriorating balance of payments. Strong capital flows, which were funding the current account deficit in recent years, slowed sharply due to the deteriorating macro environment, while the deficit itself ballooned due to higher oil prices. The sharp correction in commodity prices (led by oil), however, should help ease the pressure.

The growth in the Index of Industrial Production slowed to 4.9% between April and September 2008 compared to the 9.5% recorded during the same period last year, suggesting a sharp slowdown in the growth momentum. As a result, Gross Domestic Product, which has grown at an average of 9% in the past 3 years, is expected to grow at 5-7% over the next couple of years. Concomitantly earnings forecasts for corporate India, which were quite optimistic a year ago, have been cut sharply, with consensus earnings growth forecasts for the SENSEX at around 5-10% for the financial years 2009 and 2010.

The Reserve Bank of India, having been in tightening mode for the past couple of years, changed tack and joined other central banks to ease the liquidity squeeze by aggressively cutting the cash reserve ratio and repo rate.

After vacillating over the Indo-US nuclear treaty for over two years due to opposition from the communist parties (who were part of the ruling coalition), Prime Minister Manmohan Singh, in the final year of his five year term, decided to go ahead with the deal after winning a vote of confidence in Parliament (following the withdrawal of support by the communists).While the treaty, which provides access to civilian nuclear technology, is unlikely to make a material difference in the short term, it is a positive from a longer term perspective as the contribution of nuclear power, which is tiny at the moment, is expected to rise substantially over the next decade.

Performance

The Company marginally underperformed its benchmark, the MSCI India Index, over the financial year to 30th September 2008. The underweight in defensives, such as consumer staples and healthcare, and the overweight in industrials and financials, both of which had contributed positively over the past few years, detracted from relative performance. On the positive side, the underweight in materials and the large position in India's largest wireless telecommunications company, Bharti Airtel, contributed to relative performance.

Outlook

In the short term, markets are extremely oversold and we could see a bear market rally as the extraordinary measures taken by central banks and governments over the past few months begin to have an impact. However, in the medium term, emerging economies like India will feel the pain from the severe recession in the developed world.

Politics will also be a distraction for the markets in the medium term with elections to the centre to be held early next year. In the lead up to the polls, politicians will make populist promises (such as the waiver of farm loans announced by the Finance minister earlier this year) which could be perceived negatively. While predicting election outcomes in India is notoriously difficult and therefore a futile exercise in our opinion, either a Congress led coalition being voted back to power or the principal opposition party, the BJP, emerging victorious is likely to be taken positively. However, the possibility of both the main parties faring poorly and a phalanx of regional parties forming a 'third front' government would be a distinct negative (based on the experience in the mid nineties).

Nonetheless, looking beyond the obvious near term concerns, there are several positives that are relevant from a long term investor's standpoint:

1. India remains a good investment opportunity in the long term despite the current downturn. Even in this dismal environment, India's growth momentum will be reasonable relative to the rest of the world.

2. Inflationary pressures have eased markedly, which is a distinct positive for a commodity importer like India.

3. Interest rates will continue to head lower in 2009 as the central bank continues with the easing bias. This is positive for equities.

4. Valuations have moderated following the sell off this year, with the SENSEX trading at around 11x earnings for the financial year 2008 (compared to the median of 17x over the past 15 years).

At the portfolio level, we will maintain reasonable cash levels in the near term which we will deploy at the opportune time, although the extreme volatility makes this a difficult task. We are also reducing some of the active bets which have outperformed this year while adding some defensive names to the portfolio.

Edward Pulling

Rukhshad Shroff

Rajendra Nair

Investment Managers

18 December 2008

Principal Risks

With the assistance of the Manager, the Board has drawn up a risk matrix, which identifies the key risks to the Company. These key risks fall broadly under the following categories:

• Investment and Strategy: An inappropriate investment strategy, for example asset allocation or the level of

gearing, may lead to under-performance against the Company's benchmark Index and peer companies, resulting in the Company's shares trading on a wider discount. The Board manages these risks by diversification of investments through its investment restrictions and guidelines which are monitored and reported by the Manager JPMorgan Asset Management (UK) Limited ('JPMAM'). JPMAM provides the Directors with timely and accurate management information, including performance data and attribution analyses, revenue estimates, liquidity reports and shareholder analyses. The Board monitors the implementation and results of the investment process with the Investment Managers, who attend all Board meetings, and review data which show statistical measures of the Company's risk profile. The Investment Managers employ the Company's gearing, within a strategic range set by the Board.

• Market: Market risk arises from uncertainty about the future prices of the Company's investments. It represents the potential loss that the Company might suffer through holding investments in the face of negative market movements. The Board considers asset allocation, stock selection and levels of gearing on a regular basis and has set investment restrictions and guidelines, which are monitored and reported on by JPMAM. The Board monitors the implementation and results of the investment process with the Manager.

• Accounting, Legal and Regulatory: In order to qualify as an investment trust, the Company must comply with Section 842 of the Income and Corporation Taxes Act 1988 ('Section 842'). Details of the Company's approval are given under 'Business of the Company' above. Were the Company to breach Section 842, it would lose its investment trust status and, as a consequence, gains within the Company's portfolio would be subject to Capital Gains Tax. The Section 842 qualification criteria are continually monitored by JPMAM and the results reported to the Board each month. The Company must also comply with the provisions of The Companies Acts and, since its shares are listed on the London Stock Exchange, the UKLA Listing Rules. A breach of the Companies Acts could result in the Company and/or the Directors being fined or the subject of criminal proceedings. Breach of the UKLA Listing Rules could result in the Company's shares being suspended from listing which in turn would breach Section 842. The Board relies on the services of its Company Secretary, JPMAM to ensure compliance with The Companies Acts and the UKLA Listing Rules.

• Corporate Governance and Shareholder Relations: Details of the Company's compliance with Corporate Governance best practice, including information on relations with shareholders, are set out in the Corporate Governance report.

• Operational: Loss of key staff by JPMAM, such as the Investment Managers, could affect the performance of the Company. Disruption to, or failure of, JPMAM's accounting, dealing or payments systems or the custodian's records could prevent accurate reporting and monitoring of the Company's financial position. Details of how the Board monitors the services provided by JPMAM and its associates and the key elements designed to provide effective internal control are included with the Internal Control section of the Corporate Governance report.

• Financial: The financial risks faced by the Company include market price risk, interest rate risk, liability risk

and credit risk. Additional disclosures are provided this year for the first time in accordance with IFRS7.

• Political and Economic: Adminstrative risks, such as the imposition of restrictions on the free movement of capital.

Directors' Responsibilities

The Directors each confirm to the best of their knowledge that:

a)     the financial statements have been prepared in accordance with International Financial Reporting Standards as
        adopted by the European Union, and give a true and fair view of the assets, liabilities, financial position and profit
        or loss of the Company; and

b)     the Annual Report, to be published shortly, includes a fair review of the development and performance of the
        business and the position of the Company, together with a description of the principal risks and uncertainties that
        they face.

For and on behalf of the Board

Hugh Bolland

Chairman

18 December 2008

Andrew Norman

For further information please contact:

JPMorgan Asset Management (UK) Limited…………..020 7742 6000

Please note that up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can be found at www.jpmindian.co.uk

JPMorgan Indian Investment Trust plc

Unaudited figures for the year ended 30th September 2008

Group Income Statement

	(Unaudited) Year ended 30th September 2008			(Audited) Year ended 30th September 2007
	Revenue £'000	Capital £'000	Total £'000	Revenue £'000	Capital £'000	Total £'000
Investment income	3,397	-	3,397	3,519	-	3,519
Other income	459	-	459	240	-	240
	_______	________	_______	_______	________	_______
	3,856	-	3,856	3,759	-	3,759
(Losses)/gains from investments held at fair value through profit or loss	-	(125,797)	(125,797)	-	148,193	148,193
Foreign exchange (losses)/gains	-	(529)	(529)	-	61	61
	_______	________	_______	_______	________	_______
Total income/(loss)	3,856	(126,326)	(122,470)	3,759	148,254	152,013
Expenses
Management fee	(5,064)	-	(5,064)	(4,321)	-	(4,321)
Other administrative expenses	(1,485)	-	(1,485)	(1,254)	-	(1,254)
VAT recoverable	734	-	734	-	-	-
	_______	________	_______	_______	________	_______
(Loss)/profit before finance costs and taxation	(1,959)	(126,326)	(128,285)	(1,816)	148,254	146,438
Finance costs	(396)	-	(396)	(668)	-	(668)
	_______	________	_______	_______	________	_______
(Loss)/profit before taxation	(2,355)	(126,326)	(128,681)	(2,484)	148,254	145,770
Taxation	2	-	2	(124)	-	(124)
	_______	_______	_______	_______	_______	_______
Net (loss)/profit	(2,353)	(126,326)	(128,679)	(2,608)	148,254	145,646
	=====	=====	=====	=====	=====	=====
(Loss)/earnings per share (note 2)	(2.29)p	(122.78)p	(125.07)p	(2.49)p	141.79p	139.30p
	=====	=====	=====	=====	=====	=====

The 'Total' column of this statement represents the Group's Income Statement, prepared in accordance with IFRS. The supplementary

'Revenue' and 'Capital' columns are prepared under guidance published by the Association of Investment Companies.

All items in the above statement derive from continuing operations. No operations were acquired or discontinued during the year.

All income is attributable to the equity shareholders of JPMorgan Indian Investment Trust plc, the Company. There are no minority interests.

JPMorgan Indian Investment Trust plc

Group and Company Statement of Changes in Equity

Unaudited figures for the year ended 30th September 2008

Group

(Unaudited)

Year ended 30th September 2008

	Called up share capital £'000	Share premium £'000	Other reserve £'000	Exercised warrant reserve £'000	Capital reserves £'000	Capital redemption reserve £'000	Revenue reserve £'000	Total £'000
Balance as at 30th September 2007	26,202	50,914	41,929	5,886	312,958	6,348	(8,051)	436,186
Purchase of shares into Treasury	-	-	-	-	(3,234)	-	-	(3,234)
Repurchase and cancellation of shares	(14)	-	-	-	(274)	14	-	(274)
Loss for the year	-	-	-	-	(126,326)	-	(2,353)	(128,679)
	_______	_______	_______	_______	_______	_______	_______	_______
Balance as at 30th September 2008	26,188	50,914	41,929	5,886	183,124	6,362	(10,404)	303,999
	=====	=====	=====	=====	=====	=====	=====	=====

Group

(Audited)

Year ended 30th September 2007

	Called up share capital £'000	Share premium £'000	Other reserve £'000	Exercised warrant reserve £'000	Capital reserves £'000	Capital redemption reserve £'000	Revenue reserve £'000	Total £'000
Balance as at 30th September 2006	26,177	50,636	41,929	5,886	168,670	6,348	(5,443)	294,203
Shares issued	25	278	-	-	-	-	-	303
Purchase of shares into Treasury	-	-	-	-	(3,966)	-	-	(3,966)
Profit/(loss) for the year	-	-	-	-	148,254	-	(2,608)	145,646
	_______	_______	_______	_______	_______	_______	_______	_______
Balance as at 30th September 2007	26,202	50,914	41,929	5,886	312,958	6,348	(8,051)	436,186
	=====	=====	=====	=====	=====	=====	=====	=====

JPMorgan Indian Investment Trust plc

Group and Company Statement of Changes in Equity (continued)

Unaudited figures for the year ended 30th September 2008

(Company)

(Unaudited)

Year ended 30th September 2008

	Called up share capital £'000	Share premium £'000	Other reserve £'000	Exercised warrant reserve £'000	Capital reserves £'000	Capital redemption reserve £'000	Revenue reserve £'000	Total £'000
Balance as at 30th September 2007	26,202	50,914	41,929	5,886	316,179	6,348	(11,272)	436,186
Purchase of shares into Treasury	-	-	-	-	(3,234)	-	-	(3,234)
Repurchase and cancellation of shares	(14)	-	-	-	(274)	14	-	(274)
Loss for the year	-	-	-	-	(126,588)	-	(2,091)	(128,679)
	_______	_______	_______	_______	_______	_______	_______	_______
Balance as at 30th September 2008	26,188	50,914	41,929	5,886	186,083	6,362	(13,363)	303,999
	=====	=====	=====	=====	=====	=====	=====	=====

(Company)

(Audited)

Year ended 30th September 2007

	Called up share capital £'000	Share premium £'000	Other reserve £'000	Exercised warrant reserve £'000	Capital reserves £'000	Capital redemption reserve £'000	Revenue reserve £'000	Total £'000
Balance as at 30th September 2006	26,177	50,636	41,929	5,886	171,930	6,348	(8,703)	294,203
Shares issued	25	278	-	-	-	-	-	303
Purchase of shares into Treasury	-	-	-	-	(3,966)	-	-	(3,966)
Profit/(loss) for the year	-	-	-	-	148,215	-	(2,569)	145,646
	_______	_______	_______	_______	_______	_______	_______	_______
Balance as at 30th September 2007	26,202	50,914	41,929	5,886	316,179	6,348	(11,272)	436,186
	=====	=====	=====	=====	=====	=====	=====	=====

JPMorgan Indian Investment Trust plc

Group and Company Balance Sheets

Unaudited figures for the year ended 30th September 2008

	(Unaudited) Group 30th September 2008	(Audited) Group 30th September 2007	(Unaudited) Company 30th September 2008	(Audited) Company 30th September 2007
	£'000	£'000	£'000	£'000
Non current assets
Investments held at fair value through profit or loss	287,898	439,249	302,483	438,170

Current assets
Other receivables	2,955	1,192	880	104
Cash and cash equivalents	14,445	8,159	748	1,024
	_______	_______	_______	_______
	17,400	9,351	1,628	1,128
Current liabilities
Other payables	(1,299)	(12,414)	(112)	(3,112)
	_______	_______	_______	_______
Net current assets/(liabilities)	16,101	(3,063)	1,516	(1,984)
	_______	_______	_______	_______
Net assets	303,999	436,186	303,999	436,186
	=====	=====	=====	=====
Equity attributable to equity holders
Called up share capital	26,188	26,202	26,188	26,202
Share premium	50,914	50,914	50,914	50,914
Other reserve	41,929	41,929	41,929	41,929
Exercised warrant reserve	5,886	5,886	5,886	5,886
Capital reserves	183,124	312,958	186,083	316,179
Capital redemption reserve	6,362	6,348	6,362	6,348
Revenue reserve	(10,404)	(8,051)	(13,363)	(11,272)
	_______	_______	_______	_______
Total equity	303,999	436,186	303,999	436,186
	=====	=====	=====	=====

Net asset value per share (note 3)	295.8p	421.1p	295.8p	421.1p

JPMorgan Indian Investment Trust plc

Group and Company Cash Flow Statements

Unaudited figures for the year ended 30th September 2008

	(Unaudited) Group 30th September 2008	(Audited) Group 30th September 2007	(Unaudited) Company 30th September 2008	(Audited) Company 30th September 2007
	£'000	£'000	£'000	£'000
Operating activities
(Loss)/profit before taxation	(128,681)	145,770	(128,678)	145,646
Add back interest	396	668	161	124
Add back losses/(gains) on investments held at fair value through profit or loss	125,797	(148,193)	126,457	(148,151)
Foreign exchange gains	144	-	144	-
Net sales of investments held at fair value through profit or loss	25,554	2,442	9,231	1,265
Increase in prepayments, VAT and other receivables	(686)	(207)	(776)	(63)
(Increase)/decrease in amounts due from brokers	(1,077)	213	-	-
Increase/(decrease) in other payables	25	58	3	(6)
Increase/(decrease) in amounts due to brokers	959	(858)	-	(858)
	_______	_______	_______	_______
Net cash inflow/(outflow) from operating activities before interest payable and taxation	22,431	(107)	6,542	(2,043)

Interest paid	(407)	(657)	(166)	(121)
Tax paid	(86)	(58)	-	-
	_______	_______	_______	_______
Net cash inflow/(outflow) from operating activities	21,938	(822)	6,376	(2,164)
	=====	=====	=====	=====
Financing activities
Net proceeds from the issue of shares	-	303	-	303
Repurchase of shares	(3,508)	(3,966)	(3,508)	(3,966)
Net (repayment)/drawdown of short term loans	(12,144)	8,391	(3,144)	3,000
	_______	_______	_______	_______
Net cash (outflow)/inflow from financing activities	(15,652)	4,728	(6,652)	(663)

Increase/(decrease) in cash and cash equivalents	6,286	3,906	(276)	(2,827)
Cash and cash equivalents at the start of the year	8,159	4,253	1,024	3,851
	_______	_______	_______	_______
Cash and cash equivalents at the end of the year	14,445	8,159	748	1,024
	=====	=====	=====	=====

Notes to the Accounts

for the year ended 30th September 2008

1. Accounting policies

The Group and Company financial statements have been prepared in accordance with International Financial Reporting Standards ('IFRS'), which comprise standards and interpretations approved by the International Accounting Standards Board ('IASB'), International Accounting Standards and Standing Interpretations Committee and interpretations approved by the International Accounting Standards Committee ('IASC') that remain in effect and to the extent that they have been adopted by the European Union.

Where presentational guidance set out in the Statement of Recommended Practice ('SORP') for investment trusts issued by the Association of Investment Companies ('AIC') in December 2005 is consistent with the requirements of IFRS, the financial statements have been prepared on a basis compliant with the recommendations of the SORP.

2. (Loss)/earnings per share	(Unaudited) Group Year ended 30th September 2008	(Audited) Group Year ended 30th September 2007
	£'000	£'000

Revenue loss attributable to equity shareholders	(2,353)	(2,608)
Capital (loss)/profit attributable to equity shareholders	(126,326)	148,254
	_______	_______
Net (loss)/profit attributable to equity shareholders	(128,679)	145,646
	=====	=====
Weighted average number of shares in issue during the year	102,882,855	104,562,209

Revenue loss per share	(2.29)p	(2.49)p
Capital (loss)/profit per share	(122.78)p	141.79p
	_______	_______
Net (loss)/profit per share	(125.07)p	139.30p
	=====	=====

3. Net asset value per share	(Unaudited) Group Year ended 30th September 2008	(Audited) Group Year ended 30th September 2007

Shareholders funds (£'000)	303,999	436,186
Number of shares in issue at the year end, excluding shares held in Treasury	102,769,874	103,591,874
	_______	_______
Net asset value per share	295.8p	421.1p
	=====	=====

5. Status of preliminary announcement

The financial information set out in this preliminary announcement does not constitute the Company's statutory accounts for the years ended 30th September 2008 or 2007. The financial information for the year ended 30th September 2007 is derived from the financial statements from the statutory accounts for the year which have been delivered to the Registrar of Companies. The auditors reported on those accounts, their report was unqualified and did not contain a statement under S237 (2) and (3) Companies Act 1985. The statutory accounts for the year ended 30th September 2008 have not been delivered to the Registrar of Companies, nor have the auditors yet reported on them. The statutory accounts for the year ended 30th September 2008 will be finalised on the basis of the information presented by the directors in this preliminary announcement and will be delivered to the Registrar of Companies following the approval of the accounts by the Board of Directors. Whilst the financial information included in this preliminary announcement has been computed in accordance with IFRS, this announcement in itself does not in itself contain sufficient information to comply with IFRS.