Interim Results

Travis Perkins PLC
03 September 2004


3 September 2004


  OPERATING PROFIT BEFORE AMORTISATION OF GOODWILL UP 15.3 PER CENT AT £109.3 
                                    MILLION

                PRE-TAX PROFIT UP 17.9 PER CENT AT £ 95.3 MILLION

                DIVIDEND PER SHARE INCREASED BY 25% TO 9.5 PENCE

                                              6 Months    6 Months    Increase
                                               30 June     30 June
                                                  2004        2003

                                                    £m          £m           %
Turnover                                         913.6       816.6        11.9
Operating profit before amortisation of          
  goodwill                                       109.3        94.8        15.3
Operating profit after amortisation of          
  goodwill                                       100.8        87.5        15.2
Profit before taxation                            95.3        80.8        17.9
Profit after taxation                             63.9        53.5        19.4
Like-for-like free cash flow (note 9)             85.3        63.6        34.1

Basic earnings per ordinary share                 56.3p       47.5p       18.5
Adjusted earnings per ordinary share before 
  amortisation of goodwill and profit on sale       
  of properties (note 3)                          63.8p       53.8p       18.6

Interim dividend per share                         9.5p        7.6p       25.0


Frank McKay, chief executive, said:

'Strong performance in the first half has been driven by a combination of
organic improvements and increased contributions from acquisitions, particularly
the recently acquired plumbing and heating businesses. At the same time buying
and overhead efficiencies have benefited the whole business.

A record number of small acquisitions together with brown-field openings and
significant capital expenditure on branch upgrades sees us well placed for the
future.

It remains to be seen what effect higher interest rates and the slow down in
house price inflation may have on consumer confidence. However, with the
increased investments made from our strong free cash flow we are in a good
position to make further progress.'


Enquiries:      Frank McKay                        Paul Hampden Smith          
                Chief Executive                    Finance Director
                Tel: [phone]                 Tel: [phone] (mobile)
                Tel: [phone] (mobile)                             

Issued on behalf of Travis Perkins plc by Tavistock Communications Limited
(contact: Keith Payne, tel: [phone]


Chairman's interim statement

I am pleased to report pre-tax profits for the six months ended 30 June 2004 of
£95.3 million, an increase of 17.9 per cent over the £80.8 million earned in 
the same period of 2003.

Basic earnings per share rose 18.5 per cent to 56.3 pence from 47.5 pence a year
ago.

The board has declared an interim dividend of 9.5 pence per share, an increase
of 25 per cent on the 2003 interim dividend of 7.6 pence. We currently intend
that the final dividend will be not less than 21.0 pence, a 25 per cent 
increase for the full year. This increased payment ratio reflects the cash 
generative nature of our business as well as confidence in its future prospects 
and ability to support both acquisitions and capital expenditure from within 
existing resources.

We remain committed to our strategy of growing the business both organically 
and by acquisition. Although we have no immediate intention of doing so, we
recognise that from time to time it may be expedient for us to utilise the
authority given to us by shareholders to buy back our shares. Any purchases
would only be made with the intention of enhancing earnings per share.

Operating cash flows at £128.6 million were 5.0 per cent higher than in the
first half of 2003. Like-for-like free cash flow (as shown in note 9) was up
34.1 per cent at £85.3 million against £63.6 million. Part of the free cash was
used to fund expansion and the acquisition of new businesses. Together these
cost £35.1 million. In addition £5.1 million in excess of the profit charge was
used to reduce the pension deficit in the first half. There will be a further
excess in the second half of approximately £18 million. At 30 June 2004 the
pension deficit was £74.0 million, a reduction of £11.1 million from the
year-end.

As a result of net debt being reduced in the first half by £26.7 million to
£101.8 million, gearing (as shown in note 8) at 30 June 2004 fell to 19.0 per
cent from 26.9 per cent at 31 December 2003.

Net interest payable was covered 29.5 times by operating profit before goodwill
amortisation, compared with 20.6 times for the first half of 2003.

In April 2004, the final £75 million tranche of the group's syndicated loan
facility was repaid and its £50 million revolving credit facility expired. 
These facilities have been replaced with two new £25 million three-year term 
loans and £78 million of uncommitted overdraft facilities.

In January 2005 the group will be required to implement International 
Accounting Standards ('IAS'). An IAS project team has been established, which 
has made good progress towards identifying the key differences between the 
group's current UK GAAP accounting policies and those policies that it will 
need to adopt in 2005.

Strong performance in the first half has been driven by a combination of 
organic improvements and increased contributions from acquisitions, 
particularly the recently acquired plumbing and heating businesses. At the same 
time buying and overhead efficiencies have benefited the whole business.

A record number of small acquisitions together with brown-field openings and
significant capital expenditure on branch upgrades sees us well placed for the
future.

It remains to be seen what effect higher interest rates and the slow down in
house price inflation may have on consumer confidence. However, with the
increased investments made from our strong free cash flow we are in a good
position to make further progress.

T. E. P. Stevenson
3 September 2004

Chief executive's interim report

Results

The company has produced a strong first half performance. Group operating 
profit before amortisation of goodwill of £8.5 million (2003: £7.3 million), 
rose 15.3 per cent to £109.3 million from £94.8 million in the same period of 
2003. Our ongoing programme of branch improvements, acquisitions and 
brown-field openings all contributed to a further increase in sales, to £913.6 
million in the first half, up by £97 million or 11.9 per cent on the first 
half of 2003. Like for like sales per working day increased 2.7 per cent. 
Our continuous improvement culture has once again enabled us to increase the 
overall operating margin before goodwill amortisation, to 12.0 per cent from 
11.6 per cent in the same period of last year.

A major achievement in the first half has been the integration of the majority
of acquired branches of Jayhard, B&G, City Plumbing and CCF into the wider 
group systems and processes. This has resulted in further cost savings which 
will benefit results.

We have begun a programme of upgrades to the acquired plumbing and heating
branches, with a particular focus on adding high quality bathroom showrooms to
over 30 locations. These improvement measures are already benefiting the sales
performance of our newly enlarged specialist plumbing and heating network.
Within CCF we have improved the product range and further reduced the need to
buy in product. The financial results of both the City Plumbing and CCF
divisions are above those envisaged at the time these businesses were acquired.

Developments

The group added thirty-five new branches in the first half - its strongest ever
deal flow for one-off branch additions. These comprised nineteen acquisitions
and sixteen brown-field openings. Nine consolidations within the plumbing and
heating network were part of the integration plan to reduce overheads and at 
the same time maintain the customer base.

Since the end of June we have opened a further five brown-field branches and
added nine branches by way of acquisitions. Of the total increase of forty-nine
branches to date this year, thirty-nine were mixed merchant and ten additions 
to the plumbing and heating specialist network. The group now trades from a 
total of seven hundred and forty branches.

Branch Improvements

As well as opening new outlets we have continued to invest in upgrading the
existing branch infrastructure. During the first half of 2004 major projects
were carried out at a number of branches, including Erdington, Watford, Slough,
Northampton, Gastard, Oswestry, Urmston and Forfar. Refurbishment projects were
completed at various Keyline operations, notably Colchester, Norwich,
Kingswinford, Elgin and Swindon.

Information Technology

During the first six months of the year we completed the conversion of a large
part of the IT branch network to a broadband service, thereby expanding 
capacity while cutting operating costs substantially.

The group has now received accreditation to the new 'chip and pin' standard for
payment by card. As a result we are ready for the introduction of this more
secure payment method which will operate across the country from the start of
2005.

Customer Service

We have continued to challenge all branches to improve their performance on the
customer service key performance indicators against which they are measured on 
a monthly basis. Branches seek regular focused feedback from customers at 
customer service group meetings and use this feedback to improve further 
wherever possible.

Health & Safety

The company remains committed to maintaining and improving its already high
standards in Health and Safety. Accident frequency and severity rates during 
the first half of 2004 showed a like-for-like drop over the same period of 2003 
and we are pleased to report that there were no prosecutions or fatalities. 
Last year we entered into a Lead Authority Partnership (LAPS) with Northampton
Borough Council and work is now well under way to achieve and sustain consistent
standards in Health and Safety across all of our operating units. An increased
focus on Occupational Health in 2004 has seen the introduction of a Drugs and
Alcohol Policy, an Employee Assistance Programme and enhanced Health Screenings.

Environment

We have continued to push ahead with our environmental improvement programme.
This has seen the roll out of our bespoke design tool hire wash down stations
and the fitting of further particulate filters to the exhaust systems of our
commercial vehicles. Both measures are designed to limit pollution. We have also
had success with our programme of increasing the raw material content of our
timber products originating from certified forests. The most notable of these
has been the introduction of a large volume of Forest Stewardship Council (FSC)
certified Brazilian softwood plywood. Over 240 branches have now achieved chain
of custody accreditation and more will do so during the rest of the year.

Future

We have continued to grow the branch network and have a good pipeline of
additional transactions awaiting completion. Having refined our analysis of
target locations for the generalist merchant network, the specialist plumbing
and heating division and the dry lining and insulation brand, we see clear
potential for a significant increase in the number of branches.

The opportunity to open additional sites, together with commitment to our
continuous improvement programme, reinforces the confidence we have in our
ability to sustain the profitable growth of the company.

Staff

On behalf of the board, I would like to thank all employees for their
contribution to a strong first half performance.

F. J. McKay
3 September 2004


Consolidated Profit and Loss Account

                                         Six months    Six months         Year
                                            30 June       30 June       31 Dec
£m                                             2004          2003         2003
                                          (Reviewed)    (Reviewed)    (Audited)
Turnover                                      913.6         816.6      1,678.3
===============================================================================
Operating profit before amortisation of 
  goodwill                                    109.3          94.8        191.4

Amortisation of goodwill                       (8.5)         (7.3)       (15.3)
-------------------------------------------------------------------------------
Operating profit after amortisation of
  goodwill                                    100.8          87.5        176.1

Profit on sale of properties                      -           0.2            - 
-------------------------------------------------------------------------------
Profit on ordinary activities
before interest and taxation                  100.8          87.7        176.1 

Net interest payable                           (3.7)         (4.6)        (9.1)

Other finance costs                            (1.8)         (2.3)        (4.3)
-------------------------------------------------------------------------------
Profit on ordinary activities before
  taxation                                     95.3          80.8        162.7 

Tax on profit on ordinary activities          (31.4)        (27.3)       (53.8)
-------------------------------------------------------------------------------
Profit on ordinary activities after
  taxation                                     63.9          53.5        108.9

Dividends paid and proposed                   (10.8)         (8.6)       (27.6)
-------------------------------------------------------------------------------

Retained profit transferred to
  reserves                                     53.1          44.9         81.3
===============================================================================
Earnings per ordinary share

Basic                                          56.3p         47.5p        96.5p

Diluted                                        55.3p         46.8p        95.2p

Adjusted (before amortisation of
  goodwill and profit on sale of
  properties) (Note 3)                         63.8p         53.8p       110.0p
===============================================================================
Dividend per ordinary share                     9.5p          7.6p        24.4p
===============================================================================

Consolidated Balance Sheet

                                              As at         As at        As at
                                            30 June       30 June       31 Dec
£m                                             2004          2003         2003
                                          (Reviewed)    (Reviewed)    (Audited)
Fixed assets
Tangible assets                               306.1         270.4        284.7
Intangible assets - goodwill                  285.6         247.8        285.7
Investments                                     4.3           4.6          4.3
-------------------------------------------------------------------------------
                                              596.0         522.8        574.7
-------------------------------------------------------------------------------
Current assets

Stocks                                        184.4         159.9        178.1

Debtors                                       308.6         295.9        265.4

Properties held for resale                      0.2           1.1          0.2

Short term investments - cash
  deposits                                     10.0          37.0         27.5

Cash at bank and in hand                       23.9          16.0          6.4
-------------------------------------------------------------------------------
                                              527.1         509.9        477.6

Creditors: amounts falling due within 
  one year                                   (369.2)       (416.4)      (400.0)
-------------------------------------------------------------------------------
Net current assets                            157.9          93.5         77.6
-------------------------------------------------------------------------------
Total assets less current liabilities         753.9         616.3        652.3

Creditors: amounts falling due after
  more than one year                         (120.0)        (75.1)       (70.1)

Provisions for liabilities and
  charges                                     (23.2)        (15.1)       (20.1)
-------------------------------------------------------------------------------
Net assets excluding pension deficit          610.7         526.1        562.1
===============================================================================
Pension deficit                               (74.0)       (103.2)       (85.1)
-------------------------------------------------------------------------------
Net assets including pension deficit          536.7         422.9        477.0
===============================================================================
Capital and reserves

Called up share capital                        11.3          11.3         11.3

Share premium account                          70.0          66.7         69.4

Revaluation reserves                           30.6          31.2         30.6

Profit and loss account                       424.8         313.7        365.7
-------------------------------------------------------------------------------
Total equity shareholders' funds              536.7         422.9        477.0 
===============================================================================
The interim financial statements were approved by the board of directors on 3
September 2004.

Signed on behalf of the board of directors.

F.J. McKay           )
P.N. Hampden Smith   )Directors


Reconciliation of Movements in Equity Shareholders' Funds

                                     Six months        Six months        Year  
                                        30 June           30 June      31 Dec
£m                                         2004              2003        2003) 
                                      (Reviewed)        (Reviewed)   (Audited)

Equity shareholders'funds at  
  1 January                               477.0             395.4        395.4 

Profit attributable to                     63.9              53.5        108.9
shareholders of the company

Dividends                                 (10.8)             (8.6)       (27.6)
-------------------------------------------------------------------------------
Retained profit transferred to             
  reserves                                 53.1              44.9         81.3

New share capital subscribed                0.6               0.8          3.5

Unrealised loss on revaluation
  of investment properties                    -                 -         (0.3)

Actuarial gains and losses (net
  of deferred tax)                            -                 -         (0.3)
-------------------------------------------------------------------------------
Net increase in shareholders'
  funds                                    59.7              27.5         81.6 
-------------------------------------------------------------------------------

Equity shareholders' funds at
  30 June/31 December                     536.7             422.9        477.0
===============================================================================


Statement of Total Recognised Gains and Losses

                                     Six months      Six months           Year 
                                        30 June         30 June         31 Dec
£m                                         2004            2003           2003 
                                      (Reviewed)      (Reviewed)      (Audited)



Profit attributable to  
  shareholders of the company              63.9            53.5          108.9

Actuarial gains and losses
  recognised in the pension schemes        10.8           (25.7)          (2.7)

Deferred tax on pension deficit            (4.8)            7.5           (0.2)

Unrealised loss on revaluation of
  investment properties                       -               -           (0.3)
-------------------------------------------------------------------------------
Total recognised gains and losses 
  relating to the period                   69.9            35.3          105.7
===============================================================================

Consolidated Cash Flow Statement

                                          Six months      Six months      Year
                                             30 June         30 June    31 Dec
£m                                              2004            2003      2003
                                           (Reviewed)      (Reviewed) (Audited)

Net cash inflow from operating 
  activities                                  128.6           122.5      230.8
-------------------------------------------------------------------------------
Returns on investments and servicing of
  finance

Interest received                               0.2             0.4        0.7
Interest paid                                  (3.6)           (4.6)     (10.0
                                   
-------------------------------------------------------------------------------
Net cash flow for returns on
  investments and servicing of finance         (3.4)           (4.2)      (9.3)
-------------------------------------------------------------------------------
Taxation
UK corporation tax paid                       (26.9)          (24.9)     (50.9)
-------------------------------------------------------------------------------
Capital expenditure and financial
  investment

Purchase of tangible fixed assets             (33.5)          (24.9)     (49.4)
Receipts from sales of tangible fixed
  assets                                        1.3             1.2        2.5
-------------------------------------------------------------------------------
Net cash outflow for capital
  expenditure and financial investment        (32.2)          (23.7)     (46.9)
-------------------------------------------------------------------------------
Acquisitions

Purchase of business undertakings             (21.2)           (5.7)     (73.0)
Net cash/(overdrafts) acquired with
  business undertakings                         0.2            (0.7)       0.7
-------------------------------------------------------------------------------
Net cash outflow for acquisitions             (21.0)           (6.4)     (72.3)
-------------------------------------------------------------------------------
Equity dividends paid                         (19.0)          (15.1)     (23.7)
-------------------------------------------------------------------------------

Cash inflow before use of liquid
  resources and financing                      26.1            48.2       27.7
-------------------------------------------------------------------------------
Management of liquid resources

Cash inflow from/(outflow to) short
  term deposits                                17.5            (7.0)       2.5
-------------------------------------------------------------------------------

Financing

Issue of ordinary share capital                 0.6             0.8        3.5
Repayment of bank loans                       (25.0)          (25.0)     (25.0)
Repayment of unsecured loan notes              (1.6)           (0.6)      (1.9)
Capital element of finance lease 
  rentals                                      (0.1)           (0.1)      (0.1)
-------------------------------------------------------------------------------

Net cash outflow to financing                 (26.1)          (24.9)     (23.5)
-------------------------------------------------------------------------------
Increase in cash in the period                 17.5            16.3        6.7
===============================================================================


Notes to the Interim Financial Statements

1.  Basis of preparation

The interim financial statements have been prepared on the basis of the
accounting policies set out in the group's statutory accounts for the year 
ended 31 December 2003.

The financial information for the six months ended 30 June 2004 and 30 June 
2003 is unaudited and does not constitute statutory accounts as defined in 
section 240 of the Companies Act 1985. This information has been reviewed by 
Deloitte & Touche LLP, the group's auditors, and a copy of their review report 
appears on page 13 of this Interim Report.

Comparative figures for the year to 31 December 2003 have been extracted from
the latest published accounts on which the report of the auditors was
unqualified and did not contain a statement made under section 237(2) or 
section 237(3) of the Companies Act. The 2003 accounts have been delivered to 
the Registrar of Companies.

2.  Taxation

The tax charge on ordinary activities for the six months ended 30 June 2004 has
been calculated at the rate which it is expected will apply for the year ending
31 December 2004.

3.  Earnings per ordinary share      Six months     Six months            Year
                                        30 June        30 June          31 Dec
                                           2004           2003            2003
Basic earnings per ordinary
  share are calculated from 
  the following ratio:

Profit on ordinary activities
  after taxation                  £63.9 million  £53.5 million  £108.9 million

Average number of shares 
  in issue                          113,452,820    112,693,913     112,782,720

Diluted earnings per ordinary 
share are calculated from the 
  following ratio:

Profit on ordinary activities 
  after taxation                  £63.9 million  £53.5 million  £108.9 million

Average number of shares in
  issue including outstanding
  options                           115,477,288    114,334,774     114,359,686


Adjusted earnings per ordinary share (before amortisation of goodwill and 
profit on the sale of properties) are presented in addition to the basic 
earnings per ordinary share since, in the opinion of the directors, this 
presents a better like-for-like comparison of the earnings of the group between
the relevant periods.


Notes to the Interim Financial Statements


3.  Earnings per ordinary share (continued)

Basic earnings per ordinary share may be reconciled to adjusted earnings per
ordinary share as follows:

                                           Six months    Six months       Year
                                              30 June       30 June     31 Dec
                                                 2004          2003       2003 

Adjusted earnings per ordinary share             63.8p         53.8p     110.0p
Amortisation of goodwill                         (7.5)p        (6.5)p    (13.5)p
Profit on sale of properties                        -           0.2p         -
-------------------------------------------------------------------------------
Basic earnings per ordinary share                56.3p         47.5p      96.5p
===============================================================================


4.  Dividend per ordinary share

The interim dividend of 9.5 pence per ordinary share will be paid on 29 October
2004 to shareholders on the register on 1 October 2004. The shares will be
quoted ex-dividend on 29 September 2004.


5.  Reconciliation of operating profit to net cash inflow from
      operating activities

                                            Six months    Six months       Year
                                               30 June       30 June     31 Dec
£m                                                2004          2003       2003

Operating profit after amortisation of           
  goodwill                                       100.8          87.5      176.1
Depreciation and other amounts written            
  off fixed assets                                15.5          12.9       26.9
Amortisation of goodwill                           8.5           7.3       15.3
Profit on sale of fixed assets                    (0.3)         (0.1)         -
Increase in stocks                                (2.3)         (6.8)     (10.8)
Increase in debtors                              (37.8)        (44.3)      (0.4)
Increase in creditors                             44.2          66.0       23.7
-------------------------------------------------------------------------------
Net cash inflow from operating
  activities                                     128.6         122.5      230.8 
===============================================================================

Notes to the Interim Financial Statements


6.  Reconciliation of net cash flow to movement in net debt

                                            Six months    Six months       Year
                                               30 June       30 June     31 Dec 
£m                                                2004          2003       2003

Increase in cash in the period                    17.5          16.3        6.7
Cash outflow to repay debt                        26.7          25.7       27.0
Cash (inflow from)/outflow to 
  (decrease)/increase liquid
  resources                                      (17.5)          7.0       (2.5)
-------------------------------------------------------------------------------
Movement in net debt                              26.7          49.0       31.2
Net debt at 1 January                           (128.5)       (159.7)    (159.7)
-------------------------------------------------------------------------------
Net debt at 30 June / 31 December               (101.8)       (110.7)    (128.5)
===============================================================================


7.  Analysis of increase in cash and debt

                                            Six months    Six months       Year
                                               30 June       30 June     31 Dec
£m                                                2004          2003       2003


Cash at bank and in hand                          23.9          16.0        6.4
Short term deposits                               10.0          37.0       27.5
-------------------------------------------------------------------------------
Cash in balance sheet                             33.9          53.0       33.9
Bank loans                                      (125.0)       (150.0)    (150.0)
Finance leases                                    (0.1)         (0.2)      (0.2)
Unsecured loan notes                             (10.6)        (13.5)     (12.2)
-------------------------------------------------------------------------------
Net debt at 30 June / 31 December               (101.8)       (110.7)    (128.5)
===============================================================================

8.  Gearing



                                               30 June       30 June     31 Dec 
£m                                                2004          2003       2003

Net debt                                         101.8         110.7      128.5
Shareholders' funds                              536.7         422.9      477.0
Gearing                                           19.0%         26.2%      26.9%


Notes to the Interim Financial Statements

9.  Like-for-like free cash flow

                                            Six months    Six months       Year
                                               30 June       30 June     31 Dec 
£m                                                2004          2003       2003

Net debt at 1 January                           (128.5)       (159.7)    (159.7)
Net debt at 30 June / 31 December               (101.8)       (110.7)    (128.5)
-------------------------------------------------------------------------------
Movement in net debt                              26.7          49.0       31.2
Adjustment in respect of creditors 
  paid in advance                                    -         (16.6)     (16.6)
Dividends                                         19.0          15.1       23.7
Net cash outflow for expansion 
  capital expenditure                             14.1           9.7       17.4

Net cash outflow for acquisitions                 21.0           6.4       72.3
Shares issued                                     (0.6)         (0.8)      (3.5)
Special pensions contributions                     5.1           0.8        3.8
-------------------------------------------------------------------------------
Like-for-like free cash flow                      85.3          63.6      128.3
===============================================================================

The definition of free cash flow has been amended during the period to mirror
that typically used by investment analysts.



Independent Review Report to Travis Perkins plc

Introduction

We have been instructed by the company to review the financial information for
the six months ended 30 June 2004 which comprises the profit and loss account,
the balance sheet, the cash flow statement, the statement of total recognised
gains and losses, related notes 1 to 9 and the reconciliation of movements in
equity shareholders' funds. We have read the other information contained in the
interim report and considered whether it contains any apparent misstatements or
material inconsistencies with the financial information.

This report is made solely to the company in accordance with Bulletin 1999/4
issued by the Auditing Practices Board. Our work has been undertaken so that we
might state to the company those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than
the company, for our review work, for this report, or for the conclusions we
have formed.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures are consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with the guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A
review consists principally of making enquiries of group management and 
applying analytical procedures to the financial information and underlying 
financial data and, based thereon, assessing whether the accounting policies 
and presentation have been consistently applied unless otherwise disclosed. 
A review excludes audit procedures such as tests of controls and verification 
of assets,liabilities and transactions. It is substantially less in scope 
than an audit performed in accordance with United Kingdom auditing standards 
and therefore provides a lower level of assurance than an audit. 
Accordingly, we do not express an audit opinion on the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2004.

Deloitte & Touche LLP
Chartered Accountants and Registered Auditors
Nottingham                                             3 September 2004


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