Final Results - Part One

WPP Group PLC
27 February 2004


PART ONE 


FOR IMMEDIATE RELEASE                                          27 FEBRUARY 2004


                                     WPP

                     PRELIMINARY RESULTS FOR THE YEAR ENDED

                                31 DECEMBER 2003

                       Revenue up over 5% to £4.1 billion
               Operating margin up 0.7 of a margin point to 13.0%
            Headline profits before tax up over 18% to £473 million
            Diluted headline earnings per share up over 16% at 29.0p
                    Final dividend up 20% to 4.40p per share

•    Revenue up over 5% to £4.106 billion.

•    Operating margin up 0.7 of a margin point from 12.3% to 13.0%.

•    Headline operating profits before tax up over 11% to £533.5 million.

•    Headline profit before tax up over 18% to £473.4 million.

•    Profit before tax up over 70% to £349.9 million.

•    Diluted headline earnings per share up over 16% to 29.0p from 24.9p.

•    Reported diluted earnings per share up over 136% to 18.2p from 7.7p.

•    Final dividend up 20% to 4.40p per share making a total for the year 
     of 6.48p up 20% over 2002.

•    Strong estimated net new billings of over £2.232 billion ($3.572 billion).


In this press release not all of the figures and ratios used are readily
available from the unaudited preliminary results included in Appendix I.  Where
required, details of how these have been arrived at are shown in Appendix IV.


Summary of results

The Board of WPP Group plc ("WPP") announces the unaudited preliminary results
for the year ended 31 December 2003, the Group's eighteenth year.  These results
show improved performance, as the Group capitalised on better economic
conditions both in the United States, Asia Pacific, Latin America, Africa and
the Middle East and in advertising, media investment management, information,
insight and consultancy, branding and identity, healthcare and specialist
communications.

Turnover was up 3.3% at £18.62 billion.

Reportable revenue was up over 5% to £4.106 billion. Revenue including
associates is estimated to total £5.1 billion.  On a constant currency basis,
revenue was up over 7% and gross profit up over 7%.  Like-for-like revenues,
excluding the impact of acquisitions and on a constant currency basis, were up
0.7%.  Excluding the acquisition of Cordiant Communications Group plc ("Cordiant
"), like-for-like revenues were up 1.5%.  Like-for-like revenues were flat in
the first half of 2003 and up over 1% in the second half.  In the four
sequential quarters of 2003, like-for-like revenues were flat, flat, up over 1%
and up over 1%.  Excluding Cordiant, the last two quarters were over 2% and over
3%, respectively.

Reported operating costs including direct costs (but excluding goodwill
amortisation and impairment), rose by over 4% and by almost 7% in constant
currency.  Like-for-like total operating and direct costs rose 0.5%. Staff costs
excluding incentives were up 0.2%, with salaries and freelance costs down 0.9%.
Incentive payments totalled £130.4 million (£90.1 million in 2002) or almost 21%
(over 16% in 2002) of operating profit before bonuses, taxes and income from
associates.  Before these incentive payments, operating margins increased by 1.4
margin points to 15.2% from 13.8%.  On a reported basis the Group's staff cost
to gross margin ratio rose to 61.1% from 60.4%.  Excluding incentives, this
ratio fell 0.3 margin points to 57.7% from 58.0%.

Variable staff costs as a proportion of total staff costs increased during the
1990s, reaching 12.1% in 2000.  The impact of the recession in 2001 and 2002 was
to reduce this ratio to 9.2% and variable staff costs as a proportion of revenue
to 5.3%.  In 2003, variable staff costs as a proportion of staff costs rose
again to 11.0% and variable staff costs as a proportion of revenues also rose
again to 6.3%.  Non-staff costs fell as a proportion of revenues, from 25.7% to
24.6%, primarily reflecting a reduction in the Group's property costs following
actions taken in 2002.

The actual number of people in the Group averaged 51,604 against 50,417 in 2002,
an increase of 2.4%.  On a like-for-like basis, average headcount was down to
51,604 from 53,940, a decrease of over 4%.  At the end of 2003, staff numbers
were 54,324 compared with 56,074 at the end of 2002 on a pro-forma basis, a
reduction of over 3%.

Net interest payable and similar charges (including a charge for the early
adoption of FRS17) fell to £71.6 million from £86.4 million, principally
reflecting higher cash generated from operations, lower interest rates, the
impact of reduced levels of acquisition activity in 2002 and lower share
repurchases and cancellations last year.  Headline interest cover remains at a
level of seven times and at over eight times, excluding the FRS17 charge.

Headline operating profit or profit pre-goodwill and impairment, interest, tax,
investment gains and write-downs was up 11.1% to £533.5 million from £480.2
million and up almost 12% in constant currencies.  Headline profit before tax or
profit pre-goodwill, impairment and tax was up over 18% to £473.4 million from
£400.6 million. Reported headline operating margin (including income from
associates) increased to 13.0% from 12.3%.  Reported profit before interest,
tax, investment gains and write-downs was up over 39% to £421.5 million from
£302.5 million and on a constant currency basis, was up almost 42% reflecting
the weakness of sterling against the Euro, more than counterbalanced by the
strengthening of sterling against the dollar.  However, moving down the income
statement, this adverse currency impact is partly hedged by the effect of dollar
denominated operating expenses and interest costs, particularly at the profit
before tax level.

The Group's tax rate on headline profits was 25.8%, the same level as in the
previous year, reflecting the continuing strength of the Group's tax planning
initiatives.

Diluted headline earnings per share were up over 16% at 29.0p.  In constant
currency, earnings per share on the same basis were up over 17%.

In 2002, £145.7 million was taken as an impairment charge primarily reflecting
accelerated amortisation of goodwill on first generation businesses which
suffered in the recession.  Although 2003 was better than 2002, some first
generation businesses, which had been acquired, continued to suffer and an
impairment charge reflecting accelerated amortisation of goodwill of £79 million
has been taken.

As a result, profit before tax rose over 70% to £349.9 million and diluted
earnings per share rose by over 136% to 18.2p.

The Board recommends an increase of 20% in the final dividend to 4.40p per
share, making a total of 6.48p per share for 2003, a 20% increase over 2002.
The record date for this dividend is 4 June 2004, payable on 5 July 2004.  The
dividend for 2003 is 4.3 times covered by headline earnings.

Further details of WPP's financial performance are provided in Appendix I (in
sterling) and Appendix II (in euros).

As indicated in 2002, WPP intends to expense the cost of executive options in
its income statement.  Only one of the company's major competitors has indicated
that they will follow this approach and none has indicated the likely cost of
doing so.  Appendix III shows a pro forma unaudited income statement for 2003.
This details the impact of expensing executive options using a Black Scholes
valuation model and applying United States transitional guidelines under the
prospective adoption method contained within FAS 148 as of 1 January 2002. On
this basis, only executive options issued since 1 January 2002 would be
expensed. The resulting reduction in headline earnings per share would have been
3.7%.  Fully expensing all executive options granted over the last three years
on a consistent basis would reduce headline earnings per share by 6.4%.

Review of operations

The Group's financial performance in the year mirrored the continuing
improvement in economic conditions in the United States, Asia Pacific, Latin
America, Africa and the Middle East countered to a limited extent (in our case)
by continuing weakness in Europe, particularly in the United Kingdom.

The positive quarterly revenue trend seen in the United States in the fourth
quarter of 2002 continued into 2003, with all four quarters showing positive
growth, and worldwide in quarters three and four.  Although 2003 was not easy,
2004 with the positive impact of quadrennial factors such as the United States
Presidential Election, political advertising in the United States pushing up
media rates, the Athens Olympics and the European Football Championships should
ensure further signs of a more significant recovery.

Network television price inflation and declining audiences, fragmentation of
traditional media and rapid development of new technologies continued to drive
experimentation by our clients in new media and non-traditional alternatives.
1998 was really the first year when WPP's marketing services activities
represented over 50% of Group revenue.  In 2003 these activities represented
over 53% of Group revenue.  In addition, in 2003, our narrowly defined
internet-related revenue was almost $300 million or almost 5% of our worldwide
reported revenue.  This is in line with approximately 5% for on-line media's
share of total advertising spend in the United States and approximately 3% share
worldwide.  The new media continue to build their share of client spending.


Revenue and operating profit by region

The pattern of revenue growth differed regionally.  The table below gives
details of revenue and revenue growth (on a constant currency basis) by region
for 2003 as well as proportions of operating profits:

Region                     Revenue as a%         Revenue      Operating profit as  Revenue* including
                           of Total Group     growth% +/(-)   a % of Total Group   100% of associates
                                                  03/02                             as a % of Total
                                                                                         Group

North America                   42.2              + 5.8              48.0                 35.3
United Kingdom                  16.4              + 7.4              13.6                 16.6
Continental Europe              25.0              + 6.5              21.4                 24.4
Asia Pacific, Latin
America, Africa & the
Middle East                     16.4              +13.0              17.0                 23.7

Total Group                    100.0              + 7.3              100.0               100.0



* Estimated


As can be seen, all regions showed revenue growth in 2003, with both the United
Kingdom and Continental Europe to some extent reflecting acquisition activity
and Asia Pacific, Latin America, Africa and the Middle East representing the
Group's strongest growth area.  If 100% of associates' revenue is included, the
latter regions become even more significant.

Estimated net new billings of £2.232 billion ($3.572 billion) were won last
year.  The Group was ranked number two for net new billings in the William Blair
(AdAge) new business table for 2003.

Revenue and operating profit by communications services sector and brand

The pattern of revenue growth also varied by communications services sector and
brand.

The table below gives details of revenue and revenue growth by communications
services sector for 2003 (on a constant currency basis) as well as proportions
of operating profits:


Communications services   Revenue as a %    Revenue growth   Operating profit as  Revenue* including
                          of Total Group     % +/(-) 03/02   a % of Total Group   100% of associates
                                                                                   as a % of Total
                                                                                        Group
Advertising, Media
Investment Management          46.9               9.2               55.1                 47.2
Information, Insight &
Consultancy                    17.1               6.8                9.0                 16.2
Public Relations &
Public Affairs                 10.5              -0.6               10.6                 9.9
Branding & Identity,
Healthcare & Specialist
Communications                 25.5               8.0               25.3                 26.7

Total Group                    100.0              7.3               100.0               100.0


* Estimated


The Group's advertising and media investment management businesses continued the
rebound which began in the second half of 2002, with media investment management
the fastest growing sector reflecting strong organic growth.  Information,
insight and consultancy continued their strong growth despite issues at the
Group's call centre operations.  Branding and identity, healthcare and
specialist communications also rebounded with healthcare and direct, internet
and interactive (a part of specialist communications), growing revenues
particularly strongly.  As can be seen, public relations and public affairs
continued to be most affected by recent economic weakness, although the first
signs of recovery came in the fourth quarter of 2003, which showed positive
revenue growth for the first time for eleven quarters.

Advertising and Media Investment Management

Advertising and media investment management took the Group out of the recession
in 2002, media investment management taking the lead.  In constant currencies,
revenue grew by 9.2%. Like-for-like revenue growth was over 2%. Excluding the
impact of the acquisition of Cordiant, like-for-like growth was over 3%. The
combined operating margin of this sector was over 15%.

In 2003, Ogilvy & Mather Worldwide generated estimated net new billings of £166
million ($266 million), J Walter Thompson Company £172 million ($275 million), Y
&R Advertising £128 million ($205 million) and Red Cell generated estimated net
wins of £67 million ($107 million).

Also in 2003, MindShare and Mediaedge:cia generated estimated net new billings
of £1,164 million ($1,863 million).  Group M, WPP's media investment management
parent company, has now been formed and a third independent brand is planned, to
complement MindShare and Mediaedge:cia.

Information, Insight and Consultancy

Information, insight and consultancy has proven to be the most recession
resistant sector in the Group.   In 2003, on a constant currency basis revenues
grew almost 7%.  Like-for-like revenues were up over 1%. However, difficulties
at the Group's call centre operations in the United States impacted overall
sector performance, although improvement is expected in 2004.

Strong performances were recorded by Millward Brown (in the United States,
Canada, MFR in France, IMS in Ireland, Sadek Wynberg in the United Kingdom,
Italy and Germany, and Firefly in Thailand); and Research International (in the
United States, Belgium, France, SIFO in Sweden, Spain, Simon Godfrey in the
United Kingdom, Taiwan, Singapore, Thailand and Mexico).

Public Relations and Public Affairs

Public relations and public affairs continued to be the sector most affected by
the recession, but started to perform less worse in 2003.  In constant
currencies revenues declined by 0.6% but Ogilvy Public Relations Worldwide, Cohn
& Wolfe, Robinson Lerer & Montgomery and Penn Schoen & Berland in the United
States, and Finsbury in the United Kingdom all performed well.

Despite relatively flat revenues last year, the public relations and public
affairs businesses controlled costs effectively and operating margins rose by
over two margin points to almost 13%.

Branding and Identity, Healthcare and Specialist Communications

Through the recession, branding and identity, healthcare and specialist
communications was the Group's second most recession-prone sector, although
healthcare and the direct, internet and interactive activities were relatively
stronger.  In constant currencies revenues grew by 8.0%.   On a like-for-like
basis, however, revenues were down just over 1%.

Several companies performed particularly well:

•  in branding and identity - Landor Associates in Seattle, Cincinnati, the
   United Kingdom, France, Germany and Mexico; MJM Creative Services, and
   Enterprise IG in New York, San Francisco, the United Kingdom, Germany 
   and France

•  in healthcare - CommonHealth in the United States; MarketForce Communications 
   in Canada; Sudler & Hennessey in the United Kingdom and France

•  in promotion and direct marketing - Wunderman in New York, RTC and KBM in
   the United States, in Canada, in the United Kingdom, Spain Switzerland 
   Greece, Argentina and Mexico;  OgilvyOne in the United States, the United 
   Kingdom, Sweden, the Netherlands, Italy, Poland, Brazil, Argentina, Mexico, 
   Hong Kong, Korea and Japan

•  specialist marketing resources - VML, Einson Freeman, The Food Group and
   Pace in the United States and EWA, Mando Marketing, and Metro Broadcast in 
   the United Kingdom.


Manufacturing

Gross profit was up with operating profit and margins up substantially at the
Group's manufacturing division, our industrial heritage.

Balance sheet and cash flow

An unaudited summary of the Group's consolidated balance sheet as at 31 December
2003 is attached in Appendix 1 (in sterling) and in Appendix II (in euros).  As
at 31 December 2003, the Group's net debt fell sharply by £361 million to £362
million compared with £723 million at 31 December 2002 (2002 - estimated at £745
million on the basis of 2003 year end exchange rates), despite net cash
expenditure of £355 million on acquisitions (including a net £95 million on
Cordiant, £39 million of loan note redemptions and £56 million on earnout
payments) and £23 million on share repurchases and cancellations.

Net debt averaged £1,222 million in 2003, down £121 million against £1,343
million in 2002 (down £125 million at 2003 exchange rates).  These net debt
figures compare with a current equity market capitalisation of approximately
£7.3 billion, giving a total enterprise value of approximately £8.5 billion.

Cash flow strengthened as a result of improved working capital management and
cash flow from operations.  In 2003, operating profit before goodwill
amortisation and impairment was £493 million, capital expenditure £94 million,
depreciation £127 million, tax paid £94 million, interest and similar charges
paid £38 million and other net cash inflows of £53 million.  Free cash flow
available for debt repayment, acquisitions, share buybacks and dividends was
therefore £447 million.  This free cash flow was absorbed by £355 million in net
acquisition payments and investments, share repurchases and cancellations of £23
million and dividends of £67 million.  The Company met its recently set
objective of more than covering acquisition payments and share repurchases and
cancellations from free cash flow, even after including dividends.  A summarised
unaudited consolidated cash flow statement is included in Appendix I.

In the first five weeks of 2004 up until 10 February, the last date for which
information is available prior to this announcement, net debt averaged £623
million down £378 million versus £1,001 million for the same period last year at
2004 exchange rates.

Your Board continues to examine ways of deploying its substantial cash flow of
almost £450 million per annum to enhance share owner value.  As necessary
capital expenditure is expected to remain equal to or less than the depreciation
charge, the Company has concentrated on examining potential acquisitions and on
returning excess capital to share owners in the form of dividends or share
buy-backs.

In 2003 the Group increased its equity interests, at a combined net initial cost
of £260 million in cash, in advertising and media investment management in the
United Kingdom, Germany, Italy, Spain, Switzerland, Australia, New Zealand,
China, India, South Korea and Ecuador; in information, insight and consultancy
in the United States, the United Kingdom, Portugal and Spain; in public
relations and public affairs in the United States and Sweden; in healthcare in
the United States; and in sports promotion in Spain.

Last year, 5.6 million ordinary shares or 0.5% of the share capital were
repurchased at a total cost of £20.2 million and average price of 360p.

As noted above, your Board has decided to increase the final dividend by 20% to
4.40p per share, taking the full year dividend to 6.48p per share which is 4.3
times covered, at the headline earnings level.  In addition, as the return on
capital  criteria for investing in cash acquisitions have been raised,
particularly in the United States, the Company will continue to commit to
repurchasing up to 2% of its share base in the open market at an approximate
cost of £150 million, when market conditions are appropriate.  Such annual
rolling share repurchases are believed to have a more significant impact in
improving share owner value than sporadic buy-backs.

Developments in 2003

Including associates, the Group had over 70,000 full-time people in over 1,400
offices in 106 countries at the year end.  It services over 300 of the Fortune
Global 500 companies, over one-half of Nasdaq 100, over 30 of the Fortune e-50,
and approximately 333 national or multi-national clients in three or more
disciplines.  More than 130 clients are served in four disciplines and these
clients account for over 50% of Group revenues.  The Group also works with over
100 clients in six or more countries.

These statistics reflect the increasing opportunities for developing client
relationships between activities nationally, internationally and by function.
The Group estimates that over 35% of new assignments in the year were generated
through the joint development of opportunities by two or more Group companies.
New integration mechanisms, sensitive to global and local opportunities,
including WPP global client leaders and country managers, continue to be
developed.  There is an increasing number of major client creative and
integration opportunities at a Group level.

Future prospects

As the world economy, driven by the United States and Asia Pacific, has started
to pick up in 2003, your Company has performed well.  Whilst like-for-like
revenues have started to grow again, driven by growth in the United States for
eighteen months since August 2002 and globally in the third and fourth quarters
of 2003, like-for-like average headcount has continued to fall by 4%.

As a result of this productivity improvement, the Group's income statement still
reflects severance and restructuring costs, which have not been treated as
exceptional items.  In addition, given improved levels of operating profit and
margin, incentive pools and variable staff costs have now been re-built, after
being diminished by the recession.  This will improve operational gearing and
flexibility in 2004 and beyond.

Following the recession and lower headcount levels, the task of eliminating
under-utilised property costs continues to be a priority.  At the beginning of
2002 the Group occupied approximately 14 million square feet worldwide.  By the
end of 2003, occupancy had fallen to 12.6 million square feet, a 10% reduction
(excluding properties acquired with Cordiant).  In addition, as a result of
actions already taken, a further 600,000 square feet, or an additional 4%, will
be jettisoned by the end of 2004.

As usual our budgets for 2004 have been prepared on a conservative basis,
largely excluding new business particularly in advertising and media investment
management.  They predict improvements in like-for-like revenues in comparison
to 2003 with balanced growth in the first and second half of the year.  They
also indicate similar growth for both advertising and media investment
management revenues and marketing services revenues.  We only have actual data
for January in 2004, and this shows revenue above budget and like-for-like
revenues up almost 1% on last year (estimated at 2% excluding the impact of the
acquisition of Cordiant).  Estimated net new business billings so far in 2004
were very strong with almost $350 million of net wins according to trade
publications.

Worldwide economic conditions are set to improve in quadrennial 2004.  President
Bush wants to be re-elected and will try to continue to stimulate the United
States economy through increased government spending, which will be re-enforced
by the Athens Olympics, European Football Championships in Portugal and heavy
political advertising in the United States.  This year's prospects, therefore,
look good, with worldwide advertising and marketing services spending set to
rise by at least 3-4%.  Even Japan and Europe are showing some signs of life.
We are definitely out of the bath - one potential worry being what a re-elected
or newly-elected President might have to do about a fiscally-driven large
government deficit, a weak United States dollar and rising inflation after the
first Tuesday in November.  United States government spending is already rising
at levels not seen since the Vietnam War in 1967.  We would not want to take a
shower in 2005.

In the short term, therefore, growth in advertising and marketing services
expenditure may remain in the low single digit territory, particularly given
procurement pressures and the dampening effect of the increasing proportion of
fee remuneration on the impact of cyclical upturns (and downturns).   However,
there are now significant opportunities in the area of outsourcing clients'
marketing activities, consolidating client budgets and capitalising on
competitive weaknesses. In addition, spending amongst the packaged goods,
pharmaceutical, oil and energy, government (the government is the largest
advertiser in the UK market) and price-value retail sectors has remained
relatively resilient.  These sectors represent approximately 27% of the Group's
revenue.  Moreover, more recently, recession-affected sectors like technology,
financial services, media and entertainment and telecommunications have become
more perky.

In the long term, however, the outlook appears very favourable.  Overcapacity of
production in most sectors and the shortage of human capital, the developments
in new technologies and media, the growth in importance of internal
communications, the continued strength of the United States economy and the need
to influence distribution, underpin the need for our clients to continue to
differentiate their products and services both tangibly and intangibly.
Moreover, the growth of the BRICs (Brazil, Russia, India and China) economies,
will add significant opportunities in Asia Pacific, Latin America, Africa and
the Middle East and Central and Eastern Europe. Advertising and marketing
services expenditure as a proportion of gross national products should resume
its growth and bust through the cyclical high established in 2000.

Given these short-term and long-term trends, your Company has three strategic
priorities.  In the short term, having weathered the recession, to capitalise on
the 2004 up-turn; in the medium-term, to continue to integrate successfully the
mergers with Y&R, Tempus and Cordiant; and finally, in the long term, to
continue to develop its businesses in the faster-growing geographical areas of
Asia Pacific, Latin America, Africa and the Middle East, and Central and Eastern
Europe and in the faster-growing functional areas of marketing services,
particularly direct, internet, interactive and market research.

Incentive plans for 2004 will again focus more on operating profit growth than
historically, in order to stimulate top-line growth, although objectives will
continue to include operating margin improvement, improvement in staff costs to
revenue ratios and qualitative Group objectives, including co-ordination, talent
management and succession planning.

In these circumstances, there is no reason to believe that the Group cannot
achieve the revised objective set in 2002 of improving margins by one and
one-half margin points by 2004.  Your Board does not believe that there is any
functional, geographic, account concentration or structural reason that should
prevent the Group achieving an operating margin of 13.8% this year.  Budgets for
2004 include this operating margin objective.  After all, the best listed
performer in the industry has been at 15-16% and that is where we want to be.
Neither is there any reason why operating margins could not be improved beyond
this level by continued focus on revenue growth and careful husbandry of costs.
Our ultimate objective continues to be to achieve a 20% margin over a period of
time and to improve the return on capital employed.

Increasingly, WPP is concentrating on its mission of the "management of the
imagination", and ensuring it is a big company with the heart and mind of a
small one.  To aid the achievement of this objective and to develop the benefits
of membership in the Group for both clients and our people, the parent company
continues to develop its activities in the areas of human resources, property,
procurement, information technology and practice development.  Ten practice
areas which span all our brands have been developed initially in media
investment management, healthcare, privatisation, new technologies, new faster
growing markets, internal communications, retailing, entertainment and media,
financial services and hi-tech and telecommunications.

2003 was a better year than 2002 - though it didn't feel so for much of the
time.

For the third consecutive year, our people faced relentless pressures: economic,
political and competitive.  Their response was magnificent. To have delivered
results that, even including all exceptional items, have out-performed most of
their competition and significantly grown market share is an achievement that
merits the highest praise and the most public recognition.  We thank them all.

WPP's ability to achieve its strategic objectives depends wholly on our ability
to contribute to our clients' success; which, in turn, of course, depends wholly
on our ability to attract, develop and deploy the most talented people in our
field. Our people's performance over this deeply demanding and protracted period
of time stands as the ultimate evidence of their quality and commitment.

If 2003 showed some improvement, 2004 should be even better: despite the
challenges we face, WPP's nineteenth year should be a good one.

Given heavy United States government deficit spending and its potential impact
on the dollar and inflation, 2005 remains difficult to predict.  However, the
underlying strategic case with our clients for our industry and our company is
becoming stronger and stronger.


Further information:

Sir Martin Sorrell                 )
Paul Richardson                    )     (44) 207 408 2204
Feona McEwan                       )
Fran Butera                              (1) 212 632 2235


Share owner web-site - www.wppinvestor.com

This press release may contain forward-looking statements within the meaning of
the federal securities laws.   These statements are subject to risks and
uncertainties that could cause actual results to differ materially including
adjustments arising from the annual audit by management and the company's
independent auditors.   For further information on factors which could impact
the company and the statements contained herein, please refer to public filings
by the company with the Securities and Exchange Commission.   The statements in
this press release should be considered in light of these risks and
uncertainties.

                      This information is provided by RNS
            The company news service from the London Stock Exchange

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