Final Results

Ten Alps Communications PLC
13 June 2005



for release                 07.00 am           13 June 2005


                          Ten Alps Communications PLC:

                    Final Results Year Ended March 31, 2005.


Pre-tax profits up 398%. Turnover and EBITDA doubled. High number of TV
productions in progress.


Factual TV production company Ten Alps Communications PLC ('Ten Alps') today
announces its best ever results for the year ended March 31, 2005.


Chief Executive Alex Connock said: 'Organic growth in Ten Alps' TV business has
been the feature of the year. There has also been growth in broadcasters'
appetite for factual TV, and indeed growth in the independent sector as a whole.
We have reason to be optimistic about achieving further progress in the current
year.'


Financial Highlights - strong organic growth:

  * Revenues up 107.7% to £34.75m (2004: £16.73m).
  * EBITDA up 105.7% to £1.46m (2004: £712,000).
  * Profit before tax up 398.4% to £628,000 (2004: £126,000).
  * Adjusted basic EPS increased by 33.1% to 1.81p (2004: 1.33p).
  * Cash increased 89.4% to £7.52m (2004 £3.97m) (This includes £1.89m (2004:
    £224,000) in relation to Teachers' TV.)
  * Net Assets at 31 March 2005 of £7.18m (2004: £6.77m); no significant debt.
  * Average staff numbers are now 152 (2004:92).


Current trading - strong organic growth:


  * Revenue expected to grow by over 50% year-on-year in the six month period
    ending 30 September 2005, based on increased level of TV productions now
    contracted and in progress.
  * 35 TV productions underway, with significant retention of rights. High
    profile TV documentaries and docudramas for the BBC, Channel 4, Five, Sky
    One and Discovery.


Rights ownership:


  * Library featuring elements of rights in over 350 produced programmes
    brought together for first time for future exploitation opportunities such
    as video on demand.


Other Operational Highlights 2004-5:


  * Delivery of over 50 TV programmes during the year.
  * Teachers' TV launched in February 2005: Ten Alps owns 70% of the
    consortium which has contracted with a management company to run the
    Department for Education and Skills-funded channel.
  * Twice as many radio projects produced as in previous year.
  * Revenues doubled in Events division. Successful production of British
    stand at Japan World Expo for the UK Foreign Office.
  * Closure of Red Welly, the group's only loss-making company during the
    year, with full write-off in these results.


Financial track record since 2001 launch:


  * No equity fundraising or significant use of debt since launch in 2001.
  * Revenues have increased from £6.5m to £34.75m, a compound annual growth
    rate of 52%.
  * Cash balance has risen at annual compound rate of 28%.
  * In the last three years, EBITDA has grown at an average compound rate of
    56%, and net profits by an annual compound average 62%.


Frequently Asked Questions:

  * Ten Alps' business founded: 1999.
  * Fundraising history: 2001 - £3.5m before costs.  2002-5 - none.
  * Why called Ten Alps? A backwards (mis)-spelling of Planet 24, the previous
    employer of the founding team.
  * Percentage of group turnover 2003-5 from projects where Bob Geldof was
    presenter: under 1.5%.
  * Options outstanding as percentage of issued equity: 4.6%.
  * Most obvious peers on stock market: RDF, Shed, TV Corp.
  * Approximate average per-hour budget of network TV programmes: docudrama -
    £300,000; documentary - £160,000.

Chairman Brian Walden said: 'A recent survey said that the average person now
spends 13 years watching TV. Companies like ours had better help give them
something worth watching.'


www.tenalps.com


Press Contact:


Peter Binns / Jacqui Graves

Binns and Co. PR Ltd

020 7153 1477 / 020 7153 1486


Editors' Notes: Ten Alps' Current Productions


TV Docudrama:


Catherine the Great - Brook Lapping for BBC2, PBS, Arte, NDR and others

Zero Hour - 3BMTV for Discovery and Five (four films currently being
transmitted)

Zero Hour 2 - 3BMTV for Discovery (six films in production)

The Flight That Fought Back - Brook Lapping for Discovery US
Ten Days To Victory - 3BMTV for Five


TV Documentary:


Elusive Peace - Brook Lapping for BBC2, PBS, Arte and others

Warlords - 3BMTV for Channel 4, on air from early July 2005 (4 hours)

The Long War (with Niall Fergusson) - Blakeway for Channel 4 (6 films)
Gridlock - Brook Lapping for Channel 4, on air in July 2005.
For the Love of Eleanor - Brook Lapping for Five, on air in July 2005.

Dust to Dust - 3BM TV for Channel 4

Working Class - 3BMTV for Channel 4

The Improbable Mr Attlee - Blakeway for BBC4

Events that Changed our World, with Michael Buerk - 3BMTV for Five

Britain's Greatest Monarch - 3BMTV for Five, on air 13 June 2005

Geldof in Africa - Brook Lapping series for BBC1 (on air Mondays and Wednesdays
from 20 June 2005)

Peaches USA - Ten Alps TV for Sky One

Hidden Treasure Houses (series of 6) - Blakeway for Five

How we fell for Europe - Brook Lapping for BBC2, went out June 4 2005
Fran in Sudan - Blakeway for ITV Scotland

Middle Classes - Blakeway for Channel 4, 17 July 2005

Live Aid Day - Brook Lapping for BBC2, on air 18 June 2005

Seeing is Believing (with Sir John Major, Ambassador for Vision 20/20) -
Blakeway for BBC World

Resource Review - Brook Lapping Education for Teachers' TV

CareerWise - Brook Lapping Education for Teachers' TV

Teachers' TV News - Brook Lapping Education for Teachers' TV

What If - Brook Lapping Education for Teachers' TV

Ted Wragg Meets.... - Brook Lapping Education for Teachers' TV

Hot Management - Brook Lapping Education for Teachers' TV

School Matters - Brook Lapping Education for Teachers' TV

The Teaching Challenge - Brook Lapping Education for Teachers' TV


TV Factual Entertainment:


Celebrity Entourage - Ten Alps TV for ITV2

Manchester United's Top 50 Goals / The Top 50 Goals Scored Against Manchester
United - Ten Alps TV for Sky One


Radio:


Julian Worricker - Ten Alps Radio co-production with BBC News for BBC Radio 5
Live (weekly)

A Point of View (with Brian Walden) - Brook Lapping for BBC Radio 4

The Smith Lectures Series 13 - Ten Alps Radio for BBC Radio 2

Political Bollywood - Brook Lapping for BBC Radio 4

The Disease Detectives - Brook Lapping for BBC Radio 4

Madonna - Ten Alps Radio for BBC Radio 2

The Mamas and Papas - Ten Alps Radio for BBC Radio 2

Classic Singles - Ten Alps Radio for BBC Radio 2


Chairman's Statement


'This is the year Ten Alps has achieved sufficient volume to be a significant
independent producer of factual TV.


At any given time, we have had up to 30 TV programmes in production - a huge
leap. Our producers have made superb programmes, from To Kill and Kill Again
about Harold Shipman on ITV, to Jeremy Vine Meets on BBC1, to Hidden Country
Houses on Five, to Zero Hour for Discovery. Our teams provided many hours of
programmes to the new Teachers' TV channel, award-winning BBC Radio programming,
strong commercial work and major live events from London to Japan. We have an
enormous range of programmes in production. These are listed above.


In the past 12 months we continued to invest for revenue growth in an expanding
TV production market, to target greater profits. To reduce costs, we
consolidated the offices of some of our production companies. Blakeway and 3BM
now share an office building, and Dr Party has merged into Ten Alps Events. Red
Welly's operations were closed, with the animation business migrated to Ten Alps
TV. We then addressed central overheads, whilst increasing the level of business
they support. We are focussed on increasing revenue and at the same time
reducing costs.


As ever, all that Ten Alps has achieved is down to the talent of the people we
employ, to whom, on behalf of the shareholders, we are very grateful.'


Chief Executive's Statement


'Now that we have a four-year track record of successful delivery, we consider
that it is the time for Ten Alps to move to the next stage of its development.


Our plan is to be one of the key players in Britain's growing independent TV
sector - in which consolidation has a long way to go.


From 2005 onwards, we aim to produce more content, own more rights and be more
active in their exploitation. We plan soon to hire more top TV producers, making
organic growth projects our main focus. We will also consider acquisition deals,
if the valuations are right. From an investor relations perspective, we will
work at explaining our strategy to the larger funds.


Our financial approach has been as old as the hills. We have made no significant
borrowings, nor raised new equity from the market, since our launch in 2001.
Since then, Ten Alps' revenues have increased from £6.5m to £34.75m, while the
cash balance has risen from £2.55m to just over £7.52m. In the last three years,
our earnings before goodwill amortization and tax have grown at an average
compound rate of 56%, and our net profits by an annual average of 62%.


On current information, we expect that our revenues will increase by over 50%
year-on-year in the first half of 2005-6. We also have a degree of long term
visibility on revenues deriving from one very large contract to 2008, and we
believe it is reasonable to assume a decent amount of returning business from
other activities. But investors in this company (and indeed the media sector in
general) will be aware that there is always the risk of a downturn in the level
of contracts won. We have sought to mitigate that risk by having a good spread
of clients, but the risk clearly exists nonetheless for any period beyond the
next six months.


Above all, financial success in the media will be about delivering the best
possible creative quality: everything stems from that.'


2004-5 Report: Television Production


In 2004-5 Ten Alps group companies delivered over 50 programmes to BBC1 & 2,
ITV, Channel 4, Five, Sky One, Discovery and a variety of European channels.


Programmes are created by specialist production companies 3BM TV, Blakeway,
Brook Lapping, Know Comment and Ten Alps TV.

Ten Alps is also, via Brook Lapping, a 70% shareholder in the consortium
contracted by the Department for Education and Skills for the Teachers' TV
Channel (Sky channel 592) until mid-2008 (see below for details.) Brook Lapping
Education has already produced scores of hours of programming for the channel.


In terms of prestige documentary projects, Brook Lapping are making Elusive
Peace, a three-part series for BBC2, PBS in America and an array of other
broadcasters worldwide, about Israel, Palestine and the great powers over the
years since the company's previous series on Palestine, The 50 Years War, was
transmitted in 1998. Blakeway are making The Long War, effectively an overview
of 20th century history, with Professor Niall Fergusson. And 3BM's Warlords,
about the psychological battles between leaders in the Second World War, is
about to go on air. We are proud to be associated with serious projects such as
these.


Meanwhile, one big growth story for the Ten Alps group this year has been
docudrama. The demand for programmes combining high-quality journalistic
investigation and visceral dramatic sequences plays well to the strengths of our
companies, and during 2005 we will deliver over 10 hours of it.


Production company 3BM, having just finished Ten Days to Victory about the very
end of World War 2, is now making its 10th episode of Zero Hour, a series of
dramatised accounts of modern events (like The Bali Bomb), filmed everywhere
from Malaysia to Canada. For Discovery US (from Brook Lapping) comes The Flight
That Fought Back, about what really happened on board the 9/11 flight that
crashed in Pennsylvania, which has been filmed in Pennsylvania and Los Angeles,
and is also set for possible cinema release. The company is also in production
with Catherine the Great, for a range of European broadcasters. We aim to expand
in this area, and possibly use it as a bridgehead into drama.


2004-5 Report: Teachers' TV

The Teachers' TV channel launched in February 2005, broadcasting a wide range of
programming - covering professional development, resource reviews, education
documentaries and news.

Highlights so far have included a behaviour management series by the respected
experts John Bayley and Sue Cowley; a Teaching Challenge documentary in which
celebrities like John Humphrys spent time in a classroom; and election
programmes, including a weekly Testing the Parties, with politicians facing
questions from a panel of teachers.

Teachers' TV is on air 24 hours a day on Sky, ntl, Telewest, and HomeChoice, and
from midnight to 6am on Freeview. It caters for all those involved in schools -
teachers, teaching assistants, headteachers, school support staff, and
governors.

The channel is backed up by a comprehensive website - www.teachers.tv - one of
the most advanced of its kind.

On the site are schedule and programme information, printable resources, and,
above all, an extensive archive of downloadable programmes for viewing. If a
teacher or school has broadband, they can watch almost any programme made for
Teachers' TV on an ordinary computer, at any time.

Teachers' TV is funded by the Department for Education and Skills (DfES) - the
first time the Government has funded a television channel, and it's the first of
its kind in Europe. But it is editorially independent.

Documentary production company Brook Lapping, wholly-owned by Ten Alps, has a
70% shareholding in the consortium which won the four-year contract to operate
the channel following a competitive tender in 2003. The other consortium
shareholders are ITV plc (20%) and the Institute of Education, which is part of
the University of London (10%). A separate company was set up, Education Digital
Management, to manage the channel on a day-to-day basis - with Nigel Dacre, the
former Editor of ITN News, as Chief Executive, and Andrew Bethell, an education
programme maker and former teacher, as Director of Programmes.

2004-5 Report: Radio


Ten Alps produced twice as many radio projects in 2004-5 as the year before, and
the independent radio production sector is starting to follow TV, with increased
production for independent radio producers.


This year Brook Lapping produced the new 13-part series of political talks, A
Point of View, with Brian Walden, for BBC Radio 4, and is currently at work on
an extended series.


Documentaries such as The Lincolnshire Poacher, about intelligence
agency radio stations that broadcast nothing but series of numbers,
and Political Bollywood, about the social and political origins of
Indian movies, are also being aired in 2005.


Meanwhile Ten Alps Radio continues to co-produce (with BBC News) the Sony Gold
Award-winning Worricker Programme, a weekly, live current affairs broadcast on
BBC Radio 5 Live.


And we've made more for BBC Radio 2, including the 13th series of
comedy programme The Smith Lectures, with Arthur Smith, and music programmes
about Madonna, The Mamas and Papas and other artists.


2004-5 Report: Rights ownership


Ten Alps retains valuable rights in the programmes it is making, and has for the
first time quantified its significant back catalogue of programme rights.


This year, two things have really changed the ability of TV producers to retain
and exploit rights in the programmes they make; government intervention, and an
increasingly international market.


For the first 20 years of the independent TV production sector, companies gave
the majority of rights to broadcasters in return for full funding of the
projects. What was left in the back-catalogue of Ten Alps' constituent companies
had been little-exploited, as programmes more than a year or two old had
produced only modest income.


With new terms of trade, production companies can now do better deals on rights
ownership, and a huge range of new outlets means they can revisit archives and
find new opportunities to make money.


That's why Ten Alps invested this year in bringing together its programme
library of over 350 projects, in one consolidated and searchable database,
available to buyers on the internet, plus offering logged-in users all the
necessary information on precisely which rights are owned.


That's because Ten Alps owns elements of the rights in all these projects - but
only in some cases does it own all the rights. The big job for the coming years
is to try translate the value in this library into cash flow by exploiting
programmes in overseas markets, satellite channels, DVD and pay-per-view. And
Ten Alps will be adding to the library all the time with new films in which it
often now owns more rights.


The value of these projects is not explicitly shown on the Ten Alps balance
sheet, except insofar as the value was included in goodwill arising on
acquisitions which has not yet been fully amortised.

2004-5 Report: Commercial Work


Our events revenues doubled last year. Our advertising revenues were flat
year-on-year.


There is only one kind of TV commercial that cannot be fast-forwarded on set top
boxes, and that's a live one, since you can't go forward in time.


That's why live, heavily-branded events are taking over chunks of both the TV
and advertising businesses. Customers like paying for them because they are the
only place on TV where an advert is still guaranteed its audience.


That's why Ten Alps is expanding in live events. They aren't just synergistic
with TV and Radio - they actually are TV and Radio shows.


Events


The convergence between the event and the advertiser is happening in music. Our
team obtained sponsorship from newspaper group Metro in a deal to create 'The
Metro Weekend', a brand new event with possible radio tie-ins on Clapham Common,
headlined by Fatboy Slim and the Happy Mondays.


We were asked by the Home Office this year to handle the televised Holocaust
Memorial Service at Westminster Abbey - attended by the Queen, the Duke of
Edinburgh and the full cabinet.


Our biggest production event of the year was the highly-commended and Bronze
Medal-winning (out of over 100 competitor countries) British Pavilion on behalf
of the Foreign & Commonwealth Office at the Global Expo in Aichi Japan,
co-sponsored by 8 global corporations.


That contract is one of the most sought after that the FCO issues. Our partners
for the event included the Natural History museum - the first time they agreed
to be involved in the commercial sector.


Meanwhile we produced large events for EMI, UBS, Ford and NCR, and we won the
highly competitive tender to become outsourced corporate events agency to BP.
This was a strong performance by our events division, whose revenues broadly
doubled.


Advertising


Our two advertising agencies represent a wide range of national and
international clients, which include a number of leading brands. Their revenues
were roughly flat on the year.


Ten Alps MTD (based in Edinburgh but with a client base stretching into Europe)
achieved its highest-ever ranking in Campaign magazine this year and was active
in press, poster, radio, TV advertising, direct mail and design. It was ranked
No 6 in Scotland by the advertising and marketing magazine 'The Drum'.


MTD continued to work internationally with the Helsinki headquartered
fiber-based materials company Ahlstrom. Major house-builder Stewart Milne and
Kwik-Fit Financial Services continued to invest in strong advertising
programmes.


The Agency extended its marketing credentials within the Education sector and
picked up business from the Glasgow Metropolitan College and the Scottish
Qualifications Authority. New campaigns were produced for Edinburgh's Telford
College and Reid Kerr College, who won gold and silver awards at the Scottish
Further Education Marketing Awards.


Ten Alps MTD have just been appointed to create, plan and manage a major
national recruitment advertising campaign for Ashbourne Healthcare, one of the
UK's biggest care home operators - and also launched a new campaign for Help the
Aged Funeral plans.


Growth came from both existing and new business, and targets for the year were
exceeded.


Ten Alps RMA continued to produce work for clients extending right across the
advertising spectrum.


For Ocean Village, part of P&O, the Agency continued its work in promoting the
alternative cruise brand and has just produced the Company's 2005/6 brochure. In
2004, Ocean Village was voted Winner in the British Travel Awards, confirming
the ongoing success of RMA's creative strategy. On behalf of Sunsail, part of
First Choice, RMA has helped develop both the brand and its products, and
continues to produce all Sunsail's key worldwide holiday brochures.


The Agency has just completed a DRTV commercial for world-leading stairlift
company, Stannah, which has continued to increase its spend throughout the year.
RMA also produced a set of programme sponsorship bumpers to support a new
national children's TV series, sponsored by the British Marine Federation.


New business wins included Crown Blue Line, Europe's leading inland waterways
holiday company, and C-Map, an Italian-based cartography company.


Finance Director's Statement


Trading Analysis


Group turnover grew by 107.7% to £34.75m (2004: £16.73m) with acquisitions
contributing £1.44m. Gross profit increased by 46.44% to £7.00m (2004: £4.78m).


Gross margin has fallen from 28.55% in 2004 to 20.1% in 2005, reflecting the
lower margins of Teachers' TV and the EXPO UK Pavilion in Japan and a change in
the product mix. However, administrative expenses continue to be controlled and
represent 16.9% of turnover (2004: 25.48%).

The Group's EBITDA has increased by 105.7% to £1.46m (2004: £712,000) reflecting
improved conditions in the Events Sector and the impact of Teachers' TV. The
profit before tax (PBT) was £628,000 (2004: £126,000) reflecting a goodwill
amortisation charge of £569,000 (2004: £437,000) for the year.


The basic earnings per share (EPS) increased from 0.34p in 2004 to 0.52p in 2005
with a fully diluted EPS of 0.51p (2004:0.34p). The basic EPS before
goodwill amortisation is 1.81p in 2005 compared to 1.33p in 2004.


Group Balance Sheet


Shareholders funds have increased from £6.77m to £7.04m, reflecting the results
for the year. The profit and loss account now shows a surplus of £190,000 (2004:
£(42,000)).


The long-term debt at the year-end reflects loans from the European Union for
development of programmes of £276,000 (2004: £268,000) finance leases of £16,000
(2004: £40,000) and a deferred accrual in relation to fixed assets purchased by
Educational Digital Limited of £445,000 (2004: £Nil).


Share Price


The mid-market share price of the Group has fluctuated between 28p and 56p
during the year. At the year end the mid-market closing price was 49p, giving
the Group a market capitalisation of £21.7m. Net Assets as at 31 March 2005 were
£7.18m, of which £7.52m was held in cash (including £1.89m (2004: £224,000) held
in Teachers' TV).







Ten Alps Communications plc
Consolidated Profit and Loss Account
For the year ended 31 March 2005
                                                Notes         2005         2004
                                                             £'000        £'000

Turnover - continuing operations                            33,317       16,732
-acquisitions                                                1,436            -
                                                            -------      -------
                                                            34,753       16,732

Cost of sales                                              (27,755)     (11,955)
                                                            -------      -------

Gross profit                                                 6,998        4,777

Administrative expenses                                     (5,862)      (4,264)
Amortisation of goodwill                                      (569)        (437)
                                                            -------      -------
Operating profit - continuing operations                       553           76
-acquisitions                                                   14            -
                                                            -------      -------

Profit on ordinary activities before                           567           76
interest

Net interest receivable                                         60           50
                                                            -------      -------

Profit on ordinary activities
before tax                                                     627          126

Taxation                                                      (252)          24

Minority Interest                                             (143)          (1)
                                                            -------      -------
Retained profit for the year                                   232          149
                                                            =======      =======

Basic earnings per share                            2         0.52         0.34
                                                            =======      =======

Diluted earnings per share                          2         0.51         0.34
                                                            =======      =======

Basic earnings per share before goodwill            2         1.81         1.33
amortisation                                                =======      =======

A statement of total recognised gains and losses is not included as there are no
recognised gains or losses other than those disclosed above.





Ten Alps Communications plc
Consolidated Balance Sheet
As at 31 March 2005

                                    31 March 2005                 31 March 2004
                                            £'000                         £'000

Fixed Assets
Intangible assets                           3,658                         3,640
Tangible assets                             1,279                           499
                                         ----------                    ----------
                                            4,937                         4,139

Current assets
Work in progress             244                           136
Debtors                    7,233                         2,683
Bank                       7,522                         3,971
                          --------                      --------
                          14,999                         6,790

Creditors
Amounts falling due      (12,015)                       (3,849)
within one year           --------                      --------

Net current assets                          2,984                         2,941
                                         ----------                    ----------

Total assets less                           7,921                         7,080
current liabilities

Creditors
Amounts falling due                          (737)                         (308)
after one year                           ----------                    ----------

Net assets                                  7,184                         6,772
                                         ----------                    ----------

Capital and reserves
Called up share                               887                           883
capital
Share premium account                       3,030                         2,999
Merger reserve                              2,930                         2,930
Other reserve                                   2                             -
Profit and loss                               190                           (42)
account                                  ----------                    ----------
Equity shareholders'                        7,039                         6,770
funds

Equity minority                               145                             2
interest
                                         ----------                    ----------
                                            7,184                         6,772
                                         ----------                    ----------





Ten Alps Communications plc
Consolidated Cash Flow Statement
For the year ended 31 March 2005

                                                           2005        2004
                                                          £'000       £'000

Net cash inflow from operating activities                 5,338         651

Return on investments and servicing of finance               60          50

Taxation                                                   (151)        (65)

Capital expenditure and financial investment             (1,027)       (101)

Acquisitions and disposals                                 (518)         65
                                                          -------     -------
Net cash inflow before financing                          3,702         600

Financing
                                                          -------     -------
- issue of ordinary share capital                            35           -
- capital element of finance lease rentals                  (52)         (6)
- media loans repaid                                       (134)         38
                                                          -------     -------

Net cash (outflow)/inflow from financing                   (151)         32
                                                          -------     -------
Increase in cash                                          3,551         632
                                                          =======     =======

Reconciliation of net cash flow
movement to movement in net debt

Increase in cash in the period                            3,551         632
Cash outflow from decrease in debt and lease                 52           6
financing
                                                          -------     -------
Change in net debt resulting from cash flows              3,603         638
Finance leases                                                -           -
Loans acquired with subsidiaries                              -           -
Movements in loans                                          134         (38)
Exchange adjustments                                         (8)         11
                                                          -------     -------
                                                          3,729         611

Net funds at 1 April 2004                                 3,402       2,791
                                                          -------     -------
Net funds at 31 March 2005                                7,131       3,402
                                                          =======     =======


Notes

1. No final dividend is being proposed

2. Earnings per share

The calculation of the basic earnings per share is based on the earnings
attributable to ordinary shareholders of  £232,000 (2004 - £149,000) and on
44,206,464 shares (2004 - 44,172,080 shares), being the weighted average number
of  ordinary shares in issue during the year.

The calculation of the diluted earnings per share is based on the earnings
attributable to ordinary shareholders of  £232,000 (2004 - £149,000) and on
45,150,856 shares (2004 - 44,172,080 shares) being the weighted average number
of  ordinary shares in issue, assuming the exercise of all outstanding options
during the year.

The adjusted basic earnings per share have been provided in order that the
effects of goodwill amortisation on reported earnings can be fully appreciated.
This is based on earnings calculated as follows:

                                                           2005          2004
                                                          £'000         £'000

Retained profit for the year                                232           149

Goodwill amortisation                                       569           437
                                                         --------      --------
Profit before goodwill amortisation                         801           586
                                                         ========      ========

The calculation is also based on 44,206,464 shares (2004 - 44,172,080 shares)
being the weighted average number of ordinary shares in issue during the year.

3. The financial information relating to the year ended 31 March 2005 set out
above does not constitute the Company's statutory accounts for that year, but
has been extracted from the statutory accounts, which received an unqualified
auditors' report and which have not yet been filed with the Registrar of
Companies. The financial information relating to the year ended 31 March 2004,
has been extracted from the 2004 Annual Report and Accounts, which received an
unqualified auditors' report and have been delivered to the Registrar of
Companies.

4. Copies of the Company's Annual Report and Accounts for 2005 will be sent to
shareholders as soon as is practicable. Copies of this announcement are
available at the Company's head office at 10 Blue Lion Place, 237 Long Lane
London SE1 4PU and copies of the Annual Report and Accounts for 2005 will also
be available on request.







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