Preliminary Results

Ten Alps PLC
18 June 2007


Press Release                                                       18 June 2007



                                  Ten Alps Plc

                          ('Ten Alps' or the 'Group')

                              Preliminary Results



Ten Alps Plc, the factual media company, announces its preliminary results for
the year to 31 March 2007.

Ten Alps produces factual content for TV, radio, print and online TV and manages
related commercial opportunities.

After a year of internal investment, expansion and acquisition, Ten Alps
continues to move its factual portfolio towards online TV.

Financial highlights


-    Revenues up 63.5% at £69.0m (2006: £42.2m), of which £67.6m was from 
     continuing operations
-    EBITDA up 46% at £3.94m (2006: £2.69m)
-    Profit before tax up 36% to £2.26m (2006: £1.66m), after substantial 
     investment in online TV, as highlighted in June 2006
-    Retained profit after tax up 200% to £1.43m (2006: £0.48m)
-    Basic EPS up 157% to 2.75p (2006: 1.07p)
-    Digital revenues up 123.2% at £1.65m (2006: £0.74m)
-    Net assets up 11% at £13.8m (2006: £12.4m)



Operational highlights


-    Creation of divisional structure: Digital, Broadcast, Communications
-    Launch of Public TV online TV aggregator, with 12 B2B channels
-    Winning of Kent TV contract, pioneering local government internet TV
-    Expansion in trade media by 43% to 505 titles produced or represented 
     (excluding today's acquisition)
-    Expansion in commercial websites by 176% to 152 managed websites
-    Production of scores of highly acclaimed  factual TV and Radio programmes
-    Acquisition of factual content business DBDA



Commenting on the Results, Alex Connock, Chief Executive of Ten Alps, said:

'We have invested £715,000 internally, made acquisitions and maintained our
rapid growth.  For the financial year to March 2008 we are planning for further
growth.

'Ten Alps is a factual media company producing content for television, radio,
print, online TV and conferences. Advertisers, audiences and other clients
increasingly demand content and reach across all media, and we believe that our
multi-media approach satisfies that demand.  We have also added online TV this
year, launching 12 new channels making significant sales and generating exciting
leads for 2007-8 and beyond.

'Today we have acquired another factual content company, bringing pro forma
revenues of around £3m to the Group, and we have other acquisition and organic
investment projects for the near term. Meanwhile we continue to increase our
client base, now at 52,000 which means we are continually adding stability to
the business.

'We therefore believe that we have laid the foundations to keep growing for a
seventh consecutive year.'



                                    - Ends -



For further information, please contact:
Ten Alps plc
Alex Connock, CEO                                      Tel: [phone]
                                                               c/o Moira McManus
                                                                 www.tenalps.com
Collins Stewart, Nominated Adviser
Chris Wells / Mark Connelly                            Tel: [phone]
                                                         www.collins-stewart.com

Media enquiries:
Abchurch Communications
Heather Salmond / Gareth Mead / Joanne Shears          Tel: [phone]
[e-mail]                          www.abchurch-group.com





Chairman's Statement



Ten Alps has successfully completed the first year of a long-term plan, as set
out in March 2006, to become a factual content company which simultaneously
targets every outlet customers and advertisers engage with - TV, radio, print,
online TV and conferences.

Whenever our customers choose to convert their content from print to online, we
will be there to grow with them - since in any given editorial niche, we now sit
on both sides of the online-offline divide. In 2007 we are building hundreds of
new websites to make this happen, largely funded by clients and advertisers.
Meanwhile the financial value and relative stability of our multi-platform
approach has been confirmed to us by the volatility seen elsewhere in broadcast
commissioning during the last financial year.

Turnover increased from £42.2m to £69.0m, while EBITDA was £3.94m (2006:
£2.69m). Profit before tax was £2.26m (2006: £1.66m), even after investment
totalling £0.62m into digital development, which will continue but at a lower
level, not least because of sales now being made, such as Kent TV. As a result
of this investment, Ten Alps has Public TV, a working proof of concept for
specialist media online TV which in itself represents 12 new digital TV
channels. Ten Alps also has nearly three times as many client websites than a
year ago - ranging from the restoration of 10 Downing St to Institute of
Exports.

The specialist content portfolio is being boosted through acquisition and new
client wins. The more trade media and advertising we have, the more content we
can migrate. Cameron Publishing (now rebranded along with the rest of Ten Alps
Publishing) and Atalink were acquired on 6 November 2006 and 30 March 2007
respectively, with a combined 41 publications.  We believe that, at well below 5
times pre-tax profits, the multiples we have paid for acquisitions are
attractive.

Meanwhile, including the acquisition announced separately today, the Company now
has 550 staff in three clear divisions:
-    Communications - targeted publishing and conferences
-    Digital - pioneering the convergence of traditional media with content-rich 
     online sector-specific internet TV sites
-    Broadcast - producing award-winning factual television and radio programmes



Tim Hoare joined the board as a Non- Executive Director in March.  As an
investment banker and Chief Executive of Canaccord Europe, he has brought a
wealth of strategic and City experience to the Company.

We aim to continue our expansion and thank all our teams for their hard work in
making it happen.



Brian Walden
Chairman
18 June 2007




Chief Executive's Review


We firmly believe that factual content provides growth opportunities as
audiences and advertisers increasingly demand specialist material - from
medicine to defence - in all media. Recognising the unpredictable nature of the
entertainment market, we built our business around factual output, whether
that's BAFTA award-winning television documentaries such as Nuremberg or
profitable publications like Freight Industry Times.

This was our sixth consecutive year of rapid expansion since Ten Alps floated on
AiM, during which time we have grown from £9m of revenue (2001) to £69m (2007).
Our plan for 2007-8 is more expansionary than 2006-7, targeting growth
organically and through selective acquisition and increased focus on margins.

Last year, thinking for the long term, we prioritised internal investment ahead
of short term profits growth. And we used internally generated cash flow and
debt, rather than equity finance, to fund our expansion plans. In fact we have
taken a non-dilutive approach to creating additional shareholder value wherever
possible and this is illustrated by the fact that we have only raised a total of
only £4.3m by way of new equity in the past five and a half years.

Meanwhile, from a risk management perspective, we have targeted a balance
between the substantial low volatility, cash-generative trade media businesses,
the medium-risk TV production companies and the high risk/high upside internet
investment.

Growth plans

These are the ways in which we are seeking to expand the scale of our factual
content:


(1)    Organic growth within particular divisions. We are seeing contract wins 
       in specialist publishing and, in contrast to last year, TV commissions 
       (both here and in the US). We are also seeing sustainable growth in the 
       bespoke conferences we create to match our specialist titles, like Public
       Sector Procurement and T-Government.
(2)    Acquisitions. We are selectively acquiring bolt-on businesses which fit 
       into our existing structure and factual output. In addition to the 
       acquisition announced separately today, we have a number of other 
       prospects under review.
(3)    Digital growth. We continue to invest in digital migration and internet 
       TV. Revenues are now being generated and the opportunities are exciting. 
       The digital strategy is designed to put Ten Alps into a leadership 
       position in an industry that is evolving rapidly. Taking Kent TV, for 
       instance, we have current media production for 216 other councils 
       (representing 52% of the total), so we see a notable opportunity to offer 
       local government communication through internet TV.
(4)    Cross-platform growth. We are cross-selling group-wide. For instance, we 
       are working on a Vets TV project, having produced the British Veterinary 
       Association's publications for 17 years. In June 2007 we produced a 
       re-make of the Sergeant Pepper's Lonely Hearts Club Band album for BBC 
       Radio and TV. We also produced Visionaries for BBC Worldwide and online. 
       We are cross selling many events and websites based on titles we publish, 
       such as Transport Security.

Our compound average revenue growth rate over the last six years since we have
been listed has been 45.8% per year. We aim to continue to grow, adding more
revenues for 2008-9 than those generated by the largest single contract that
potentially expires that year (see Broadcast section below). Should our
objectives be achieved, we will have decreased any individual contract risk. We
are also applying a similarly proactive approach to business development and the
retention of talent.



Divisions

Communications



Ten Alps produces, manages and/or sells advertising on hundreds of B2B, trade
and public sector publications, events and web sites, as well as providing
communications services to commercial clients.

The Communications division operates out of offices in London (two offices),
Manchester, Macclesfield, Edinburgh, Gateshead, Portsmouth and now Wigan.
During the year, McMillan Scott (purchased March 2006) was re-branded as Ten
Alps Publishing. In 2006/2007, the Communications Division generated revenues
of £39m, up 264% from the previous year. Gross profit from this division was
£11.6m.

In the last year Ten Alps Communications published 505 unique print titles,
staged 60 events and managed 83 client communication programmes.

Revenue growth drove incremental gross profit and was mainly delivered through
client acquisition and the roll out of bespoke events and web services

Clients are primarily derived from stable public & private sectors, including
institutes, Royal Colleges, staff communications, trades unions and
associations, central and local government. The division prides itself on
client retention and development, meeting the demands of a rapidly changing
media market. For instance, we now run conferences linked to publications which
are recorded and available on Public TV, thus uniquely maximising all media
outlets. Repeatable events created by Ten Alps include Public Sector Project
Management, Rail 2007, Transport Security and Transformational Government.

The Communications Division has added a net 31 new clients in the past twelve
months. Client publications include: Rail Freight Group Directory, Local
Authority Building Control Sitelines Magazine, IQ Education Newspaper, Sussex
Safety In Action Book, Accounting Technician Magazine, The Vet Record Magazine
(Advertising Sales), BBC Aerial Newspaper (Advertising Sales) BCC Link 2 Export
Website, British Wind Energy Conference, Public Sector Procurement Event.
Scottish Qualifications Authority Communications and Ramblers Worldwide Holidays
Communications.

We believe that the Communications Division has become a major business to
business content provider, with a substantial volume of trade media. Ten Alps
uses a range of media to reach audiences - print, events, web, internet TV and
publishing - and this multi channel approach opens up new routes to market and
develops incremental revenue streams.

This 'long tail' (a term which refers to the huge range of niche interest groups
finding their own content and advertisers) represents value and relative
security in the changing media world. We also think there is potential for
arbitrage of offline communications businesses online, to higher valuation
multiples and profitability. Our strategy is to be offline and online in any
given niche, so that whatever the speed of migration, we can still capture the
audience and therefore the advertising market.



Digital



Ten Alps produces, manages and/or sells advertising on hundreds of factual
websites and now is running online TV channels.



This year, as planned, was about taking a loss on a fast-growing division which
gives the group sustainability in the evolving world of internet video. Digital
revenues are occurring across the group, particularly in Communications, but for
thematic clarity, are counted in this section and excluded elsewhere.



In the financial year being reported on, the Digital Division generated revenues
of £1.7m, up 123.2% from the previous year. Gross profit from this division was
£0.5m. In the year, we launched 84 web-hosted titles and entered into agreement
to commercially manage 68 websites including British Institute for Learning and
Development and Institute of Exports.



Investment was made in technology for the video aggregator Public TV, which came
in on time and under budget. It brings together thousands of videos from over
200 partners across the public sector, business and government, ranging from
Downing St. to NASA. Whilst digital spending comprises a major element of our
finances, compared to peer group spending in the private sector on the
development of similar web video propositions, we believe it to have been
extremely cost-effective. We believe that we need to invest more in traffic
generation and other channels such that individual channels can then be streamed
from the same database, providing specific material to cater to given interests.




Kent TV, the contract which Ten Alps won in May 2007, presents new and
interesting opportunities for local and central government communications. We
are pleased to be at the forefront of this development and recognise that such
stations depend on the considerable expertise and editorial reputation of our TV
producers.



Broadcast



Through its Broadcast Division, Ten Alps produces factual TV and Radio
programmes for broadcast and digital markets in the UK, Europe and US.



In the financial year, the Broadcast Division generated revenues of £28.3m, down
7.8% from the previous year. Gross profit from this division was £6.8m.



This was an excellent year for creative production with titles produced by the
group including Nuremberg (C4) (BAFTA for best docudrama), Panorama - Litvenenko
(BBC1), Teachers TV Channel, Dispatches - Gordon Brown (C4), Sergeant Peppers'
Lonely Hearts Club Band (BBC2 and Radio 2), Supergrass (BBC2). Despite this,
revenue for this division was disappointing with the period September to
December 2006 being a poor time for commissioning, as many of the broadcaster
clients appeared to be in a state of flux. It confirmed to us that the pure
independent TV production model comprises too many uncertain elements to be a
stable standalone business. This is one of the underlying reasons for our focus
on other forms of factual content.



However, in 2007, thanks to some world class talent at our factual TV companies
Brook Lapping and Blakeway/3BM, we have a strong slate of commissions going
forward. Forthcoming Tel Alps' productions include: Blair (Channel 4), Summits
(BBC4), Art Rocks (Sky HD), Iran and the West (BBC), Triplets (ITV), Ocean of
Fear & Forged in Fire (Discovery US) and Top Dog Series 2 (Discovery Animal
Planet). There are particular opportunities in the US for docudramas and in the
UK for current affairs TV, where the arrival at Ten Alps of Fiona Stourton from
the BBC, has moved us forward in current affairs work from Dispatches for
Channel 4 to Panorama for the BBC.



Separately Teachers' TV, (which Brook Lapping, a Ten Alps-owned company,
launched for the Department for Education and Skills), continues to be a
successful broadcast channel as well as a market leader in internet TV
distribution, with over 1700 programmes databased online. The current contract
with the Department for Education and Skills, c.£15m of revenue per year,
expires in August 2008 and is being re-tendered, as per the original contract.
With partner companies as minority shareholders, the Group is submitting a
tender for contract renewal, for which process it has allocated appropriate
Group funds and key talent. The result is expected at turn of the year.



One of our production units, Brook Lapping Education, with its 25-strong team,
is successfully making quality editorial TV for lower prices than traditional
broadcast budgets. As well as making many programmes for Teachers' TV, this
unit, which is a seed bed of new young production talent for the rapidly
changing media market, is also producing programmes for the Royal Society and
BBC World. Such new production methods are vital in a cross-platform future
with very different budgetary approaches.



Online is the here and now.  That makes factual media a dynamic, multi-platform
environment - a world away from the old days of pure TV or pure publishing
companies.  We changed radically over the past 15 months to meet that challenge.
Because of that, we have the capability to keep growing.



Alex Connock
Chief Executive Officer
18 June 2007


Finance Director's Review
Trading Analysis


Group turnover grew by 63.5% to £69.0m (2006: £42.2m) with acquisitions
contributing £1.44m.  Gross profit increased by 100% to £18.9m (2006: £9.5m).



Gross margins rose from 22.4% in 2006 to 27.4% in 2007, reflecting the change in
the product mix after the acquisition of McMillan Scott and Camerons.  As a
consequence, total administrative expenses now represent 23.5% of turnover
(2006: 18.7%).



Group EBITDA increased by 46.4% to £3.94m (2006: £2.69m) reflecting the impact
of both acquisitions and organic growth.  Profit before tax was £2.26m (2006:
£1.66m) after a goodwill amortisation charge of £588,000 (2006: £658,000) for
the year.



As mentioned in our interims statement of December 2006, our Key Performance
Indicator (KPI) bonus on the Teachers' TV contract was lower compared to the
previous year, which had included two years' performance due to the contract's
phasing in its startup period. This effect is illustrated by the fact that the
minority interest was £209,000 for 2007 (2006: £365,000).



Basic earnings per share (EPS) increased from 1.07p in 2006 to 2.75p in 2007
with a fully diluted EPS of 2.69p (2006: 1.04p). Adjusted basic EPS (before
goodwill amortisation) was 3.88p in 2007 compared to 2.54p in 2006.



Group Balance Sheet



The Group's Balance Sheet reflects the results for the year and illustrates the
financial strength of the Group with net funds as at the year end of £3.8
million (2006: £3.5m).



In reference to deferred consideration on previous acquisitions, the estimates
payable on the McMillan Scott acquisition has been lowered as earnout
performance against the theoretical maximum is clarified. The payment due to
Blakeway Productions was paid in full during the year.



Shareholders' funds have increased from £12.1m to £13.6m, reflecting the
acquisitions and the results for the year. The profit and loss account now
shows a surplus of £2.5m (2006: £1m).



The long-term debt at the year-end reflects loans from the Bank of Scotland plc.
 The amount outstanding as at 31 March 2007 was £9.15m (2006: £9.35m).  Also
included in long term debt are loans from the European Union for development of
programmes of £270,000 (2006: £280,000) finance leases of £52,000 (2006:
£39,000) and deferred income in relation to fixed assets purchased by
Educational Digital Limited of £235,000 (2006: £409,000).



Net Assets as at 31 March 2007 were £13.8m, of which £14.4m was held in cash
(including £7.3m in Teachers' TV).



Nitil Patel
Finance Director
18 June 2007




TEN ALPS PLC

Preliminary Announcement of Results
For the year ended 31 March 2007

Consolidated Profit and Loss
                                                                2007                      2006
                                                                                    (restated)
                                           Notes             £'000's                   £'000's

Turnover             continuing
                     operations
                                                              67,604                    41,805


                     acquisitions                              1,441                       406


                                               1              69,045                    42,211


Cost of sales                                               (50,125)                  (32,749)


Gross profit                                                  18,920                     9,462



Administrative expenses - other                             (15,666)                   (7,236)


Amortisation of goodwill                                       (588)                     (658)


Total administrative expenses                               (16,254)                   (7,894)
Operating profit     continuing
                     operations
                                                               2,467                     1,609


                     acquisitions                                199                      (41)


                                                               2,666                     1,568


Net interest (payable)/receivable                              (403)                        91


Profit on ordinary activities before                           2,263                     1,659
tax


Taxation                                                       (627)                     (819)


Profit on ordinary activities after tax                        1,636                       840


Minority interest                                              (209)                     (365)


Retained profit for the year                                   1,427                       475


Basic earnings per share                       2              2.75 p                    1.07 p


Diluted earnings per share                     2              2.69 p                    1.04 p

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






TEN ALPS PLC

Preliminary Announcement of  Results
For the year ended 31 March 2007

Consolidated Balance Sheet
                                                                       2007                          2006
                                                                     £ '000                        £ '000
Fixed assets


Intangible assets                                                    16,577                        15,718


Tangible assets                                                       1,754                         1,611


                                                                     18,331                        17,329
Current assets


Work in progress                                        2,762                       2,662


Debtors                                                11,666                      12,978


Cash at bank                                           14,368                      14,515


                                                       28,796                      30,155
Creditors


Amounts falling due within one year                  (23,593)                    (25,005)


Net current assets                                                    5,203                         5,150


Total assets less current liabilities                                23,534                        22,479
Creditors


Amounts falling due after more than one year                        (9,707)                      (10,078)


Net assets                                                           13,827                        12,401
Capital and reserves


Called up share capital                                               1,041                         1,035


Share premium account                                                 7,188                         7,127


Merger reserve                                                        2,930                         2,930


Other reserve                                                             2                             2


Profit and loss account                                               2,456                         1,006


Equity shareholders' funds                                           13,617                        12,100


Equity minority interest                                                210                           301


                                                                     13,827                        12,401


TEN ALPS PLC

Preliminary Announcement of Results
For the year ended 31 March 2007
Consolidated Cash Flow Statement
                                                                             2007                    2006
                                                                                               (restated)
                                                            Note           £ '000                  £ '000


Net Cash inflow from operating activities                      3            4,939                   3,644


Return on investments and servicing of finance                              (703)                   (119)


Taxation                                                                    (711)                   (429)


Capital expenditure and financial investment                                (725)                   (387)


Acquisitions and disposals                                                (2,505)                (10,497)


Net cash inflow/(outflow) before financing                                    295                 (7,788)
Financing


Issue of ordinary share capital                                                67                   3,863


Expenses paid in connection with share issues                                   -                     382


Capital element of finance lease rentals                                     (45)                    (14)


Increase/(decrease) in bank and other loans                                 (464)                  10,550


Net cash (outflow)/inflow from financing                                    (442)                  14,781
(Decrease)/Increase in cash

                                                                            (147)                   6,993

Reconciliation of net cash flow movement to
movement in net debt


(Decrease)/Increase in cash in period                                       (147)                   6,993

Cash outflow/(inflow) from change in debt and lease

Financing                                                                     509                (10,536)


Change in net debt resulting from cash flows                                  362                 (3,543)


Finance leases acquired with subsidiaries                                    (16)                   (116)


Exchange adjustments                                                          (5)                     (4)


                                                                              341                 (3,663)


Net funds at 1 April 2006                                                   3,468                   7,131
Net funds at 31 March 2007

                                                                            3,809                   3,468






TEN ALPS PLC

Notes to the Preliminary Statements for the year ended 31 March 2007

1. Basis of Preparation

The financial statements are prepared in accordance with applicable United
Kingdom accounting standards (UK GAAP) other than for the application of a true
and fair override from the Companies Act 1985 with respect to the carrying value
of intangible assets where the directors are of the opinion the intangible
assets have an indefinite economic life. See note (a) below.



The policies have remained unchanged from the previous year, apart from the
adoption of FRS 20 'Share Based Payment'.  See note (b) below.



(a) Acquisitions and disposals


On the acquisition of a business, fair values are ascribed to the Group's share
of net tangible assets. Where the costs of acquisition exceed the value
attributable to such net assets, the difference is treated as consolidated
goodwill.

The directors assess each acquisition to determine the appropriate treatment of
any related goodwill and select from one of two accounting policies:

Where the directors are of the opinion that intangible assets of the Group have
an indefinite economic life given the acquired business' historic ability to
sustain long term profitability, their position within their market sector and
the Group's commitment to continue to invest in the long-term development of
that business then, in accordance with FRS10 and FRS11, the carrying value of
these intangible assets is reviewed annually for impairment on the basis
stipulated in FRS11 and adjusted to the recoverable amount should this be
required. This policy departs from the requirement of companies' legislation to
amortise goodwill over a finite period in order to give a true and fair view,
for the reasons outlined above. The impact of the departure from the Companies
Act was to not charge amortisation of goodwill of £525,088 (2006: nil).

Where the directors are of the opinion that intangible assets of the Group do
not have an indefinite economic life then the goodwill on each acquisition is
considered by the directors and amortised on a straight line basis over its
useful economic life (which is generally estimated to be ten years).


(b) Share Based Payments

All share-based payment arrangements granted after 7 November 2002 that had not
vested prior to 1 April 2006 are recognised in the financial statements.


All goods and services received in exchange for the grant of any share-based
payment are measured at their fair values. Where employees are rewarded using
share-based payments, the fair values of employees' services are determined
indirectly by reference to the fair value of the instrument granted to the
employee. This fair value is appraised at the grant date and excludes the impact
of non-market vesting conditions (for example, profitability and sales growth
targets).


All equity-settled share-based payments are ultimately recognised as an expense
in the profit and loss account with a corresponding credit to 'other reserve'.

If vesting periods or other non-market vesting conditions apply, the expense is
allocated over the vesting period, based on the best available estimate of the
number of share options expected to vest. Estimates are revised subsequently if
there is any indication that the number of share options expected to vest
differs from previous estimates. Any cumulative adjustment prior to vesting is
recognised in the current period. No adjustment is made to any expense
recognised in prior periods if share options that have vested are not exercised.



Upon exercise of share options, the proceeds received net of attributable
transaction costs are credited to share capital, and where appropriate share
premium.

2. Earnings Per Share
                                               Weighted            Basic per          Adjusted per
                               Earnings         average          share amount         share amount
2007                              £'000      no. of shares           Pence                pence
Attributable to ordinary
shareholders:
Retained profit                   1,427
Amortisation of goodwill            588
Adjusted earnings                 2,015

Basic EPS                                        51,943,330                2.75                  3.88
Dilutive effect of
securities:
Options                                           1,088,555

Diluted EPS                                      53,031,885                2.69                  3.80

2006 (restated)
Attributable to ordinary
shareholders:
Retained profit                     475
Amortisation of goodwill            658
Adjusted earnings                 1,133

Basic EPS                                        44,554,163                1.07                  2.54
Dilutive effect of
securities:
Options                                           1,082,198

Diluted EPS                                      45,636,361                1.04                  2.48





TEN ALPS PLC

Notes to the Preliminary Statements for the year ended 31 March 2007

3. Reconciliation of operating profit to net cash inflow from operating activities:

                                                                  31 March 2007        31 March 2006
                                                                                          (restated)
                                                                          £'000                £'000
Operating profit
                                                                          2,666                1,568
Depreciation
                                                                            685                  464
Goodwill amortisation
                                                                            588                  658
FRS 20 share based payment charge
                                                                             23                  341
Loss on sale of fixed assets
                                                                              2                    8
Increase in work in progress
                                                                            590                 (25)
Decrease/(Increase) in debtors
                                                                          2,632              (1,546)
(Decrease)/Increase in creditors
                                                                        (2,252)                2,172
Foreign exchange loss on media loans
                                                                              5                    4
Net cash inflow from operating activities
                                                                          4,939                3,644


4. No final dividend is being proposed.

5. Publication of Non-Statutory Accounts

The financial information relating to the year ended 31 March 2007 set out above
does not constitute the Company's statutory accounts for that year, but have
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 2006,
has been extracted from the 2006 Annual Report and Accounts which received an
unqualified auditors' report and have been delivered to the Registrar of
Companies.

Copies of the Company's Annual Report and Accounts for 2007 will be sent to
shareholders as soon as is practicable. Copies of this announcement are
available at the Company's head office at 9 Savoy Street, London WC2 7ER and
copies of the Annual Report and Accounts will also be available on request.



                                      ENDS


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