Final Results

Porvair PLC
22 January 2003
                                                                                22 January 2003
Contacts:

Ben Stocks, Chief Executive
Mark Moran, Group Finance Director
Porvair plc            today                    0207 466 5000
                       at all other times       01553 761111

Charles Ryland/Catherine Miles
Buchanan Communications                         0207 466 5000



                                                PORVAIR plc ('Porvair')

                                PRELIMINARY RESULTS FOR THE YEAR ENDED 30 NOVEMBER 2002


Porvair, the materials science group, announces its preliminary results for the
year ended 30 November 2002.

KEY POINTS 

* Profit before tax, goodwill amortisation and exceptional items of £0.2m (2001 : £3.8m) after increased total R&D
  expenditure of £5.9m (2001 : £5.2m).

* All strategic objectives achieved:
     * Core businesses strengthened through acquisition
     * Investment and renewal programmes in manufacturing operations completed
     * Significant increases in R&D investment in support of new materials

* Tough trading in the USA, particularly Selee. Costs reduced as a consequence

* Profit and margin growth in Microfiltration after a strong year

* R&D programmes across the group on track, with Porvair Fuel Cell Technology exceeding expectations for the year
  both in terms of technical progress made and in customer demand

* Final dividend of 4.3p per share (2001 : 4.3p), making a total for 2002 of 6.7p per share (2001 : 6.7p).

John Morgan, Chairman, said:

' Despite 2002 having been a difficult year we finished it in good heart. Acquisitions made in 2001 have been
successfully integrated, the major investments in our manufacturing operations are complete, and our R&D programmes -
right across the Group - are on track. Trading conditions stabilised towards the end of 2002 and whilst we expect
2003 to remain challenging, the actions taken in 2002; the benefits of a lower cost base in our US operations; and
the tremendous progress made in the development of our new materials give considerable cause for optimism for the
future.' 

2002 Chairman's statement and overview 

Two years ago we embarked upon a radical new strategy for Porvair. The plan had three elements: appropriate
acquisitions; improved operational efficiencies; and significantly increased Research and Development ('R&D')
investment.

Our objective was to build a base upon which Porvair could generate consistently strong earnings growth and therefore
long term shareholder value. We expected this programme to take between 3 and 5 years, and that whilst profits would
be held back for a time, particularly by higher R&D costs, the longer term benefits to the Group would be
considerable.

2002 was a challenging year, but this did not deflect us from our strategic plan. Good progress was made:

* The strengthening of our core businesses through acquisition:
  The businesses acquired during 2001 have all exceeded expectations in 2002. In particular the Porvair Filtration
  Group has generated both sales and profit growth.
 
* Investment and renewal programmes in our manufacturing operations:
  As set out later in the Operating Review, these have been completed as planned

* Significant increases in R&D investment in support of new materials:
  Group R&D expenditure was £5.9m in 2002 (2001: £5.2m) and progress has exceeded expectations, as outlined in the
  Operating review.

This progress was made against a backdrop of thoroughly testing trading conditions. US markets were especially tough,
and profits suffered as a result, particularly at Selee. For the Group as a whole, sales were £68.5m (2001: £72.3m),
the planned R&D expense was £5.9m (2001: £5.2m), leaving profit before tax and goodwill amortisation at £0.2m (2001:
£3.8m). Net borrowings at the year end were £11.8m, following a cash inflow of £2.4m in the second half of 2002.

Our response to difficult trading conditions was robust. We cut costs where necessary, and accelerated new product
programmes. We did not however cut R&D budgets or capital spending which was £3.1m as planned. These are investments
in our future, and an expression of confidence in our strategy. The Directors are therefore recommending a maintained
final dividend of 4.3p per share, keeping the total for the year at 6.7p per share. Earnings per share before
goodwill amortisation were 0.6p (2001: 7.8p)

As always in a difficult year, the quality of the employees comes to the forefront. The Board wishes to thank all
employees for their efforts and achievements in the past year. May we also welcome all new members of staff to
Porvair at this exciting time in the continuing development of the Group.

Despite 2002 having been a difficult year we finished it in good heart. Acquisitions made in 2001 have been
successfully integrated, the major investments in our manufacturing operations are complete, and our R&D programmes -
right across the Group - are on track. Trading conditions stabilised towards the end of 2002 and whilst we expect
2003 to remain challenging, the actions taken in 2002; the benefits of a lower cost base in our US operations; and
the tremendous progress made in the development of our new materials give considerable cause for optimism for the
future.

John Morgan, Chairman
22 January 2003

Operating review
 
1.     Operations 2002 

As detailed in note 1 'Turnover and segmental analysis' the results of the main business units have been separately
disclosed and are commented on below. This has been done to enhance the clarity of the Group's results and to show
the impact of the key development activities in Fuel Cells.

Metals filtration

Porvair Selee had a tough year, as two of its three key markets were depressed. US aluminium demand, which fell
through much of 2001, continued to fall until the third quarter of 2002. Only in the last few months of the year did
the position stabilise. Demand for high value metal alloys also fell. These metals are used in aerospace and gas
turbine applications and both these markets were hit in 2002. These difficulties were offset by a good performance
from Engineered Ceramics - the molten metals handling business acquired in 2001, but this was not sufficient to
compensate for the adverse operational gearing effect suffered in the main Selee plant. As a result profits fell by
£3.2m to a loss of £0.8m.

Management and staff at Selee coped with these conditions in a thoroughly professional manner. Costs, amounting to
£2m on an annualised basis, have been cut. Some of this has been achieved by the assumption of higher healthcare
contributions by all staff at Selee, a good demonstration of the commitment and responsible attitude of all concerned.

2002 was not all negative at Selee however. The new aluminium filtration line was fully commissioned and ran well in
the second half of the year. This investment consolidates our cost leadership position in this market. We introduced
new, patent pending filtration technology for which initial commercial sales have now begun and will grow in 2003. We
expect profit at Selee to rebound strongly in the coming year.

Microfiltration

These businesses have performed well in 2002, and have delivered both sales and profit growth.

The Porvair Filtration Group, has delivered the cost, efficiency and sales coverage benefits expected at the time of
the acquisition in 2001. These have more than offset the 20% fall in sales of aerospace filters suffered as a result
of the global slow down in the aerospace market. Indeed it is a pleasure to report that we are having to expand our
facility at Fareham in the UK where for some product lines demand is exceeding supply.

Our two smaller microfiltration businesses; Life Sciences and Ceramic Moulds, have also performed well in 2002. Life
Sciences in particular generated record sales and profits and this small business remains a highly valued part of the
Group.

Membranes

Our Membranes business performed with credit in trading conditions that were difficult. As outlined in previous
announcements this business has undergone a process of simplification that was finished late in 2002 and as expected
this has reduced both sales and profits. The Membranes business therefore is now smaller, much more operationally
efficient, more customer responsive and its environmental performance is much better. Over the last 3 - 4 years we
have invested £7m into the factory in King's Lynn with most of the plant being extensively upgraded. Whilst we
foresee a further round of investment in the polymer production unit in 2004/5, we now have a sound base for
manufacturing efficiency, customer service and environmental performance.

This is a good platform for future growth on which we are now starting to build. In addition to a promising new
pipeline that is always a feature of Porvair companies, we have taken direct control over selling activity in China,
and have therefore disbanded our joint venture in this important region where in recent years the majority of our end
customers have moved production. These initiatives all underpin our expectations that Membranes will move forward
during the year ahead.

Porvair Fuel Cell Technology

This business has again exceeded our expectations for the year, both in terms of technical progress made and in
customer demand. Sales, at this stage largely for prototypes and samples, were £786,000, almost double the £416,000
achieved in 2001. This income offset the planned levels of expenditure.

This operation occupies part of Selee's plant in Hendersonville, North Carolina, and during the year staff numbers
have grown to 38 and manufacturing space has doubled. Two materials technologies are being developed.

* Microporous carbons: With this material we are focussing on bi-polar plate applications. Bi-polar plates are an
integral component of PEM fuel cells. Our primary partner in this work is United Technologies Corporation Fuel Cells
(UTCFC), one of the few major players in this market, and the only fuel cell company developing ambient pressure fuel
cells. We are partly funded by a US Government Department of Energy (DoE) grant. Towards the end of 2002 phase 1 of
the DoE programme was finished - 6 months ahead of schedule. We are producing plates that are exceeding the DoE
technical specification, and are now starting shipments for prototype fuel cell trials. We have begun phase 2 of the
DoE project and by the end of 2003 expect to have identified and begun to install volume production methods, and to
have shipped several thousands of plates.

* Porous and microporous metals: As advised at the interim stage, a feature of 2002 has been the accelerated
development and customer demand outside fuel cell applications. These materials, in addition to the properties given
by the metal alloy used, have unique attributes of porosity, surface area, electrical and thermal conductivity,
pressure absorption and, for microporous metals, wicking action. These attributes lend themselves particularly well
to compact heat exchange, emissions control, catalyst substrate, water treatment and industrial process. In this last
field we secured our first substantial commercial order late in 2002. We are now building a full scale pressure
vessel lining and expect to install it in the first few months of 2003. In other applications - for example the
production of aluminium, turbine fuel/air mixers, oil cooler components - the customer testing that has been underway
for several months continues to be promising. Customer demand for samples is very high. Over the last two years we
have understood the capabilities of these materials, have refined means of production and started to find attractive
markets. We have progressed much quicker than we initially expected and continue to have high expectations for this
technology.

2.     Health, Safety and the Environment (HS&E) 
 
Many of the products produced and sold by Porvair companies are used to the benefit of the environment. For example,
Porvair filters reduce emissions and minimise waste, and our materials are heavily involved in the development of
clean energy systems such as fuel cells and coal gasification plants. Overall responsibility for health, safety and
the environment rests with the Group Board.

Our HS&E policy requires:

Compliance with all applicable HS&E laws, regulations and voluntary commitments

Continuous improvement of HS&E performance, monitored and encouraged by the setting and reviewing of HS&E targets

Communications through consultation, education and feedback on HS&E matters with all stakeholders in our business.

A full copy of the Porvair plc HS&E policy, and our HS&E report for 2002, may be found at www.porvair.com. This is
the first time we published this data, so 2001 is also given for comparison. We will update this data annually, to
coincide with the preliminary results.
 
Porvair at a glance 
 
Introduction to Porvair

Porvair is a materials science company which specialises in:

* Metals filtration:     Porvair Selee invented the ceramic foam filter, and leads the world in its application to
  molten aluminium. A wide range of porous and microporous technologies serve other metals industries.

* Microfiltration materials and systems: Porvair Filtration Group, Porvair Life Sciences and Porvair Ceramic Moulds
  are specialist microfiltration businesses, expert in both filtration and filtration media for specific applications.

* Microporous membranes: Porvair Membranes make textiles and leather waterproof and breathable. Our polyurethane
  technology, which is both durable and soft, is unique in this field.

* Microporous metals and carbons: Porvair Fuel Cell Technology is an R&D operation that is developing new and unique
  Porvair materials for a range of fast growing markets, one of which is fuel cell components.

Metals filtration:                                        Locations and activities

                                                   Hendersonville and Gilberts, USA:
Porvair Selee                                      Brings ceramics expertise to the field of molten
                                                   metal handling, catalyst media and thermal
                                                   processing.  World leader in aluminium filtration

Microfiltration:
                                                   Shepperton, UK:
Porvair Sciences                                   Specialises in assay equipment and other microplate
                                                   products for the Life Sciences market

                                                   Fareham, New Milton and Wrexham, UK; Rock Hill, USA:
Porvair Filtration Group                           Develops innovative sintered metal and polymer
                                                   solutions to filtration problems.
                                                   Uses sintered metals and polymers in the design and
                                                   manufacture of specialist filters and filtration
                                                   devices

                                                   King's Lynn, UK:
Porvair Ceramic Moulds                             Supplies sanitaryware, tableware and technical
                                                   ceramics customers worldwide with long-life
                                                   alternatives to traditional ceramic moulding media

Microporous membranes:
                                                   King's Lynn, UK; Acton, Canada; Wuppertal, Germany
                                                   (25% shareholding of Sympatex):
Porvair Membranes                                  Specialises in polyurethane membranes that enhance
                                                   the performance of leather and textiles to make them
                                                   waterproof and breathable
                                                
New materials:
                                                   Hendersonville, USA:
Porvair Fuel Cell Technology                       Develops media and components for fuel cell, heat
                                                   exchange, chemical process, emission control and
                                                   water treatment applications


CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the year ended 30 November 2002  

                                                                                                                      
                                                                                 Group 2001                             
      
                                                       Note      Group        Before   Exceptional               After
                                                                  2002   Exceptional         items   Exceptional items
                                                                               items         £'000               £'000
                                                                 £'000         £'000                                  
  Turnover                                                                                                            
  Continuing operations (including share of joint         1     68,485        72,267             -              72,267
  venture)                                                                                                            
  Less : share of joint venture                                  (153)         (808)             -               (808)
                                                                68,332        71,459             -              71,459
  Cost of sales                                               (46,330)      (47,661)       (2,608)            (50,269)

  Gross profit                                                  22,002        23,798       (2,608)              21,190
  Distribution costs                                           (1,892)       (1,722)         (507)             (2,229)
  Administrative expenses                                     (16,009)      (14,452)         (913)            (15,365)
  Research & development                                  1    (5,867)       (5,151)             -             (5,151)

  Group operating profit/(loss) before joint                   (1,766)         2,473       (4,028)             (1,555)
  venture and associated undertaking                                                                                  
  Share of operating profit/(loss) of joint venture               (94)            40             -                  40
  Share of operating profit of associated                          181             -             -                   -
  undertaking                                                                                                         

  Total Group operating profit/(loss)                     1    (1,679)         2,513       (4,028)             (1,515)

  Exceptional profit on part disposal of subsidiary                  -             -            90                  90
  undertaking                                                                                                         
  Interest payable (net)                                         (451)       (1,259)         (425)             (1,684)

  (Loss)/profit on ordinary activities before                  (2,130)         1,254       (4,363)             (3,109)
  taxation                                                                                                            

  Profit/(loss) on ordinary activities before                  (2,130)         1,254                                  
  taxation                                                                                                            
  Add back goodwill amortisation                                2,299         2,515                                   
  Profit on ordinary activities before taxation and                169         3,769                                  
  goodwill amortisation                                                                                               

  Tax on (loss)/profit on ordinary activities             4        352       (1,186)         1,761                 575
  (Loss)/profit on ordinary activities after                   (1,778)            68       (2,602)             (2,534)
  taxation                                                                                                            
  Equity minority interests                                      (101)         (150)             -               (150)
  Loss attributable to shareholders                            (1,879)          (82)       (2,602)             (2,684)
  Dividends                                               3    (2,467)       (2,467)             -             (2,467)
  Retained loss for the financial year                         (4,346)       (2,549)       (2,602)             (5,151)

  Earnings/(losses) per share                                        -                                                
  - basic and diluted                                     2     (5.1)p                                          (8.7)p
  - basic and diluted before goodwill amortisation        2       0.6p                                            7.8p
    and exceptional items                                                                                               




Reconciliation of movements in equity shareholders' funds 
For the year ended 30 November 2002
                                                                                                
                                                           GROUP             
                                                            2002      2001
                                                           £'000     £'000

Loss attributable to shareholders                        (1,879)   (2,684)
Dividends                                                (2,467)   (2,467)

Retained loss for the year                               (4,346)   (5,151)
New share capital subscribed                                   -    27,569
Exchange differences                                       (613)     (420)

Net increase/(decrease) in equity shareholders' funds    (4,959)    21,998
Opening equity shareholders' funds                        63,333    41,335

Closing equity shareholders' funds                        58,374    63,333




Statement of total recognised gains and losses
For the year ended 30 November 2002
                                                                                                                      
                                                                                                         GROUP          
  
                                                                                                        2002      2001
                                                                                                       £'000     £'000

  Loss attributable to shareholders                                                                  (1,879)   (2,684)

  Exchange differences on retranslation of net assets of subsidiary 
  undertaking and foreign borrowings                                                                   (613)     (420)
                                                                                                            
  Total losses recognised in the year                                                                (2,492)   (3,104)





BALANCE SHEET 
As at 30 November 2002

                                                                                                 
                                                          GROUP               
                                                Note       2002       2001
                                                          £'000      £'000

Fixed assets                                                              
Goodwill                                                 33,349     35,940
Tangible assets                                          20,734     22,020
Investments                                                               
Investment in joint venture :                                             
     Share of gross assets                                    -        369
     Share of gross liabilities                               -      (275)
                                                              -         94
Investment in associated undertaking                      2,348      2,192

                                                         56,431     60,246
Current assets                                                            

Stocks                                                   14,661     14,892

Debtors falling due after more than one year              3,178      3,247

Debtors falling due within one year                      16,616     15,559
                                                         19,794     18,806

Cash at bank and in hand                                  3,261      2,548
                                                         37,716     36,246

Creditors                                                                 
Amounts falling due within one year                    (28,442)   (15,713)

Net current assets                                        9,274     20,533

Total assets less current liabilities                    65,705     80,779

Creditors                                                                 
Amounts falling due after more than one year                  -   (10,346)

Provisions for liabilities and charges                  (2,455)    (2,201)

Net assets                                         1     63,250     68,232

Capital and reserves                                                      

Called up share capital                                     736        736
Share premium account                                    28,679     28,679
Other reserves                                            4,329      4,942
Profit and loss account                                  24,630     28,976

Total equity shareholders' funds                         58,374     63,333

Equity minority interests                                 4,876      4,899
                                                         63,250     68,232


Approved by the Board on 22 January 2003
B D W Stocks, Director
M Moran, Director




CONSOLIDATED CASH FLOW STATEMENT 
For the year ended 30 November 2002

                                                                                                             
                                                   Note               Group                 Group
                                                                       2002                  2001
                                                                      £'000                 £'000

Net cash inflow from operating activities             5               2,798                 4,882

Returns on investments and servicing of finance                                                  
Interest received                                             104                   25           
Interest paid                                               (368)              (1,100)           
Exceptional finance costs                                       -                (425)           
                                                                      (264)               (1,500)
Taxation                                                                                         
UK corporation tax paid                                     (660)                (830)           
Overseas tax (paid)/refunded                                  327                (649)           
                                                                      (333)               (1,479)
Capital expenditure                                                                              
Purchase of tangible fixed assets                         (3,070)              (3,233)           
Sale of tangible fixed assets                                  77                   16           
                                                                    (2,993)               (3,217)
Acquisitions                                                                                     
Acquisition of associate investment                             -              (2,192)           
Acquisition of subsidiaries                                     -             (19,050)           
                                                                          -              (21,242)
Equity dividends paid                                               (2,467)               (1,990)
Net cash outflow before financing                                   (3,259)              (24,546)
Financing                                                                                        

Issue of ordinary share capital                                 -               28,771           

Expenses of rights issue                                        -              (1,202)           

Increase/(decrease) in net borrowings                 7     4,105              (1,198)           
                                                                      4,105                26,371

Increase in cash in the year                          7                 846                 1,825


                                                                 

NOTES 

1.             Turnover and segmental analysis

(a) Turnover by geographical segment                    2002                        2001
                                             By destination           By  By destination         By
                                                      £'000       origin           £'000     origin
                                                                   £'000                      £'000

United Kingdom                                       18,731       43,145          16,241     42,787

Continental Europe                                   11,786            -          11,559          -

Americas                                             28,013       25,187          32,812     28,672

Asia                                                  6,638          153           8,501        808

Australasia                                             946            -             596          -

Africa                                                2,371            -           2,558          -

                                                     68,485       68,485          72,267     72,267
Less share of joint venture                           (153)        (153)           (808)      (808)
                                                     68,332       68,332          71,459     71,459

(b) Segmental analyses                                  2002                                 2001
                                                       £'000                                £'000
i) Turnover
Metals Filtration                                     21,489                               23,292
Microfiltration                                       27,130                               21,091
Membranes                                             19,080                               27,468
Fuel Cells                                               786                                  416
                                                      68,485                               72,267



ii) Operating profit/(loss)    Before    Goodwill        After      Before    Goodwill       After
                             goodwill                 goodwill    goodwill                goodwill

Metals Filtration               (794)     (1,237)      (2,031)       2,432     (1,212)       1,220
Microfiltration                 3,224     (1,062)        2,162       2,753       (743)       2,010
Membranes                         510           -          510       2,030       (560)       1,470
Fuel Cells                    (2,320)           -      (2,320)     (2,187)           -     (2,187)
                                  620     (2,299)      (1,679)       5,028     (2,515)       2,513

iii) Net assets                Before    Goodwill   Net assets      Before    Goodwill  Net assets
                             goodwill                including    goodwill               including
                                                      goodwill                            goodwill

Metals Filtration              10,161      15,584       25,745      12,847      17,037      29,884
Microfiltration                14,472      17,765       32,237      13,127      18,903      32,030
Membranes                      19,585           -       19,585      19,226           -      19,226
Fuel Cells                      1,214           -        1,214         830           -         830
                               45,432      33,349       78,781      46,030      35,940      81,970

Taxation                                               (2,160)                             (2,798)
Dividend payable                                       (1,583)                             (1,583)
Net borrowings                                        (11,788)                             (9,357)
                                                        63,250                              68,232



The analysis of operating profit is provided as it represents a clearer presentation of the businesses' performance

Research and development is a substantial cost within the consolidated results. To aid understanding it has been
re-analysed and separated from other costs within the profit and loss account, both in this year and the comparative
figures. It is considered to be part of administrative expenses which would total overall £21,876,000 (2001:
£19,603,000)
 
 
2.     Earnings per share 
                                                                                                   
                                                        Year ended    Year ended
                                                       30 Nov 2002   30 Nov 2001
(a) Losses per share                                                            

Losses (£'000)                                             (1,879)       (2,684)

Number of shares (weighted)                             36,803,011    31,042,605

Losses per share                                            (5.1)p        (8.7)p

(b) Earnings per share before goodwill amortisation                             

Earnings (£'000)                                               212         2,433

Number of shares (weighted)                             36,803,011    31,042,605

Earnings per share                                            0.6p          7.8p


3.     Dividends 

The Board is recommending a final dividend of 4.3p per share (2001 : 4.3p) to be paid on 7 April 2003 to
shareholders on the register at the close of business on 14 March 2003.

     
4.     Tax on (loss)/profit on ordinary activities 
                                                                                              
                                                       Group   Group
                                                        2002    2001
                                                       £'000   £'000

UK corporation tax at 30% (2001 : 30%)                              
Current period tax                                   (1,111)   (320)
Adjustments in respect of previous periods               269     502
Total UK current tax                                   (842)     182

Overseas tax receivable/(payable)                      1,499   (113)
Tax on share of profits of associated undertaking       (51)       -

Total current tax                                        606    (69)

Deferred tax                                           (254)     506

Tax credit on loss on ordinary activities                352     575
 
 
5.     Reconciliation of operating profit to net cash inflow from operating activities 
                                                                                                       
                                                                         2002      2001
                                                                        £'000     £'000

Total Group operating profit                                          (1,679)     2,513   
Goodwill amortisation                                                   2,299     2,515
Depreciation                                                            3,512     3,222
Loss on sale of fixed assets                                               44       116
Decrease/(increase) in stocks                                              82   (1,068)
Decrease/(increase) in debtors                                        (1,081)       514
Decrease in creditors                                                   (110)   (1,485)
Share of joint venture and associated undertaking                        (87)      (40)

Net cash inflow from operating activities before exceptional items      2,980     6,287

Exceptional items                                                       (182)   (1,405)

Net cash inflow from operating activities                               2,798     4,882


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

                                                                                           
                                                2002      2001
                                               £'000     £'000

Increase in cash in the year                     846     1,825
Increase/(decrease) in borrowings            (4,105)     1,198

Change in net borrowings from cash flows     (3,259)     3,023
Translation difference                           828      (17)

Movement in net borrowings in the year       (2,431)     3,006
Acquired companies                                 -   (2,403)
Opening net borrowings                       (9,357)   (9,960)

Closing net borrowings                      (11,788)   (9,357)
 

7.     Analysis of net borrowings 

                                                                                                       
                                 01/12/01   Cash flow      Other   Exchange   30/11/02
                                                       non-cash   movement           
                                   £'000       £'000      £'000      £'000      £'000

Cash in hand and at bank           2,548         846          -      (133)      3,261
Overdrafts                             -           -          -          -          -
                                                 846          -      (133)           
Borrowings due after 1 year     (10,346)           -      9,385        961          -
Borrowings due within 1 year     (1,559)     (4,105)    (9,385)          -   (15,049)
                                             (4,105)          -        961           
Total                            (9,357)     (3,259)          -        828   (11,788)


8.     Accounts 

The foregoing statements do not constitute the Group's statutory accounts. The Group's 2002 statutory accounts, on
which the Company's auditors, PricewaterhouseCoopers, have given an unqualified opinion in accordance with Section
235 of the Companies Act 1985, are to be delivered to the Registrar of Companies. The Group's 2001 statutory accounts
have been filed with the Registrar of Companies.




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