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Warthog PLC (WHOG)


Wednesday 03 July, 2002

Warthog PLC

Final Results

Warthog PLC
3 July 2002

For immediate release

Wednesday 3rd July 2002

                                 PRESS RELEASE

                                  WARTHOG PLC

                           ('Warthog' or 'the Group')



  • Turnover increased by 134% from £3.8 million (for 2001) to £8.9 million.

  • Profit before tax increased by 55% from £314,000 (for 2001) to £488,000.

  •  5 PC and console games successfully published with 24 PC and console and
    3 GameBoy announced games in the pipeline.

  • Warthog also announces today the signing of a contract for its original
    intellectual property, 'X10', to Conspiracy, the North American publisher.
    The game will be developed for PC, Xbox, GameCube and Playstation 2.

  • The Group has expanded considerably through organic means and the
    acquisitions of the complete development team of Infogrames' Manchester
    studio and 42-Bit AB, a 24 man team based in south Sweden.  Total workforce
    has increased to 200, with 176 employees and 24 subcontractors.

  • In January 2002 Warthog successfully raised £2.1 million (before expenses)
    by way of an equity placing for cash to be used to provide further working
    capital for organic growth and acquisitions.

  • The Group was granted the Queen's Award for Enterprise in the
    International Trade category in April 2002.

Commenting on the results, Ashley Hall, CEO of Warthog said:

'It has been another highly successful year for Warthog and we are delighted
with the progress we have made in becoming one of the leading games development
companies in Europe. The Group has matured to become a highly rated supplier of
choice to many of the games industry's major publishers.  Our portfolio of
games, across a wide range of platforms, is impressive and the talent and
creativity of our team has been recognised with a number of awards for games.
The extensive experience of our staff combined now covers over 1,500 titles
gained from the leading studios in Europe.   We have expanded considerably this
year, through both acquisition and organic means, and the integration of these
acquisitions and the  management of our growth have been highly successful.

Warthog is well positioned to take advantage of the upturn in the dynamic games
industry and to exploit this we will continue our expansion.'


Ashley Hall
CEO - Warthog plc                                          0161 608 1200

Andrew Gething
Corporate Development - Warthog plc 0161 608 1200

David Simonson/ Clare Maciocia
Merlin Financial                                           0207 606 1244

Background to 'X10'

'X10' is a first person shooter for PC, Xbox, GameCube and PlayStation2.
Warthog has signed the publishing rights of 'X10', its own intellectual property
to Conspiracy Entertainment, a publisher, marketer and developer of
entertainment software in North America and Europe.

'X10' places a gamer as a soldier, who, under strict instructions, must explore
the world of 'X10' and tackle anything the environment throws at them, including
political intrigue, military factions and deadly predators.

Conspiracy has worked with Warthog before in creating games for The Warner Bros.
Licences Tiny Toons and Animaniacs, via Conspiracy's joint venture with SWING!

About Conspiracy Entertainment
Based in Santa Monica, CA., Conspiracy Entertainment Corporation
( is a publisher, marketer and developer of
entertainment software in North America and Europe.  The company develops and
licenses properties from several sources, including global entertainment and
media companies, and publishes software for DVD media, personal computers,
wireless devices and all major video game platforms including Sony
PlayStation(R) 1 and 2, Microsoft XboxTM, Nintendo GameCubeTM and Game
Boy(R) Advance.

Chairman's Statement

Our Results

I am delighted to report that Warthog plc has had another highly successful
year, in which we have maintained our growth and delivered increased profits.
The Group has matured to become a highly rated supplier of choice to many of the
games industry's major publishers, with an impressive portfolio of games under
development and released into the market.   We are well placed to continue to
grow shareholder value in this dynamic marketplace.

Our revenue increased by 134%, from £3.8 million to £8.9 million, as we
delivered eleven games over this period.  Our profits before tax increased by
55% to £488,000.  We raised approximately £2.1 million (before expenses) by way
of an equity placing for cash in January 2002, to provide further working
capital for our organic growth and acquisitions.    In line with the policy
outlined in our flotation prospectus, the Directors do not propose the payment
of a dividend.

Warthog has expanded considerably this year, in line with our strategy to
exploit the burgeoning entertainment market which has been fuelled by the retail
success of the next generation of games platforms:- Sony's PlayStation 2 (PS2);
Nintendo's GameCube (GC) and Microsoft's Xbox. These new consoles enable
astonishing graphical realism and game playing complexity to be offered to the
customer, which in turn means games development projects are becoming bigger and
require higher investment in expertise and facilities. We have benefited
significantly from this trend, which has been difficult for the smaller
development organisations, who do not have the necessary size and scale to
satisfy the publishers who are funding the projects.

I am pleased to report that, despite the challenges that achieving such
significant growth brings, we are in better shape at the end of the past year.
We have delivered games that have delighted our customers and we have formed new
and improved existing relationships with the leading publishers.   We have
implemented structures in the Group  which have enabled us to become more
internally organised as well as ensuring that the welfare and professional
development of our staff is a key consideration.  Our recent Queen's award for
Enterprise sealed a very satisfactory year's progress for the Group, its
management and staff.

The creativity and dedication of our staff in developing games is the heart of
our success, and I sincerely thank them for all their hard work.  We have
committed considerable resources to retain and motivate our staff and it is
encouraging to learn that 93% of them reported that they enjoy their job in a
recent employee survey.  However we are not complacent and constantly review
ways in which we can improve their skills, motivation and job satisfaction.

Staff numbers have doubled this year, through acquisition and organic growth,
without having to lower our standards.  In November 2001, we acquired the
complete development team of Infogrames' Manchester studio, who are now an
integral part of our Cheadle Office.  On the 5th April 2002, we completed the
acquisition of 42-Bit AB based in southern Sweden, taking our total workforce to
200, with 176 employees and 24 subcontractors.   The availability of superb
development talent in Sweden, and their lower operating costs, made this an
ideal step in our expansion programme.

The strength of our management resources has paid dividends, ensuring we have
the appropriate structures and processes to enable us to grow at such a rapid
rate.  In improving our Corporate Governance we have established a Risk
Management Committee, in addition to our Audit and Remuneration Committees, and
management have already addressed several key issues highlighted by this group.


The arrival of the new game-playing consoles has invigorated the industry and
ensured its dynamic growth for the foreseeable future.  We have also invested,
albeit cautiously, in understanding the emerging Mobile and interactive-TV
markets and are now well placed to exploit these opportunities as and when they
achieve sufficient critical mass, but without having committed significant
resources ahead of tangible returns.

Warthog has demonstrated that we can manage growth both organically and through
acquisition and we will endeavour to continually add value to the Group as we
grow at a similarly rapid pace, going forward.  While being ambitious in our
growth objectives, we will continue to apply the same stringent levels of
diligence and prudence in considering all opportunities.

Iain Macdonald                                                3rd July 2002

Chief Executive's Review

As has been widely reported in the media, the arrival of new hardware platforms
has energized the games market, expanding it rapidly.  The PlayStation2 (PS2)
has now sold over 20 million units worldwide and Microsoft's Xbox and Nintendo's
GameCube (GC) have both firmly established their presence in the market.  Recent
competitive pricing moves by these hardware vendors have stimulated this growth

The video and computer games industry has overtaken cinema, music and video in
value terms in Europe, and is forecast to do the same in the USA and Japan,
having a total value in excess of $20 billion per annum.  The market is growing
rapidly in all areas and is forecast to rise to $30 billion by 2004.

Our Customers

Warthog has been successful in securing contracts with leading global
publishers, most notably THQ and BBC Worldwide.   It is our strategy to work
more closely with an increasing range of top publishers as well as those we
already have an excellent working partnership with, including Activision, Crave,
Infogrames, SCi, SWING! and New Kid Co.  An impressive eight out of ten of our
initial customers have already placed repeat business with us, which is
testament to the strength of our ongoing relationships.

Our Team

Our staff are our principal asset and we see their welfare as a high priority.
I am continually delighted by the creativity and commitment to push the
boundaries of great quality games and I thank them for their continuing hard
work.  The recent employee survey, from which we have already quoted, also
highlighted that these feelings are reciprocal with 90% saying they were proud
to work at Warthog, and 85% considering the company cares for its employees.

Our Growth

We acquired the Manchester studio of Infogrames in November 2001 and the full
development team moved into our offices, developing the 'Loons' game.  We had
already been working with our new Swedish team for over a year, on a subcontract
basis, as they developed the 'Rally Championship' game on PS2 and a GameBoy
Advance (GBA) game.  We completed the acquisition of this business a few days
after the end of our financial year, in early April 2002.  The Swedish team are
now developing the next version of 'Rally Championship' and are operating well.
I welcome both these new Warthog teams to our fold.

We have also been able to recruit some excellent, highly experienced staff from
other games developers, which has enabled us to grow organically at a faster
rate without reducing our quality standards.  The combined experience of our
staff now covers over 1,500 titles gained from the leading studios in Europe.

Our Technology

Our technology strategy is driven by three key aims: firstly, to increase the
quality of our games so that they are better than those of our competitors;
secondly, to reduce development project timescales to get our products into the
market faster; and finally, to deliver working games early in the development
cycle, facilitating visibility and early product assessment by publishers.

The latest version of our 'Tusk' game engine is being simultaneously developed
across four projects and is modular in design, enabling the production of PC,
Xbox, GC and PS2 games. 'Tusk' is complimented by its editor, 'Snout', which has
grown out of level editors, object editors, mission editors, productivity and
simulation tools and is used by artists, designers, musicians and programmers in
a what-you-see-is-what-you-get style.  Artists, designers and musicians receive
a simulation of their work within the game, thus giving instant feedback.

Our driving engine, 'Hoof', developed for the 'Rally Championship' games, is
built specifically for outdoor racing games, which predominantly follow a linear
race.  It utilises 'Tusk Physics', which enables extensive configurability for
the vehicles.  'Hoof' has now had its own editor developed, 'Kangaroo'.

Games released in 2001/2002

We have delivered three PC/console games, two GameBoy games and six mobile games
during this financial year.  The consistent success of our games is shown by the
average unit sales; for PC and PlayStation games the average sales are now
260,000 units and 100,000 units for GameBoy games.

PC & Console Titles released in 2001/2              Platform               Client

Rally Championship Xtreme                           PC                     Sci
Tiny Toons - Buster Saves The Day                   GBC                    Swing!
Tiny Toons - Plucky's Big Adventure                 PS1                    Swing!
Tiny Toons - Wacky Stackers                         GBA                    Swing!
Quiz Show                                           PC                     Digital Bros.

The PC version of 'Rally Championship' was released in November 2001 winning the
'PCZONE Award for Excellence'.  The PS2 version hit the shops at the beginning
of June 2002.  The game has received many accolades from the industry press
including 'the title to leave McRae fuming in second place' from PlayNation
magazine.  The GC version is due out in August and will be the first Rally game
published on GC.  Considering this was our first driving game, and was developed
for the new platforms we are delighted to have produced such a great game,
in-line with the best driving studios in the industry.  The arrangement with SCi
Entertainment has been extended, and our Swedish office is now working on the
next version of  'Rally Championship' for PC, PS2, Xbox and GC.

We completed three 'Tiny Toon' games 'Buster Saves the Day' on GBC, 'Plucky's
Big Adventure' on PS1 and 'Wacky Stakers' on GBA for SWING! .  'Quiz Show' was
completed for a new publisher, Digital Bros., on PC.  The PS1 version is due to
be completed early in the next financial year.

Games in production in 2002

We have announced twenty-four PC/console games, three GameBoy games and several
mobile games in production.

Announced PC & console titles in            Platform   Client         Completes          FY         FY
development                                                           (Calendar)       2002/3     2003/4
                                                                                      H1    H2   H1   H2
Rally Championship 6                        PS2        SCi            Complete         x
Rally Championship 6                        GC         SCi            Q2 2002          x
Quiz Show                                   PS1        Digital Bros.  Complete         x
Animaniacs - Pinky and the Brain, the       GBA        Swing!         Complete         x
Animaniacs - Hollywood Hijinx               GC         Swing!         Q4 2002               x
Animaniacs - Hollywood Hijinx               PS2        Swing!         Q4 2002               x
Animaniacs - Hollywood Hijinx               PC         Swing!         Q4 2002               x
Animaniacs - Hollywood Hijinx               Xbox       Swing!         Q4 2002               x
Animaniacs - Lights Camera Action           GBA        Swing!         Q2 2002          x
ET                                          PS2        New Kid Co     Q3 2002               x
Loons                                       Xbox       Infogrames     Q2 2002          x
Mace Griffin Bounty Hunter                  PC         Crave/EA       Q4 2002               x
Mace Griffin Bounty Hunter                  Xbox       Crave/EA       Q4 2002               x
Mace Griffin Bounty Hunter                  PS2        Crave          Q4 2002               x
Mace Griffin Bounty Hunter                  GC         Crave          Q4 2002               x
Wolverine's Revenge                         PS2        Activision     Q1 2003               x
BattleBots                                  PS2        THQ            Q1 2003               x
BattleBots                                  GC         THQ            Q1 2003               x
Robot Wars                                  GBA        BBC            Q4 2002               x
Rally Championship 7                        PC         SCi            Q4 2003                          x
Rally Championship 7                        Xbox       SCi            Q4 2003                          x
Rally Championship 7                        PS2        SCi            Q4 2003                          x
Rally Championship 7                        GC         SCi            Q4 2003                          x
X10                                         Xbox       Conspiracy     Q1 2004                          x
X10                                         PS2        Conspiracy     Q1 2004                          x
X10                                         GC         Conspiracy     Q1 2004                          x
X10                                         PC         Conspiracy     Q1 2004                          x

We are developing six 'Animaniacs' games for SWING! on this children's cartoon
series.  'Animaniacs - Hollywood Hijinx' is being developed for the PC, Xbox,
PS2 and GC platforms simultaneously using the TUSK engine.  'Animaniacs - Pinky
and the Brain the masterplan' is Warthog's first 2D platform game on the GBA.
The second GBA game, 'Animaniacs - Lights Camera Action', has been developed in
our Swedish office and pioneers a new 2.5D isometric game engine.

Our second title with Publisher New Kid Co., 'ET The Extra Terrestrial' will now
be released at the same time as the new DVD re-release of the film during the
peak Thanksgiving/Christmas period.

The Warner Bros. Title, 'Loons', based on the 'Looney Tunes' characters, is
scheduled for publication later in 2002.  We acquired this game with the
development team from Infogrames in November 2001 and have developed the game
under a normal publishing contract for Infogrames.

'Mace Griffin Bounty Hunter' is consistently receiving critical acclaim from the
games industry press, and was heavily promoted at the industry's premier
exhibition, E3, in May 2002, in Los Angeles receiving 'Runner-up' Awards in two
categories from IGN magazine.  I do believe we have created a lasting
intellectual property that will be exploited in future years.  Crave have
extended our contract to cover PS2 and GC versions as well as the PC and Xbox
platforms.  Electronic Arts will publish the Xbox and PC versions in Europe and
the PC version in the USA.

Our X-men game, 'Wolverine's Revenge', for Activision on PS2 is progressing well
and has received good reviews from the games industry press.  In line with the
delay in the release of the film, the game is now scheduled for release in the
second quarter of 2003.  This game has been subcontracted to one of our partner
companies, an arrangement that is mutually beneficial.

We won our first contract with the premier publisher THQ for both the PS2 and GC
versions of 'Battlebots', the American version of 'Robot Wars'.

We secured a contract with BBC Worldwide for one of their premier titles, 'Robot
Wars', on GBA. We are pushing back the technical boundaries on the GBA and will
deliver a 'true' 3D game with real-time rendered robots later this year.

We have extended our partnership with SCi Entertainment to develop the next
version of 'Rally Championship, Version 7' for the PC, Xbox, PS2 and GC.  SCi
will fund the development of the PC version and we will be self-funding the
Xbox, PS2 and GC versions in return for an increased royalty rate, in a similar
manner to 'Rally Championship 6'.  Our Swedish office, following on from their
great success with the previous version, will undertake the development work for
all platforms.

In line with our stated strategy we have invested development time in creating
new characters, concepts and games.  The fulfilment of this strategy is the
award of a contract for 'X10' an original concept with American publisher
Conspiracy.  Following on from 'Mace Griffin Bounty Hunter' this is our second
original intellectual property to be signed-up.  Although a new name to these
pages, we have worked well with Conspiracy for the last few years via their
previous joint venture with SWING!

Mobile & iTV

The Mobile entertainment market is beginning to gather momentum and the wireless
telephone network and service operators, who have had a turbulent year, are now
recognising that the transmission of data and entertainment will increase their
revenues.  We have positioned ourselves well with relationships with Digital
Bridges and THQ without committing significant investment. Although the exact
timing and technologies are hard to predict, we are confident that we are poised
to exploit this market as and when it emerges.

Mobile Titles           Platform           Client              Completes        FY 2001/2     FY 2002/3
                                                                                 H1     H2    H1    H2
Pirate Adventure        Unity              Digital Bridges     Complete          x
Adventureland           Unity              Digital Bridges     Complete          x
Streetfighter           Unity/SMS          THQ                 Complete                  x
Streetfighter           Unity              THQ                 Complete                  x
Ghost Town              Pecan              Cash-U              Complete                  x
Charm                   Pecan/SMS          Cash-U              Complete                  x
Love Bug                Pedan/SMS          Cash-U              Q2 2002                         x

'Pirate Adventure', our first Mobile game to be published, has now been released
in the UK, USA, Canada, New Zealand and the Philippines. We look forward to the
release of our other games in the near future.

Financial Review

This year's figures are affected by the acquisition of Infogrames' Manchester
Studio, as detailed in our half-year report.  In January 2002 we raised
approximately £2.1 million before expenses by way of a placing for cash.  This
funding allowed us to continue our growth at a very considerable pace, both
organically and through acquisition, as well as allowing us to invest in
creating new Intellectual Properties for games.

We have continued to invest in computers and infrastructure to support our

Equally we have continued to invest in our head office in Cheadle, Manchester
and subsequently increased our debt funding secured against the office in line
with the increase in value of the building.  Our cash position remains strong,
at £2.8 million at the year-end.


We have established ourselves as one of the leading games development companies
in Europe, with good relationships with many of the top publishers and
credibility with our investors.  We have improved our capabilities at a greater
rate to our growth, and integrated our acquisitions successfully.

The games market is expanding rapidly and to exploit this we will continue to
invest carefully in creating original intellectual property, advancing our
proprietary technology and selectively self-funding games.

The Mobile and iTV formats provide further opportunities to us and we will
continue to pursue these in a prudent manner.

Ashley Hall                                                       3rd July 2002
Chief Executive

Warthog plc
for the year ended 31 March 2002

                                                                                          2002         2001
                                                                                             £            £

TURNOVER                                                                              8,858,117   3,782,386

Cost of sales                                                                         7,202,843   2,880,929

Gross profit                                                                          1,655,274     901,457

Other operating expenses (net)                                                        1,206,428     606,896

OPERATING PROFIT                                                                        448,846     294,561

Profit on sale of fixed asset investments                                                     -      33,800

PROFIT ON ORDINARY ACTIVITIES BEFORE INTEREST                                           448,846     328,361

Investment income                                                                        77,536      34,135

                                                                                        526,382     362,496

Interest payable                                                                         38,591      48,346

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION                                           487,791     314,150

Taxation                                                                                182,437     102,172

RETAINED PROFIT FOR THE YEAR                                                            305,354     211,978

Earnings per ordinary share - basic                                                       0.72p       0.66p
Earnings per ordinary share - diluted                                                     0.64p       0.65p

The operating profit for the year arises from the group's continuing operations.

No separate statement of Total Recognised Gains and Losses has been presented as
all such gains and losses have been dealt with in the profit and loss account.

Warthog plc
31 March 2002
                                                                                        2002         2001
                                                                                           £            £
Tangible assets                                                                    1,988,025    1,209,641
Investments                                                                                -            -
Intangible assets                                                                          -            -

                                                                                   1,988,025    1,209,641

Stock                                                                              1,470,342      633,813
Debtors                                                                            3,649,522      937,003
Cash at bank and in hand                                                           2,828,801    3,560,409

                                                                                   7,948,665    5,131,225

CREDITORS: Amounts falling due within one year                                     1,306,618      606,209

NET CURRENT ASSETS                                                                 6,642,047    4,525,016

TOTAL ASSETS LESS CURRENT LIABILITIES                                              8,630,072    5,734,657

CREDITORS: Amounts falling due after more than one year                          (1,137,992)     (550,034)
PROVISIONS FOR LIABILITIES AND CHARGES                                              (25,011)            -

                                                                                   7,467,069    5,184,623

Called up share capital                                                              461,497      417,891
Share premium account                                                              6,243,147    4,309,661
Merger reserve                                                                        52,463       52,463
Profit and loss account                                                              709,962      404,608

SHAREHOLDERS' FUNDS                                                                7,467,069    5,184,623

Warthog plc
for the year ended 31 March 2002

                                                                                          2002          2001
                                                                                             £             £

Cash flow from operating activities                                                 (2,145,012)     (821,265)

Returns on investments and servicing of finance                                          38,945      (14,211)

Taxation                                                                              (105,862)      (49,765)

Capital expenditure and servicing of finance                                        (1,096,774)     (307,954)

CASH OUTFLOW BEFORE FINANCING                                                       (3,308,703)   (1,193,195)

Financing                                                                             2,577,095    4,722,646

INCREASE/(DECREASE) IN CASH IN THE PERIOD                                             (731,608)    3,529,451


                                                                                         2002          2001
                                                                                            £             £

Increase/(decrease) in cash in the period                                            (731,608)    3,529,451

Change in net debt resulting from cash flows                                         (587,958)       12,000

MOVEMENT IN NET DEBT IN YEAR                                                       (1,319,566)    3,541,451

NET FUNDS/(DEBT) AT 1 APRIL 2001                                                    2,998,375      (543,076)

NET FUNDS AT 31 MARCH 2002                                                           1,678,809    2,998,375

Notes to the Results

1. Publication of non-statutory accounts

The financial information contained in this preliminary statement does not
constitute statutory accounts as defined in Section 240 of Companies Act 1985.
The financial information for the year ended 31 March 2002 has been extracted
from the audited group financial statements on which the auditors report was
signed on 22 June 2002.

The following are extracts from the notes to the audited group financial
statements for the year ended 31 March 2002.

1.         CASH FLOWS                                                                             2002            2001
                                                                                                     £               £
A          Reconciliation of operating profit to net cash inflow from operating
           Operating profit                                                                     448,846        294,561
           Depreciation and amortisation                                                        318,390        191,939
           Increase in stocks                                                                 (836,529)       (633,813)
           Increase in debtors                                                              (2,716,268)       (550,797)
           (Decrease)/increase in creditors                                                     640,549       (123,155)

           Net cash flow from operating activities                                          (2,145,012)       (821,265)

                                                                                                  2002            2001
                                                                                                     £               £
B          Analysis of cash flows for headings netted in the cash flow
           Returns on investments and servicing of finance

           Interest received                                                                     77,536         34,135
           Interest paid                                                                       (38,591)        (48,346)

           Net cash outflow from returns on investments and servicing of finance                 38,945        (14,211)

           Capital expenditure and financial investment
           Purchase of tangible fixed assets                                                (1,096,774)       (377,954)
           Payments to acquire investments                                                            -              -
           Disposal of fixed asset investment                                                         -         70,000

           Net cash outflow from capital expenditure and financial investment               (1,096,774)       (307,954)

           Issue of ordinary share capital                                                    2,102,932      5,308,706
           Issue costs                                                                        (113,837)       (574,060)
           Repayment of other long term loans                                                  (12,000)        (12,000)
           New Loan                                                                            600,000         -

           Net cash inflow from financing                                                     2,577,095      4,722,646

            CASH FLOWS (continued)                                                 At                               At
                                                                              1 April                    31 March 2002
                                                                                 2001        Cash flow               £
C           Analysis of net debt                                                    £                £

            Cash in hand and at bank                                        3,560,409         (731,608)       2,828,801

            Debt due within 1 year                                            (12,000)                -        (12,000)
            Debt due after 1 year                                            (550,034)        (587,958)     (1,137,992)

                                                                             (562,034)        (587,958)     (1,149,992)

            Total                                                           2,998,375       (1,319,566)       1,678,809


Earnings and the number of shares used in the calculations of earnings per share
are set out below:

                                                                                                 2002             2001
                                                                                                    £                £
           Profit after tax                                                                    305,354         211,978
           Weighted average number of shares                                                42,593,312      31,913,249
           EPS (pence)                                                                            0.72            0.66

         Fully diluted:
           Profit after tax                                                                    305,354         211,978
           Weighted average number of shares                                                47,496,256      32,812,290
           EPS (pence)                                                                            0.64            0.65

3. Annual Report

The annual report for the year ended 31 March 2002 will be mailed to
shareholders in due course.

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

a d v e r t i s e m e n t