FINANCIAL HIGHLIGHTS

• Performance in line with our expectations
• Personnel turnover of £623.2m, up 24%
  (12% on a like-for-like basis)¹
• Personnel operating profit² of £60.1m, up 12%
  (6% on a like-for-like basis)
• Mail operating profit stable at £16.3m on turnover up 2%
• Group profit before tax of £83.2m
• Group profit before tax, goodwill amortisation and
  exceptional items of £87.9m³
• Net debt reduced to £94.5m
• Interim dividend rebased (as previously announced)
  to 1.0p per share

1. Percentage change is calculated over the result for H1 2002/03 and like-for-like percentage
   change calculated before acquisitions and at constant exchange rates
2. Personnel operating profit stated before goodwill amortisation of £6.6m (2002/03: £2.5m)
3. Goodwill amortisation of £6.6m and exceptional profit of £1.9m

OPERATING HIGHLIGHTS

• Increased Personnel operating profit for first time in twoand a half years
  –   Continued gradual recovery in principal markets
  –   Continued strong growth in Montrose (technical) and Australia
  –   Return to growth in IT
  –   Accountancy performed well in regions but South East difficult
  –   Ascena performed well but Continental European markets challenging
• New mail products launched successfully and showing promising growth
• £355.0m gross headline consideration realised from
  disposals to date