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Group Highlights

Underlying earnings per share up 9.1% to 18.0p (2008: 16.5p)
Strong operating cash flow of £35.2m, up £2.3m (2008: £32.9m)
Significant net debt reduction of £40.1m
Operating profit margins maintained
Dividend increase of 9.3% to 4.7p per share (2008: 4.3p)

Group Results

	30 June 2009	30 June 2008 (Restated †)	Change
Revenue	£196.8m	£211.7m	-7.0%
Underlying operating profit*	£23.1m	£24.5m	-5.7%
Underlying profit before taxation*	£20.5m	£20.1m	+2.0%
Underlying earnings per share*	18.0p	16.5p	+9.1%
Dividend per share	4.7p	4.3p	+9.3%
Net debt reduced by £40.1m to £106.1m, a 27.4% reduction on the year end level of £146.2m.

^{* Excludes the effect of business reorganisation costs, property items, amortisation of acquisition intangibles, impairments, gains on disposal of available for sale financial assets, change in the value of financial instruments and net financing return on pension obligations.}

^{† Restated to exclude the discontinued businesses of Express Reinforcements Ltd and its related activities.}