CONSOLIDATED PROFIT AND LOSS ACCOUNT

for the year to 30 May 2004


  Notes 2004
£000 		2003
£000
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Turnover 2 151,775 129,109
Cost of sales 3 (50,099) (42,592)
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Gross profit 3 101,676 86,517
Net operating expenses 3 (81,821) (69,056)
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Operating profit 2 19,855 17,461
Interest receivable 145 265
Interest payable and similar charges 6 (427) (274)
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Profit on ordinary activities before taxation 7 19,573 17,452
Taxation on profit on ordinary activities 8 (7,245) (6,470)
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Profit on ordinary activities after taxation 12,328 10,982
Equity minority interests 24 1 -
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Profit for the financial year 9 12,329 10,982
Dividends 10 (5,749) (5,086)
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Profit retained for the financial year 23 6,580 5,896
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Basic earnings per ordinary share 11 40.8p 37.0p
Diluted earnings per ordinary share 11 40.1p 36.3p
Dividend per ordinary share 10 18.75p 17.00p

All items dealt with in arriving at the profit on ordinary activities before taxation relate to continuing activities.

There is no difference between the profit on ordinary activities before taxation and the retained profit for the year stated above and their historical cost equivalents.

The accompanying notes are an integral part of this profit and loss account.

CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the year to 30 May 2004

  2004
£000 		2003
£000
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Profit for the financial year 12,329 10,982
Currency translation differences on foreign currency net investments (2,012) 95
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Total recognised gains and losses relating to the year 10,317 11,077
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