Interim Results 2004/05

Notes

In looking back at the first half it is clear that we have made progress in our programmes to make Boots more modern, competitive and efficient.

As we outlined this is a very challenging year - we are investing and making changes for the future and that is reflected in the reduction in profits.

The changes we are making are necessary.

It is early in the process but customers are responding.

Sales growth has continued against a backdrop of disruption and deflation. Implementation risk will remain through balance of the year. There's still much to do.

As I said in my initial impressions a year ago. there is plenty of opportunity at Boots but few quick fixes. Retail changes take time. This will be no exception.