Consolidated Profit and Loss account
for the years ended 31 March 2001

	2001 £000	2000 £000	1999 £000 Restated	1998 £000 Restated	1997 £000 Restated
Turnover: Group and Share of Joint Ventures	712,364	525,819	430,429	365,832	328,000
Less: Share of Joint Ventures' turnover	(38,327)	(8,995)	(4,685)	–	–
Turnover	674,037	516,824	425,744	365,832	328,000
Cost of sales	(420,713)	(331,871)	(284,823)	(239,795)	(210,942)
Gross profit	253,324	184,953	140,921	126,037	117,058
Administrative expenses	(226,177)	(156,731)	(114,229)	(103,530)	(98,070)
Operating profit	27,147	28,222	26,692	22,507	18,988
Operations	39,792	35,266	28,792	25,835	22,618
Amortisation of Goodwill	(9,332)	(4,685)	(469)	(37)	-
Flotation costs	–	–	–	–	(1,491)
Restructuring costs on acquisition	–	–	–	(1,911)	(1,589)
Employee Benefit Trusts	(3,313)	(2,359)	(1,631)	(1,380)	(550)
Share of operating profit in Joint Ventures	8,709	3,215	910	-	-
Interest receivable and similar income	3,701	3,599	6,403	4,938	4,357
Operations	3,476	3,510	6,349	4,938	4,357
Joint Ventures	225	89	54	-	-
Interest payable and similar charges	(8,070)	(3,580)	(1,377)	(333)	(288)
Operations	(3,486)	(1,198)	(420)	(333)	(288)
Joint Ventures	(4,584)	(2,382)	(957)	-	-
	31,487	31,456	32,628	27,112	23,057
Dividend income of Employee Benefit Trusts	-	-	-	-	285
Profit on ordinary activities before taxation	31,487	31,456	32,628	27,112	23,342
Operations	39,657	37,614	34,669	30,517	26,652
Joint Ventures	4,350	773	7	-	-
Amortisation of Goodwill	(9,332)	(4,685)	(469)	(37)	-
Flotation costs	–	–	–	–	(1,491)
Restructuring costs on acquisition	–	–	–	(1,911)	(1,064)
Employee Benefit Trusts	(3,188)	(2,395)	(1,579)	(1,457)	(230)
Taxation on profit on ordinary activities	(12,239)	(12,538)	(13,002)	(10,416)	(10,071)
Operations	(11,050)	(12,389)	(12,894)	(10,416)	(10,071)
Joint Ventures	(1,189)	(149)	(108)	-	-
Profit on ordinary activities after taxation	19,248	18,918	19,626	16,696	13,271
Operations	26,823	23,557	21,491	18,633	15,889
Joint Ventures	3,161	(4,685)	(101)	-	-
Amortisation of Goodwill	(9,332)	(4,685)	(469)	(37)	-
Flotation costs	–	–	–	–	(1,491)
Restructuring costs on acquisition	–	–	–	(1,280)	(1,064)
Employee Benefit Trusts	(1,404)	(727)	(1,295)	(620)	(63)
Dividends	(9,911)	(8,817)	(7,734)	(6,764)	(5,788)
Retained profit for the year	9,337	10,101	11,892	9,932	7,483
Basic earnings per share	21.4p	21.9p	23.2p	20.6p	16.6p
Fully Diluted earnings per share	20.7p	21.0p	21.9p	19.7p	16.3p
Earnings per share before Amortisation of Goodwill, Flotation costs, exceptional restructuring costs on acquisition and the Employee Benefit Trusts	31.7p	26.1p	23.2p	20.2p	17.3p
Dividends per share	10.8p	10.0p	9.25p	8.1p	6.9p

Consolidated Balance Sheet as at 31 March 2001

	2001 £000	2000 £000	1999 £000	1998 £000 Restated	1997 £000 Restated
Fixed assets
Intangible assets	78,809	84,531	45,487	4,398	-
Tangible assets	34,888	29,282	19,164	18,552	19,209
Investments in Joint Ventures	11,193	5,858	4,195	-	-
Investments - other	100	100	-	1,003	699
Investments - own shares	16,142	13,495	14,779	11,880	9,199
	141,132	133,266	43,625	35,833	29,107
Current assets
Stocks	225	299	183	164	385
Debtors	176,528	151,209	90,450	77,845	72,646
Investments	17,342	15,563	64,616	51,787	50,829
Bank balances and cash	70,970	52,649	48,512	60,869	58,031
	265,065	219,720	303,761	190,665	181,891
Current liabilities
Creditors:amounts falling due within one year	(232,149)	(198,020)	(159,130)	(153,533)	(160,641)
Net current assets	32,916	21,700	44,631	37,132	21,250
Total assets less current liabilities	174,048	154,966	88,256	72,965	50,357
Creditors: amounts falling due after more than one year	(36,726)	(37,055)	-	(3,000)	(44)
Provisions for liabilities and charges	(29,152)	(24,000)	(18,600)	(12,939)	(8,761)
	108,170	93,911	69,656	57,026	41,552
Capital and reserves
Called up share capital	481	479	466	466	460
Share premium account	40,987	37,247	31,770	31,453	26,295
Capital redemption reserve	219	219	219	219	219
Merger reserve	8,673	8,673	-	-	-
Employee Benefit Trusts reserves	15,569	14,129	10,852	11,090	8,602
Profit and loss account	42,241	33,164	26,349	13,798	5,976
Shareholders' funds - equity interests	108,170	93,911	69,656	57,026	41,552

Consolidated Cash Flow statement for years ended 31 March 2001

	2001 £000	2000 £000	1999 £000 Restated	1998 £000 Restated	1997 £000 Restated
Operating profit	27,147	28,222	26,692	22,507	18,988
Operations	39,792	35,266	28,792	25,835	22,618
Amortisation of goodwill	(9,332)	(4,685)	(469)	(37)	–
Flotation costs	–	–	–	–	(1,491)
Restructuring costs on acquisition	-	-	-	(1,911)	(1,589)
Employee Benefit Trusts	(3,313)	(2,359)	(1,631)	(1,380)	(550)
Depreciation charges	11,513	9,348	7,127	7,137	6,700
Amortisation	12,977	7,845	2,938	1,626	815
(Profit) on disposal of fixed assets	(735)	(432)	(602)	(606)	(477)
(Profit)/Loss on disposal of fixed asset investments	(51)	19	(38)	3	-
Loss on disposal of current asset investments	65	25	-	-	-
Movement in current asset investment market value	(400)	475	-	-	-
Decrease/(Increase) in stocks	74	(116)	(19)	221	(214)
(Increase) in debtors	(22,107)	(45,406)	(13,108)	(12,570)	(7,691)
Increase/(Decrease) in other creditors due within one year	15,436	13,950	(1,873)	8,156	12,887
(Decrease) in other creditors due after one year	–	–	–	–	(417)
Increase in pension fund provision	5,123	5,216	5,763	4,862	4,238
Increase/(Decrease) in provisions for liabilities and charges	29	184	(102)	(725)	57
Exchange rate effect	48	-	-	-	-
	49,119	19,330	26,778	30,611	34,886
Operations	47,174	19,057	25,729	32,579	35,851
Flotation costs	-	-	-	-	(1,491)
Employee Benefit Trusts	1,945	273	1,049	(1,968)	526
Increase/(Decrease) in amounts due to contractors	12,045	1,458	524	(4,839)	873
Decrease in amount due from British Railways Board	-	-	-	-	5,192
Net cash inflow from operating activities	61,164	20,788	27,302	25,772	40,951
Dividends received from Joint Ventures	645	-	-	-	-
Returns on investments and servicing of finance	521	2,978	5,811	4,605	4,055
Taxation paid	(12,223)	(14,399)	(8,972)	(8,680)	(12,936)
Capital expenditure and financial investment	(19,064)	(5,748)	(15,262)	(6,761)	(7,425)
Acquisitions and disposals	(1,296)	(61,645)	(1,398)	(4,519)	(10,811)
Equity dividends paid	(8,074)	(8,003)	(7,103)	(5,937)	(4,617)
Management of liquid resources	(1,435)	49,108	(12,711)	(959)	(428)
Financing	(1,807)	17,823	(3)	2,465	(4,395)
Increase/(Decrease) in cash	18,431	902	(12,336)	5,986	4,394
Reconciliation of net cash flow to movement in funds
Increase/(Decrease) in cash	18,431	902	(12,336)	5,986	4,394
Cash outflow from decrease in lease financing	3,055	1,474	3	535	1,395
Cash used to Increase/(Decrease) liquid resources	1,435	(49,108)	12,711	959	428
Cash (Inflow) from short term loans (non-EBT)	(1,867)	(638)	–	–	–
Cash outflow from short term EBT loans	–	3,000	–	–	–
Cash outflow from redemption of loan stock	741	–	–	–	–
Cash (Inflow) from long term loans	(122)	(28,248)	–	–	–
Change in net funds/(net debt) resulting from cash flows	21,673	(72,618)	378	7,480	6,217
EBT loan (acquired)	–	–	–	–	(3,000)
	21,673	(72,618)	378	7,480	3,217
(Decrease) in funds from new finance leases acquired	–	(4,964)	–	–	–
(Decrease) in funds from new finance leases taken out	(2,605)	(3,114)	–	–	–
(Decrease) in funds from loan note issue	–	(2,843)	–	–	–
Movement in current asset investment market value	400	(331)	118	–	–
(Loss) on sale of current asset investments	(65)	(500)	–	–	–
Translation differences	(2,192)	(794)	(52)	(125)	(210)
Movement in (net debt)/net funds in year	17,211	(85,164)	444	7,355	3,007
Net funds at beginning of year	23,651	108,815	108,371	101,016	98,009
Net funds end of year	40,862	23,651	108,815	108,371	101,016