AVESCO GROUP PLC INTERIMREPORT 2010 www.avesco.com


Chairman’s Statement Michael Gibbins


In the first six months of the financial year ending September 2010, Avesco has continued to address the immediate challenge of the difficult economic conditions across its markets and has maintained a clear focus on its two key priorities.


Firstly, we have concentrated heavily upon cash generation and underlying cost control, the benefits of which are reflected in these results. Secondly, with an eye to the longer term, we have been careful to protect andmaintain our full operational capability to ensure that we continue to deliver a first class service to our customers and to improve ourmarket position.


Themeasures that we have taken leave the Avesco Group well placed both operationally and financially for a recoveringmarket.


FINANCIAL RESULTS In the sixmonths ended 31March 2010, revenue was up 15% across the Group to £54.8m(2009: £47.6m). The effects of currency movements in the period were negligible. The trading loss (which excludes amortisation of acquired intangible assets, restructuring costs, impairment of property, plant and equipment and the impairment of goodwill) of £1.1mwas a significant improvement on the prior period (2009: loss of £4.0m). The operating loss including amortisation of acquired intangible assets and restructuring costs was £1.7m(2009: loss of £4.3m). The charge for amortisation of acquired intangible assets and restructuring costs for the period was £0.7m(2009: £0.3m) and predominantly related to the restructuring of Presteigne Charter Australia. After taking account of net interest costs of £0.7m(2009: £0.6m), the loss before tax was £2.5m(2009: loss of £4.9m). The basic and diluted loss per share was 6.5p (2009: loss per share of 15.9p).


Michael Gibbins CHAIRMAN:


we have throughout remained true to the principles that we believe in, offering a first class service


and applying strong and prudent financial disciplines.


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