AVESCO GROUP PLC INTERIMREPORT AND ACCOUNTS 2011 www.avesco.com


Chairman’s


Statement Richard Murray


I am pleased to report that the Avesco Group continued to make good progress during the six months ended 31 March 2011, with a significant growth in revenues and profitability compared to the first half of 2010.


Amore positive strategy for the Group is now in place as we have gone fromfighting the headwinds to seizing the opportunity.While there is still a lot hard work ahead, we are confident that we are positioning Avesco for ongoing improvement, growth and success.


The first sixmonths of this financial year provides strong evidence of the underlying development of the Group. Although we are also reporting the Group’s results on a quarterly basis, shareholders should gain amore balanced picture of the Group’s performance by viewing our financial performance over the longer period.


RESULTS In our results for the threemonths ended 31 December 2010, we reported that the positive trends in the Group were continuing and that a realmomentumappeared to be returning to the business.


This upturn in trading is reflected in the results for the sixmonths ended 31March 2011, when revenues rose 13% to £62.0m(sixmonths ended 31March 2010: £54.8m) and the Group recorded a trading profit (which excludes amortisation of acquired intangible assets, restructuring costs and non recurring and prior year costs) of £0.3m, showing a significant improvement compared to the prior year (six months ended 31March 2010: loss of £1.1m).


The results for the second quarter ended 31March 2011 also reflect those encouraging signs although the improvement ismasked by the fact that the comparative quarter in 2010 benefited greatly fromthe inclusion of theWinter Olympics in Vancouver. Nevertheless, in the threemonths ended 31March 2011, revenues were £31.5m,marginally ahead of the comparable period last year (threemonths ended 31March 2010: £31.0m) and the trading profit (adjusted as above) was £0.3m, (threemonths ended 31March 2010 £0.3m).


“


A more positive strategy for the Group


is now in place as we have gone from fighting the headwinds to seizing the opportunity”


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