CHAIRMAN’S STATEMENT

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I am again pleased to report on another successful year of operations for your Company. Headline turnover grew by $20M or 12% whilst revenue from our core business operatoins grew by $32.4M or 22%. Profit before tax of $64.9M represents an improvement by 5% over the prior year which included $15M surplus (compared with $3.9M current year) on revaluation of the company’s benefit plan in accordance with IAS 19. If we normalise for this, then the underlying operating profit before theIAS adjustment actually improved from $46.0M in 2006 to $60.9M in 2007, an improvement of 30%. Earnings per share increased from $1.17 in 2006 to $1.21 in 2007, an increase of 3.4%.

An interim dividend of 4% to Preference Shareholders and 15 cents to Ordinary shareholdrs wsa paid on November 5th, 2007. Mindful of the anticipated major investment plans contemplated in 2008, your Board of Directors has declared a final dividend of 35 cents to Ordinary Shareholders and 4% to Preference Shareholders. this will bring the total dividend paid to 50 cents for the year – the same as last year. This dividend will be paid on May 31st, 2008. We are satisfied that these investments will result in increased wealth to the Company, and by extension increased shareholder value in the years ahead.

Your Board and Management are committed to continuing to deliver superior results in the year ahead.

Dennis Adrian Gurley
Chairman