We are pleased to report that the confidence recorded in the Chairman's Review of last year turned out to be justified.  Activity and profitability returned to its peak 2002 levels.  Staff turnover has been at an all-time low.  Health and Safety figures have been excellent.  Our policy of not chasing turnover, but rather delivering a high quality service to our clients, achieved the results we predicted.

All indications are that 2005 will see a continuation of these steady upward trends with all our subsidiaries showing strong order books and a satisfactory level of forward enquiries.  The addition of our John Doyle Construction office in Warrington and a regional office for Ibex Interiors based in Milton Keynes provides the platform for a steady and controlled growth plan.

We continue to explore new opportunities and to contribute to a large number of industry-wide initiatives.  In particular our work with universities in extending academic knowledge into practical applications has been a gratifying success.  Our work with Clients, many of whom have really gone out of their way to engage and integrate the supply chain, has also proved fruitful for us.

As always, I would like to thank all of our dedicated staff and workforce for their efforts and our loyal client base and suppliers for their continued support.  I sincerely thank everyone involved and look forward confidently to another successful year.