Final Results - Part 1

Wood Group (John) PLC
10 March 2003

                                                                 10th March 2003

                              John Wood Group PLC
                Final results for the year ended 31 December 2002



Wood Group is a market leader in the provision of selected engineering design,
production support and industrial gas turbine services to customers in the oil &
gas and power generation industries around the world. Operating in 34 countries,
Wood Group's businesses employ over 12,000 people.

Financial highlights

•         Revenues up 14% to $1,738.1 million (2001: $1,523.8 million)

•         EBITA up 25% to $135.9 million (2001: $108.8million)*

•         Profit before tax up 36% to $114.7 million (2001: $84.2 million)*

•         Adjusted earnings per share up 25% to 16.5 cents (2001: 13.2 cents)*

•         Gearing reduced to 35% (2001: 87%)

•         Investment and capital spend of $202.2 million (2001: $86.6 million)

•         Final dividend of 2.0 cents per ordinary share, total for the year 3.0
          cents

Divisional highlights


Engineering & Production Facilities

•         Revenues up 33% to $992.8m (2001: $746.7m) and EBITA up 41 % to $91.7m
         (2001: $65.3m)

•         Wood Group involved in over 60% of current Gulf of Mexico deepwater
          projects

•         Significant Production Facilities expansion with OCS and Santos
          Barbosa acquisitions and new contracts in North Sea, US, Trinidad and
          Colombia

Well Support

•         Revenues declined to $360.0m (2001: $412.1m) and EBITA to $21.7m
          (2001: $30.2m) in line with expectations in difficult US and South 
          American markets

•         Continued international expansion programme with new operations in
          China, Ecuador, Algeria and Kuwait bringing total to 34 international
          locations

•         Increase in long-term pay-for-performance contracts - now cover
          electric submersible pumps in more than 1,600 wells in Oman, Kuwait,
          Argentina and the US


Gas Turbine Services

•         Revenues up 17% to $352.0m (2001: $300.7m) and EBITA up 14% to $43.1m
          (2001: $37.8m)*

•         GTS acquisitions totalling $57m, with particular focus on heavy
          industrial turbines through Thomason Mechanical acquisition

•         Extending capabilities to include generator repair

Sir Ian Wood, Chairman, Wood Group, commented:

'I am pleased to report an excellent year, in which we significantly extended
our business and customer range and delivered another set of record financial
results.  Engineering & Production Facilities delivered strong growth and record
revenues and profits.  Well Support made good progress in difficult markets and
Gas Turbine Services delivered encouraging growth in revenues and profits
despite a slow North American power market.'

'These results confirm the success of our strategy, with our broad geographic
coverage, business spread across the energy sector and focus on less cyclical
activities within oil and gas providing both growth and financial resilience. We
are well-positioned to continue the very successful Wood Group story and we look
to the future with confidence.'


                                    - Ends -


Information:

Wood Group

Sir Ian Wood                                             Chairman and Chief Executive       020 7404 5959 on
Allister Langlands                                       Deputy Chief Executive             March 10th and then
Alan Semple                                              Finance Director                   01224 851000


Analysts:                   Chris Watson                 Company Secretary                  01224 851440
Press:                      Carolyn Smith                Corporate Communications           01224 851099

Brunswick

Patrick Handley                                                                             020 7404 5959
Stuart Bruseth
Katya Reynier



*Note: EBITA represents operating profit before amortisation, impairments and
share of associates, 2001 profit before tax is stated after adding back
exceptional items and Adjusted earnings per share adds back exceptional items
and amortisation. These financial terms are provided as they are the key units
of measurement used by the Company in the management of its business. Reflecting
the pre IPO share structure after the 3 for 1 split, basic earnings per share
for 2002 was 15.7 cents compared to 7.4 cents in 2001. Gas Turbine Services
figures exclude discontinuing operations.



                              CHAIRMAN'S STATEMENT

I am pleased to report an excellent year, in which we successfully completed an
Initial Public Offering (IPO), significantly extended our business and customer
range and delivered another set of record financial results.  Our 2002 revenues
increased 14% to $1,738.1m (2001 $1,523.8m), EBITA increased 25% to $135.9m
(2001 $108.8m) and adjusted earnings per ordinary share increased 25% to 16.5
cents (2001 13.2 cents).  The recommended final dividend of 2.0 cents per
ordinary share takes the total dividend for the year to 3.0 cents.

These results again confirm that our broad geographic coverage, our business
spread across the energy sector and our focus on less cyclical activities within
oil & gas provide both growth and financial resilience.  Engineering &
Production Facilities delivered strong growth and record revenues and profits.
Well Support made good progress in difficult markets and Gas Turbine Services
delivered encouraging growth in revenues and profits despite a slow North
American power market.

The new capital from our IPO is being used to finance acquisitions and organic
developments in line with our growth strategy.  Since the IPO, we have completed
five acquisitions and undertaken several significant capital projects, with 2002
investment and capital expenditure totalling $202.2m (2001 $86.6m).


Focus on Growth

Our strategy for growth is focused on developing our broad range of
complementary activities in five key long-term growth areas in the oil & gas and
power markets and we are making good progress in building on our differentiation
and market-leading positions in each of these:

•         In deepwater topsides and sub sea engineering and in major offshore
          pipelines, we have been involved in more than 50% of the deepwater 
          projects worldwide and are involved in over 60% of current Gulf of 
          Mexico deepwater projects.

•         In production support and enhancement, we acquired Louisiana based
          OCS, Brazil based Santos Barbosa and established new operations in 
          Trinidad and Indonesia to extend our production support activities in 
          these important markets. We also worked on significant new projects in
          the North Sea, US, Trinidad and Colombia.

•         Our electric submersible pumps (ESP) and pressure control activities
          have continued to expand internationally outside the US with new
          operations in China, Algeria, Ecuador and Kuwait.  We have also
          increased long-term pay-for-performance contracts with good growth
          from our 6-year ESP contract in Oman and significant new contracts in
          Kuwait and the US.

•         In the industrial gas turbines aftermarket we acquired Thomason
          Mechanical, one of the largest independent heavy industrial turbine
          (HIT) field service businesses in North America and significantly 
          enhanced our Eastern Hemisphere HIT field service business, both of
          which should substantially increase access to customers for our other
          HIT services.  We also extended our capabilities in gas turbine
          related equipment to include generator repair with the acquisitions
          of IRS and Rotary Electrical and to include turbine control system 
          repairs, retrofits and upgrades with the establishment of a North
          American turbine control services business.

•         In outsourcing and managed services we entered into two major new
          contracts supporting BP's operations in Colombia.  In the North Sea,
          our significant engineering knowledge and innovative approach to 
          production enhancement and cost control continue to deliver strong
          performance from our major contracts. With North Sea assets changing
          ownership in the mature phase, we are increasing our focus on 
          operations management to enhance our ability to support the growing
          requirements of the new entrants.

These growth initiatives benefit from and contribute to our global
infrastructure and continue our successful combination of organic growth and
acquisitions. Our overall strategic goals remain the achievement of high growth
and high returns from the less volatile end of the commodity price cycle.

Our People

A warm welcome to David Baillie, who joins us from Schlumberger, as Chief
Executive of Gas Turbine Services.   My thanks to my Board - both Executives and
Non-Executives - who put a huge amount of work into ensuring our continued
growth and success in 2002.  My thanks also to all our customers around the
world for their continuing confidence in our ability to meet their challenges.
Most of all, my heartfelt appreciation to all our employees (now more than
12,000 in 34 countries) for their huge commitment, enthusiasm and diligence.
Our conviction that Wood Group will continue to be a very successful public
company is based entirely on our confidence in the skills, commitment and
dedication of all our employees worldwide.

Outlook

Looking to the future, world oil and gas markets are expected to grow by some 5%
in 2003.  Against this background, Engineering & Production Facilities should
continue to deliver good growth with a significant proportion of 2003 revenues
already under contract.  Well Support should also make good progress with
increasing participation in markets outside North America and an anticipated
recovery in North American gas drilling.

While it is difficult to see any near term recovery in the North American power
sector, the broad spread of our oil & gas and power activities, the expected
growth outside North America and the contribution from recent acquisitions,
should lead to strong growth for Gas Turbine Services in 2003.

In Venezuela, if the expected production recovery is delayed, there could be a
modest effect on our earnings. The potential hostilities in Iraq are unlikely to
have any significant impact unless the conflict extends across the wider Arabian
Gulf.  Both countries, with substantial oil reserves, could also provide
significant opportunities for increased growth in the medium term.

Overall, we believe we are well positioned to continue the very successful Wood
Group story and we look to the future with confidence.


                  ENGINEERING & PRODUCTION FACILITIES OVERVIEW

Engineering & Production Facilities provides a broad range of life-of-field
engineering, modifications, maintenance and operations services to oil and gas
customers worldwide.   2002 saw very significant growth, as revenues increased
33% to a record $992.8m (2001 $746.7m) and EBITA increased 41% to a record
$91.7m (2001 $65.3m).

During the year, we extended our range of engineering services in the design and
operation of oil and gas production, transportation and processing facilities,
building on our world-leading expertise in:

•         topsides facilities, structures and process design for deepwater
          projects

•         lightweight topsides structures

•         offshore pipeline engineering

•         subsea engineering

•         life-of-field modifications engineering

In North America, Mustang Engineering (Mustang) and Alliance Engineering
(Alliance) sustained their excellent progress.  We have worked on more than 50%
of the deepwater projects in the last ten years worldwide and are involved in
more than 60% of current Gulf of Mexico deepwater projects.  This includes
Mustang's four BP Deepwater topsides facilities and the Alliance contract for
Conoco's Magnolia topsides.  When installed, the Magnolia tension leg platform,
which utilises Alliance's advanced lightweight topsides design capability, will
be located in a record water depth of 4,700 feet.   BP and Occidental's Horn
Mountain spar project, completed in 2002, also uses an Alliance lightweight
topsides design.

Mustang won several important new upstream contracts including the Marathon Alba
contract for offshore and onshore facilities in Equatorial Guinea and the fast
track Mobil Equatorial Guinea, Zafiro Producer FPSO water injection module
design. Mustang also successfully expanded into the midstream area with a $21
million contract for a grassroots Gas-to-Liquids Demonstration Plant as part of
the US Department of Energy Ultra Clean Fuels program.

Mustang's pipelines group was honoured with the prestigious Pipeline Project of
the Year and Pipeliner of the Year awards for its work on the upgrading of the
Houston ship channel, while its process plants business continued to develop
well, including securing an Amerada Hess contract for clean fuels projects in
New Jersey.

Wood Group Engineering (North Sea) (WGENS), together with Mustang, is
responsible for the design and project management for BP Clair, the largest
current new field development in the North Sea, which is progressing well.

In production facilities, first oil was achieved ahead of schedule and within
budget from the Mirren and Madoes field subsea tie-backs to the ETAP Central
Processing Facility, in which WGENS and JP Kenny played a primary role. Also
completed was the major BP Magnus enhanced oil recovery project, one of the
largest of its kind in the North Sea, with our involvement winning an Upstream
Technology Innovation Award and Human Energy, Helios Award from BP.

WGENS entered into the SIGMA 3 joint venture (33 1/3% ownership) in May,
which was awarded a £750m seven-year contract by Shell Expro for the management
of its main asset clusters in the Central and Northern North Sea.  WGENS also
commenced a maintenance contract for the Flotta Terminal as an addition to our
significant North Sea engineering modifications and maintenance contract for
Talisman Energy.

In the North Sea, production enhancement and cost reduction remain the principal
focus of the operators.  Assets in the mature phase are increasingly changing
hands with a growing number of new independents entering the UK continental
shelf.  WGENS is increasing its focus on operations and production management
and combining its significant North Sea engineering knowledge with its
innovative approach to production enhancement and cost control to support the
more comprehensive requirements of some of our new customers.

During the year, JP Kenny carried out the BP Etap Machar gas lift project and
completed the engineering and construction management of a 422km pipeline
carrying natural gas from west of Shetland connecting in to Magnus. Other
significant contract wins for JP Kenny included BP's Tangguh Pipelines Project
in Indonesia and the CNOOC SE Sumatra Gas FEED Engineering project. Frontier and
Ionik continue to make progress, with projects for Alcoa and Exxonmobil in
Australia and further projects in Malaysia and Trinidad.

We have formed a Consulting Services group which will initially comprise our
world-leading JP Kenny subsea and pipeline engineering activities, our Frontier
front-end engineering design and maintenance consultancies, and materials
specialist, Ionik.  These businesses all provide high added value input at
crucial stages of our clients' projects.  Consulting Services will be expanded
over time to include other specialist disciplines to augment our capability to
add value to our customers' activities.

We continue to build critical mass in our Gulf of Mexico operations and
maintenance activities with the acquisition of Louisiana-based Operators and
Consulting Services, complementing our 2001 acquisition of Production Services
Group in Texas and increasing our combined Gulf of Mexico operations and
maintenance personnel to approximately 1,000 people.

In Venezuela, Simco continued its good performance, Vepica won a number of
contracts including the Ameriven TAEJ terminal expansion project, won jointly
with Willbros, and worked with Mustang to win the PDVSA Nafta Hydrotreater
project.

In Colombia, Equipo extended its maintenance, operations, field engineering,
inventory and supply chain management contract for BP's Cusiana and Cupiagua
field interests and was awarded further BP contracts for the engineering
construction, operation and maintenance of an early production processing
facility in the Recetor block and an intermediate processing facility in the
Florena field.

During the year, we extended our international operations with the opening of
our Trinidad and Tobago office, the acquisition of Santos Barbosa in Brazil and
the establishment of operations in Indonesia.  The Trinidad and Tobago office
will increase our access to this important market, with Mustang and JP Kenny
already winning a contract from British Gas Trinidad for the upgrade of the East
Coast Dolphin Deep facility. Both are also involved in projects for BP and
Alliance was awarded the EOG field engineering design contract.  In Brazil,
Santos Barbosa provides offshore modifications and maintenance services
principally to Petrobras and its acquisition will enhance our ability to serve
the significant Brazilian offshore market.     In Indonesia we have already
obtained contracts for the provision of engineering services to CNOOC and
Unocal.


                             WELL SUPPORT OVERVIEW

In 2002, Wood Group Well Support consolidated its position as one of the top
three providers worldwide of artificial lift services using electric submersible
pumps, and as number two in the United States and number four in the world in
the provision of surface wellheads and choke valves.   During the year, we
continued our expansion programme outside the US, opening new operations in
China, Ecuador, Algeria and Kuwait and now have 34 international locations.  We
have also increased our use of long-term pay-for-performance contracts and
maintained our extensive new product development programme.

As expected, the reduced North American rig count and more difficult political
and economic conditions in parts of South America resulted in lower revenues of
$360.0m (2001 $412.1m) and EBITA of $21.7m (2001 $30.2m), but participation in
markets outside North America and the anticipated recovery in North American gas
drilling should underpin growth in 2003.

WOOD GROUP ESP
The six year pay-for-performance contract with PD Oman, the largest contract of
its kind awarded, has made a good start and we are now operating on more than
433 wells in a challenging desert environment without a single lost time
incident.  We have also just commenced a five year pay-for-performance contract
for Joint Operations in Kuwait for the installation, maintenance, on-going
service and support of over 300 wells and a significant pay-for-performance
contract for Kinder Morgan in the US.

During the year we expanded into Ecuador and China, receiving our first order
for more than $2m from Devon China and won contracts with Sibneft in Russia and
Caltex VSO in Indonesia.  We also opened a new electric submersible pump
manufacturing, test and repair facility in Comodoro Rivadavia, to enhance our
ability to serve the growing Argentine artificial lift market.

Our Engineering Technology Centre in Oklahoma, dedicated to research and
development of innovative pumping technology, opened in March 2002. The first
products being developed at the Centre include a high performance Variable Speed
Drive (Vector III), a new generation of gas separators and new, high efficiency
pump stage designs.  These products, along with several others, will be
introduced in 2003.


WOOD GROUP PRESSURE CONTROL

Wood Group Pressure Control sustained its strong US market position and
continued to develop its international business. In the Americas, we
successfully extended a number of contracts with key customers, including
ConocoPhillips, BP Amoco and XTO.  Revenues from our Eastern Hemisphere
operations increased by more than 60% during the year, including our new
facilities in Indonesia and Algeria, and international contract awards during
the year included wellheads for Saudi Aramco and choke valves for BP Clair in
the North Sea. During January 2003 we disposed of our small drilling products
business.

Field testing was completed on the company's next generation of split speedheads
and a new economical gate valve product line.  Both, when introduced in 2003,
will generate cost savings for customers and enhance safety.


WOOD GROUP LOGGING SERVICES

Wood Group Logging Services expanded slickline services into Texas with the
establishment of operations at Pearland, Fairfield and Alice. The new locations
offer slickline well intervention services specifically tailored for
high-pressure, difficult environments and complement our significant cased hole
electric wireline services in the region.  Our 'smart' slickline services
continued to grow during the year as we added additional technology and
personnel.  Our cased hole logging services business in Argentina performed well
in 2002 during very uncertain market conditions.

Wood Group Production Technology continues to make good progress with its Shell
contract in the Gulf of Mexico and was selected by Enterprise Oil and Dril-Quip
to provide wellhead sensors for Enterprise's Bijupira and Salema Project in
Brazil. Production Technology also enhanced its product offering in 2002 with
the introduction of ElectroFiber, combining the reliability of electronic
systems with distributive fibre optic measurements into one cable.


                         GAS TURBINES SERVICES OVERVIEW

Wood Group Gas Turbine Services is the world's leading independent provider of
maintenance, repair and overhaul services for industrial gas turbines used in
the oil & gas and power generation industries. Gas Turbine Services also
provides repair and overhaul services for gas turbine accessories and components
and for steam turbines.  During the year we extended our service range and
geographical coverage with acquisitions in field service and generator repair
and entered the turbine controls services market.

2002 revenues increased by 17% to $352.0m (2001 $300.7m) and EBITA increased 14%
to $43.1m (2001 $37.8m)*.  Although the North American power market was slow in
2002 we benefited from significant oil & gas related revenue, a growing power
business outside North America and acquisitions to achieve good progress in our
strategic growth initiatives.

Rolls Wood Group sustained its strong performance and won a number of
significant contracts including a seven year healthcare contract with Statoil
covering four gas compression and three power generation gas turbine packages. A
fire in October at the Dyce Component Repair facility caused substantial damage,
but alternative arrangements have been made for the provision of these services.

Wood Group Light Industrial Turbines continues to expand its range of services
and, with the opening of a new $10m Aberdeen test facility, now offers full
performance testing for Alstom Tornado and Typhoon gas turbines. In addition,
the construction of two new test cells in Dubai adds the capability to
performance test Solar Mars and Solar Centaur engines. All of these test
facilities set new standards of service and choice for gas turbine customers
around the world.


* Figures exclude discontinuing operations


In line with our strategy to grow our market share in heavy industrial turbines
(HIT), we have created a new US Center of Excellence with the opening in
December of our East Windsor Connecticut facility.  This brings together our
US-based industrial gas turbine advanced technology component repair
capabilities and will include a new turbine rotor overhaul facility.

We have also greatly enhanced our HIT field service capability with the
acquisition of Thomason Mechanical Corporation (TMC).  TMC is one of the largest
independent providers of rotating and reciprocating equipment field services to
the North American power and petrochemical industries.  This acquisition
complements our existing US field service capabilities.  In the Eastern
Hemisphere we significantly enhanced our HIT field services business. This
worldwide expansion of our HIT field services activities will provide improved
access to end users of our HIT aftermarket services, including component repair
and parts supply.

During the year we acquired Industrial Repair Service, an electrical generator
services company in New Mexico, providing specialized generator maintenance,
field outage engineering and high voltage coil support services to power
companies throughout the Americas. We also acquired UK-based Rotary Electrical
which provides similar services in the Eastern Hemisphere.

To further extend our capabilities, we have also established Wood Group Turbine
Control Services, based in Colorado, to provide a broad range of control system
repairs, retrofits, upgrades and solutions.

TransCanada Turbines continued its rapid growth, substantially increasing its
revenues, bringing on stream its General Electric LM6000 repair capabilities and
completing its first full LM6000 overhaul.

Wood Group Fuel Systems, in Aberdeen and Connecticut, won a series of new and
extended contracts for fuel system repairs this year, as airlines and
air-motives continued to outsource non-core product lines. Fuel Systems
continued to see sales and market share growth in fuel nozzle repair for power
generation engines. JTC in Dublin also introduced overhaul capability on several
new industrial HIT and aero-derivative products.

Wood Group Component Repair in Dundee saw a downturn in workload this year as
RB199 orders were delayed into 2003 but is satisfactorily developing its
non-military business. In February 2003, we renewed our Ministry of Defence
RB199 contract for a further four years.

In January 2003, David Baillie joined as Chief Executive of Wood Group Gas
Turbine Services.  David previously held a number of senior management roles
with Schlumberger and his broad international experience and significant oil and
gas knowledge will provide key additional leadership and expertise as we
continue to grow Gas Turbine Services.

                                FINANCIAL REVIEW

TRADING PERFORMANCE

The market conditions and business developments underpinning Wood Group's very
strong performance in 2002 have been described in the Chairman's Statement and
operating overviews.  Revenues increased by 14% to $1,738.1m (2001 $1,523.8m)
reflecting a year of record activity for the Group including particularly strong
revenue growth from Engineering & Production Facilities and Gas Turbine
Services.

EBITA increased by 25% to $135.9m (2001 $108.8m) with both Engineering &
Production Facilities and Gas Turbine Services achieving record EBITA levels.
This was combined with a creditable contribution from Well Support in
challenging market conditions. The overall EBITA margin increased from 7.1% in
2001 to 7.8% largely as a result of improved margins in Engineering & Production
Facilities and the impact of lower losses from the discontinuing aero engine
overhaul business.

The share of operating profit from ASCO, our associate company, at $6.5m is the
same as recorded in 2001. Amortisation and impairments, including the share of
joint venture amortisation, increased from $11.6m in 2001 to $12.6m in 2002 as a
result of the acquisitions made both during 2001 and 2002. Operating profit
increased by 25% to $129.8m (2001 $103.7m).

INTEREST AND TAXATION

Net interest payable by Group and joint ventures was $11.0m compared to $16.7m
in 2001. This reduction in interest cost reflects a reduction in borrowings as a
result of the IPO in June and also the impact of lower US dollar interest rates.
The Group had an interest cover, based on EBITA of $135.9m, of 12.4 times. The
share of interest payable by ASCO was $4.1m (2001 $3.8m).

The tax charge increased by $15.4m to $44.4m as a result of the increase in
profit before tax of $45.1m. The effective tax rate on profit before tax,
amortisation, impairments and exceptional items was 34.9% (2001 34.9%).

PROFIT FOR THE YEAR

The profit for the year increased 41% to $64.3m (2001 $45.6m excluding
exceptional items). The profit for the year after adding back amortisation and
impairments increased 37% to $76.9m (2001 $56.2m excluding exceptional items).

EARNINGS PER SHARE AND DIVIDENDS

Diluted earnings per share increased by 106% to 13.8 cents from an equivalent of
6.7 cents in 2001.  The adjusted earnings per share before amortisation and
exceptional items increased by 25% to 16.5 cents (2001 13.2 cents). A final
recommended dividend of 2.0 cents per share takes the total dividend for the
year to 3.0 cents.

SHAREHOLDERS' FUNDS

Shareholders' funds increased by 72% to $507.9m. The increase of $211.9m
comprises $174.7m of net proceeds from the IPO in June and retained profits of
$48.2m, offset by an unrealised actuarial loss of $9.8m on the pension scheme
and $1.2m of exchange movements.

OPERATING CASH FLOW

The Group enjoyed a strong increase in cash flow from operating activities which
amounted to $127.9m in 2002 compared to $90.1m in 2001, an increase of $37.8m.
The operating profit after adding back non-cash items was $129.8m and working
capital declined by $3.0m. Dividends from joint ventures were $7.7 million
compared to $6.6 million in 2001.

CAPITAL INVESTMENT

There was continued investment in acquisitions and capital expenditure in 2002.
Capital expenditure totalled $105.9m compared to $51.1m in 2001. This included
expenditure in respect of significant long-term production enhancement contracts
supporting BP's operations in Colombia.  The investment of $96.3m in
acquisitions in 2002 included the acquisition of Thomason Mechanical, OCS, IRS
and 6.7% of Mustang and compared with $35.5m in 2001.

NET DEBT AND FINANCIAL INSTRUMENTS

Net debt decreased by $79.2m to $177.2m at December 2002 from $256.4m at
December 2001. This was as a result of cash inflows from operations as well as
net proceeds of $174.7m from the IPO which was offset by the capital investment
described above.  The Group's gearing ratio has reduced from 87% at December
2001 to 35% at December 2002.

Group borrowings are primarily US dollar denominated. Of the total long-term
borrowings of $222.7m, $125.0m are at a fixed rate of interest averaging 4.6%
excluding margin.  The Group's policies in respect of financial instruments are
set out in note 17 to the financial statements.





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