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Galen Hldgs (WCRX)

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Tuesday 10 February, 2004

Galen Hldgs

1st Quarter Results

Galen Holdings PLC
10 February 2004


Craigavon, Northern Ireland/Rockaway, NJ                       10 February 2004


                              Galen Holdings PLC
              Results for the first quarter ended 31 December 2003

Craigavon, Northern Ireland/Rockaway, New Jersey, USA - February 2004: Galen
Holdings PLC ('Galen') (LSE: GAL.L, Nasdaq: GALN), announces its results for the
quarter ended 31 December 2003.

Financial Highlights for the Quarter

                                                           Quarter ended           Quarter ended
                                                        31 December 2003        31 December 2002        Change
                                                                   ($ m)                   ($ m)           (%)
Revenues                                                           140.9                    68.6          105%

Operating Profit(1)                                                 72.9                    24.9          193%
Adjusted earnings per share(1) (Cents)                              30.3                    12.7          139%

Statutory Operating Profit                                          52.8                    14.4          267%
Statutory earnings per share (Cents)                                19.3                     7.0          176%

(1) Operating profit and adjusted earnings per share, which are the primary
    performance measures used by management, are presented before amortisation 
    of intangibles and goodwill and exceptional items.  Reconciliations of 
    statutory and adjusted items are given in the profit and loss account and 
    Note 2 to the results.

  • Earnings per ordinary share, before amortisation of goodwill, intangible
    assets and exceptional items, increased to 30.3 cents, up 139% over the
    prior year.

  • Operating profit, before amortisation of goodwill and intangibles, rose to
    $72.9 million (a 52% margin) compared to $24.9 million (a 36% margin) in the
    same quarter last year, an increase of 193%.

  • Total pharmaceutical product revenues increased by 105% to $140.9 million
    from $68.6 million. Products which performed strongly during the quarter
    included Sarafem(R), femhrt(R) and Ovcon(R) (see page 3 for breakdown).

  • During the quarter, the business generated cash of $47.3 million.  Cash at
    31 December 2003 was $167.5 million.  Net debt at the end of the quarter was
    $174.1 million.

Business Highlights for the Quarter

  • Submitted a New Drug Application (NDA) for FemtraceTM, an oral estradiol
    acetate product for the treatment of the symptoms of menopause.  The NDA was
    accepted for filing by the Food and Drug Administration (FDA) in December.

  • Sold PDMS, our contract manufacturing division, for $36 million on 2
    December 2003.

  • Received final approval from the FDA for Ovcon(R) 35 chewable tablets, our
    successor product to Ovcon(R), which will be protected by a new patent and
    3-year Hatch-Waxman exclusivity

  • Completed the deployment of our new 186 person sales force (Warner
    Chilcott Specialty) and associated management to promote Estrostep(R),
    Sarafem(R), Doryx(R) and Dovonex(R).

Commenting on the results, Roger Boissonneault, Chief Executive, said:

'During the first quarter of our 2004 financial year, the Company has generated
revenues in excess of $140 million, illustrating the excellent product portfolio
that we have to drive future growth.  With our two sales forces now fully in
place, we look forward to the rest of 2004 with confidence.'

For further information, please contact:

Galen Holdings PLC
David G. Kelly                               Tel:        + 44 (0) 28 3836 3634

Financial Dynamics
Andrew Dowler / Francetta Carr               Tel:        + 44 (0) 20 7831 3113

For further information on Galen visit: www.galenplc.com

A conference call will take place at 12.00pm (GMT) today.  Please call Mo Noonan
on 020 7269 7116 for further details.

Note:

Forward looking statements in this report, including, without limitation,
statements relating to Galen's plans, strategies, objectives, expectations,
intentions and adequacy of resources, are made pursuant to the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of 1995.  These
forward looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or achievements of
Galen to be materially different from any future results, performance or
achievements expressed or implied by such forward looking statements.  These
factors include, among others, the following: Galen's ability to manage its
growth, government regulation affecting the development, manufacture, marketing
and sale of pharmaceutical products, customer acceptance of new products,
competitive factors in the industries in which Galen operates, the loss of key
senior management or scientific staff, exchange rate fluctuations, general
economic and business conditions, and other factors described in filings of
Galen with the SEC.  Galen undertakes no obligation to publicly update or revise
any forward looking statement, whether as a result of new information, future
events or otherwise.

Commentary on the results for the first quarter 31 December 2003

Sales & Marketing

The Group achieved significant growth in each of its key pharmaceutical products
as illustrated by the table below.


PRODUCTS                                 Q1 2004             Q1 2003           QOQ Growth 
                                           $M's                $M's                  %
Oral Contraception
Ovcon(R)                                   16.2                12.4                 31%
Estrostep(R)                               12.9                 N/A                 N/A
Loestrin(R)                                10.8                 N/A                 N/A

HRT
Estrace(R) Cream                           13.0                10.7                 21%
femhrt(R)                                  17.2                 N/A                 N/A
Femring(R)                                 0.8                  N/A                 N/A
Estrace(R) Tablets                         2.0                  4.6                -57%

Dermatology
Doryx(R)                                   15.7                13.8                 14%

PMDD
Sarafem(R)                                 24.6                 N/A                 N/A

Other
U.S.                                       8.7                  8.0                 9%
U.K. & INTL.                               19.0                19.1                 -1%

Total                                     140.9                68.6                105%


For the quarter ended 31 December 2003, product sales were $140.9 million, an
increase of 105% over the same quarter last year.  This increase was driven
largely by those products we added during 2003: Sarafem(R), Estrostep(R),
Loestrin(R) and femhrt(R), none of which had revenues in the first quarter of
2003.

However, sales growth for those key products for which there are comparables
i.e. Ovcon(R), Estrace(R) Cream and Doryx(R), remained strong with Ovcon(R)
showing growth of 31% and Estrace(R) Cream 21%.  The rate of growth in Doryx(R)
slowed to 14% which we attribute to the fact that the promotion for this product
was moved from our more experienced sales force to the new Warner Chilcott
Specialty sales force.  We would expect this growth rate to pick up again during
the year.  Of the newly acquired products, Sarafem(R) and femhrt(R) performed
well during the quarter, with revenues of $24.6 million and $17.2 million
respectively.  During the past twelve months we made significant investment in
the creation of our 186 person Warner Chilcott Specialty sales force.  With two
(Warner Chilcott Women's Healthcare and Warner Chilcott Specialty) sales forces
and new product management teams now in place, we look forward to realizing the
full potential of our existing, newly acquired and internally developed
products.

During the quarter we also commenced in earnest the promotion of Dovonex(R) for
mild to moderate psoriasis.  We are excited by the potential for this product
and for the follow-on product, Dovobet(R), which was developed by LEO Pharma and
is currently available in 24 countries.

Margins

The gross margin for the quarter was 84.2% compared to 77.7% in the same quarter
last year.  The evolution of our product mix towards higher margin products has
contributed to this improvement.

Selling, general and administrative costs were $38.7 million in the quarter, an
increase of 69% over the same quarter last year.  While this quarter contained
some direct-to-consumer advertising costs associated with the Femring(R) launch,
most of these costs were expensed in the fourth quarter of the 2003 financial
year and we expect that SG & A costs will stabilize at this level now that our
two sales forces are fully deployed.

Operating profit, before amortisation of goodwill and intangibles, was $72.9
million, an increase of 193% over the same quarter last year.  This represents
an operating margin of 52%, compared to 36% a year ago.  The higher operating
margin illustrates the efficiency of the business model we have adopted, focused
on branded products in the U.S.

Research & Development

Research and development costs were $6.9 million for the quarter ended 31
December 2003, an increase of 26% over the same quarter last year.

Our ongoing commitment to investing in new products in our core therapeutic
categories continues to deliver results.  Last year we received final approval
for two NDAs and we are pleased to announce that our NDA for FemtraceTM, our
oral estradiol acetate product for the treatment of menopause, was accepted for
filing by the FDA in December.  We also continue to progress with NDAs for a new
Doryx(R) product and MetroringTM a vaginal ring containing metronidozole for the
treatment of bacterial vaginosis.

Liquidity

Cash generated from operations during the quarter ended 31 December 2003 was
$47.3 million, compared to $22.7 million in the same quarter last year, an
increase of 108%.  Cash on hand was $167.5 million at the end of the quarter and
net debt was $174.1 million.

Unaudited results for the period ended 31 December 2003
Consolidated profit and loss account - UK GAAP
                                                                                                         Audited
                                                                              Unaudited                     Year
                                                                            Quarter ended                  ended
                                                                              31 December           30 September
                                                                              2003         2002             2003
                                                                             $'000        $'000            $'000
Turnover                                                                   140,852       68,643          432,262
Cost of sales                                                               22,306       15,328           77,152
                                                                           _______      _______          _______
Gross profit                                                               118,546       53,315          355,110
                                                                           _______      _______          _______
Net operating expenses

Selling, general and administrative expenses                                38,727       22,937          139,471
Research and development                                                     6,874        5,437           28,685
Goodwill amortisation                                                        5,800        5,763           23,479
Intangibles amortisation                                                    14,309        4,752           38,530
                                                                           _______      _______          _______
Total net operating expenses                                                65,710       38,889          230,165
                                                                           _______      _______          _______
Operating profit
Before amortisation of goodwill and intangibles                             72,945       24,941          186,954
Goodwill amortisation                                                       (5,800)      (5,763)         (23,479)
Intangibles amortisation                                                   (14,309)      (4,752)         (38,530)
                                                                           _______      _______          _______
Total operating profit                                                      52,836       14,426          124,945
                                                                           _______      _______          _______
Investment income                                                              269        2,484            3,188
                                                                           _______      _______          _______
Profit on ordinary activities before interest                               53,105       16,910          128,133
Interest payable and similar charges                                         4,115        1,660           11,752
                                                                           _______      _______          _______
Profit on ordinary activities before taxation                               48,990       15,250          116,381
Tax on profit on ordinary activities                                        13,453        2,479           22,345
                                                                           _______      _______          _______
Profit on ordinary activities after taxation                                35,537       12,771           94,036
Dividends                                                                        -            -           10,804
                                                                           _______      _______          _______
Retained profit for the financial period                                    35,537       12,771           83,232
                                                                           _______      _______          _______
Earnings per share (cents)                                                    19.3          7.0             51.2
Diluted earnings per share (cents)                                            19.1          6.9             51.0
Adjusted earnings per share (cents)                                           30.3         12.7             85.2
Adjusted diluted earnings per share (cents)                                   29.9         12.7             84.8



Unaudited results for the period ended 31 December 2003
Consolidated balance sheet - UK GAAP

                                                                              Unaudited                  Audited
                                                                             31 December            30 September
                                                                             2003         2002              2003
                                                                            $'000        $'000             $'000
Fixed assets
Intangible assets                                                       1,430,705      730,018         1,450,586
Tangible assets                                                            29,104       63,019            62,094
                                                                        _________    _________         _________
                                                                        1,459,809      793,037         1,512,680
                                                                        _________    _________         _________
Current assets
Stocks                                                                     33,247       26,165            32,808
Debtors                                                                    66,329       37,715            48,866
Cash at bank and in hand                                                  167,500      331,251            89,073
                                                                        _________    _________         _________

                                                                          267,076      395,131           170,747
Creditors: amounts falling due within one year                            227,284       72,098           221,027
                                                                        _________    _________         _________

Net current assets                                                         39,792      323,033           (50,280)
                                                                        _________    _________         _________

Total assets less current liabilities                                   1,499,601    1,116,070         1,462,400
Creditors: amounts falling due after more than one year                  (327,679)     (50,650)         (334,567)
Provisions for liabilities and charges                                          -       (3,921)                -
Deferred income                                                            (2,904)      (6,072)           (5,931)
                                                                        _________    _________         _________

Net assets                                                              1,169,018    1,055,427         1,121,902
                                                                        _________    _________         _________

Capital and reserves
Called up share capital                                                    29,816       29,981            29,644
Share premium account                                                     390,223      382,762           383,219
Capital redemption reserve                                                    323          323               323
Merger reserve                                                            457,800      457,800           457,800
Profit and loss account                                                   290,856      184,561           250,916
                                                                        _________    _________         _________

Equity shareholders' funds                                              1,169,018    1,055,427         1,121,902
                                                                        _________    _________         _________



Unaudited results for the period ended 31 December 2003
Consolidated cash flow statement - UK GAAP

                                                                              Unaudited                  Audited
                                                                            Quarter ended             Year ended
                                                                             31 December            30 September
                                                                              2003         2002             2003
                                                                             $'000        $'000            $'000
Net cash inflow from operating activities                                   47,253       22,697          202,822
                                                                         _________    _________        _________
Returns on investments and servicing of finance
Interest paid                                                               (1,589)        (113)         (11,502)
Interest received                                                              269        1,710            4,091
                                                                         _________    _________        _________
                                                                            (1,320)       1,597           (7,411)
                                                                         _________    _________        _________
Taxation
Corporation tax paid                                                        (5,787)      (2,166)         (31,244)
                                                                         _________    _________        _________

Capital expenditure
Purchase of tangible fixed assets                                           (1,806)      (2,518)          (6,164)
Sale of tangible fixed assets                                                    -            -               40
Purchase of intangible fixed assets                                         (2,308)           -         (664,229)
Government grant received                                                      383            -              530
                                                                        _________     _________        _________
                                                                           (3,731)       (2,518)        (669,823)
                                                                        _________     _________        _________

Acquisitions and disposals
Sale of fixed assets (net of costs)                                        35,783          (324)            (324)
                                                                        _________     _________         _________

Equity dividends paid                                                           -             -            (9,241)
                                                                        _________     _________         _________

Net cash flow before management of liquid resources and financing          72,198        19,286          (515,221)
                                                                        _________     _________         _________

Management of liquid resources
(Increase)/decrease in short term deposits                                (62,650)      (18,000)          215,400
                                                                        _________     _________         _________

Financing
Issue of ordinary share capital (net of expenses)                           7,176          (769)              536
Loan notes repaid                                                               -             -            (2,925)
Loans (repaid)/obtained (net)                                                (710)         (138)          294,085
Principal repayment under hire purchase agreements                           (236)         (139)             (414)
                                                                        _________     _________         _________

                                                                            6,230        (1,046)          291,282
                                                                        _________     _________         _________

Increase /(decrease) in cash in the period                                 15,778           240            (8,539)
                                                                        _________     _________         _________



Unaudited results for the period ended 31 December 2003

Notes to results

1          Basis of preparation

The financial information for the quarters ended 31 December 2003 and 2002,
which is unaudited and does not constitute statutory accounts, has been prepared
using accounting policies consistent with those set out in the group's 30
September 2003 statutory accounts.

The abridged financial information for the year ended 30 September 2003 has been
extracted from the group's statutory accounts for that year, which will  be
filed with the Registrar of Companies.  The report of the auditors on those
accounts was unqualified.

2           Earnings per share

Earnings per ordinary share is based on profit for the financial period and on
the weighted average number of ordinary shares in issue during the period,
excluding those held in the employee share trust.  Diluted earnings per share is
calculated using an adjusted number of shares reflecting the number of dilutive
shares under option.  Adjusted earnings per share figures reflecting the results
from continuing operations before the impact of exceptional items and goodwill
and intangibles amortisation have been calculated to provide shareholders with a
clearer understanding of the underlying trading performance of the group (see
below).

The weighted average numbers of shares used in the calculation of earnings per
share are as follows:

                                                                       Quarter ended                  Year ended
                                                                        31 December                 30 September
                                                                          2003            2002              2003
                                                                        Number          Number            Number

Weighted average number of shares:
Basic                                                              183,849,142     183,188,688       183,574,057
Diluted                                                            186,086,722     183,930,198       184,504,240


                                                                       Quarter ended                  Year ended
                                                                        31 December                 30 September
Adjusted earnings per share (cents)                                      2003             2002              2003
Statutory earnings per ordinary share                                    19.3              7.0              51.2
Adjustments
Goodwill and intangibles amortisation                                    11.0              5.7              33.8
Exceptional costs of notes redemption                                       -                -               0.2

                                                                        _____            _____             _____
Adjusted earnings per share - basic                                      30.3             12.7              85.2
                                                                        _____            _____             _____



3           Reconciliation of operating profit to net cash inflow from
            operating activities


                                                                                       Quarter ended
                                                                                        31 December
                                                                                         2003              2002
                                                                                        $'000             $'000
Operating profit                                                                       52,836            14,426
Depreciation                                                                            1,300             1,441
Amortisation of intangibles                                                            20,109            10,515
Capital grants release                                                                  (272)             (226)
Profit on sale of fixed assets                                                          (427)                 -
(Increase)/decrease in stocks                                                           (439)               737
(Increase)/decrease in debtors                                                       (17,697)               320
Decrease in creditors                                                                 (8,992)           (4,154)
Exchange difference                                                                       835             (362)
                                                                                       ______            ______
Net cash inflow from operating activities                                              47,253            22,697
                                                                                       ______            ______


Summary of differences between UK and US Generally Accepted Accounting
Principles ('GAAP')

(1)               Profit for the period and shareholders' funds

The group financial statements are prepared in accordance with UK GAAP which
differs in certain significant respects from US GAAP.  The effect of the US GAAP
adjustments to profit for the financial period and equity shareholders' funds
are set out in the tables below:

                                                                                             3 months to
                                                                                             31 December
                                                                                              2003            2002
                                                                                             $'000           $'000
                                                                                                         Unaudited
(a)     Reconciliation of profit for the period to US GAAP
Profit for the financial period under UK GAAP                                               35,537          12,771
                                                                                            ______          ______
US GAAP adjustments:
Amortisation of goodwill                                                                     5,800           5,763
Impact of discounted contingent consideration                                                1,822               -
Amortisation of intangibles                                                                 (1,755)           (545)
Depreciation of interest capitalised                                                           (13)            (13)
Deferred taxation                                                                            1,494          (3,440)
Compensation expense                                                                          (295)            (82)
Deferred tax effect of US GAAP adjustments                                                     110             394
                                                                                            ______          ______
US GAAP adjustments total                                                                    7,163           2,077
                                                                                            ______          ______
Profit for the financial period under US GAAP                                               42,700          14,848
                                                                                            ______          ______


                                                                                             As at           As at
                                                                                       31 December    30 September
                                                                                              2003            2003
                                                                                             $'000           $'000
                                                                                               Unaudited

(b)     Effect on equity shareholders' funds of differences between UK GAAP
and US GAAP
Equity shareholders' funds under UK GAAP                                              1,169,018         1,121,902
                                                                                      _________         _________
US GAAP adjustments:
Acquisition accounting                                                                 (110,849)         (114,896)
Impact of discounted contingent consideration                                             3,522             1,700
Functional currency adjustment                                                           21,906            21,906
Capitalisation of interest                                                                2,488             2,501
Deferred taxation                                                                       (41,714)          (43,318)
Employee benefit trust                                                                  (12,299)          (11,459)
Share premium account                                                                    12,299            11,459
Dividends                                                                                 7,330             7,330
                                                                                      _________         _________
US GAAP adjustments total                                                              (117,317)         (124,777)
                                                                                      _________         _________
Equity shareholders' funds under US GAAP                                              1,051,701           997,125
                                                                                      _________         _________


Unaudited consolidated balance sheets - US GAAP
(In thousands of US dollars)
                                                                                                         Audited
                                                                                         As at             As at
                                                                                   December 31      September 30
                                                                                          2003              2003
                                                                                         $'000             $'000
Assets
Current assets:
  Cash and cash equivalents                                                            167,500            89,073
  Accounts receivable, net                                                              49,630            38,042
  Inventories                                                                           33,247            32,808
  Prepaid expense and other assets                                                      12,918             6,808
                                                                                     _________         _________
                                                                                       263,295           166,731
                                                                                     _________         _________
Property, plant and equipment, net                                                      31,593            64,594
Intangible assets, net                                                               1,094,581         1,109,106
Goodwill, net                                                                          224,934           224,934
                                                                                     _________         _________
Total assets                                                                         1,614,403         1,565,365
                                                                                     _________         _________
Liabilities
Current liabilities:
  Accounts payable                                                                      15,978            19,592
  Accrued and other liabilities                                                         66,461            70,848
  Current instalments of long-term debt                                                102,813           103,088
  Current instalments of obligation under capital leases                                     -               233
  Income taxes                                                                          25,108            17,442
                                                                                     _________         _________
Total current liabilities                                                              210,360           211,203
                                                                                     _________         _________
Other liabilities:
  Long-term debt, excluding current instalments                                        238,769           239,065
  Long-term obligations under capital leases, excluding current instalments                  -                 3
  Deferred income taxes                                                                110,669           112,038
  Other non-current liabilities                                                          2,904             5,931
                                                                                     _________         _________
Total liabilities                                                                      562,702           568,240
                                                                                     _________         _________
Shareholders' equity
Ordinary shares, par value (pounds sterling) 0.10 per share; 250,000,000                30,218            30,046
(September 30, 2003; 250,000,000) shares authorised,189,091,531shares issued
and outstanding at December 31, 2003 and 188,209,895 issued and outstanding
at September 30, 2003
Additional paid in capital                                                             683,829           676,528
Retained earnings                                                                      321,420           278,720
Treasury stock                                                                         (23,638)          (23,638)
Accumulated other comprehensive income                                                  39,872            35,469
                                                                                     _________         _________
Total shareholders' equity                                                           1,051,701           997,125
                                                                                     _________         _________
Total liabilities and shareholders' equity                                           1,614,403         1,565,365
                                                                                     _________         _________



Unaudited consolidated statement of operations  - US GAAP
(In thousands of US dollars, except per share data)

                                                                                         Quarter ended
                                                                                          December 31
                                                                                           2003            2002
                                                                                          $'000           $'000
Revenues                                                                                140,852          68,643
                                                                                    ___________     ___________
Operating expenses
  Cost of sales (excluding depreciation shown separately below)                          21,556          14,274
  Selling, general and administrative                                                    38,472          22,630
  Research and development                                                                6,874           5,437
  Depreciation                                                                            1,313           1,455
  Amortisation                                                                           14,752           5,297
                                                                                                                        
                                                                                    ___________     ___________
Total operating expenses                                                                 82,967          49,093
                                                                                    ___________     ___________
Operating income                                                                         57,885          19,550
                                                                                    ___________     ___________
Other (expense) / income
  Interest income                                                                           269           2,484
  Interest expense                                                                       (3,605)         (1,660)
                                                                                    ___________     ___________
Total other (expense) / income                                                           (3,336)            824
                                                                                    ___________     ___________
Income before taxes                                                                      54,549          20,374
                                                                                    ___________     ___________
Provision for income taxes                                                               11,849           5,526
                                                                                    ___________     ___________
Net income                                                                               42,700          14,848
                                                                                    ___________     ___________
Basic and diluted net income per ordinary share                                            0.23            0.08
                                                                                    ___________     ___________
Basic net income per ADS equivalent                                                        0.93            0.32
                                                                                    ___________     ___________
Diluted net income per ADS equivalent                                                      0.92            0.32
                                                                                    ___________     ___________
Weighted average ordinary shares outstanding
Basic                                                                               183,849,142     183,188,688
                                                                                    ___________     ___________
Diluted                                                                             186,086,722     183,930,198
                                                                                    ___________     ___________
Weighted average ADS equivalents outstanding
Basic                                                                                45,962,286      45,797,172
                                                                                    ___________     ___________

Diluted                                                                              46,521,680      45,982,550
                                                                                    ___________     ___________





Unaudited consolidated statements of cash flows - US GAAP
(In thousands of US dollars)


                                                                                         Quarter ended
                                                                                          December 31
                                                                                           2003            2002
                                                                                          $'000           $'000
Cash flows from operating activities
Net income                                                                               42,700          14,848
Adjustment to reconcile net income to net cash provided by operating
activities:
Depreciation                                                                              1,313           1,455
Amortisation of intangibles                                                              14,752           5,297
Gain on sale of fixed assets                                                               (427)              -
Amortisation of government grants                                                          (272)           (226)
Long term debt finance costs (net)                                                           57             (47)
Stock compensation expense                                                                  295              81
Changes in assets and liabilities:
Increase in accounts receivable, prepaid expense and other assets                       (17,699)           (334)
(Increase) / decrease in inventories                                                       (439)            737
Decrease in accounts payable, accrued liabilities and other liabilities                  (7,033)         (2,595)
Income taxes                                                                              6,063           3,537
Foreign exchange gain / (loss)                                                              797            (626)

                                                                                        _______         _______
Net cash provided by operating activities                                                40,107          22,127
                                                                                        _______         _______

Cash flows from investing activities
Purchase of tangible fixed assets                                                        (1,806)         (2,518)
Purchase of intangible fixed assets                                                      (2,308)              -
Government grant received                                                                   383               -
Proceeds from sale of businesses (net of costs)                                          35,783            (324)
                                                                                        _______         _______
Net cash provided by /(used in) investing activities                                     32,052          (2,842)
                                                                                        _______         _______
Cash flows from financing activities
Long term debt repaid                                                                      (710)           (138)
Payments under capital leases                                                              (236)           (139)
Proceeds from share capital issue (net of expenses)                                       7,176            (769)
                                                                                        _______         _______
Net cash provided by / (used in) financing activities                                     6,230          (1,046)
                                                                                        _______         _______

Net increase in cash and cash equivalents                                                78,389          18,239
Cash and cash equivalents, beginning of period                                           89,073         313,012
Foreign exchange adjustment on cash and cash equivalents                                     38               -
                                                                                        _______         _______
Cash and cash equivalents, end of period                                                167,500         331,251
                                                                                        _______         _______




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