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Taylor Nelson Sofres (TNS)

  Print      Mail a friend       Annual reports

Monday 03 September, 2007

Taylor Nelson Sofres

Interim Results

Taylor Nelson Sofres PLC
03 September 2007


3 September 2007

                            Taylor Nelson Sofres plc
                   Strong financial performance in first half

        Unaudited interim results for the six months ended 30 June 2007

   • Underlying revenue growth of 5.9%
   • Good performance across all regions and sectors
   • Successful implementation of strategy delivering results
   • 13% growth in Global Partnership Accounts
   • Adjusted earnings per share up 22.4% to 6.0p
   • New developments in Media and Technology provide growth opportunities


Business performance*                    2007       2006      Change %
                                                                   
Revenue                               £497.4m    £480.5m           3.5
                                                     
Adjusted operating profit              £45.4m     £41.7m           8.9
                                    
Adjusted operating margin                9.1%       8.7%        40 bps
                                            
Adjusted profit before tax             £36.9m     £34.1m           8.2

Adjusted earnings per share              6.0p       4.9p          22.4

Interim dividend per share               1.6p       1.4p          14.3


Statutory results                            

Operating profit                       £42.4m     £37.6m          12.8

Profit before tax                      £33.9m     £30.0m          13.0

Earnings per share                       5.2p       3.9p          33.3


*Adjusted results exclude restructuring costs and amortisation of acquired
intangible assets. Adjusted earnings per share are also shown before deferred
tax on goodwill. Underlying revenue is defined on page 6. Adjusted results are
reconciled to reported results on pages 12 and 18.


Chief Executive, David Lowden, said:

"Effective implementation of our strategy has delivered a good performance in
the first half of 2007. As the group continues to execute against strategy, TNS
remains confident in its outlook for the year and expects to continue to achieve
year-on-year improvement in underlying revenue growth. While we are increasing
investment in new revenue streams, particularly related to digital media, we
still expect to improve adjusted operating margin in 2007.

"The rapid change being experienced by our clients in their markets will
continue to drive growth in our own business. There is significant potential for
market information businesses that are able to meet client demand for innovative
thinking. At the same time, technology provides huge opportunity to derive real
value from the wealth of data on consumer behaviour that is now available. The
14.3 per cent increase in interim dividend reflects the board's confidence that
the group has put in place the strategy and structure required to achieve that
potential and, most importantly, has the people with the skills and experience
to deliver against it."


On 3 September, all enquiries to +44 (0)20 7404 5959


Thereafter:

Andy Boland, Finance Director                +44 (0)20 8967 4950
Janis Parks, Head of Investor Relations      +44 (0)20 8967 1584
Pam Small/Ash Spiegelberg, Brunswick         +44 (0)20 7404 5959

Email to: Janis.Parks@tns-global.com


A webcast of the results presentation made to analysts will be broadcast live on
the Investors section of the group's website, at www.tnsglobal.com, from 9.00am
on Monday
3 September 2007.



Note to editors

About TNS

TNS is a global market insight and information group.

Our strategic goal is to be recognised as the global leader in delivering
value-added information and insights that help our clients to make more
effective decisions.

As industry thought leaders, our people deliver innovative thinking and
excellent service to global organisations and local clients worldwide.  We work
in partnership with our clients, meeting their needs for high-quality
information, analysis and foresight across our network of over 70 countries.

We are the world's foremost provider of custom research and analysis, combining
in-depth industry sector understanding with world-class expertise in the areas
of Retail and Shopper Insights, Stakeholder Management, New Product Development,
and Brand and Communications. We are a major supplier of consumer panel, media
intelligence and internet, TV and radio audience measurement services.

TNS is the sixth sense of business.

www.tnsglobal.com



CHIEF EXECUTIVE'S STATEMENT

TNS grew underlying revenue across all regions and sectors in the first half of
2007. Of particular note are the return to revenue growth in the US custom
business and the good performance in the UK. Underlying revenue growth was 5.9
per cent and adjusted operating margin was
9.1 per cent, a 40 basis points improvement over the same period last year.


Progress across custom business

In 2006, significant action was taken to establish a structure for the group's
custom business that can effectively support the speedy implementation of our
strategic aims. The benefits of this have shown through in our performance in
the first half of 2007. In the more mature European markets, we achieved a
steady performance across most of the region. We delivered a strong turnaround
in the UK, in what is thought to be a flat market. Although some of this growth
relates to the timing of contracts that did not complete by the end of 2006, we
are seeing the benefits of the new talent recruited into the business and a more
effective operational structure.

We are in the process of rebuilding our US custom business, with 2007 being
viewed as a year of stabilisation. The turnaround has advanced ahead of plan,
with first half revenue growth of above 3 per cent in US custom. Good progress
has been made with Global Partnership Accounts and there has also been an
acceleration of sales related to the group's Areas of Expertise, with new
contract wins across all sectors. The new management team is now increasing its
focus on the provision of added-value services, in line with group strategy.

In accordance with the way we manage the business, the group is now reporting
its performance in Asia Pacific, Latin America and Middle East & Africa as one
region - ALM. The strength of our operations in these faster-growing markets
allows us to offer clients a pan-regional service which, combined with our
emphasis on added-value, has again delivered growth ahead of the market. The ALM
region now represents 15.8 per cent of group revenues, as we move towards our
strategic goal of increasing this to 20 per cent in the next 3 - 5 years.

New developments in syndicated services

The group's three syndicated services have again performed well in 2007,
benefiting from the investments that we continue to make to build on their
strong market positions. Ongoing progress in TNS Worldpanel clearly illustrates
the value of this approach. We have been investing in setting up new panels,
extending established ones and in the introduction of new methods of data
collection. These enhanced services and improved efficiencies have led to a good
level of contract renewals, as well as some important new business wins in 2007.

In the Media sector, both TNS Media Intelligence and TNS iTRAM made good
progress in the first half of 2007. TNS Media Intelligence has reinforced its
geographic coverage this year, with acquisitions in the UK, Germany and Poland.
In the US, we continue to expand our media coverage and to introduce new
products and technology. TNS iTRAM has won a number of new contracts in both our
traditional areas of measurement and in new digital and return path data
services, as well as continuing to extend its services in China.

Progress against strategy

Last year we introduced a new strategy for TNS and, in the first six months of
2007, we have continued to make progress against our strategic objectives.

Client orientation

A key element of that strategy is the focus on global clients. In the first half
of 2007, revenue from our Global Partnership Accounts (GPAs) in the custom
business grew by 13.0 per cent, well ahead of the group as a whole. This growth
illustrates the success TNS has derived from devoting additional resource to its
major multi-national clients and we will continue to build on this. GPAs now
represent 15.3 per cent of custom revenue. Our goal is for them to represent
20 per cent within a 3 - 5 year timeframe.

This progress is supported by the group's improved processes for managing
multi-country projects. Revenue from these projects grew by 8.9 per cent in the
first half of 2007.

Service excellence and cost efficiency

In 2007, we have continued to focus on making improvements to our cost base. We
have appointed a new Head of Global Operations, Renaud Collery, who joins us
from Dell. He has responsibility for aligning our operational structure across
the group and standardising delivery systems and software, where significant
progress has already been made. Unit costs of data collection are being further
reduced through ongoing improved call centre utilisation and increased
off-shoring. The number of employees at the group's off-shoring facility in
Hyderabad has increased to 600 and the scope of their activities has been
extended.

We continue to emphasise to clients the benefits of using the internet as a
quick, cost-effective method of data collection and to build on our global
internet access panel capability. The amount of business based on data collected
via internet access panels grew by 21.6 per cent in the first half of 2007. 25.2
per cent of custom revenue is now collected online. Our goal is for this to
increase to 40 per cent within 3 - 5 years. Quality standards in internet
research are becoming increasingly important for our clients. We see this as a
positive development for TNS, given our commitment to managed access panels, and
we are taking a pro-active role in the industry response to this issue.

Expertise and innovation

In response to client demand for innovative thinking, one of the key areas of
our strategy is the introduction of new analytical services, which complement
our deep sector knowledge, to help our clients to succeed in their fast-changing
markets.

One of the biggest challenges facing our clients is to understand the impact on
their business of media fragmentation and how they can most effectively respond.
They need to know what content is available for consumers to access across all
media, who actually views that content, how they interact with it and how this
affects their buying decisions. TNS already provides this information through
TNS Media Intelligence, TNS iTRAM and within the Media sector in our custom
business. With the acceleration of advertising spend in the digital media, we
are looking at how we can derive more value by combining this information, to
offer clients a better understanding of how they can most effectively target
their marketing spend.

As part of this new media strategy, in February we acquired US-based Cymfony,
enabling us to assess the impact of social media on our clients' brands. Through
strategic alliance and organic development, we have also introduced two new
products - MCATM and Revenue Growth ManagerTM - that will help clients measure
the effectiveness of their brand marketing activities across all media.

With the reduced effectiveness of advertising in traditional media, there is a
growing recognition of the marketing and sales value of the retail space,
leading to increased focus on the importance of understanding consumer behaviour
in the retail environment. In response to this development, TNS made two
acquisitions early in the year that have enabled us to build our Retail and
Shopper Insights practice into a new Area of Expertise for the group.

We will continue to add new capabilities both through acquisition and organic
development.

Full year outlook

Effective implementation of our strategy has delivered a good performance in the
first half of 2007. For the full year, it is expected that revenue growth in
syndicated services will continue to be healthy, benefiting from new services
and investments in technology. In the custom business, revenue growth in Europe
is anticipated to be steady. The US custom business, and the North America
region as a whole, are also expected to continue to make steady progress. The
ALM region should again outperform the market, with double digit revenue growth
for the year.

As the group continues to execute against strategy, TNS remains confident in its
outlook for the year and expects to continue to achieve year-on-year improvement
in underlying revenue growth. While we are increasing investment in new revenue
streams, particularly related to digital media, we still expect to improve
adjusted operating margin in 2007. As in previous years, the proportion of
orders secured at the end of July represented over 80 per cent of our internal
forecasts for the year, supporting our outlook.

The rapid change being experienced by our clients in their markets will continue
to drive growth in our own business. There is significant potential for market
information businesses that are able to meet client demand for innovative
thinking. At the same time, technology provides huge opportunity to derive real
value from the wealth of data on consumer behaviour that is now available. The
14.3 per cent increase in interim dividend reflects the board's confidence that
the group has put in place the strategy and structure required to achieve that
potential and, most importantly, has the people with the skills and experience
to deliver against it.


OPERATING AND FINANCIAL REVIEW

Revenue
-------

Underlying revenue growth was 5.9 per cent. The net effect of acquisitions and
disposals had a positive impact on reported revenue of 1.7 per cent. Foreign
exchange movements had a negative impact of 4.1 per cent on reported revenue.
Reported revenue increased by 3.5 per cent to £497.4 million (2006 £480.5
million).


Calculation of underlying revenue growth

The group's calculation of underlying revenue growth remains consistent with
that published in 2006. Underlying revenue growth is calculated by taking the 
increase in 2007 revenue over 2006 pro forma revenue, at constant exchange 
rates. The pro forma revenue assumes that any acquisitions were owned and any 
discontinued operations or disposals excluded, for the comparable period in 
the prior year.


Regional reporting

TNS has changed its regional revenue reporting to reflect the creation of the
Asia Pacific, Latin America, Middle East & Africa (ALM) region. The group now
reports three regions: Europe (including disclosure of UK, France, Rest of
Europe), North America and ALM. Previously Middle East & Africa was included in
Europe and Latin America was shown as part of the Americas. The prior year
comparatives reflecting this change are shown in the figures below.


Regional revenue performance

                     6 months to 30 June               Change
                         2007         2006    Reported      Underlying %
                           £m     Restated           %
                                        £m
                                        
UK                       78.8         71.5        10.2              8.2
France                   73.0         77.1        (5.3)             3.2
Rest of Europe          167.6        162.1         3.4              5.4
                        ------       -----
Europe                  319.4        310.7         2.8              5.6
North America            99.2        101.1        (1.9)             4.5
ALM                      78.8         68.7        14.7              9.0
                       -------       -------
Total                   497.4        480.5         3.5              5.9
                       --------      -------


Europe

Underlying revenue growth for Europe as a whole was 5.6 per cent, representing a
good performance in the group's largest and most mature regional market.

In the UK, underlying growth was 8.2 per cent, with strong performances in both
the custom and syndicated businesses. Although the UK custom business did
benefit from the deferral of some delayed completions from the fourth quarter of
2006 into the first quarter of 2007, the improvement is encouraging, given that
all indicators are that the UK market remains flat.

In France, underlying growth was 3.2 per cent. Performance in the custom
business continues to be strong across all sectors and was also boosted by the
impact of increased polling for the French presidential elections. TNS Media
Intelligence and TNS Worldpanel in France were slower in the first half, mainly
as a result of timing on some projects.

In the Rest of Europe underlying growth was 5.4 per cent, driven by strong
performance in Spain, Russia and Eastern Europe.


North America

Underlying growth in North America was 4.5 per cent, primarily resulting from a
return to growth in the US custom business. The US custom business grew by over
3 per cent, driven by the Technology, Healthcare and Automotive sectors. TNS
Media Intelligence and the custom business in Canada both showed steady growth.


Asia Pacific, Latin America, Middle East and Africa (ALM)

Underlying growth in ALM was 9.0 per cent, with good performance across most of
the region. The group continues to grow ahead of the market and benefit from the
strength of its pan-regional network in the emerging markets.


Sector revenue performance
--------------------------

                         6 months to 30 June                 Change

                            2007             2006    Reported     Underlying 
                              £m               £m           %              %
                                               
Consumer                   161.2            157.2         2.5            4.0
Media                      108.7            102.3         6.3            6.6
Business Services           63.9             64.9        (1.5)           5.0
Technology                  51.9             48.2         7.6            8.3
Healthcare                  45.4             42.3         7.1            8.4
Other                       66.3             65.6         1.2            6.7                   
                           ------           ------
Total                      497.4            480.5         3.5            5.9
                           ------           ------


Consumer

Underlying growth in the Consumer sector was 4.0 per cent, marking an improved
performance in the group's largest and most mature sector. The group's consumer
purchasing panel operation, TNS Worldpanel, continues to show steady growth,
benefiting from its established market position, investment in providing more
insight and an increasing number of multinational tenders. Within the custom
business, the sector returned to growth across all major regions. The group
continues to focus on improving growth in the Consumer sector through
implementing its global account strategy and introducing new services to
clients.


Media

Underlying growth in the Media sector was 6.6 per cent. Growth in television and
radio audience measurement has been strong. Following a number of wins in Asia
in 2006, TNS has won new contracts in both Denmark and Norway in the first half
of 2007. The group has also expanded the scope of the digital TV audience
measurement services it runs in the UK and US and has recently been awarded a
contract to run return path data services in South Africa.


Business Services

Underlying growth in the Business Services sector was 5.0 per cent, with a good
performance in Financial Services, particularly in Europe and Asia.


Technology

The Technology sector is one of the highest growth segments within the market
information industry and, at 8.3 per cent, underlying growth in Technology was
strong across the group. Major trends, such as mobility and clients' requirement
for greater understanding into consumer attitudes and behaviour, fit well with
TNS expertise. With its focus on sector specialisation, the group is well placed
to continue to take advantage of these trends.


Healthcare

At 8.4 per cent, underlying growth in the Healthcare sector continues to be
strong, driven by focus on key global clients in the pharmaceutical sector and
the introduction of new services measuring consumer commitment and brand
effectiveness.


Other

Underlying growth within Other activities was 6.7 per cent. Performance in the
Political and Social sector was good, boosted by elections in France and winning
further projects with the European Union. Growth in Automotive was strong,
especially in Europe, where the group has continued to win major contracts with
the large manufacturers.



Income statement
----------------

Definition of adjusted results

To assist understanding of the underlying performance of the business, operating
profit, profit before tax and earnings per share are disclosed on an adjusted 
basis. Adjusted operating profit and adjusted profit before tax exclude 
restructuring costs and amortisation of acquired intangible assets. Adjusted 
earnings per share also excludes deferred tax on goodwill (see Taxation below).


Operating profit and margin

Adjusted operating profit increased by 8.9 per cent to £45.4 million (2006 £41.7
million). Adjusted operating margin was 9.1 per cent, up from 8.7 per cent in 
the first half of 2006, representing an improvement of 40 basis points. 
Reported operating profit increased by 12.8 per cent to £42.4 million 
(2006 £37.6 million).


Restructuring costs

The restructuring charge in the first half of 2007 was £2.3 million, primarily
related to activities undertaken in the European custom business. The
restructuring charge for the full year is expected to be around £4 million. The
total of restructuring costs in 2006 and 2007 are therefore expected to be
around £22 million, in line with previous guidance.


Interest

Net interest was £8.7 million (2006 £7.8 million), reflecting higher interest
rates, funding costs for the share repurchase programme and acquisition
activity. Interest cover against adjusted EBITDA, excluding other finance
charges, was 8.0x (2006 9.0x), calculated on an adjusted annualised EBITDA of
£130.8 million (2006 £133.8 million) and net interest expense of
£16.3 million (2006 £14.8 million) for the 12 months ended 30 June 2007.
Adjusted EBITDA is calculated as profit for the year, adding back tax, interest,
depreciation, amortisation and restructuring costs.


Associates

Income from associates was £0.2 million (2006 £0.2 million).


Profit before tax

Adjusted profit before tax increased by 8.2 per cent to £36.9 million (2006
£34.1 million). Reported profit before tax increased by 13.0 per cent to £33.9
million (2006 £30.0 million).


Taxation

Excluding deferred tax on goodwill, the tax charge for the first six months of
2007 was £9.4 million (2005 £9.5 million), representing an underlying tax rate
of 28.0 per cent (2006 31.5 per cent).

Under IFRS, where goodwill is deductible against tax, a deferred tax liability
is recognised, even if such a liability would only unwind on the eventual sale
or impairment of the business in question. This has led to a charge for
deductible goodwill of £1.2 million for the first six months of 2007 (2006 £1.6
million). Including this item, the total reported tax charge was £10.6 million
(2006 £11.1 million).


Minority interests

Minority interests were £1.1 million (2006 £1.5 million).


Earnings and dividend per share

Based on a weighted average of 426.5 million shares, adjusted earnings per share
increased by 22.4 per cent to 6.0 pence (2006 4.9 pence). Based on a fully
diluted weighted average of 436.6 million shares, adjusted earnings per share 
on a fully diluted basis were 5.8 pence (2006 4.8 pence). Reported earnings per 
share were 5.2 pence (2006 3.9 pence), an increase of 33.3 per cent. See note 4.


The board remains confident about the future prospects of the group and
accordingly has declared an increase of 14.3 per cent in interim dividend per
share, to 1.6 pence (2006 1.4 pence). Dividend cover remains strong, with the 
interim dividend covered by 3.8x adjusted earnings per share. The interim 
dividend will be paid on 10 December 2007 to shareholders on the register at 
9 November 2007.


Cash flow statement

Cash flow

The movement in working capital generated an outflow of £17.5 million in the
first six months of 2007 (2006 £29.6 million). Based on the usual seasonal
movement in working capital, this outflow is broadly expected to reverse in the
second half. Operating cash flow was £34.6 million (2006 £23.9 million). Net
capital expenditure was £16.4 million (2006 £12.1 million). Acquisition and earn
out payments were £23.4 million (2006 £3.2 million).


Share buy back

The group purchased 10.9 million of its own shares for a value of £25.2 million
in the first six months of 2007. As at 30 August 2007, the group had repurchased
37.1 million of its own shares for a value of £81.8 million since September
2006. The remainder of the £100 million share buy back programme is expected to
complete by the end of 2007.


Net debt

Net debt at 30 June 2007 was £321.9 million compared with £287.2 million at 30
June 2006 and £278.5 million at 31 December 2006, reflecting the funding of
acquisitions and the share buy back programme. Net debt to adjusted EBITDA at 30
June 2007 was 2.5x (2006 2.2x), based on adjusted annualised EBITDA of £130.8
million. Net debt is defined as bank borrowings net of arrangement fees,
overdrafts and obligations under finance leases, less cash and cash equivalents.


Debt refinancing

On 10 July 2007, the group completed a new debt financing with the private
placement of £160 million of sterling, euro and US dollar denominated fixed and
floating rate senior unsecured notes. The notes have maturities of 5, 7 and 10
years and the proceeds have been used to refinance existing bank borrowings. The
fixed rate notes carry coupon interest rates between 6.22 per cent and 6.51 per
cent. The floating rate notes carry margins between 56 and 62 basis points over
LIBOR.


ENDS



CONSOLIDATED UNAUDITED INTERIM INCOME STATEMENT

                                                6 months to June  Full year
Continuing operations                            2007       2006       2006
                                                   £m         £m         £m

Revenue (note 2)                                497.4      480.5    1,004.2
Direct costs                                   (139.8)    (136.3)    (283.9)
----------------------------------------------------------------------------

Gross profit                                    357.6      344.2      720.3
Administrative expenses                        (315.2)    (306.6)    (645.9)
Operating profit before exceptional items        45.4       41.7       99.5
Restructuring costs                              (2.3)      (3.7)     (17.8)
Goodwill impairment                                 -          -       (6.4)
Amortisation of intangibles identified on        (0.7)      (0.4)      (0.9)
acquisitions
Operating profit (note 2)                        42.4       37.6       74.4
Finance income                                    1.6        0.9        1.2
Finance costs                                   (10.3)      (8.7)     (16.6)
Share of post tax profit of associates            0.2        0.2        0.4
---------------------------------------------------------------------------

Profit before taxation                           33.9       30.0       59.4
Taxation - excluding deferred tax on             (9.4)      (9.5)     (19.6)
goodwill
Taxation - deferred tax on goodwill              (1.2)      (1.6)       0.1
Taxation (note 3)                               (10.6)     (11.1)     (19.5)
----------------------------------------------------------------------------

Profit for the period                            23.3       18.9       39.9
---------------------------------------------------------------------------
Attributable to:
Equity holders of the parent company             22.2       17.4       37.1
Minority interests                                1.1        1.5        2.8
---------------------------------------------------------------------------
                                                 23.3       18.9       39.9
---------------------------------------------------------------------------

Basic earnings per share attributable to         
equity holders of the company (note 4)            5.2p       3.9p       8.4p
---------------------------------------------------------------------------

Diluted earnings per share attributable to     
equity holders of the company (note 4)            5.1p       3.8p       8.2p
---------------------------------------------------------------------------


Dividends proposed for the period were £7.0m (6 months to 30 June 2006 £6.3m,
full year 2006 £20.4m). 
Dividends paid in the period were £nil (6 months to 30 June 2006 £nil, full 
year 2006 £18.4m).


CONSOLIDATED UNAUDITED INTERIM BALANCE SHEET

                                                At 30 June
                                         At 30    Restated  
                                          June     (note 1) At 31 Dec
                                          2007        2006       2006
                                            £m          £m         £m
Assets
Non-current assets
Goodwill                                 406.8       381.1      378.1
Intangible assets                         20.0        15.1       16.2
Property, plant and equipment             72.7        71.1       68.8
Investments in associates                  2.9         3.3        2.9
Available for sale investments             0.4         0.5        0.4
Deferred tax assets                       31.6        32.6       32.4
---------------------------------------------------------------------
                                         534.4       503.7      498.8
---------------------------------------------------------------------

Current assets
Inventories                               67.6       70.3        48.8
Trade and other receivables              270.7       260.1      256.2
Current tax receivable                     7.1         3.1        3.7
Available for sale investments             0.5         0.9        0.3
Cash and cash equivalents                 38.8        28.8       61.8
---------------------------------------------------------------------
Total current assets                     384.7       363.2      370.8
---------------------------------------------------------------------
Total assets                             919.1       866.9      869.6
---------------------------------------------------------------------

Liabilities
Current liabilities
Borrowings                               (22.7)       (3.9)     (23.3)
Trade and other payables                (323.3)     (299.9)    (293.3)
Current tax payable                      (30.6)      (30.3)     (32.2)
Provisions                               (12.1)       (7.0)     (16.8)
----------------------------------------------------------------------
Total current liabilities               (388.7)     (341.1)    (365.6)
----------------------------------------------------------------------
Net current (liabilities)/assets          (4.0)       22.1        5.2
---------------------------------------------------------------------

Non-current liabilities
Borrowings                              (337.9)     (312.1)    (316.9)
Trade and other payables                  (2.0)       (1.6)      (1.9)
Deferred tax liabilities                 (28.8)      (29.1)     (25.7)
Retirement benefit obligations            (7.8)      (10.0)     (12.9)
Provisions                               (30.3)      (19.1)     (19.5)
----------------------------------------------------------------------
Total non-current liabilities           (406.8)     (371.9)    (376.9)
----------------------------------------------------------------------
Total liabilities                       (795.5)     (713.0)    (742.5)
----------------------------------------------------------------------


Total net assets                         123.6       153.9      127.1
---------------------------------------------------------------------

Equity
Issued share capital                      21.9        22.6       22.1
Share premium                            139.6       133.3      134.2
Other reserves                             0.8         1.8        0.4
Retained earnings                        (45.3)      (12.9)     (37.8)
----------------------------------------------------------------------
Total parent shareholders' equity        117.0       144.8      118.9
(note 7)
Minority interests in equity               6.6         9.1        8.2
---------------------------------------------------------------------

Total equity (note 7)                    123.6       153.9      127.1
---------------------------------------------------------------------


CONSOLIDATED UNAUDITED INTERIM CASH FLOW STATEMENT

                                                   6 months to 30 June Full year
                                                     2007     2006       2006          
                                                      £m        £m        £m
Cash flows from operating activities
Cash generated from operations (note 6)             34.6      23.9     119.6
Income tax paid                                    (13.3)    (10.3)    (21.3)
-----------------------------------------------------------------------------
Net cash generated from operating activities        21.3      13.6      98.3
----------------------------------------------------------------------------

Cash flows from investing activities
Acquisition of subsidiaries (net of cash           (23.2)     (2.5)    (16.7)
acquired) (note 6)
Sale of subsidiaries (net of cash disposed)            -       1.7       1.6
Sale of associates and investments                     -         -       0.5
Proceeds from sale of property, plant and            1.3       0.5       0.7
equipment
Purchase of property, plant and equipment          (14.9)     (9.9)    (21.0)
Purchase of intangible assets                       (2.8)     (2.7)     (6.6)
Purchase of associates and investments              (0.2)     (0.7)        -
Interest received                                    1.6       0.9       1.2
-----------------------------------------------------------------------------
Net cash used in investing activities              (38.2)    (12.7)    (40.3)
-----------------------------------------------------------------------------

Cash flows from financing activities
Net proceeds from issue of ordinary share            5.9       4.9       5.7
capital
Dividends paid to company's shareholders               -         -     (18.4)
Dividends paid to minority interests                (1.3)     (1.3)     (2.7)
Increase/(decrease) in debt                         25.6     (16.2)      1.8
Interest paid                                      (10.3)     (8.6)    (16.4)
Purchase of company shares                         (25.2)        -     (34.8)
-----------------------------------------------------------------------------
Net cash used in financing activities               (5.3)    (21.2)    (64.8)
-----------------------------------------------------------------------------

Net decrease in cash, cash equivalents and         (22.2)    (20.3)     (6.8)
overdrafts
Cash, cash equivalents and overdrafts at            38.5      45.3      45.3
beginning of period
Exchange loss on cash, cash equivalents and         (0.2)     (0.1)        -
overdrafts
-----------------------------------------------------------------------------
Cash, cash equivalents and overdrafts at end of     16.1      24.9      38.5
period
-----------------------------------------------------------------------------

Net debt* (note 6)                                 321.9     287.2     278.5
----------------------------------------------------------------------------


* Net debt is defined as bank borrowings including overdrafts net of arrangement
fees and obligations under finance leases, less cash and cash equivalents.



CONSOLIDATED UNAUDITED INTERIM STATEMENT OF RECOGNISED INCOME AND EXPENSE

                                                    6 months to 30 June  Full year           
                                                       2007      2006       2006
                                                         £m        £m         £m

Profit for the period                                  23.3      18.9       39.9
--------------------------------------------------------------------------------

Actuarial gains on pensions                             4.5       3.9        1.3
Tax on actuarial gains on pensions                     (1.4)     (1.1)      (0.2)
Gain/(loss) in fair value of financial instruments      1.7       1.1       (0.3)
Tax on gain in fair value of financial instruments     (0.7)     (0.5)         -
Translation differences on foreign currency net     
investments less                                        1.9      (7.6)     (10.6)

translation differences on foreign currency loans
taken out to fund those investments
Tax on the above item                                     -       2.4          -
--------------------------------------------------------------------------------

Net gains and (losses) not recognised in the        
income statement                                        6.0      (1.8)      (9.8)
--------------------------------------------------------------------------------
Total recognised income and expense relating to      
the year                                               29.3      17.1       30.1
--------------------------------------------------------------------------------

Attributable to:
Equity holders of the parent company                   28.3      16.0       27.2
Minority interests                                      1.0       1.1        2.9
--------------------------------------------------------------------------------
                                                       29.3      17.1       30.1
--------------------------------------------------------------------------------

1.  Basis of preparation

This unaudited financial information comprises the consolidated interim income
statement, cash flow statement and statement of recognised income and expense
for the six months to 30 June 2007, the consolidated interim balance sheet as at
30 June 2007, and the related notes of Taylor Nelson Sofres plc (hereinafter
referred to as 'financial information'). This financial information has been
prepared in accordance with the Listing Rules of the Financial Services
Authority, and using the principal accounting policies as set out on pages 54 to
57 of the group's annual financial statements for the year ended 31 December
2006. The group has chosen not to adopt IAS 34 'Interim financial statements' in
preparing its interim statements for 2007.


The prior period balance sheet and income statement comparatives for the period
ended 30 June 2006 have been restated as described in note 1 to the group's
annual financial statements for the year ended 31 December 2006.


The financial information has not been audited or reviewed and does not
constitute statutory accounts within the meaning of Section 240 of the Companies
Act 1985. The statutory accounts for 2006 have been delivered to the Registrar
of Companies. The auditors' opinion on those accounts was unqualified and did
not contain a statement made under Section 237(2) or Section 237(3) of the
Companies Act 1985.

2.  Segmental reporting

Primary reporting format - geographic segments
                                                        North
                                              Europe  America     ALM    Total
                                                  £m       £m      £m       £m
6 months to 30 June 2007
Revenue                                        319.4     99.2    78.8    497.4
------------------------------------------------------------------------------

Segment operating result before exceptional   
items                                           36.6      0.8     8.0     45.4
Restructuring costs                             (2.2)    (0.1)      -     (2.3)
Goodwill impairment                                -        -       -        -
Amortisation of intangibles identified on     
acquisitions                                    (0.2)    (0.3)   (0.2)    (0.7)
-------------------------------------------------------------------------------
Total exceptional items                         (2.4)    (0.4)   (0.2)    (3.0)
-------------------------------------------------------------------------------
Segment operating result                        34.2      0.4     7.8     42.4
------------------------------------------------------------------------------

6 months to 30 June 2006 - restated
Revenue                                        310.7    101.1    68.7    480.5
------------------------------------------------------------------------------

Segment operating result before exceptional     
items                                           33.8      0.2     7.7     41.7
Restructuring costs                             (0.8)    (2.9)      -     (3.7)
Goodwill impairment                                -        -       -         -
Amortisation of intangibles identified on    
acquisitions                                    (0.2)    (0.1)   (0.1)    (0.4)
-------------------------------------------------------------------------------
Total exceptional items                         (1.0)    (3.0)   (0.1)    (4.1)
-------------------------------------------------------------------------------
Segment operating result                        32.8     (2.8)    7.6     37.6
------------------------------------------------------------------------------

Year ended 31 December 2006 - restated
Revenue                                        649.2    209.2   145.8  1,004.2
------------------------------------------------------------------------------

Segment operating result before exceptional  
items                                           78.7      4.9    15.9     99.5
Restructuring costs                             (8.6)    (9.2)      -    (17.8)
Goodwill impairment                                -     (6.4)      -     (6.4)
Amortisation of intangibles identified on       (0.7)    (0.1)   (0.1)    (0.9)
acquisitions
------------------------------------------------------------------------------
Total exceptional items                         (9.3)   (15.7)   (0.1)   (25.1)
-------------------------------------------------------------------------------
Segment operating result                        69.4    (10.8)   15.8     74.4
------------------------------------------------------------------------------


Exceptional items

During the period, restructuring costs of £2.3m (6 months to 30 June 2006 £3.7m,
full year 2006 £17.8m) were incurred following a review in the prior year of the
group's operations, to streamline its organisational structure and improve
operational processes. Amortisation of intangible assets identified separately
from goodwill on acquisitions of £0.7m (6 months to 30 June 2006 £0.4m, full
year 2006 £0.9m) has been charged to operating profit.


3. Taxation

The tax charge for the period was £10.6m, representing a reported rate of 31.5%.
Under IFRS, where goodwill is deductible against tax, a deferred tax liability
is recognised, even if such a liability would only unwind on the eventual sale
or impairment of the business in question. This has led to a tax charge for
deductible goodwill of £1.2m for the period. Excluding deferred tax on goodwill,
the tax charge was £9.4m, representing an underlying rate of 28.0%. This
represents the group's current estimate of the underlying tax rate for the year.
For the six months ended 30 June 2006, the tax charge was £11.1m, representing a
reported rate of 36.8%. Excluding deferred tax on goodwill of £1.6m, the tax
charge was £9.5m, representing an underlying tax rate of 31.5%. For the year
ended 31 December 2006, the tax charge was £19.5m, representing a reported rate
of 33.0%.

4. Earnings per share

Basic earnings per share of 5.2p (2006 3.9p) have been calculated on the profit
for the period attributable to equity holders of the parent company of £22.2m
(2006 £17.4m) and on 426.5 million shares (2006 445.3 million), being the
weighted average number of shares in issue during the period, excluding those
held in the ESOP and the EBT, which are treated as cancelled. The diluted
earnings per share of 5.1p (2006 3.8p) have been calculated in accordance with
the provisions of IAS 33, 'Earnings Per Share', with the weighted average number
of shares in issue being adjusted to assume conversion of all dilutive potential
shares for the period they were outstanding. Shares held by the ESOP and the
EBT, which are under performance-based options, are included in the diluted
weighted average number of shares, as the performance conditions are deemed to
have been met for the purposes of this calculation. The weighted average number
of ordinary shares in issue during the period for the purpose of these
calculations is as follows:
                                                       6 months to June Full year
                                                         2007      2006      2006
                                                     millions  millions  millions
Share capital                                           443.9     450.1     450.7
Shares held in                                          (12.9)        -      (3.5)
Treasury
Shares held by ESOP                                      (0.2)     (0.2)     (0.2)
Shares held by EBT                                       (4.3)     (4.6)     (4.6)
----------------------------------------------------------------------------------
Basic earnings per share denominator                    426.5     445.3     442.4
Dilutive effect of share options                         10.1      11.1      10.4
---------------------------------------------------------------------------------
Diluted earnings per share denominator                  436.6     456.4     452.8
---------------------------------------------------------------------------------

An adjusted earnings per share using an adjusted profit for the period
attributable to equity holders of the parent company is also presented, as the
directors believe that this assists in understanding the underlying performance
of the group. The adjusted earnings per share is based on the profit as adjusted
for the items shown below.
                                                               6 months to June  Full year
                                                                 2007      2006       2006
                                                             millions  millions   millions
Profit for the period attributable to equity holders of the      22.2      17.4       37.1
parent company
Adjusted for exceptional items:
Restructuring costs                                               2.3       3.7       17.8
Goodwill impairment                                                 -        -         6.4
Amortisation of intangibles identified on acquisitions            0.7       0.4        0.9
------------------------------------------------------------------------------------------
                                                                  3.0       4.1       25.1
Tax on exceptional items                                         (0.9)     (1.3)      (5.9)
Deferred tax on goodwill                                          1.2       1.6       (0.1)
-------------------------------------------------------------------------------------------
                                                                  3.3       4.4       19.1
-------------------------------------------------------------------------------------------
Adjusted profit for the period attributable to equity         
holders of the parent company                                    25.5      21.8       56.2
-------------------------------------------------------------------------------------------

Adjusted earnings per share                                      6.0p      4.9p      12.7p
------------------------------------------------------------------------------------------

                          Profit used for EPS    Weighted average        Earnings
                                     purposes     number of shares       per share
                                2007     2006      2007      2006    2007    2006

6 months to June                 £m       £m   millions millions        p       p
Basic                          22.2     17.4      426.5    445.3      5.2     3.9
Diluted                        22.2     17.4      436.6    456.4      5.1     3.8
Adjusted                       25.5     21.8      426.5    445.3      6.0     4.9
---------------------------------------------------------------------------------


5. Acquisitions


Name               %  acquired   Date  acquired   Business        Country
-------------------------------------------------------------------------
                        

Research Surveys           59    12 January 2007  Custom research  South Africa
(Pty) Ltd.                                                       
Sorensen Associates       100    12 February      Custom research   US
                                 2007
Cymfony, Inc.             100    23 February      Media             US
                                 2007             Intelligence
Expert Monitor             67    7 March 2007     Media             Poland
                                                  Intelligence
Retail Forward,           100    7 March 2007     Custom research   US
Inc.


These acquisitions contributed revenues of £8.9m and operating profit of £0.2m
to the group for the six months ended 30 June 2007. If all acquisitions had
occurred on 1 January 2007, group revenue for the six months would have been
£508.9 and operating profit £42.5m.

                               Carrying  Provisional    Total 2007   Adjustments  Total
                             values pre   fair value  acquisitions      to prior
                            acquisition  adjustments                        year
                                                                    acquisitions
Net assets acquired and              £m           £m            £m            £m     £m
goodwill arising
Non-current assets
Property, plant and             
equipment                           0.9            -           0.9             -    0.9
Intangible assets                   0.4          3.3           3.7           0.3    4.0
---------------------------------------------------------------------------------------
                                    1.3          3.3           4.6           0.3    4.9
Current assets
Inventories                         0.8            -           0.8             -    0.8
Trade and other receivables         4.6            -           4.6             -    4.6
Cash and cash equivalents           1.7            -           1.7             -    1.7
---------------------------------------------------------------------------------------
                                    7.1            -           7.1             -    7.1
---------------------------------------------------------------------------------------
Total assets                        8.4          3.3          11.7           0.3   12.0
Liabilities
Trade and other payables           (8.2)           -          (8.2)            -   (8.2)
Minority interest in               (0.4)         0.6           0.2             -    0.2
---------------------------------------------------------------------------------------
acquired net assets
Fair value of net assets         
acquired                           (0.2)         3.9           3.7           0.3    4.0
Minority interests               
purchased                           1.1            -           1.1             -    1.1
Goodwill                           35.4         (3.9)         31.5           0.3   31.8
---------------------------------------------------------------------------------------
Consideration                      36.3            -          36.3           0.6   36.9
---------------------------------------------------------------------------------------

Consideration satisfied by:
Cash                                                          23.9           1.0   24.9
Deferred consideration -                                     
contingent                                                    12.4          (0.4)  12.0
---------------------------------------------------------------------------------------
                                                              36.3           0.6   36.9
---------------------------------------------------------------------------------------


During the period, provisional fair values recognised in the prior year have
been adjusted as the fair value process has progressed. Prior year balances have
not been restated as the adjustments are not significant to the group.

Goodwill arising on the acquisitions represents the value of assembled
workforces and synergies available to the group. All intangible assets acquired
with the businesses have been recognised at their respective fair values
separately from goodwill. Each 2007 acquisition is considered to be a separate
cash generating unit for the purpose of future impairment reviews.

6. Cash flow
                                                    6 months to June     Full
                                                                         year
                                                      2007      2006     2006
Reconciliation of operating profit to cash              £m        £m       £m
generated from operations

Operating profit                                      42.4      37.6     74.4
Amortisation of intangible assets                      2.9       2.8      6.4
Impairment of goodwill                                   -         -      6.4
Depreciation of property, plant and equipment          9.9       9.9     21.4
(Profit)/loss on sale of property, plant and          (0.3)        -      0.1
equipment
Profit on disposal of investment in                      -      (0.7)       -
subsidiaries
Share based payments                                   2.8       2.3      5.0
(Increase)/decrease in inventories                   (17.9)    (17.2)     3.0
Increase in trade and other receivables              (10.1)     (8.3)    (9.0)
Increase/(decrease) in trade and other payables       10.9      (3.1)     0.6
Decrease in pension liabilities                       (0.4)     (1.0)    (0.4)
(Decrease)/increase in                                (5.6)      1.6     11.7
provisions
-----------------------------------------------------------------------------
Cash generated from operations                        34.6      23.9    119.6
-----------------------------------------------------------------------------

                                                                        2007
Reconciliation of net cash flow to movement in net                        £m
debt

Decrease in cash, cash equivalents and bank overdrafts in           
the period                                                             (22.2)
Cash inflow from increase in debt                                      (25.6)
-----------------------------------------------------------------------------
Change in net debt resulting                                        
from cash flows                                                        (47.8)
Translation difference                                                   4.4
----------------------------------------------------------------------------
Movement in net debt in the period                                     (43.4)
At 1 January 2007                                                     (278.5)
-----------------------------------------------------------------------------
At 30 June 2007                                                       (321.9)
-----------------------------------------------------------------------------

                                            At 1     Cash  Exchange    At 30
                                         January     flow  movement     June
                                            2007                        2007
Analysis of net debt                          £m       £m        £m       £m

Cash and cash equivalents                   61.8    (22.8)     (0.2)    38.8
Bank overdrafts                            (23.3)     0.6         -    (22.7)
Loans repayable after more than 1 year    (316.9)   (25.6)      4.6   (337.9)
Obligations under finance leases            (0.1)        -        -     (0.1)
-----------------------------------------------------------------------------
                                          (278.5)   (47.8)      4.4   (321.9)
-----------------------------------------------------------------------------

                                                                         2007
Analysis of the net cash outflow in respect of the purchase of             £m
subsidiary undertakings and businesses
Cash consideration
Prior year acquisitions                                                  (1.0)
2007 acquisitions (note 5)                                              (23.9)
------------------------------------------------------------------------------
                                                                        (24.9)
Net cash acquired                                                         1.7
-----------------------------------------------------------------------------
Net cash outflow in respect of the purchase of subsidiary undertakings 
and businesses                                                          (23.2)
-----------------------------------------------------------------------------

7. Consolidated statement of changes in shareholders' equity

                           Share    Share     Other  Retained  Total   Minority   Total
                         capital  premium  reserves  earnings         interests  equity
                              £m       £m        £m        £m     £m         £m      £m

At 1 January 2006           22.4    126.7       1.8     (18.6) 132.3       10.0   142.3

Profit for the period          -        -         -      17.4   17.4        1.5    18.9

Actuarial gains on          
pensions net of tax            -        -         -       2.8    2.8          -     2.8

Currency translation         
differences net of
tax                            -        -         -      (5.2)  (5.2)      (0.4)   (5.6)

Marked-to-market gain in    
fair value of
financial instruments          -        -         -       0.6    0.6          -     0.6

New share capital issued    
net of expenses              0.2      6.6         -         -    6.8          -     6.8

Minority interests          
acquired by group              -        -         -         -      -       (0.7)   (0.7)

Minority interest            
dividends and disposals        -        -         -         -      -       (1.3)   (1.3)

Net movements on            
exercise of options            -        -         -       0.1    0.1          -     0.1

Share based payments           -        -         -       2.3    2.3          -     2.3

Equity dividends               -        -         -     (12.3) (12.3)         -   (12.3)
----------------------------------------------------------------------------------------

At 30 June 2006         
(restated)                  22.6    133.3       1.8     (12.9) 144.8        9.1   153.9

Profit for the period          -        -         -      19.7   19.7        1.3    21.0

Actuarial losses on      
pensions net of
tax                            -        -         -      (1.7)  (1.7)         -    (1.7)

Currency translation        
differences net of
tax                           -        -         -      (5.5)  (5.5)       0.5    (5.0)

Marked-to-market gain in    
fair value of
financial instruments          -        -         -      (0.3)  (0.3)         -    (0.3)

Financial instrument         
fair value taken
to income statement            -        -         -      (0.6)  (0.6)         -    (0.6)

New share capital issued       
net of expenses                -      0.9         -         -    0.9          -     0.9

Purchase of own shares         -        -         -     (34.8) (34.8)         -   (34.8)

Treasury shares           
cancelled                   (0.5)       -       0.5         -      -          -       -

Minority interests in       
acquisitions                   -        -         -         -      -        1.3     1.3

Minority interests         
purchased                      -        -         -         -      -       (2.6)   (2.6)

Minority interest            
dividends                      -        -         -         -      -       (1.4)   (1.4)

Net movements on            
exercise of options            -        -      (1.9)      1.7   (0.2)         -    (0.2)

Share based payments           -        -         -       2.7    2.7          -     2.7

Equity dividends               -        -         -      (6.1)  (6.1)         -    (6.1)
----------------------------------------------------------------------------------------

At 31 December 2006         22.1    134.2       0.4     (37.8) 118.9        8.2   127.1

Profit for the period          -        -         -      22.2   22.2        1.1    23.3

Actuarial gains on          
pensions net of tax            -        -         -       3.1    3.1          -     3.1

Currency translation       
differences net of
tax                            -        -         -       1.9    1.9       (0.1)    1.8

Marked-to-market gain in     
fair value of
financial instruments
net of tax                     -        -         -       1.0    1.0          -     1.0

New share capital issued    
net of expenses              0.2      5.4         -         -    5.6          -     5.6

Purchase of own shares         -        -         -     (25.2) (25.2)         -   (25.2)

Treasury shares           
cancelled                   (0.4)       -       0.4         -      -          -       -

Minority interests in       
acquisitions                   -        -         -         -      -       (0.2)   (0.2)

Minority interests      
purchased                      -        -         -         -      -       (1.1)   (1.1)

Minority interest       
dividends                      -        -         -         -      -       (1.3)   (1.3)

Net movements on              
exercise of options            -        -         -       0.3    0.3          -     0.3

Share based payments           -        -         -       2.8    2.8          -     2.8

Equity dividends               -        -         -     (13.6) (13.6)         -   (13.6)
----------------------------------------------------------------------------------------

At 30 June 2007             21.9    139.6       0.8     (45.3) 117.0        6.6   123.6
---------------------------------------------------------------------------------------

7. Consolidated statement of changes in shareholders' equity (continued)

Retained earnings            Currency    Financial   Pension               Share
includes the following    translation   instrument valuation       Own     based
cumulative amounts:       differences   fair value gains and     shares   payment
                                       adjustments    losses  purchased   charges
                                   £m           £m        £m         £m        £m

At 1 January 2007               (13.1)         0.3      (6.9)     (40.2)     12.1
Movements in the period           1.9          1.7       4.5      (24.9)      2.8
---------------------------------------------------------------------------------
At 30 June 2007                 (11.2)         2.0      (2.4)     (65.1)     14.9
---------------------------------------------------------------------------------


8.Share capital

                             At 30        At 30       At 31   At 30   At 30  At 31
                              June         June       Dec      June    June    Dec
                              2007         2006        2006    2007    2006   2006
                             
                             No of        No of       No of    
                            shares       shares      shares   £000    £000   £000
Authorised
Ordinary shares of 5p  600,000,000  600,000,000 600,000,000  30,000  30,000 30,000
each
-----------------------------------------------------------------------------------
Allotted, called up and fully paid

At 1 January           442,827,989  447,934,240 447,934,240  22,141  22,397 22,397
Acquisitions                     -      820,312     820,312       -      41     41

Share options exercised during year

Executive Share Plans    2,879,683    3,232,650   3,387,802     144     162    169
Savings Related Share            -            -      41,368       -       -      2
Plans
WESP                       117,330       70,224     644,267       6       4     32
Shares held in          (7,663,105)           - (10,000,000)   (383)      -   (500)
treasury cancelled
-----------------------------------------------------------------------------------
At 30 June and 31      438,161,897  452,057,426  442,827,989  21,908  22,604  22,141
December
-----------------------------------------------------------------------------------
                                                
During the period the company purchased 10,904,416 (six months to 30 June 2006
nil; year to 31 December 2006 16,758,689) of its own shares from the market for
cash consideration of £25.2m (six months to 30 June 2006 £nil; year to 31
December 2006 £34.8m). Of these, 7,663,105 (six months to 30 June 2006 nil; year
to 31 December 2006 10,000,000) shares were cancelled and the remaining
10,000,000 were held as treasury shares at 30 June 2007 (30 June 2006 nil; 31
December 2006 6,758,689).


During the six months to 30 June 2006, the company issued 820,312 shares to
satisfy £2.1m of deferred consideration in relation to the purchase of Area
Investigacion SA, a subsidiary in Spain. No similar transactions occurred in the
six months to 30 June 2007 or 31 December 2006.


9. Currency conversion

The 2007 consolidated unaudited interim income statement has been prepared
using, among other currencies, an average exchange rate of US$1.9706 to the
pound (period ended 30 June 2006 US$1.7914; year ended 31 December 2006
US$1.8437) and €1.4820 to the pound (period ended 30 June 2006 €1.4547; year
ended 31 December 2006 €1.4663).


The 2007 consolidated unaudited interim balance sheet as at 30 June 2007 has
been prepared using the exchange rate on that day of US$2.0092 to the pound (30
June 2006 US$1.8475; 31 December 2006 US$1.9588) and €1.4828 to the pound (30
June 2006 €1.4454; 31 December 2006 €1.4833).


10. Related party transactions
                                                   6 month to June  Full year
                                                  2007        2006       2006
Transactions with associated undertakings           £m          £m         £m

Revenue                                            0.5         0.3       0.9
Purchases                                         (4.2)       (3.7)     (7.6)
Amounts payable at period end                     (0.6)       (0.7)        -
Amounts receivable at period end                   1.0         1.2       0.8
----------------------------------------------------------------------------

                                                   6 month to June  Full year
                                                  2007        2006       2006
Transactions with joint ventures                    £m          £m        £m
 
Revenue                                            1.8         1.2       3.6
Purchases                                         (0.6)       (0.8)     (2.7)
Amounts payable at period end                     (2.5)       (2.2)     (1.9)
Amounts receivable at period end                   2.5         2.1       1.8
----------------------------------------------------------------------------


11. Commitments and contingencies

The group has commitments relating to put and call options for acquisitions. The
potential amounts payable are estimated to be £4.7m (30 June 2006 £8.0m; 31
December 2006 £8.7m) and are expected to become payable between one and five
years.


Various group companies are parties to legal actions and claims totalling £1.2m
(30 June and 31 December 2006 £0.9m) arising out of the normal course of
business the most significant of which are associated with employment-related
matters. Although there is uncertainty regarding the final outcome of these
claims, the directors believe that adequate provision has been made for
anticipated liabilities and that they are unlikely to have a material effect on
the group's financial position.


12. Post balance sheet events

On 10 July 2007, the group completed a new debt financing with the private
placement of £160m of sterling, euro and US dollar denominated fixed and
floating rate senior unsecured notes. The notes have maturities of 5, 7 and 10
years and the proceeds have been used to refinance existing bank borrowings. The
fixed rate notes carry coupon interest rates between 6.22% and 6.51%. The
floating rate notes carry margins between 56 and 62 basis points over LIBOR.

The group has entered into usual private placement covenants, including early
repayment terms and restrictions on its future net debt and interest cost to
earnings ratios, which are in line with existing covenants within its committed
bank facilities.






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