We will balance the requirements of capital expenditure, acquisitions, dividends and share buy-backs to optimise shareholder value:

• we anticipate an ongoing capex requirement of £15m to £25m per annum;
• we will pursue an ongoing synergistic acquisition programme; and
• we plan to progressively move dividend cover to 2.5 times over the next two years.

Consistent with the above strategy and long-term goals, we have initiated an on-market share buy-back programme, purchasing in FY07 10% of the Company’s share capital to enhance shareholder value whilst maintaining gearing near our target levels. We will continue, if appropriate, to use share buy-backs in FY08 as a balancing tool to our 2x leverage goal.