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									Embargoed: Not for publication,
or broadcast, before 07.00hrs                                                      14 November 2001

                     Dairy Crest Group plc (“Dairy Crest”)
                   Unaudited Interim Results Announcement
    STRONG BRAND PERFORMANCE COMBINING WITH BENEFITS OF INTEGRATION

Dairy Crest, the UK’s premier chilled dairy foods company with market leading brands Clover,
Cathedral City and Frijj and the Yoplait brands, today announced its unaudited results for the six
months ended 30 September 2001 including the full benefit of the Unigate dairy and cheese business
acquired from July 2000. Highlights include:

    Adjusted profit before tax up 39% to £33.8 million (2000: £24.4 million)
    Adjusted earnings per share up 34% to 20.6 pence (2000: 15.4 pence)
    Interim dividend up 7% to 4.8 pence (2000: 4.5 pence)
    Synergies from Unigate acquisition being delivered on time and in full
    £33 million capital invested with first super dairy now fully operational
    Strong growth by value added brands

John Houliston, Chief Executive, Dairy Crest Group plc said:

“Our strategy to drive profitable growth through our value added and branded businesses continues
to prove successful as demonstrated by the financial performance to September 2001. In these
challenging times it is a source of great strength for the Company to have such valuable growing
brands as Clover, Cathedral City and Frijj and the Yoplait brands in our portfolio. The benefits of
our strategy to invest for material competitive advantage are clearly demonstrated by the progress
being made in our retail liquid milk business, where competitive pressures will remain intense until
further industry rationalisation is completed. We are pleased to report that the synergies arising from
the Unigate acquisition are being delivered on time and in full.

We believe that the financial and commercial progress evidenced by these results gives confidence
that Dairy Crest will continue to deliver the expected attractive financial performance necessary to
continue to drive enhanced shareholder returns.”

For further information:

     Dairy Crest Group plc                                                       Tel: 020 8910 4000
     John Houliston, Chief Executive
     Ian Laurie, Finance Director


     Citigate Dewe Rogerson                                                      Tel: 020 7638 9571
     Julian Walker, Charles Vivian
Operating and financial review

These results deliver an attractive increase in adjusted Group profit before tax of 39% and adjusted
earnings per share of 34%. The acquisition of Unigate’s dairy and cheese business was completed
with effect from July 2000 and therefore made only a partial contribution in the first half of last year.
On a proforma basis, operating profit shows an increase over 10% against trading results of both
businesses in the first half of last year. Reported operating profits show an increase of 43% for the six
months to September 2001.

Dairy Crest’s strategy to develop its brands and added value products continues to deliver an
attractive performance. The Group’s key brands demonstrated further strong progress, with Clover,
Cathedral City and Frijj and the Yoplait brands showing impressive sales volume growth of between
10% and 25% for the six months to September 2001.

The investment programme to optimise the benefits of the acquisition is progressing smoothly. All
the actions to restructure the combined business and deliver the synergy benefits outlined at the time
of the acquisition have commenced. The planned synergies are being delivered in line with our
expectations, which reinforces our confidence that the full acquisition benefits will be achieved as
planned. We are directing our major investments to establish industry leading standards of
operational cost efficiency across the Group and to continue the development of our brands and added
value businesses.

Financial review

The Dairy Crest results in the comparative period for the six months to September 2000 included
three months trading from the acquired dairy and cheese business and therefore a proportion of the
enhanced performance relates to the inclusion of the acquisition for the full half year. The Group
achieved half year turnover of £692 million compared with £559 million last year. On a proforma
basis it declined by 6% reflecting lower ingredients and household sales volumes.

Adjusted operating profit (before operating exceptional items and goodwill amortisation), including
the benefit of the acquisition for the full half year, was £43.5 million compared with £30.5 million
previously. The planned restructuring of the Group has resulted in operating exceptional costs of
£21.2 million charged against operating profits in the first half year. These costs mainly relate to the
restructuring announced last year including the closure of the dairy at Westway, London and the
cheese prepack plant at Carmarthen together with the elimination of duplicate central costs. In
addition the Group has recognised non-operating income of £1.7 million representing its share of joint
ventures’ profit on the disposal of property. Goodwill amortisation amounted to £1.1 million.

The interest charge has increased from £6.1 million last year to £9.7 million in the half year to
September. This increase largely reflects interest on borrowings taken out to finance the acquisition,
cash flows associated with restructuring and capital investment, together with working capital
expansion in the first half of the year.




                                                   2
Operating and financial review continued

Excluding the £20.6 million charge for operating exceptional items and goodwill amortisation net of
the non-operating income, the adjusted Group profit before tax was £33.8 million, which represents an
increase of 39% over the comparable £24.4 million reported in the first half of 2000/01. The tax
charge of £3.6 million includes a tax credit on operating and non-operating exceptional items of £5.9
million, and it represents an effective tax rate of 28% on adjusted profits. Basic earnings per share,
which is calculated after charging exceptional items and goodwill amortisation, was 8.0 pence
compared with 11.7 pence in September 2000. Adjusted earnings per share has increased by 34% to
20.6 pence compared with the prior period. The directors have declared an interim dividend of 4.8
pence per share, which represents an increase of 7% over the 4.5 pence per share in the corresponding
period last year. The dividend will be paid on 29 January 2002 to shareholders on the register at 23
November 2001.

Group net debt amounted to £296.1 million at September 2001 reflecting a net cash outflow of £49.8
million in the first half. Capital expenditure in the half amounted to £33.1 million and there was a net
working capital outflow of £49.4 million, principally reflecting increased cheese and ingredients
stocks with the normal seasonal stock build through the summer months amplified by the impact of
around 20% increase in raw milk costs since October 2000.

Business operations

Dairy Crest’s added value strategy continues to make encouraging progress and is a key driver of
Group operating profit. Our ongoing investment in media and marketing to build branded growth has
led to strong volume increases by our leading brands, Clover, Cathedral City and Frijj and the Yoplait
brands.

Consumer Foods, which contains our added value businesses, achieved an operating profit of £29.0
million on turnover of £423 million producing an operating margin of 6.9%. This is a significant
improvement on the results for the first half of last year where operating profit of £16.5 million was
earned from turnover of £333 million at an operating margin of 5.0%. Food Services achieved an
operating profit of £14.5 million on turnover of £269 million at an operating margin of 5.4%
compared with last year’s operating profit of £14.0 million on turnover of £226 million at an
operating margin of 6.2%.

Our spreads business continued to benefit from Clover’s excellent performance. Its sales volumes
increased by 10% over the first half of last year compared with the dairy spreads market, which
showed a small annual reduction of 1%. This growth, combined with Clover’s premium position,
helped maintain it as the clear market leading brand in the sector. The spreads business has benefited
from the efficiencies achieved when we established Crudgington as the centre for the production of
retail dairy spreads, packet and speciality butters helping the spreads business to provide a significant
contribution to Dairy Crest’s overall profit.

The cheese business reflected the financial and commercial benefits of several years of focus and
investment. Our leading brand Cathedral City achieved outstanding progress with sales volumes
ahead by over 20 % compared to the previous year. Consumers increasingly purchase Cathedral City
in prepack form and sales in the half increased by 64%. Our cheese business continues to grow and
prosper and this year we have also benefited from a tight market which has improved margins. This
planned growth necessarily involves an increase in stocks of maturing cheese which is reflected in the
working capital position. Dairy Crest is clearly positioned as the market leader whose focus and
investment on building brands and adding value is proving attractive to both consumers and major
retailers.




                                                   3
Operating and financial review continued

The branded Yoplait Dairy Crest fresh dairy products business continued to show strong growth with
sales volumes ahead of the same period last year by over 20%. There were particularly encouraging
performances by Petits Filous, including Frubes as well as the Weight Watchers from Heinz range.

These volume gains enhanced Yoplait Dairy Crest’s position as the market leading supplier to the
growing children’s sector. However, market conditions in the retailer brand sector continue to be
extremely demanding. In response to the pressures created by excess processing capacity in the UK
and Europe, Yoplait Dairy Crest recently announced the closure of its Basildon facility with effect
from Spring 2002. Yoplait Dairy Crest’s financial results reflect the impact of the highly competitive
retailer branded sector which more than offset the strong performance by the branded business,
reducing Dairy Crest’s share of joint ventures’ operating profit by £0.6 million to £1.6 million.
However, we remain confident that the fundamental attributes of an increasingly value added fresh
dairy products sector will provide attractive longer term returns.

The retail liquid milk market remains highly competitive, but our market position has been completely
transformed by the Unigate dairy acquisition. The £54 million investment programme to create the
super dairies at Chadwell Heath, Essex and Severnside, Gloucestershire is proceeding well and in line
with planned timescales. Chadwell Heath is now fully operational and Severnside will progressively
accommodate volume being transferred from sites scheduled for closure during 2002. This major
investment will achieve an operational capability to place the Company in the position as the UK’s
leading supplier of retail fresh milk. By Autumn 2002, Dairy Crest expects to have a least cost
competitive advantage through the two largest and most efficient production plants in the country.
The acquisition and subsequent investment are delivering enhanced business profitability, although
competitive activity means that trading conditions remain challenging. However, we believe that
Dairy Crest is now financially and strategically positioned to capitalise fully on any further industry
consolidation. Frijj had another good half year with sales volumes increasing by over 20%.

The household business objective remains to drive the operation to deliver significant levels of profit
and cash to invest in the further development of Dairy Crest’s growth businesses. As anticipated the
doorstep continued to experience a market decline of around 12% for the half year and we expect that
rate to rise moderately in the second half year. The operation will continue to deliver further cost
reduction, both throughout the depot structure and by eliminating central overheads, to counteract the
impact of falling volumes. The household business continues to make a strong operating cash flow
which helps finance Dairy Crest’s growth aspirations.

Following the shortfall in milk production in the second half of 2000/01, Dairy Crest took the decision
that it would only secure the milk necessary to serve its customers in its chosen market and to deliver
the Company’s financial objectives. We decided not to place additional pressure on the raw milk
price in April 2001 as there were signs that ingredients realisations had peaked. Therefore we chose
not to secure milk to service the full extent of our commodity ingredients business. These pricing
pressures are expected to increase. However, the benefit of our milk buying strategy can be seen in
the resilience of the Group’s financial performance in the results to September 2001.

Board changes

After eleven years as Chief Executive, I reach my retirement date on 26 July 2002 at the age of 60.
Accordingly, I will be retiring at the next Annual General Meeting scheduled for 18 July 2002, when I
will be succeeded as Chief Executive by Drummond Hall.




                                                  4
Operating and financial review continued

Drummond, who joined the Company in September 1991, is currently an Executive Managing
Director on the Dairy Crest Group plc Board, and has played a key role in the implementation of the
Group’s successful value added strategy. The Board is confident that the early announcement of this
succession planning will ensure seamless change in the Group’s strategic and operational
performance.

Outlook

Our strategy to drive profitable growth through our value added and branded businesses continues to
prove successful as demonstrated by the financial performance to September 2001. In these
challenging times it is a source of great strength for the Company to have such valuable growing
brands as Clover, Cathedral City and Frijj and the Yoplait brands in our portfolio. The benefits of our
strategy to invest for material competitive advantage are clearly demonstrated by the progress being
made in our retail liquid milk business, where competitive pressures will remain intense until further
industry rationalisation is completed. We are pleased to report that the synergies arising from the
Unigate acquisition are being delivered on time and in full.

We believe that the financial and commercial progress evidenced by these results gives confidence
that Dairy Crest will continue to deliver the expected attractive financial performance necessary to
continue to drive enhanced shareholder returns.




W J Houliston, Chief Executive                                                     13 November 2001




                                                  5
Consolidated profit and loss account
(unaudited)
 Year ended                                                                                      Half year ended 30 September
  31 March
       2001                                                                                            2001              2000

        £m                                                                          Note                £m                £m


              Turnover
      785.5   Consumer Foods                                                                          422.5             333.1
      521.6   Food Services                                                                           269.1             225.6
    1,307.1   Group and share of joint ventures                                                       691.6             558.7
     (79.2)   Less share of joint ventures                                                            (42.3)            (39.1)
    1,227.9                                                                                           649.3             519.6
              Operating profit
       36.8   Consumer Foods       - Group                                                             27.4              14.3
        4.0                        - share of joint ventures                                            1.6               2.2
       40.8                                                                                            29.0              16.5
       33.0   Food Services                                                                            14.5              14.0
       73.8                                                                                            43.5              30.5
      (1.5)   Goodwill amortisation                                                                    (1.1)             (0.5)
              Operating exceptional items
     (15.2)   Consumer Foods - Group                                                                  (18.5)             (2.7)
      (0.4)   Share of joint ventures                                                                      -             (0.6)
     (15.6)                                                                                           (18.5)             (3.3)
      (6.3)   Food Services                                                                            (2.7)             (1.8)
     (21.9)   Total operating exceptional items                                       2               (21.2)             (5.1)
       50.4   Total operating profit                                                                   21.2              24.9
          -   Share of joint ventures’ profit on disposal of property                                   1.7                     -


              Net interest payable
     (16.0)   Group                                                                   3                (9.4)             (5.7)
      (0.8)   Share of joint ventures                                                                  (0.3)             (0.4)
     (16.8)                                                                                            (9.7)             (6.1)


       33.6   Profit on ordinary activities before taxation                                            13.2              18.8


     (10.2)   Taxation on ordinary activities                                         4                (3.6)             (5.6)
       23.4   Profit for the period before minority interests                                           9.6              13.2
      (0.2)   Minority interests                                                                       (0.2)             (0.1)
       23.2   Profit for the period after minority interests                                            9.4              13.1
     (16.4)   Dividends                                                               5                (5.7)             (5.2)
        6.8   Transfer to reserves                                                                      3.7               7.9
       20.2   Basic earnings per share (p)                                            6                 8.0              11.7

       35.4   Adjusted earnings per share (p)                                         6                20.6              15.4

       19.6   Diluted earnings per share (p)                                          6                 7.8              11.0
              The consolidated statement of total recognised gains and losses is shown in Note 10.




                                                          6
Consolidated balance sheet
(unaudited)

                                                                                            30 September
 31 March
     2001                                                                                  2001              2000

      £m                                                                          Note      £m                £m
             Fixed assets
     38.6    Intangible assets                                                             37.9              33.8
    318.8    Tangible assets                                                              319.2             331.2
      9.6    Investments                                                                   12.7               6.7
    367.0                                                                                 369.8             371.7
             Current assets
    192.4    Stocks                                                                       232.3             210.5
    145.2    Debtors                                                                      150.4             132.6
      4.9    Cash at bank and in hand                                                      21.2              12.9
    342.5                                                                                 403.9             356.0
             Creditors: amounts falling due within one year
     (4.6)   Borrowings                                                                    (5.6)             (0.4)
   (225.2)   Other creditors                                                             (218.2)           (192.4)
   (229.8)                                                                               (223.8)           (192.8)
    112.7    Net current assets                                                           180.1             163.2
    479.7    Total assets less current liabilities                                        549.9             534.9
             Creditors: amounts falling due after one year
   (246.6)   Borrowings                                                                  (311.7)           (300.1)
     (5.4)   Other creditors                                                               (4.9)             (8.5)
    (25.6)   Provisions for liabilities and charges                                       (25.3)            (24.1)
    202.1    Net assets                                                                   208.0             202.2


             Capital and reserves
     30.1    Called up equity share capital                                        7       30.3              30.0
    169.6    Equity reserves                                                       7      175.0             170.0
    199.7    Shareholders’ funds                                                   9      205.3             200.0
      2.4    Equity minority interests                                                      2.7               2.2
    202.1                                                                                 208.0             202.2
             The interim financial statements were approved by the directors on
             13 November 2001.


             Segmental net operating assets comprise:
             Continuing operations
    376.1    Consumer Foods                                                               437.8             411.7
    120.4    Food Services                                                                111.5             124.8
    496.5                                                                                 549.3             536.5
             Net operating assets comprise net assets excluding cash,
             borrowings, tax and dividend creditors.




                                                        7
Consolidated cash flow statement
(unaudited)

 Year ended                                                                    Half year ended 30 September
  31 March
       2001                                                                          2001              2000

        £m                                                              Note          £m                £m
      106.6   Net cash inflow from operating activities                    8          0.5              39.5
        1.2   Dividends from joint ventures                                           0.6               0.6

              Returns on investments and servicing of finance
     (16.2)   Net interest paid                                                      (9.2)             (6.4)
              Net cash outflow from returns on investments and
     (16.2)   servicing of finance                                                   (9.2)             (6.4)
     (11.3)   Taxation paid                                                          (1.1)             (3.7)

              Capital expenditure
     (28.6)   Payments to acquire fixed assets                                      (33.1)            (16.2)
      (2.5)   Purchase of shares by Dairy Crest ESOP                                 (2.1)             (0.9)
        5.2   Proceeds from disposals                                                 4.9               2.9
     (25.9)   Net cash outflow for capital expenditure                              (30.3)            (14.2)

              Acquisitions and disposals
    (236.2)   Purchase of businesses                                                 (0.4)           (246.1)
              Net cash outflow from
    (236.2)   acquisitions and disposals                                             (0.4)           (246.1)
     (14.9)   Equity dividends paid                                                 (11.2)             (9.8)

    (196.7)   Net cash outflow before financing                                     (51.1)           (240.1)
              Financing
        2.4   Increase in short-term borrowings                                       1.0                     -
      195.2   Increase in long-term borrowings                                       64.9             249.4
          -   Repayment of loan notes                                                (0.3)                    -
        0.6   Issue of ordinary share capital                                         1.8                     -
      (0.4)   Finance lease repayments                                                   -             (0.2)
      197.8   Net cash inflow from financing                                         67.4             249.2
        1.1   Increase in cash in the period                                         16.3               9.1

              Reconciliation of net cash flow to movement in net debt
     (47.9)   Net debt at beginning of the period                                  (246.3)            (47.9)
        1.1   Increase in cash in the period                                         16.3               9.1
      (2.4)   Increase in short-term borrowings                                      (1.0)                    -
    (195.2)   Increase in long-term borrowings                                      (64.9)           (249.4)
      (2.1)   Decrease/(increase) in loan notes                                       0.3                     -
      (0.2)   Exchange differences on long-term borrowings                           (0.2)              0.4
          -   Finance leases incepted                                                (0.3)                    -
        0.4   Cash outflow from decrease in lease financing                              -              0.2
    (246.3)   Net debt at end of the period                                        (296.1)           (287.6)




                                                       8
Notes to the interim financial statements
(unaudited)

1   Basis of preparation
    The interim financial statements have been prepared under the historical cost convention in accordance with
    applicable accounting standards using accounting policies consistent with those set out in the 31 March 2001 Annual
    Report of Dairy Crest Group plc.

    The Group has fully adopted Financial Reporting Standard 19 - Deferred Tax. No changes have been required to the
    comparative figures as a consequence.

2   Operating exceptional items

               Year ended                                                                                  Half year ended 30 September
                31 March
                     2001                                                                                         2001             2000
                      £m                                                                                           £m               £m
                                 Continuing
                       8.3       Redundancy costs                                                                   7.6                   -
                       5.5       Fixed asset write downs                                                           11.0                   -
                       1.3       Stocks write down                                                                     -                  -
                       1.8       Start up costs at Nuneaton Distribution Centre                                        -            1.8
                       0.4       Share of net loss on closure of sites by joint venture                                -            0.6
                       4.6       Business integration costs                                                         2.6             2.7
                      21.9                                                                                         21.2             5.1

3   Net interest payable (Group)
    Net interest payable is stated after capitalising £0.4 million of interest on expenditure on capital projects (2000 - £0.2
    million).

4   Taxation
    The tax charge for the half year ended 30 September 2001 has been calculated on the basis of the estimated effective
    tax rate on profit for the full year. The tax credit on the operating exceptional items for the half year ended 30
    September 2001 was £6.1 million. The tax charge on the Group’s share of joint ventures’ profit on disposal of
    property for the half year ended 30 September 2001 was £0.2m.

5   Dividends
    The interim dividend of 4.8p per share (2000 - 4.5p) will be payable on 29 January 2002 to shareholders on the
    register on 23 November 2001.

6   Earnings per share
    Earnings per share for the half year ended 30 September 2001 has been calculated on the basis of profit on ordinary
    activities after taxation and minority interests of £9.4 million (2000 - £13.1 million) and the weighted average
    number of shares in issue, totalling 117.205 million (2000 - 111.683 million).

    The shares held by the Dairy Crest ESOP and Dairy Crest QUEST amounting to 2.31 million and 1.71 million
    respectively (2000 - 2.07 million and 1.72 million) have been included in the Group balance sheet and have therefore
    been excluded from the weighted average number of shares in issue in accordance with FRS 14.




                                                              9
Notes to the interim financial statements continued
(unaudited)

6   Earnings per share continued

    To show earnings per share before operating exceptional items and goodwill amortisation, adjusted earnings per
    share has been calculated as follows:

      Year ended                                                                                     Half year ended 30 September
       31 March
            2001                                                                                            2001               2000
             £m                                                                                              £m                 £m


             23.2       Profit for the period after minority interests                                       9.4               13.1
              1.5       Goodwill amortisation                                                                1.1                0.5
             15.9       Operating exceptional items (net of taxation)                                       15.1                3.6
                        Share of joint ventures’ profit on disposal of property (net of
               -        taxation)                                                                            (1.5)                -
             40.6       Adjusted earnings                                                                   24.1               17.2
            35.4p       Adjusted earnings per share                                                        20.6p              15.4p

    Diluted earnings per share has been calculated on the basis of earnings for the half year of £9.4 million (2000 - £13.1
    million) and diluted number of shares of 121.006 million (2000 - 118.888 million).

7   Share capital and equity reserves

                                                                    Share              Share             Merger           Profit and
                                                                   capital          premium              reserve        loss account
                                                                      £m                 £m                  £m                   £m

     At 1 April 2001                                                     30.1             17.8              55.9               95.9
     Issue of shares                                                      0.2              1.6                  -                  -
     Write down in value of shares issued to the
     QUEST                                                                  -                -                  -              (0.2)
     Retained profit for the period                                         -                -                  -               3.7
     Exchange differences                                                   -                -                  -               0.3
     At 30 September 2001                                                30.3             19.4              55.9               99.7




                                                           10
Notes to the interim financial statements continued
(unaudited)
8    Cash flow statement

      Year ended                                                                          Half year ended 30 September
       31 March
            2001                                                                                2001              2000
             £m                                                                                  £m                £m
                       Reconciliation of operating profit to net cash inflow
                       from operating activities
             50.4      Operating profit for Group and share of joint ventures                   21.2              24.9


                       Non-cash items
              6.8           Operating exceptional items                                         11.0                  -
              1.5           Amortisation of goodwill                                             1.1               0.5
             35.3           Depreciation                                                        18.7              15.2
             (1.4)          Release of grants                                                   (0.5)             (0.7)
                 -          Increase in pension provision                                           -              0.7
             (3.6)          Share of profit of joint ventures                                   (1.6)             (1.6)
             17.6      (Increase)/decrease in working capital                                  (49.4)              0.5

            106.6      Net cash inflow from operating activities                                 0.5              39.5

9    Reconciliation of movements in Group shareholders’ funds

                                                                                                                   £m
                       Profit for the period after minority interests                                              9.4
                       Dividends                                                                                  (5.7)
                       Retained profit for the period                                                              3.7
                       Exchange differences                                                                        0.3
                       Write down in value of shares issued to the QUEST                                          (0.2)
                       Issue of shares                                                                             1.8
                       Movement in the period                                                                      5.6
                       At 1 April 2001                                                                           199.7
                       At 30 September 2001                                                                      205.3

10   Consolidated statement of total recognised gains and losses

      Year ended                                                                          Half year ended 30 September
       31 March
            2001                                                                                2001              2000
              £m                                                                                 £m                 £m
              6.8      Profit transferred to reserves                                            3.7                7.9
            (0.7)      Currency translation differences on foreign currency investments          0.3              (0.9)
              6.1      Total recognised gains                                                    4.0               7.0




                                                           11
Notes to the interim financial statements continued
(unaudited)

11   Consolidated interim financial statements
     The consolidated interim financial statements do not constitute statutory accounts within the meaning of Section 240
     of the Companies Act 1985. The figures for the year ended 31 March 2001 have been extracted from the statutory
     accounts which have been delivered to the Registrar of Companies. The auditors have made a report under Section
     235 of the Companies Act 1985 on the statutory accounts which was unqualified and did not contain a statement
     under Section 237(2) or (3) of the Companies Act 1985.




                                                         12
Report of the auditors to Dairy Crest Group plc

Introduction
We have been instructed by the company to review the financial information for the six months ended 30 September 2001
which comprises the consolidated profit and loss account, consolidated balance sheet, consolidated cash flow statement,
consolidated statement of total recognised gains and losses and the related notes 1 to 11. We have read the other information
contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies
with the financial information.

Directors’ responsibilities
The interim report, including the financial information contained therein, is the responsibility of, and has been approved by
the directors. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the
Financial Services Authority which require that the accounting policies and presentation applied to the interim figures should
be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for
them, are disclosed.

Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board.
A review consists principally of making enquiries of group management and applying analytical procedures to the financial
information and underlying financial data and based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and
verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with
United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not
express an audit opinion on the financial information.

Review conclusion
On the basis of our review we are not aware of any material modifications that should be made to the financial information
as presented for the six months ended 30 September 2001.

Ernst & Young LLP                                                                                             13 November 2001
London




                                                               13

								
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