todays releas14 May 2009 17:31
Financial position
The Group’s financial position has been significantly strengthened by the successful completion of
the right issue, which resulted in the receipt of net proceeds of £241 million in early March 2009.
Reduced levels of working capital resulting from the lower underlying revenue combined with a
continued strong focus on cash generation is expected to result in positive cash generation from
working capital in the first half of the year. Combined with the suspension of expansion capital
expenditure, dividend payments and UK pension “top-up” payments, this is expected to result in net
debt as at 30 June 2009 being broadly in line with December 2008 (once adjusted for the rights
issue proceeds). We are expecting to be in full compliance with the financial covenants contained
within our debt facilities as at 30 June 2009.