The net interest charge of £2.9m was down slightly despite the costs of the acquisition expenditure being included for a full year. Net interest cover increased from 7.7 times in 2000 to 8.6 times in 2001.

We have adopted FRS 19 "Deferred Tax" and full provision has been made for deferred tax. The comparative results for 2000 have been restated to reflect this change in Accounting Policy. The Group's tax charge, including full provision for deferred tax, was £6.3m and the effective tax rate was 29% (2000 restated: 30%).

Headline earnings per share, stated before exceptional operating costs and amortisation of goodwill, were 38.1p per share, an increase of 12 % over 2000 (34.0p).

The proposed final dividend represents an increase of 12.5% to 12.6p, giving a total dividend for the year of 18.0p per ordinary share (2000: 16.0p). Our policy is to increase dividends in line with growth in earnings per share whilst maintaining dividend cover at over 2 times.

DIVISIONAL RESULTS

Our Camping Division's operating profit grew by 5% to £17.8m on sales up by 1% to £103.7m. Operating margin at 17.2% (2000: 16.6%) benefited from increased sales in mobile home holidays and excellent high season occupancy underpinned by a strong U.K. market.

Hotel Breaks revenues were 25% higher at £57.8m. Operating margin was maintained at 9.5% and operating profits increased by 25% to £5.5m.

The results of the businesses in our Adventure Division are included for a full year for the first time following their acquisitions during 2000. Sales were £31.0m and operating profit was £3.4m.