In 2002 we have once again maintained our consistent record of earnings growth. We are very happy with both the overall performance of the Group and that of the individual divisions. We are also delighted to have rewarded our shareholders with both dividend and capital growth, something of a rarity in the currently depressed financial markets.

In many ways the performance of the Adventure Division, growing revenue by 5% despite a very difficult few months following September 11th, was equally creditworthy. We could not, in these the most challenging of circumstances, have managed to achieve this result without the great commitment and enthusiasm of everyone involved and the able leadership of Managing Director Simon Tobin. He is now completing his second year in the position, having previously been Managing Director of Keycamp. I should make particular mention of the small team at Regal Diving. Their sterling efforts together with the attractions of the Red Sea for top quality scuba diving and the commitment of the diving fraternity to their sport helped us to keep the business well in profit against all the apparent odds.

Last but by no means least is Camping, which continues to be the principal profits engine of the Group and continued its very consistent performance with another year of growth. This contrasted markedly with the experience of the mass market air package operators whose businesses have always been much more volatile than ours. The acquisition of EuroSites, announced on the final day of our financial year, and the launch of a new ‘no frills’ product in Holland and Germany provides further opportunity and challenges for an experienced and able management team led by Managing Director Jim Crew.