26 July 2012 – interim management statement

The group’s recovery is continuing with a solid start being made to the financial year and sales are up by 8% with the core home shopping business doing well.  The Kitbag business is also recovering well and has been awarded the contract to manage the online retail operations of the French tennis open from next year.  After years of decline in the educational supplies business, the turnaround here continues to progress and healthcare is also seeing good growth.  As we have said before this is a very long term turnaround but the shares are still a SPECULATIVE BUY.