28 April 2011 – interim management statement

In the three months to 31 March, group revenue fell by 1% due to a decline in advertising revenues, particularly in Poland and the Netherlands.  With group costs also falling, EBITDA in the first three months was only slightly lower than in 2010.  Net debt has continued to fall, albeit marginally, and further reductions in borrowings are forecast for the rest of the year.  The group expects to increase EBITDA and earnings per share in 2011, and so despite the recent rise in the share price, the shares remain a LONG TERM BUY.