Results Highlights

• Good organic turnover growth of 7.3% (2005: 6.9%)
• Group turnover* up 8.5% to £2,189.8 million (2005: £2,019.0 m)
• PBITA* up 4.7% to £120.1 million (2005: £114.7 m)
• Margin of 5.5% (2005: 5.7%)
  (excluding Germany cash services, margins improved to 5.9% from 5.8%)
• Cash flow generation of £95.7 million, 81% of PBITA (2005: 63%)
• Adjusted earnings per share increased to 4.9p (2005: 4.8p)
  (excluding Germany cash services, adjusted earnings per share is 5.3p)
• Interim dividend up 30% to 1.69 pence per share (DKK 0.186) (2005: 1.30p/DKK 0.143)
• Margin pressure continues in some European security services markets
• Strong performances elsewhere, particularly in New Markets and the US
• Substantive discussions underway for the divestment of Germany cash services

* at constant exchange rates

Nick Buckles, Chief Executive Officer, commented:

“As we indicated at the time of our trading update in June, we have delivered a solid set of results for the first half of the year. However, the performance of our cash services business in Germany has deteriorated further, and we have recently entered into substantive discussions for the divestment of the business.

“Elsewhere, we have seen strong performances from our US and New Markets businesses, demonstrating, once again, the benefits of our unrivalled international reach. Despite the poor performance in Germany cash services and margin pressure in some European security services markets, we have delivered on our expectations for the first half and we are confident of achieving a strong underlying 2006 and future performance.”

Presentation of Results:

Please click here to view or download the full Interim Results Announcement or the Interim Results Presentation Slides.