Financial Highlights

For the 6 months ended 31 March 2009

• Statutory revenues increased by 17% to £748.4m (H1 2008: £640.4m), enhanced by favourable currency movements

-On a currency neutral basis, revenues contracted 3%* (H1 2008: growth of 9%*)

• EBITA † margin increased to 24% excluding restructuring charges; EBITA† margin maintained at 23% including restructuring charges (H1 2008: 23%*)
• Statutory pre-tax profit of £139.2m (H1 2008: £122.6m), an increase of 14%

-On a currency neutral basis, adjusted pre-tax profit^ contracted 3% to £159.3m (H1 2008: £164.1m) and excluding restructuring costs increased 3% to £169.4m

• Operating cash flow of £187.0m (H1 2008: £187.4m), representing 111% of EBITA†
• Strong balance sheet with a ratio of net debt to EBITDA†of 1.6x; interest cover of 13.2x with committed debt facilities of £830m to 2011
• Interim dividend raised 3% to 2.50p per share (H1 2008: 2.43p per share), reflecting reliable cash flows and the strength of our business model

Operational overview

For the 6 months ended 31 March 2009

• Strong control of our cost base with annual savings of £49.3m (equating to 4% of the full year 2008 cost base) with associated restructuring charges of £10.1m in the first half of the year; and an additional £13.0m cost incurred since 31 March 2009 to date
• 4%* organic revenue contraction (H1 2008: 5%* organic revenue growth), reflecting a contraction of 15%* in organic software and software-related services revenues, offset by good organic subscription revenue growth
• Organic subscription± revenue growth of 7%* in the UK and Mainland Europe; 14%* growth in Rest of World, contraction of 3%* in North America, giving 2%* growth for the Group
• Renewal rates of support contracts maintained at 81% with continued strength in premium support and overall revenue growth in many of our product lines
• Average of 40,000 customer support calls taken per day

*Foreign currency results for the prior half-year ended 31 March 2008 have been retranslated based on the average exchange rates for the half-year ended 31 March 2009 of $1.48/£1 and €1.14/£1 to facilitate the comparison of results.

†EBITA is defined as earnings before interest, tax and amortisation of intangible fixed assets. EBITDA is defined as EBITA plus depreciation.

^EBITA, adjusted pre-tax profit and earnings per share figures stated prior to amortisation of intangible fixed assets and after neutralisation of foreign exchange movements.

±Subscription revenues are recurring in nature and include combined software/support contracts, maintenance and support, transaction revenues (payment and health insurance claims processing) and hosted products