For the six months ended 31 October 2007

Financial Highlights:

• Additional proposed funding through the issue of £50.0m
  of Convertible Notes
  
  
• Revenues increased 47% to £77.4m (2006: £52.7m)
  
  
• Profit before tax was £6.5m (2006: £7.9m)
  
  
• Adjusted profit before tax* was £8.6m (2006: £9.4m)
  
  
• Earnings per share were 6.3p (2006: 8.0p)
  
  
• Adjusted earnings per share* were 8.4p (2006: 9.4p)
  
  
• Net debt (excluding finance lease obligations) £37.2m
  (2006: £1.3m; 30 April 2007: £19.6m)
  
  
• Total net debt (including finance lease obligations) £125.3m
  (2006: £73.3m; 30 April 2007: £96.6m)
  
  
  

Operational Highlights:

• Legal “Enforceability Challenge” defeated emphatically
  
  
• The distractions of the Enforceability Challenge considered to have
  adversely affected trading levels, profitability and particularly cash
  flows in the period
  
  
• Rental fleet increased to 4,999 vehicles (2006: 2,925)
  
  
• Fleet utilisation across vehicle segments was 56% to 75%
  (58% to 79% for the year ended 30 April 2007)
  
  
• First credit hire referral agreement with motor insurer commenced

* stated before amortisation of acquired intangible assets, costs of share based
   payments and exceptional items