INM announces Interim Results for 2002

Group turnover at €635.1 million was €20.9 million behind last year due primarily to the unprecedented devaluation of the South African Rand. However, in constant currency terms, Group turnover was actually in line with 2001, underscoring the operational resilience of its worldwide operations' base.

Operating profit (before exceptionals) for the six months at €102.7 million was €6.6 million below last year due to adverse currency movements and a very strong comparable first half in 2001. This year's operating result represented a 6.6% growth on the equivalent period in 2000 - a record year for the Group.

Given the prevailing economic conditions, the Group continued to exercise strong cost control and thus reduced operating costs by 3% on 2001.

The proposed dividend for the six months ended 30th June 2002 is 2.90c, up 5.5% on last year, reflecting the Board's confidence in the Group's underlying business units.

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