Revenue^*

£8,809.8m

+11.8%

Profit from operations**

£365.9m

+49.8%

Adjusted EPS ^<

24.1p

+40.9%

Proposed dividend per share

9.75p

+95.0%

Operating profit margin^***

4.2%

+35.5%

Revenue

£8,167.1m

(2007: £6,404.5m)

Profit before tax

£49.5m

(2007: £190.2m)

EPS

4.7p

(2007: 22.0p)

• We achieved a strong financial performance with profit from operations up almost 50% to £365.9m and operating profit margin up 35.5% from 3.1% to 4.2%.
• Adjusted earnings per share rose 40.9% to 24.1p.
• The Board is recommending a final dividend of 6.5p per share, bringing the total dividend for the period to 9.75p.
• We are targeting merger synergies of £215m by 2010, increased from the previous estimate of £155m.
• We have strong foundations for the current year, provided by capacity cuts, cost savings, fuel and currency hedging and operational flexibility, together with the merger synergies.
• We remain confident of prospects for the full year 2008/2009 and are targeting operating profit of £480m for the financial year 2009/2010.

¹ These are unaudited pro forma figures for the twelve months ended 30 September 2008. For a definition of how these figures have been compiled, please refer to Appendix 1 – Unaudited pro forma financial information and Appendix 2 – Key performance indicators definitions. Also, see the Statutory results for the eleven months to 30 September 2008, and a Reconciliation of pro forma and statutory profits from operations. See Appendix 2 – Key performance indicators definitions for key.

We have further developed our e-commerce business across all markets, with Northern Europe setting the standard.

The launch of our SENTIDO hotels concept is allowing us to build an important new hotel brand without owning the assets.

We have significantly strengthened our independent travel offer through acquisitions including Hotels4U.com and TriWest Travel.

Our acquisition of Thomas Cook India makes us the leading foreign exchange business in the region.