KEY PERFORMANCE INDICATORS FOR THE YEAR ENDING 30 SEPTEMBER 2011

• Underlying revenue* increased by 2.1% to £158.9m (2010: £155.6m) (Unadjusted revenue of £161.8m down 8.7% (2010: £177.3m))
• Underlying EBITDA* increased by 29.2% to £29.2m (2010: £22.6m) (Unadjusted EBITDA of £29.8m up 19.7% (2010: £24.9m))
• £14.7m improvement in underlying profit before tax+ from a loss of £9.9m (2010) to a profit of £4.8m (Unadjusted loss before tax of £2.3m (2010: £13.8m loss))
• ECash generated from operations** of £29.8m (2010: £17.5m)
• New asset based revolving credit facility secured in July 2011 allows reinvestment in the fleet
• Net debt decreased by a further 32% to £77.0m (31 March 2011: £113.9m)
• Net debt to EBITDA (trailing 12 months, excluding exceptional items) has reduced to 1.1x (1.8x at 31 March 2011)
• Interim dividend maintained at 0.2 pence per share (2010: 0.2 pence per share)

*excluding accommodation and expired Network Rail contract
*before net hire fleet capex
+before amortisation and exceptional costs