2002 was a challenging year for the home shopping sector but having taken a number of initiatives in our business to address the changing retail environment I am confident we can make good progress this year.    Encouragingly womenswear has recovered and electrical goods are also performing well so far this year, but more work remains to be done to our menswear and footwear ranges. 

Our new chief executive, Alan White, has completed his strategic review.  The details of this are set out in his report, and the effects of it are already beginning to be seen. Our plan to refresh the appeal of product ranges should position us better for the medium term.

The fundamentals of the business remain strong and on behalf of shareholders I would like to thank all staff for their valuable contribution to the business.