Consolidated income statement

	Year ended 30 June 2007	Year ended 30 June 2008	Year ended 30 June 2009	Year ended 30 June 2010	Year ended 30 June 2011
	£'000	£'000	£'000	£'000	£'000

Revenue	98,769	120,332	132,845	158,970	207,904

Administrative expenses	(58,098)	(62,553)	(63,038)	(69,159)	(80,423)
Exceptional & one-off administrative expenses*	(29,628)	-	-	(4,429)	(3,036)

Total administrative expenses	(87,726)	(62,553)	(63,038)	(73,588)	(83,459)

Total operating costs	(87,726)	(62,553)	(63,038)	(73,588)	(83,459)

Operating profit	11,043	57,779	69,807	85,382	124,445

Analysed as:
Operating profit before exceptional & one-off administrative expenses	40,671	57,779	69,807	89,811	127,481
Exceptional & one-off administrative expenses	(29,628)	-	-	(4,429)	(3,036)

Operating profit	11,043	57,779	69,807	85,382	124,445

Investment revenues	1,430	3,113	2,534	854	1,496
Other gains and losses	11,917	53	740	59	72

Profit before tax	24,390	60,945	73,081	86,295	126,013

Tax	(7,435)	(18,551)	(20,968)	(25,020)	(34,066)

Profit for the period	16,955	42,394	52,113	61,275	91,947


Attributable to:
Equity holders of the company	16,955	42,401	52,123	61,266	91,820
Minority interest	-	(7)	(10)	9	127

	16,955	42,394	52,113	61,275	91,947

Exceptional items are those significant items that fall within the activities of the Group which are separately disclosed by virtue of their size or incidence to enable a full understanding of the Group's financial performance. These items are not expected to recur in future periods. They include additional directors' remuneration, being the amount by which remuneration and associated national insurance costs paid to certain directors in prior periods has exceeded the maximum amounts which could be payable in future periods under the remuneration policy which will be applied after Admission to the London Stock Exchange.

*One-off administrative expenses relate to the new office in 2010 and the additional FSCS levy in 2011.