The twelve months to 30 April 2000 were preceded by a period of unprecedented expansion involving acquisitions across three continents. The losses were the result of a combination of the issues associated with the integration of those businesses; a particularly severe downturn in the financial services business and the difficult trading conditions arising from the Y2K microclimate. In common with many other companies in our sector, the Y2K economic conditions affected much of our first half year, which ended on 30 April 2000.
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