Chris Moore continues as Executive Chairman with Mark Pearman, the current Finance Director, becoming Chief Executive. Mark Woodbridge, the Group Financial Controller, is promoted to Finance Director and, with the creation of a new Board position, Bob Day, the current Group Managing Director, will become Chief Operating Officer. Martin Hogarty, Chief Executive, and Robert Telfer, Commercial Director, will step down from the Board with effect from 30 June 2001.

Trading continues to be strong and the Group is ahead of budget for the first five months to the end of May. The half year results to the end of June 2001 are expected to be announced in August.

The UK Healthcare Division is trading particularly strongly driven by record levels of first quarter order intake in both the hospital and GP businesses. The European Healthcare Division is also trading ahead of budget and the integration of the Laufenberg Group is continuing smoothly.

In the Retail Division, the Food Retail, Leisure and In-store Performance Management business units are trading ahead of budget. The general Retail Systems business is making satisfactory progress in weaker than expected market conditions.

The integration of the Services Division into Health and Retail has now been successfully completed, resulting in improved standards of customer service and operating efficiency.

Chris Moore, Chairman of Torex, commented:

I am delighted to announce the appointment of Mark Pearman, Bob Day and Mark Woodbridge to their new roles. Mark Pearman and I will continue to work closely on strategy, acquisitions and investor relations, whilst Bob Day and Mark Woodbridge will focus on operational management. The delivery of budgets will remain their number one priority and they will be assisted by our strong and well-balanced team through senior and middle management. The continued development of the Group could not be in better hands.

Martin Hogarty and Bob Telfer have played major roles in the development of the Group from inception to its current position. I have worked with them both during that time but recognise the dynamic nature of our business demands change from all of us. Having received major contributions from both Martin and Bob, Torex accepts that they want to pursue other interests; they do this with our full support and sincere thanks. Our current position bears testimony to their contribution and I thank them both on behalf of our employees and shareholders.

Group trading remains strong and we are confident that we are firmly on schedule for another successful year.