Interim Results

Pulsar Group PLC

20 July 2026

PULSAR GROUP PLC

("Pulsar Group", the "Company" or the "Group")

INTERIM RESULTS

Pulsar Group Plc (AIM: PULS), the market leading audience intelligence business delivering Software-as-a-Service ("SaaS") solutions for the global marketing and communications industries, is pleased to announce its unaudited half year results for the six months ended 31 May 2026.

Highlights

The Group has delivered total revenue growth of 10%, increased ARR by £2.7 million, and improved Adjusted EBITDA profitability by 39%. Growth has been led by strong demand from new and existing enterprise   clients who are increasingly making the Group's platforms standard for mission-critical marketing and communication intelligence. During the period, the Group also completed a long-term refinancing, securing £8.0 million facilities and launched two AI driven new products which are showing early signs of market penetration.

•   The Group's ARR increased by £2.7m on a reported basis (£1.2m¹ on a constant currency basis), with the reported movement benefitting from a £1.5m positive foreign exchange tailwind. Group ARR at 31 May 2026 was £67.2m (30 November 2025: £64.5m). Growth was led by the enterprise-weighted EMEA & North America region, up £1.3m to £35.5m on a reported basis (£1.4m¹ on a constant currency basis), with APAC up £1.4m to £31.7m on a reported basis (down £0.2m¹ on a constant currency basis).

•   Total revenue for the period increased by 10% to a record £33.0m (H1 2025: £30.1m), with 97% of revenue being recurring (H1 2025: 95%). Reported revenue grew by £2.9m (£2.1m on a constant currency basis), benefitting from improved new business sales and gross retention rates compared to H1 2025.

•   The Group delivered a 39% increase in Adjusted EBITDA² to £5.1m (H1 2025: £3.6m), with the Adjusted EBITDA margin improving to 15% (H1 2025: 12%), reflecting revenue growth and the benefit of the cost actions taken during FY25.

•   The Group is building on its operating model transformation. Recurring administrative expenses reduced to £16.4m (H1 2025: £17.1m), and, building on the over £7.0m of annualised savings removed during 2025, the overall cost base is expected to reduce further by the end of the FY26 financial year, further enhancing operating leverage. On a constant currency basis, the reduction in recurring operating expenses was more pronounced, at c.£1.1m, and the FY25 actions are also evident in lower non-recurring costs (down £0.9m to £2.7m; H1 2025: £3.7m) and capitalised development costs (£2.7m; H1 2025: £3.0m).

•   Operating cash generation improved significantly, with net cash generated from operations of £3.3m (H1 2025: £1.8m) and operating cash inflow before working capital movements rising to £2.5m (H1 2025: broadly breakeven), reflecting the Group's improved profitability. Net debt at the period end was £6.0m (30 November 2025: £5.6m) and was broadly flat before the one-off financing fees paid during the first half in connection with the Group's new facilities and repayment of its previous facilities. The period-end position also reflected working capital timing, with strong first-half invoicing increasing trade receivables and deferred revenue that had not been collected by the half-year end.

•   During the first half, the Group completed a long-term refinancing, securing new three-year £8.0m facilities with HSBC Innovation Banking (comprising a £6.0m loan and a £2.0m revolving credit facility), providing enhanced financial headroom and a flexible capital structure to support the next phase of growth.

•   The Group has continued to bring high-quality, AI-driven solutions to market. For its PR and communications customers, this included the rollout of Lumina, a suite of AI-native products purpose-built for their workflows. For its marketing customers, the Group continued to expand its AI-driven capabilities, including Saga, the first autonomous research agent for social intelligence, which launched shortly after the period end.

•   Given the momentum across the business, the Group continues to trade in line with the Board's expectations.

ARR by region

ARR (£'m)	Nov 2024	H1 2025 Change	May 2025	H2 2025 Change	Nov 2025	H1 2026 Change	May 2026
EMEA & North America (Constant Currency)	30.7	0.9	31.6	2.5	34.1	1.4	35.5
EMEA & North America (Reported)	31.1	0.5	31.6	2.6	34.2	1.3	35.5
APAC (Constant Currency)	31.4	0.2	31.6	0.3	31.9	(0.2)	31.7
APAC (Reported)	30.6	(1.5)	29.1	1.2	30.3	1.4	31.7
Group (Constant Currency)	62.1	1.1	63.2	2.8	66.0	1.2	67.2
Group (Reported)	61.7	(1.0)	60.7	3.8	64.5	2.7	67.2

Group ARR grew £1.2m on a constant currency basis to £67.2m. On a reported basis, ARR grew £2.7m, benefitting from a £1.5m positive foreign exchange movement. Prior periods on a constant currency basis are recalculated at H1 2026 rates.

Joanna Arnold, Global Chief Executive Officer, commented:

"Against a challenging macroeconomic backdrop, Pulsar Group has again demonstrated the resilience of its model, delivering further ARR growth, record revenue up 10% and a 39% rise in Adjusted EBITDA. Our progress in the period was led by enterprise clients, who are increasingly standardising on our platforms for the mission-critical intelligence they need to navigate an ever more complex media environment. We have continued to focus our commercial efforts where demand and long-term returns are strongest.

The structural changes we have made to our global operating model continue to deliver, with margins expanding as revenue growth meets a lower cost base. Having reset our cost structure during 2025, we are building further on that transformation and expect our overall cost base to reduce further by the end of the financial year, further improving operating leverage and cash generation.

At the heart of our strategy is our commitment to bringing high-quality, AI-driven solutions to market. For our PR and communications customers, we accelerated the rollout of Lumina, our suite of AI-native products built specifically for their workflows. For our marketing customers, we launched Saga shortly after the period end, the first autonomous research agent for social intelligence. These innovations reinforce our market leadership and deepen the value we deliver to clients.

With a leaner operating model, improved profitability and a differentiated, AI-led product suite, the Board remains confident in the Group's outlook for the second half of the year and beyond."

For further information:

Pulsar Group plc                                                                                                          020 3426 4070

Joanna Arnold, CEO

Mark Fautley, CFO

Cavendish Capital Markets Limited (Nominated Adviser and Broker)                     020 7220 0500

Corporate Finance: Marc Milmo / Fergus Sullivan / Elysia Bough

Corporate Broking: Sunila de Silva

Chairman's statement

I am pleased to present our unaudited, interim results for the six months ended 31 May 2026.

The first half of the 2026 financial year has been characterised by a persistently challenging macroeconomic environment, with geopolitical uncertainty, constrained marketing budgets and continued caution across parts of our customer base. Against that backdrop, I am pleased that Pulsar Group has continued to grow, delivering ARR growth of £1.2m¹ on a constant currency basis, a 10% increase in revenue to £33.0m, and a 39% improvement in Adjusted EBITDA to £5.1m. This is a testament to the mission-critical nature of the intelligence we provide and to the resilience we have built into our operating model. After several periods in which foreign exchange headwinds had masked our growth in reported terms, the first half represented a return to growth on a reported as well as a constant currency basis.

Our growth in the period reflected two contrasting dynamics. Demand from enterprise clients remained strong, as large organisations increasingly standardise on our platforms for the real-time audience intelligence and trusted insight on which their most important strategic decisions depend. Demand in the mid-market, by contrast, was more muted. We have responded by concentrating our commercial focus on the enterprise opportunity, where our differentiation is greatest and the quality and longevity of revenue is highest.

Sustained growth in EMEA & North America

EMEA & North America remained the Group's principal engine of growth in the period, delivering ARR growth of £1.4m¹ on a constant currency basis to £35.5m. Growth in the region continued to be underpinned by strong enterprise demand.

New client wins in the region during the period included: Aldi Nord; Coca-Cola; Diageo; Food Standards Agency; Greene King; Greenpeace; H&M; IAG; Investec; Manchester United; Omnicom; Pets at Home; RSM; Samaritans; and Urban Outfitters.

APAC

In APAC, ARR was broadly stable on a constant currency basis (down £0.2m¹), while the reported position increased by £1.4m to £31.7m, benefitting from a favourable movement in the AUD:GBP exchange rate. The region continued to see strong demand for the Group's enhanced AI capabilities, reflecting the efforts of our teams in the region.

New client wins in the APAC region during the period included: Adani Mining; Department of Economy, Planning and Development; Department of the Premier & Cabinet (SA); Department of Transport and Major Infrastructure; Gilead Sciences; Mulpha Australia; Nine Entertainment; Nippon Paint; Paramount Pictures Australia; Parliament House; Suntory Beverage & Food Asia; Tassal Operations; University of Queensland; Westpac New Zealand; and World Bank

Bringing high-quality, AI-driven solutions to market

Our conviction remains that the future of the marketing and communications industries will be defined by those who can harness AI as a strategic capability, and Pulsar Group is building for exactly that. For our PR and communications customers, we continued the rollout of Lumina during the period. Lumina is our suite of AI-native products, built specifically for their workflows and covering narrative intelligence, real-time monitoring and automated media analysis.

For our marketing customers, we continued to expand our AI-driven capabilities. Shortly after the period end we launched Saga, the first autonomous research agent for social intelligence, which runs continuously on a client's data to deliver finished research proactively, complementing our broader video intelligence and insight capabilities. Our approach across both is built around AI, not bolted onto legacy products, with a deliberate focus on utility, explainability and accountability, so that the professionals who rely on us can act with confidence.

Extending our operating model transformation

The operational transformation that has defined the Group's recent progress continued in the period. Recurring administrative expenses reduced to £16.4m (H1 2025: £17.1m), and the benefit of these actions is evident in the expansion of our Adjusted EBITDA margin to 15% (H1 2025: 12%). Building on the global restructuring programme that removed over £7.0m from the annualised cost base during FY25, we are taking the transformation of our operating model further. We expect the Group's overall cost base to reduce further by the end of the FY26 financial year, primarily through continued automation, further enhancing operating leverage and supporting sustainable margin expansion.

A particular feature of the period was a significant improvement in the Group's operating cash generation. The step-up in profitability drove operating cash inflow before working capital movements to £2.5m (H1 2025: broadly breakeven), with net cash generated from operations of £3.3m (H1 2025: £1.8m). Cash generation was even stronger on an underlying basis: the period-end position reflected the timing of working capital, as strong invoicing during the first half increased both trade receivables and deferred revenue (contract liabilities), with a significant proportion of amounts invoiced not yet collected by the half-year end.

During the first half, the Group completed a long-term refinancing of its lending facilities. On 30 April 2026 we secured new three-year facilities of £8.0m with HSBC Innovation Banking, comprising amortising and non-amortising loans of £6.0m alongside a £2.0m revolving credit facility (RCF), replacing the £3.0m loan facility and £3.0m overdraft previously in place. These facilities provide the Group with enhanced financial headroom and a flexible capital structure to support the next phase of growth. Net debt at the period end was £6.0m (30 November 2025: £5.6m) and was broadly flat before the one-off financing fees paid during the period in connection with putting in place the new facilities and repaying the previous facilities. The Board expects the Group's strengthening cash generation to support a reduction in net debt over the second half.

Results for the half year

The primary key performance indicator monitored by the Board is the growth in ARR year on year, reflecting the annual value of new business won together with upsell into the existing customer base, less churn. During the period, the Group's ARR grew by £1.2m¹ on a constant currency basis (£2.7m on a reported basis, benefitting from a £1.5m positive foreign exchange movement), to £67.2m at 31 May 2026.

Revenue for the period increased by 10% to a record £33.0m (H1 2025: £30.1m), with 97% of revenue being recurring (H1 2025: 95%). The Group delivered a gross margin of 65% (H1 2025: 69%). Following the cost actions taken during FY25, recurring administrative expenses reduced to £16.4m (H1 2025: £17.1m).

Reported results benefitted from favourable movements in foreign exchange rates during the period, principally the strengthening of the Australian dollar and US dollar against sterling, which increased both reported revenue and reported costs relative to the prior period. On a constant currency basis, revenue grew by £2.1m, a more modest increase than the £2.9m reported. Conversely, those same currency movements meant that the underlying reduction in the Group's cost base was more pronounced than the reported figures indicate: on a constant currency basis, recurring staff costs and other operating expenditure reduced by £1.1m in aggregate (reported reduction: £0.7m), and Adjusted EBITDA grew by £1.3m on a constant currency basis (£1.4m reported).

Adjusted EBITDA increased by 39% to £5.1m (H1 2025: £3.6m), with the Adjusted EBITDA margin improving to 15% (H1 2025: 12%). The Group's operating loss narrowed to £2.5m (H1 2025: £4.4m) and the loss before tax reduced to £3.0m (H1 2025: £4.9m). The loss for the period was £2.4m (H1 2025: £4.3m), and basic earnings per share were 0.08p (H1 2025: loss per share of 4.96p).

The benefit of the cost actions taken during FY25 is also evident in the Group's non-recurring costs and in its capitalised development expenditure, reflecting the way the Group reports the cost of roles exiting the business within non-recurring, rather than recurring, costs. Non-recurring costs reduced by £0.9m to £2.7m (H1 2025: £3.7m), and capitalised development costs reduced to £2.7m (H1 2025: £3.0m). Taken together with the improvement in Adjusted EBITDA, this drove a £2.7m improvement in Adjusted EBITDA less non-recurring costs and capitalised development, to £(0.3)m (H1 2025: £(3.0)m).

Outlook

As we look to the second half of 2026 and beyond, the Board is confident in the Group's prospects. The macroeconomic environment is likely to remain uncertain, but the mission-critical nature of our intelligence, our leadership in AI-driven solutions and the enhanced operating leverage of our transformed model position the Group well. We remain focused on accelerating enterprise-led ARR growth, further reducing the Group's cost base, and continuing to bring differentiated, high-quality AI products to market. Overall, the Board remains confident in the outlook for the Group in the second half of the year and beyond.

Christopher Satterthwaite CBE

Non-executive Chairman

1. On a constant currency basis. Prior periods are recalculated at H1 2026 rates. Movements in the AUD:GBP and USD:GBP exchange rates during the period had a favourable impact of £1.5m on the reported value of the Group's ARR. Opening AUD:GBP = 2.0213, closing AUD:GBP = 1.8728

2. Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation and adjusted for share-based payments, share of losses of an associate, unrealised foreign exchange gains and losses, and non-recurring expenses primarily relating to restructuring costs.

Pulsar Group Plc

Consolidated Statement of Comprehensive Income

for the six months ended 31 May 2026

	Unaudited	Unaudited	Audited
	31-May-26	31-May-25	30-Nov-25
	£'000	£'000	£'000
Revenue	32,984	30,088	61,175
Cost of sales	(11,518)	(9,354)	(18,701)
Gross profit	21,466	20,734	42,474
Recurring administrative expenses	(16,406)	(17,100)	(32,085)
Adjusted EBITDA	5,060	3,634	10,389
Non-recurring administrative expenses	(2,716)	(3,653)	(9,643)
Unrealised FX gains and losses	142	-	(403)
Profit on sale of associate	-	-	62
Share-based payments	(175)	(180)	(488)
EBITDA	2,311	(199)	(83)
Depreciation of tangible fixed assets	(113)	(148)	(273)
Depreciation of right-of-use assets	(627)	(663)	(1,322)
Amortisation of intangible assets - internally generated	(3,302)	(2,602)	(5,012)
Amortisation of intangible assets - acquisition related	(812)	(832)	(1,654)
Operating loss	(2,543)	(4,444)	(8,344)
Financial income	3	4	18
Financial expense	(460)	(413)	(1,124)
Loss before tax	(3,000)	(4,853)	(9,450)
Taxation credit / (charge)	642	522	(191)
Loss for the period	(2,358)	(4,331)	(9,641)
Other comprehensive income
Items that will or may be reclassified to profit or loss	2,469	(2,387)	(1,035)
Total comprehensive profit/(loss) for the period attributable to the owners of the parent company	111	(6,718)	(10,676)
Earnings per share:
Basic loss per share	0.08p	(5.23)p	(8.09)p
Diluted loss per share	0.08p	(5.23)p	(8.09)p

Pulsar Group Plc

Consolidated Statement of Financial Position

at 31 May 2026

	Unaudited	Unaudited	Audited
	31-May-26	31-May-25	30-Nov-25
	£'000	£'000	£'000
Non-current assets
Intangible assets	68,195	64,845	66,097
Investments	-	75	-
Right-of-use assets	1,553	2,582	2,003
Property, plant and equipment	442	569	492
Deferred tax assets	7,063	6,220	6,023
Total non-current assets	77,253	74,291	74,615
Current assets
Trade and other receivables	13,738	11,279	10,634
Current tax receivables	129	95	632
Cash and cash equivalents	1,492	1,766	384
Total current assets	15,359	13,140	11,650
TOTAL ASSETS	92,612	87,431	86,265
Current liabilities
Trade and other payables	16,630	14,769	14,587
Accruals	5,627	3,459	6,378
Contract liabilities	21,095	17,324	17,610
Provisions	-	-	-
Lease liabilities	1,620	1,142	1,127
Current tax payable	-	-	-
Interest bearing loans and borrowings	-	2,971	6,000
Total current liabilities	44,972	39,665	45,702
Non-current liabilities
Provisions	263	270	253
Lease liabilities	89	1,655	1,055
Deferred tax liabilities	4,102	3,780	3,855
Interest bearing loans and borrowings	7,500	3,000	-
Total non-current liabilities	11,954	8,705	5,163
TOTAL LIABILITIES	56,926	48,370	50,865
NET ASSETS	35,686	39,061	35,400
Equity
Share capital	6,921	6,921	6,921
Treasury shares	(141)	(141)	(141)
Share premium account	76,933	76,944	76,933
Capital redemption reserve	395	395	395
Share option reserve	4,180	3,697	4,005
Foreign exchange reserve	(540)	(4,361)	(3,009)
Other reserve	502	502	502
Retained earnings	(52,564)	(44,896)	(50,206)
TOTAL EQUITY ATTRIBUTABLE TO EQUITY SHAREHOLDERS	35,686	39,061	35,400

Pulsar Group Plc

Consolidated Statement of Changes in Equity

for the six months ended 31 May 2026

	Share capital	Treasury shares	Share premium account	Capital redemption reserve	Share option reserve	Foreign exchange reserve	Other reserve	Retained earnings	Total
	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 30 November 2024	6,526	(141)	74,424	395	3,517	(1,974)	502	(40,565)	42,684
Loss for the period	-	-	-	-	-	-	-	(4,331)	(4,331)
Other comprehensive income for the period	-	-	-	-	-	(2,387)	-	-	(2,387)
Issue of share capital	395	-	2,520	-	-	-	-	-	2,915
Share-based payments	-	-	-	-	180	-	-	-	180
At 31 May 2025	6,921	(141)	76,944	395	3,697	(4,361)	502	(44,896)	39,061
Loss for the period	-	-	-	-	-	-	-	(5,310)	(5,310)
Other comprehensive income for the period	-	-	-	-	-	1,352	-	-	1,352
Issue of share capital	-	-	(11)	-	-	-	-	-	(11)
Share-based payments	-	-	-	-	308	-	-	-	308
At 30 November 2025	6,921	(141)	76,933	395	4,005	(3,009)	502	(50,206)	35,400
Loss for the period	-	-	-	-	-	-	-	(2,358)	(2,358)
Other comprehensive income for the period	-	-	-	-	-	2,469	-	-	2,469
Share-based payments	-	-	-	-	175	-	-	-	175
At 31 May 2026	6,921	(141)	76,933	395	4,180	(540)	502	(52,564)	35,686

Pulsar Group Plc

Consolidated Statement of Cash Flow

for the six months ended 31 May 2026

	Unaudited	Unaudited	Audited
	31-May-26	31-May-25	30-Nov-25
	£'000	£'000	£'000
Loss for the period attributable to shareholders	(2,358)	(4,331)	(9,641)
Adjusted for:
Taxation	(642)	(522)	191
Financial expense	460	413	1,124
Financial income	(3)	(4)	(18)
Depreciation and amortisation	4,854	4,245	8,261
Share based payments	175	180	488
Gain on disposal of associate	-	-	(62)
Operating cash inflow/(outflow) before working capital changes	2,486	(19)	343
Increase in trade and other receivables	(2,908)	(2,039)	(1,494)
Increase in trade and other payables	1,416	4,163	2,825
(Decrease)/increase in accruals	(1,088)	(1,417)	1,673
Increase in contract liabilities	3,074	1,185	1,735
Increase/(decrease) in provisions	-	(32)	(49)
Net cash inflow from operations before taxation	2,980	1,841	5,033
Tax received/(paid)	352	-	(219)
Net cash inflow from operations	3,332	1,841	4,814
Investing
Interest received	3	4	18
Acquisition of property, plant and equipment	(33)	(33)	(100)
Acquisition of intangible assets	(2,671)	(2,963)	(6,018)
Consideration received on disposal of associate	-	-	137
Net cash inflow from investing	(2,701)	(2,992)	(5,963)
Financing
Interest paid	(457)	(413)	(1,106)
Drawdown of loans and other borrowings	7,500	-	-
Repayment of loan notes and other loans	(3,000)	-	-
Lease liabilities paid	(515)	(684)	(1,312)
Issue of shares (net of expenses)	-	2,915	2,904
Net cash inflow from financing activities	3,528	1,818	486
Net increase/(decrease) in cash	4,159	667	(663)
Opening cash and cash equivalents	(2,616)	(1,942)	(1,942)
Exchange (losses)/gains on cash and cash equivalents	(51)	70	(11)
Closing cash and cash equivalents	1,492	(1,205)	(2,616)

Notes

1.  Unaudited notes

Basis of preparation and accounting policies

The financial information for the six months to 31 May 2026 is unaudited and was approved by the Board of Directors on 17 July 2026.

The interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements for the year ended 30 November 2025.

The interim financial information for the six months ended 31 May 2026, including comparative financial information, has been prepared on the basis of the accounting policies set out in the last annual report and accounts.

The preparation of the interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may subsequently differ from those estimates.

In preparing the interim financial statements, the significant judgements made by management in applying the Group's accounting policies and key sources of estimation uncertainty were the same, in all material respects, as those applied to the consolidated financial statements for the year ended 30 November 2025.

The Group has elected to present comprehensive income in one statement.

Going concern assumption

The Group meets its day-to-day working capital requirements through its cash balances and its bank facilities. During the first half, the Group completed a long-term refinancing of its lending facilities. On 30 April 2026 the Group secured new, three-year facilities of £8.0m with HSBC Innovation Banking, comprising amortising and non-amortising loans of £6.0m alongside a £2.0m revolving credit facility (RCF), which replaced the £3.0m loan facility and £3.0m overdraft previously in place. These facilities provide the Group with enhanced financial headroom and a flexible capital structure.

As at the date of this report, the directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Information extracted from the Group's 2025 Annual Report

The financial figures for the year ended 30 November 2025, as set out in this report, do not constitute statutory accounts but are derived from the statutory accounts for that financial year.

The statutory accounts for the year ended 30 November 2025 were prepared under IFRS and have been delivered to the Registrar of Companies. The auditors reported on those accounts. Their report was unqualified, did not draw attention to any matters by way of emphasis and did not include a statement under Section 498(2) or 498(3) of the Companies Act 2006.

2.  Revenue

The Group's revenue is primarily derived from the rendering of services. The Group's revenue was generated from the following territories:

	Unaudited	Unaudited	Audited
	31-May-26	31-May-25	30-Nov-25
	£'000	£'000	£'000
United Kingdom	11,929	11,285	22,912
North America	2,297	1,792	3,250
Europe excluding UK	2,966	1,374	3,588
Australia and New Zealand	11,499	11,464	22,900
Asia	4,158	4,034	8,238
Rest of the world	135	139	287
	32,984	30,088	61,175

3.  Earnings per share

The calculation of earnings per share is based upon the loss after tax for the respective period. The weighted average number of ordinary shares used in the calculation of basic earnings per share is based upon the number of ordinary shares in issue in each respective period.

The impact of share options granted under the Company's share option scheme are anti-dilutive due to the Group being in a loss-making position, so the weighted average number of ordinary shares used in the calculation of diluted earnings per share is the same as for basic earnings per share.

This has been computed as follows:

	Unaudited	Unaudited	Audited
	31-May-26	31-May-25	30-Nov-25
	£'000	£'000	£'000
Numerator
Loss for the period and earnings used in basic EPS (£'000)	111	(6,718)	(10,676)
Earnings used in diluted EPS (£'000)	111	(6,718)	(10,676)
Denominator
Weighted average number of shares used in basic EPS ('000)	135,593	128,480	132,046
Effects of:
Dilutive effect of options	N/A	N/A	N/A
Weighted average number of shares used in diluted EPS ('000)	135,593	128,480	132,046
Basic loss per share (pence)	0.08	(5.23)	(8.09)
Diluted loss per share (pence)	0.08	(5.23)	(8.09)

4.  Availability of interim results

The interim results will not be sent to shareholders but will be available at the Company's registered office at Northburgh House, 10 Northburgh Street, London, EC1V 0AT and on the Company's website: www.pulsargroup.com

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