This excerpt taken from the IRE 6-K filed Feb 12, 2009.
The following commentary updates the market on our financial
performance and fulfils the requirements of the EU Transparency Directive.
At the announcement of our Interim Results for the 6-months
to 30 September 2008 we indicated that we expected to deliver an underlying* EPS for the
second half of our financial year that was marginally better than breakeven, though
highlighting that as a result of the significant uncertainty prevailing in economies and
financial markets at the time, there was a degree of uncertainty to this outcome.
There has been a further sharp and widespread deterioration in global economic and financial conditions since making that statement. Our core markets are in recession with rising unemployment, reduced levels of economic activity and falling asset prices. Equity markets remain weak and volatile whilst global interbank and wholesale funding markets remain stressed.
Against this backdrop we expect to make an underlying* loss in the second half of our financial year, though we expect to report an underlying* profit for the year to 31 March 2009.