11  Loss per share

The basic (loss)/earnings per share have been calculated by dividing the (loss)/profit for the year, by the weighted average number of shares in existence for the year. Shares held by the Employee’s Share Trust, including shares over which options have been granted to Directors and staff, have been excluded from the weighted average number of shares for the purposes of calculation of the basic loss per share.

The loss and weighted average number of shares for the purpose of calculating the diluted loss per share are identical to those used for the basic loss per share at 30 June 2009, as the exercise of share options and warrants would have the effect of reducing the loss per share and therefore is not dilutive.

For the year ended 30 June 2008 diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. Potential ordinary shares of the Company are share options, warrants and awards. A calculation has been undertaken to determine the number of shares that could have been acquired at fair value (determined as the average annual market price of the company’s shares) based on the monetary value of the subscription rights attached to outstanding options, warrants and awards.

2009

2008

(Loss)/profit attributable to equity shareholders (£000)

(3,621)

3,337

Weighted average number of shares

92,904,290

87,241,256

Adjustment for share options, warrants and awards

–

4,523,701

Diluted weighted average number of shares

92,904,290

91,764,957

Basic (loss)/earnings per share (pence)

(3.9)p

3.8p

Diluted (loss)/earnings per share (pence)

(3.9)p

3.6p