This has been a pivotal year for Ten Holdings.

In the face of the worldwide economic downturn, our primary focus has been to ensure our operating businesses are strong, agile and efficient, while ensuring we can respond effectively to strategic opportunities arising across the sector.

There's no question that 2009 was also a very tough year for the Company, as it was for the media sector in general. We responded actively to the challenging market conditions through exercising all operational levers, including rigorous cost control which is an ongoing focus of management right across the group.

Advertising - and television advertising in particular - is often an early indicator of both ends of an economic cycle. The work we have undertaken during the year means we have placed our businesses in an advantageous position to be at the frontline of the rebound in advertising markets.