Annual Report and Accounts 2008
3 Exchange rates
The most significant exchange rates to UK sterling for the Group are as follows:
| Closing rate 2008 |
Average rate 2008 |
Closing rate 2007 |
Average rate 2007 |
|
|---|---|---|---|---|
| US dollar | 1.46 | 1.85 | 1.98 | 2.00 |
| Canadian dollar | 1.78 | 1.96 | 1.98 | 2.15 |
| Euro | 1.05 | 1.26 | 1.36 | 1.46 |
If the results for the year to 31 December 2007 had been retranslated at the average exchange rates for the year to 31 December 2008, North America would have achieved normalised operating profit of £40.8m on revenue of £334.2m, compared to normalised operating profit of £37.7m on revenue of £308.0m as reported, and Europe would have achieved a normalised operating profit of £59.0m on revenue of £345.3m, compared to normalised operating profit of £50.9m on revenue of £298.0m as reported.