On Saturday the 6,000-odd shareholders of QPR Holdings plc finally received the company accounts for the year ending May 2003.

As is usual, the accounts are prefaced by a statement from the chairman of the plc. Acting chairman Kevin McGrath took the opportunity not just to look back at 2002-2003 but also to write about more recent events as well as some of the new board's hopes and plans for the future.

Kevin McGrath