Trading Statement

API Group PLC
06 October 2003


6 October 2003

                                 API GROUP PLC

                                 TRADING UPDATE


As a result of the difficult trading conditions outlined in the Group's interim
statement and weaker than expected demand in the fourth quarter, the operating
results for the year ended 30 September 2003 are likely to be below market
expectations, albeit comparable to those of last year. Cash generation remains
strong and consequently the Group's net debt has been reduced by approximately
£5 million during the year, producing a reduction in gearing to approximately
17% (from 24%).



Vigorous action continues to be taken to maintain the overall momentum achieved
in the eighteen months to March 2003. Steps are also being taken to rationalise
the Group's management and organisation structure, which are expected to result
in annual cost savings in excess of £3 million, leading to an exceptional charge
in the year just ended.



Enquiries

Derek Ashley, Group Chief Executive
David Walton, Group Finance Director
API Group plc                                         Tel: [phone]

Tim Spratt/Michelle Morton
Financial Dynamics                                    Tel: [phone]





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