Interim Results

Berkeley Berry Birch PLC
18 November 2004


                                                                18 November 2004

                         Berkeley Berry Birch plc (BBB)

                                INTERIM RESULTS


Berkeley Berry Birch (LSE: BBB), the financial services distribution group,
today announced its interim results for the six months to 30 September 2004.


HIGHLIGHTS
     
•    Operating profit, before goodwill amortisation, of £68,000 (H1 2003: loss 
     of £3.2million)

•    Turnover increased by 12.5% to £35million (H1 2003:£31.1million)
     
•    Gross margins improved by 10.7% to 27% (H1 2003: 24.4%)

•    Overheads down 13% to £9.4million (H1 2003: £10.8million)

•    Annualised productivity per adviser increased by 11% to £88,000(H1 2003: 
     £79,000)

•    Net cash flow from operating activities of £409,000 (H1 2003:outflow of 
     £3.1million)

•    Cash on balance sheet of £10.9million

•    Bill Main has joined the Group as Deputy Chairman and Doug Morris has been 
     recruited in the newly created role of Group IT Director


Commenting on the results, Cliff Lockyer, Executive Chairman and Group Chief
Executive of Berkeley Berry Birch, said:

'At the end of last year I said I remained confident that the building blocks we
had put in place would enable us to continue our progress.  We had established a
sound operational and financial platform from which to develop.

'These results demonstrate the progress we have made.  We have reported an
operating profit before goodwill amortisation and have generated cash.'

Commenting on the outlook, he said:

'With the first phase of our strategy almost complete, we are about to move into
the next phase of developing our client proposition.  We will also be
considering opportunities in the field of insurance.

'The markets in which we operate remain in a state of rapid and radical change.
Mortgage business has just become regulated and the regulation of general
insurance is imminent.  These changes will be followed closely by
depolarisation.  We remain confident that we are well positioned to take
advantage of the opportunities that arise from these developments.



For further information, please contact:

Berkeley Berry Birch
Cliff Lockyer, Chairman & CEO                              07774 185779
Craig Butcher, Finance Director                            07968 486750

Grandfield
Matthew Jervois / Samantha Robbins                        020 7417 4170





CHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT

Introduction

I am delighted to report that the Group has achieved an operating profit, before
goodwill amortisation, for the six months ended 30 September 2004.  This
creditable result has been achieved in less than three years since the formation
of the enlarged Berkeley Berry Birch group.

Turnover for the Group increased by 12.5% from £31.1 million to £35.0 million.
On an annualised basis, productivity per adviser increased from £79,000 for the
same period last year (£84,000 for the full year to March 2004) to £88,000.  We
now have 774 advisers in the Group compared with 832 at the same point last year
and 825 as at 31 March 2004.

We can report improved trading across our Network, Financial Advisory and
Insurance Divisions, with gross margin improvement of 10.7% to 27.0% (2003:
24.4%) and 2.3% up on the March 2004 full year figure of 26.4%.

The cost saving initiative implemented in the third quarter of the year to 31
March 2004 is now fully benefiting the Group with overheads down 13.0% on the
same period last year at £9.4 million (2003: £10.8 million).  The overheads to
income ratio was 26.8% compared with 34.6% for the same period last year.

An operating profit, before goodwill amortisation, of £68,000 was achieved
compared to a loss of £3.2 million for the six months ended 30 September 2003.

Significantly we have generated a positive cash flow of £409,000 from operating
activities compared to an outflow of £3.1 million for the six months to 30
September 2003.  Our cash balances have increased by £300,000 to £10.9 million
in the six months to 30 September 2004 which leaves us with a robust balance
sheet.



CHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT

Divisional operating performance

An analysis of turnover and operating result, before the impact of exceptional
items and goodwill, by division is set out below:

                                               6 months to               Year to
                                              ---------------            -------
                                         30.9.04         30.9.03       31.3.04
                                                        restated
                                           £'000           £'000         £'000
---------------------------               --------  ---   --------       -------

Network Division                          23,453          21,744        46,010
Financial Advisory Division                9,322           7,403        16,242
Insurance Division                         2,251           1,987         4,259
---------------------------               --------  ---   --------       -------
Turnover                                  35,026          31,134        66,511
---------------------------               --------  ---   --------       -------

Network Division                             949             225           831
Financial Advisory Division                 (302)         (2,302)       (3,902)
Insurance Division                           487             110           714
Central costs                             (1,066)         (1,204)       (2,546)
---------------------------               --------  ---   --------       -------
Operating profit/(loss) before goodwill
amortisation and impairment and
exceptional items                             68          (3,171)       (4,903)
---------------------------               --------  ---   --------       -------


The comparative results for the six months ended 30 September 2003 have been
restated to reflect the new accounting policy for revenue recognition adopted
for the March 2004 year end accounts.

The divisional results shown above are after allocation of the costs of the
shared support services infrastructure which, as a percentage of turnover, fell
from 8.9% to 5.9%.  Central costs which are not allocated to divisions fell by
11.5% to £1.1 million.

Network Division

Turnover was 7.9% up on the same period last year at £23.5 million (2003: £21.7
million) with the majority of the growth generated by non regulated insurance
products.  During the period the Network Division contributed 67.0% of the
Group's turnover, compared to 69.8% for the same period last year.

At 30 September 2004 the division had 619 advisers and 811 agents, which
represents a decrease of 7.7% and 30.6% respectively on last year.  Average
productivity in this division increased to £74,000.  This is an increase of 7.2%
on the same period last year (2003: £69,000) and is in line with the
productivity achieved for the full year to 31 March 2004.

Gross margin in this division increased by 5.8% to 14.5% (2003: 13.7%) although
this was slightly down from 14.9% achieved for the year to 31 March 2004.


CHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT

Financial Advisory Division

Turnover was 25.9% up on the first half of 2003 at £9.3 million (2003: £7.4
million).  During the period the Financial Advisory Division accounted for 26.6%
of the Group's turnover, up from 23.8% for the same period last year.

At 30 September 2004 the division had 155 advisers, which represents a decrease
of 6.2% on last year.  Average productivity in this division is £115,000.  This
is an increase of 30.6% on the same period last year (2003: £88,000) and an
increase of 21.5% on the productivity achieved for the full year to 31 March
2004 of £95,000.

Gross margin in this division increased by 12.3% to 44.9% (2003: 40.0%), this
being slightly up from the 43.8% achieved for the year to 31 March 2004.

The growth in average productivity, and the reduction in the level of overheads
generally, contributed to the sharp decrease in operating loss in the division
to £302,000 (2003: £2.3 million).

Insurance Division

Turnover was 13.3% up on the same period last year at £2.3 million (2003: £2.0
million) with gains in all the main categories of insurance, and in particular
in the largest category of personal insurance.  During the period the Insurance
Division accounted for 6.4% of the Group's turnover which was consistent with
last year.

Gross margin in this division was 83.4% (2003: 83.1%), this being slightly down
from 85.0% achieved for the year to 31 March 2004.

Operating profit in the division is 342.7% up on the same period last year at
£487,000 (2003: £110,000).  The results for the six months ended 30 September
2004 benefited from turnover growth.   The results to 30 September 2003 were
adversely affected by additional marketing spend, to generate new business, to
compensate for one of our major personal lines insurers discontinuing its
operation during the period.

Dividend

The Directors believe it is inappropriate to declare an interim dividend.  We
propose to pay a dividend when the Group has sufficient reserves and is
generating sustainable profit.

Acquisitions strategy

Following the acquisitive activity in 2003 the Group has been able to
concentrate on organic growth and further integration of previously acquired
businesses.  We will consider further opportunities for earnings enhancing
acquisitions which complement distribution expansion plans; however this is not
currently the Group's primary focus.



CHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT

Berry Birch & Noble Financial Services Limited ('BBN FS')

As reported in the Annual Report and Accounts to March 2004, the Financial
Services Authority ('FSA') has formalised its approach to the closure of BBN FS
and has appointed investigators.  Since this date we have provided the FSA with
all the information it has requested.  We await their formal response to the
submission of this information.

The FSA has informed us that the appointment of investigators does not mean it
has determined that rule breaches and/or other contraventions have occurred.
The Directors remain confident in the outcome of the investigation.

Management and structure changes

Following a review by the Board we have implemented a number of management
changes that will ensure that the Group is able to continue its progress.

In October 2004 Bill Main joined us as Deputy Chairman.  Bill was formerly Chief
Executive of Scottish Widows Investment Partnership and his skills and
experience will greatly add to the Group.

Our review also identified that bringing together the Financial Advisory and
Network Divisions into an enlarged division would significantly improve our
offering in the marketplace.  This will be completed during the second half of
the financial year with Mike Cleary heading up the enlarged division to be known
as the Financial Services Division.

Mike is currently Divisional Chief Executive for the Financial Advisory
Division. He has been with the Group for 3 years, initially setting up the
shared support services infrastructure.  Mike has enjoyed considerable success
with the Group, most notably within his current role.

Finally, Doug Morris has joined us to head up our Group IT function, a new role
within the Group.  Doug has considerable experience of our market having
previously held Chief Operating Officer and IT Director positions in Misys plc's
financial services businesses.  Prior to that Doug was Managing Director of
Financial Services Products at CMG.



CHAIRMAN AND CHIEF EXECUTIVE'S STATEMENT

Summary and outlook

At the end of last year I said I remained confident that the building blocks we
had put in place would enable us to continue our progress.  We had established a
sound operational and financial platform from which to develop.

These results demonstrate the progress we have made.  We have reported an
operating profit before goodwill amortisation and have generated cash.

The markets in which we operate remain in a state of rapid and radical change.
Mortgage business has just become regulated and the regulation of general
insurance is imminent.  These changes will be followed closely by
depolarisation.  We remain confident that we are well positioned to take
advantage of the opportunities that arise from these developments.


Clifford Lockyer
Executive Chairman and Group Chief Executive
18 November 2004




UNAUDITED CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 30 September 2004

                                           6 months to                   Year to
                                          ---------------               --------
                                         30.9.04         30.9.03       31.3.04
                                                        restated
                                           £'000           £'000         £'000
--------------------------                --------  ---   --------      --------
Turnover (note 2)                         35,026          31,134        66,511
--------------------------                --------  ---   --------      --------

Operating profit/(loss) before
exceptional items, goodwill
amortisation and impairment (note 2)          68          (3,171)       (4,903)
Exceptional items (note 3)                     -               -        (1,335)
Goodwill amortisation                       (735)           (929)       (1,535)
Goodwill impairment                            -               -        (1,872)
--------------------------                --------  ---   --------      --------
Operating loss                              (667)         (4,100)       (9,645)
Disposal of subsidiary undertakings            -               -         1,083
(note 4)
Net interest                                 168             161           252
--------------------------                --------  ---   --------      --------
Loss before taxation                        (499)         (3,939)       (8,310)
Taxation (note 5)                              -              72            70
--------------------------                --------  ---   --------      --------
Loss after taxation                         (499)         (3,867)       (8,240)
Minority interests                             6              (1)          (11)
--------------------------                --------  ---   --------      --------
Loss for the financial period               (493)         (3,868)       (8,251)
--------------------------                --------  ---   --------      --------
Earnings/(loss) per share (note 6)
Adjusted basic and diluted                   0.3p           (3.3p)        (3.9p)
Basic and diluted                           (0.5p)          (4.3p)        (9.2p)
--------------------------                --------  ---   --------      --------


All amounts relate to continuing operations.

There are no recognised gains or losses other than those included in the profit
and loss account.




UNAUDITED CONSOLIDATED BALANCE SHEET
For the six months ended 30 September 2004
                                                 30.9.04    30.9.03    31.3.04
                                                           restated
                                                   £'000      £'000      £'000
-------------------------                         --------   --------   --------
Fixed assets
Intangible assets                                 25,408     34,444     26,621
Tangible assets                                    2,171      2,350      2,259
-------------------------                         --------   --------   --------
                                                  27,579     36,794     28,880
-------------------------                         --------   --------   --------

Current assets
Debtors                                            7,488      6,239      7,512
Cash at bank                                      10,922     11,391     10,622
-------------------------                         --------   --------   --------
                                                  18,410     17,630     18,134
Creditors: amounts falling due within one        (10,806)    (9,354)   (12,236)
year                                              --------   --------   --------
-------------------------
Net current assets                                 7,604      8,276      5,898
-------------------------                         --------   --------   --------

Total assets less current liabilities             35,183     45,070     34,778

Creditors: amounts falling due after more than
one year
                                                    (693)    (1,104)      (805)
Provisions for liabilities and charges            (4,826)    (3,324)    (3,332)
-------------------------                         --------   --------   --------
Net assets                                        29,664     40,642     30,641
-------------------------                         --------   --------   --------

Capital and reserves
Called up share capital                            9,179      8,987      8,987
Share premium account                             17,019     17,911     17,019
Shares to be issued                                  475      7,057      1,231
Revaluation reserve                                  358        358        358
Merger reserve                                    25,777     26,055     26,319
Profit and loss account (note 7)                 (23,347)   (19,728)   (23,482)
-------------------------                         --------   --------   --------
Equity shareholders' funds (note 8)               29,461     40,640     30,432

Minority interests (equity)                          203          2        209
-------------------------                         --------   --------   --------
Capital employed                                  29,664     40,642     30,641
-------------------------                         --------   --------   --------




UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 30 September 2004

                                           6 months to                   Year to
                                          ---------------               --------
                                         30.9.04         30.9.03       31.3.04
                                                        restated
                                           £'000           £'000         £'000
--------------------------                --------  ---   --------      --------
Net cash inflow/(outflow) from
operating activities
(note 9)                                     409          (3,144)       (2,696)
Returns on investment and servicing of       168             160           244
finance
Taxation                                      53              72            28
Capital expenditure and financial           (345)           (637)         (971)
investment
Acquisitions and disposals                     -              80          (818)
Net cash flow before management of
liquid resources and financing               285          (3,469)       (4,213)
Management of liquid resources                 -             700           700
Financing                                    (91)           (115)         (240)
--------------------------                --------  ---   --------      --------
Increase/(decrease) in cash in the           194          (2,884)       (3,753)
period (note 10)
Opening cash                              10,122          13,875        13,875
--------------------------                --------  ---   --------      --------
Closing cash (note 10)                    10,316          10,991        10,122
--------------------------                --------  ---   --------      --------

Reconciliation of net cash flow to
movement in net funds

Increase/(decrease) in cash in the           194          (2,884)       (3,753)
period
Decrease in debt                              91             115           240
Decrease in liquid resources                   -            (700)         (700)
--------------------------                --------  ---   --------      --------
Change in net funds resulting from cash      285          (3,469)       (4,213)
flows
Debt removed on disposal of subsidiary         -               -           158
undertaking
Finance leases acquired on acquisition
of subsidiary undertaking
                                               -               -           (20)
Net funds at start of period               9,455          13,530        13,530
--------------------------                --------  ---   --------      --------
Net funds at end of period (note 10)       9,740          10,061         9,455
--------------------------                --------  ---   --------      --------



NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

1.  Accounting policies and basis of preparation

The interim financial statements comprise the Group's unaudited results for the
six months ended 30 September 2004 and 30 September 2003 and a summary of the
audited results for the year ended 31 March 2004.

The unaudited financial information has been prepared under the historical cost
convention as modified by the revaluation of freehold buildings and in
accordance with applicable accounting standards using the accounting policies
set out in the Group's Annual Report and Accounts for the year ended 31 March
2004.  The results for the six months ended 30 September 2003 have been restated
for the change in accounting policy in respect of recognising revenue as
described in the Annual Report and Accounts for the year ended 31 March 2004.
The impact on the results for the six months ended 30 September 2003 was to
increase turnover by £1,362,000 and to increase the operating loss by £115,000.

The summary of results for the year ended 31 March 2004 does not constitute
statutory accounts within the meaning of section 240 of the Companies Act 1985.
The full financial statements for the year ended 31 March 2004 have been
reported on by the Group's auditors and delivered to the Registrar of Companies.
The audit report was unqualified and did not contain a statement under section
237(2) or section 237(3) of the Companies Act 1985.

2.  Segmental information
                                               Year to
                                              --------                  --------
                                               30.9.04     30.9.03       31.3.04
                                                          restated
                                                 £'000       £'000         £'000
--------------------------                    --------    --------      --------

Turnover
Network Division                                23,453      21,744        46,010
Financial Advisory Division                      9,322       7,403        16,242
Insurance Division                               2,251       1,987         4,259
--------------------------                    --------    --------      --------
                                                35,026      31,134        66,511
--------------------------                    --------    --------      --------

Operating profit/(loss) before goodwill
amortisation and impairment and exceptional
items
Network Division                                  949         225           831
Financial Advisory Division                      (302)     (2,302)       (3,902)
Insurance Division                                487         110           714
Central costs                                  (1,066)     (1,204)       (2,546)
--------------------------                    --------    --------      --------
                                                   68      (3,171)       (4,903)
--------------------------                    --------    --------      --------


The analysis of the operating profit/(loss) before exceptional items, goodwill
amortisation and impairment is shown before management charges levied by the
parent company.  The Group's entire turnover and operating profit/(loss) arises
within the United Kingdom.


NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

3.  Exceptional items
                                           6 months to                   Year to
                                          ---------------               --------
                                           30.9.04         30.9.03       31.3.04
                                             £'000           £'000         £'000
--------------------------                --------  ---   --------      --------

Adviser fees in respect of potential           -               -             795
merger
Onerous property lease costs                   -               -             540
--------------------------                --------  ---   --------      --------
                                               -               -           1,335
--------------------------                --------  ---   --------      --------


4.  Disposal of subsidiary undertakings

The disposal of subsidiary undertakings in the year ended 31 March 2004 was in
respect of the management buy-out of Alpha to Omega (UK) Limited and the
liquidation of Berry Birch & Noble Financial Services Limited ('BBN FS')
following the sale of its business to a fellow group company.

The Financial Services Authority ('FSA') has informed the Group that it is to
investigate the liquidation of BBN FS and the purchase of the BBN FS business by
a fellow group company.  The FSA has directed that no payments or distributions
should be made by BBN FS to a Berkeley Berry Birch group company without the
FSA's permission.  The FSA has informed the Group that the appointment of
investigators does not mean that it has determined that rule breaches and/or
other contraventions have occurred.  The Group has provided the FSA with all the
information it has requested and awaits the formal response to its submission.
There is still no definitive time frame for the completion of the investigation.

The Directors remain confident in the outcome of the FSA investigation.  The
fees for legal advice incurred to date have been charged against the
reorganisation provision established at 31 March 2004 for such costs.

5.  Taxation

No tax has been recognised in the profit and loss account for the six months
ended 30 September 2004 in line with the expected full year position.  The tax
credits in the six months ended 30 September 2003 and the year ended 31 March
2004 were in respect of adjustments to prior years' tax provisions.



NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

6.  Earnings/(loss) per share

The calculation of the basic earnings/(loss) per share is based on the profit/
(loss) for the financial period and the weighted average number of shares in
issue during the period of 89,864,000 (six months to 30 September 2003:
89,095,000; year ended 31 March 2004: 89,485,000).  At 30 September 2004 there
were no share options that may have a dilutive effect on the number of shares
and hence the diluted earnings/(loss) per share is the same as the basic
earnings/(loss) per share.

Additional disclosure has been provided in respect of earnings/(loss) per share
as follows:
                                           6 months to                   Year to
                                          ---------------               --------
                                           30.9.04         30.9.03       31.3.04
                                                        restated
--------------------------                --------  --- --------        --------

Basic earnings/(loss) per share before
exceptional items, goodwill impairment
and amortisation
                                             0.3p           (3.3p)        (3.9p)
Goodwill impairment and amortisation        (0.8p)          (1.0p)        (3.8p)
--------------------------                --------  ---   --------      --------
Exceptional items included in operating
profit/(loss) (note 3)
                                               -               -          (1.5p)
--------------------------                --------  ---   --------      --------
Basic loss per share                        (0.5p)          (4.3p)        (9.2p)
--------------------------                --------  ---   --------      --------


7.  Profit and loss account

                                                                         £'000
----------------------------------------                                --------

At 1 April 2004                                                        (23,482)
Loss for the period                                                       (493)
Transfer to merger reserve                                                 628
----------------------------------------                                --------
At 30 September 2004                                                   (23,347)
----------------------------------------                                --------


8.  Reconciliation of movement in equity shareholders' funds

                                           6 months to                   Year to
                                          ---------------               --------
                                           30.9.04         30.9.03       31.3.04
                                                        restated
                                           £'000           £'000         £'000
--------------------------                --------  ---   --------      --------
Loss for the financial period               (493)         (3,868)       (8,251)
Ordinary shares issued, net of               278             324           324
expenses
Movement in shares to be issued             (756)            426        (5,399)
Opening equity shareholders' funds        30,432          43,758        43,758
--------------------------                --------  ---   --------      --------
Closing equity shareholders' funds        29,461          40,640        30,432
--------------------------                --------  ---   --------      --------



NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

9.  Net cash inflow/(outflow) from operating activities

                                           6 months to                   Year to
                                          ---------------               --------
                                         30.9.04         30.9.03       31.3.04
                                                        restated
                                           £'000           £'000         £'000
--------------------------                --------  ---   --------      --------

Operating loss                              (667)         (4,100)       (9,645)
Movement in debtors                          (25)           (612)       (2,132)
Movement in creditors and provisions          39             292         4,976
Goodwill amortisation and impairment         735             929         3,407
Other non cash items                         327             347           698
--------------------------                --------  ---   --------      --------
Net cash inflow/(outflow) from               409          (3,144)       (2,696)
operating activities                      --------  ---   --------      --------
--------------------------


10.  Analysis of net funds
                                                 Non cash movements
                            1.4.04   Cash flow                         30.9.04
                             £'000       £'000                £'000      £'000
-------------------         --------    --------             --------   --------

Cash and bank balances      10,122         194                    -     10,316
-------------------         --------    --------             --------   --------

Debt due after one year       (459)          -                   83       (376)
Debt due within one year      (174)         83                  (83)      (174)
Finance leases                 (34)          8                    -        (26)
-------------------         --------    --------             --------   --------
                              (667)         91                    -       (576)
-------------------         --------    --------             --------   --------
                             9,455         285                    -      9,740
-------------------         --------    --------             --------   --------


Cash and bank balances at 30 September 2004 shown above exclude a bank deposit
of £606,000 (31 March 2004: £500,000) which does not meet the definition of
either cash or liquid resources under FRS1.


11. General

The interim report was approved by the Board of Directors on 17 November 2004.

This report will be sent to shareholders and will be made available to the
public, upon request, from the Registered Office, Eaton House, 1 Eaton Road,
Coventry CV1 2FJ.



Independent review report to Berkeley Berry Birch plc

Introduction

We have been instructed by the company to review the financial information for
the six months ended 30 September 2004 on pages 6 to 12.  We have read the other
information in the interim report and considered whether it contains any
apparent misstatements or material inconsistencies with the financial
information.

Our report has been prepared in accordance with the terms of our engagement to
assist the company in meeting the requirements of the Listing Rules of the
Financial Services Authority and for no other purpose.  No person is entitled to
rely on this report unless such a person is a person entitled to rely upon this
report by virtue of and for the purpose of our terms of engagement or has been
expressly authorised to do so by our prior written consent.  Save as above, we
do not accept responsibility for this report to any other person or for any
other purpose and we hereby expressly disclaim any and all such liability.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors.  The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom.  A review
consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and, based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed.  A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions.  It is substantially less in scope than an audit
performed in accordance with United Kingdom Auditing Standards and therefore
provides a lower level of assurance than an audit.  Accordingly, we do not
express an audit opinion on the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 September 2004.


BDO STOY HAYWARD LLP
Chartered Accountants
London

17 November 2004



Shareholder information

The company's share price is quoted daily and classified under the business
sector 'Speciality & Other Finance' in The Financial Times and The Daily
Express, under the business sector 'Banking & Finance' in The Times and under
the business sector 'Financial Companies' in The Daily Mail.  The current share
price is shown on the company's corporate internet site, www.bbb.co.uk, under
the Investors section (delayed by 15 minutes) and is also available on the FT
Cityline telephone service (calls are charged at 60p per minute) on 0906 843
1815 (BT) or 0906 003 1815 (Vodafone).

Enquiries concerning holdings of the company's shares (i.e. notification of
change of address or the loss of a share certificate) should be referred to the
company's registrars, Capita Registrars, The Registry, 34 Beckenham Road,
Beckenham, Kent, BR3 4TU, telephone: [phone].  Shareholders who receive
more than one copy of this interim report may have more than one account on the
company's register of members.  To amalgamate their holding, shareholders should
contact the registrars giving details of the accounts concerned and how they
wish them to be amalgamated.

Information about the Group, and the services it offers, can be found on the
corporate internet site www.bbb.co.uk.


                      This information is provided by RNS
            The company news service from the London Stock Exchange