Trading Statement

Dickinson Legg Group PLC
16 January 2004



As indicated in the Chairman's 2003 Preliminary Results Statement, the tobacco
business Dickinson Legg entered the year with a low order book and as a
consequence performance this year would be strongly biased towards the second
half.  The half year remains in line with market expectations.  However, the
full year performance will be determined by the level of order intake in the
next two months, but this is likely to be lower than the current market
expectation.  Trading conditions continue to be difficult with no evidence of an
upturn in the capital goods markets we serve.  Cash generation has been
satisfactory during the period moving from a net debt to a net cash position in
line with market expectations.

For further information contact: 

Barrie Newton, Rowan Dartington - 0117 933 0010

Richard Darby, Buchanan Communications - 020 7466 5000




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