Trading Statement

GUS PLC
14 April 2005

14 April 2005

                                    GUS plc

                           Second Half Trading Update


GUS plc, the retail and business services group, today issues its regular update
on trading.


John Peace, Group Chief Executive of GUS, said:


'Despite challenges in some of our markets, GUS has completed another successful
year. Looking forward, while the UK retail environment has become more
difficult, we remain confident that the strong competitive positions and clear
strategies for growth in all our main businesses will enable GUS to deliver
further progress in the new financial year.'



Argos Retail Group (ARG)


% change in sales year-on-year
Six months to 31 March 2005                                                %
Argos           - total                                                    5
                - like-for-like                                            0

Five months to 28 February 20051

Homebase        - total                                                    6
                - like-for-like                                            2

1 Homebase's year-end is the end of February to avoid distortions relating to
the timing of Easter. Sales growth at Homebase for the four months to 30 June
2005 will be reported in GUS' First Quarter Trading Update.


Argos
In the year to 31 March 2005, Argos delivered sales growth of 8% (3% on a
like-for-like basis) while also improving its gross margin. By offering
consumers increased choice, value and convenience, Argos again outperformed its
market.

Against a background of weakening UK retail demand, Argos increased its sales in
the second half by 5% in total, all of which came from new stores. These
continue to perform well. Like-for-like sales were unchanged compared to the
same period last year. Supply chain gains enabled Argos to reduce prices further
for consumers, while still moving its gross margin slightly ahead compared to
last year.

In the second half, there were strong performances from consumer electronics,
digital cameras and leisure. However, the rate of growth in sales at Argos of
furniture and white goods slowed during the period. Argos Direct, the
delivery-to-home operation, grew its sales by 10% in the second half and
accounted for 20% of Argos' revenue.

At 31 March 2005, Argos had 592 stores, having opened 36 during the year. The
Argos Extra catalogue (4,000 additional lines) was available in 179 stores at
year-end and preparations continue for national roll-out. Total sales via the
Internet increased by 29% in the second half, contributing 5% of sales.


Homebase
Homebase increased its sales in the year to 28 February 2005 by 6% (3% on a
like-for-like basis) at the same time as improving its gross margin. This
reflects further good progress in improving its core ranges, enhancing customer
service and driving synergies by leveraging the scale and expertise of ARG.

In the five months to 28 February 2005, sales increased by 6%, of which 4% came
from new stores. Like-for-like growth was 2%. Total sales in all four major
product areas showed growth, with strong performances from new ranges in tiling,
decorative fittings and lighting. Gross margin in the second half was slightly
ahead of the same period last year.

At 28 February 2005, Homebase had 287 stores, an increase of nine during the
year. 111 stores had mezzanine floors (compared to 67 a year ago), with the
latest enhanced formats giving sales uplifts in excess of the 15% delivered by
earlier trials.


ARG
Consumer spending in the UK has slowed sharply in recent months, resulting in a
modest decline on a like-for-like basis in the non-food, non-clothing market.
Looking forward, we are planning on the assumption that this trend in the market
continues. At the same time, retailers are facing higher cost inflation in areas
such as rates, wages and energy costs. Clearly Argos and Homebase are not immune
from this downturn in demand or these cost pressures. However, both businesses
have ongoing initiatives to deliver sustainable growth, underpinned by
investment in the supply chain which continues to deliver substantial savings.

As previously announced, ARG is planning to relocate a number of Homebase
functions currently based in Wallington, Surrey to its head office in Milton
Keynes. This relates to about 500 Homebase employees, including the
merchandising and buying functions. The costs of this move will be between £15m
and £20m and will be charged against Homebase's operating profit in the year
just ended.


Experian

% change in sales year-on-year for the six months to 31 March 2005
Continuing                              At actual                     At constant 
activities only                      exchange rates %               exchange rates %

Experian North                              16                              22
America

Experian                                    18                              18
International

Global Experian                             17                              20


In the year to 31 March 2005, Experian's sales from continuing activities
increased by 18% at constant exchange rates, with strength across all
businesses. This marks the third consecutive year that Experian has delivered
double-digit growth and demonstrates the benefits of continued investment in
product innovation, expansion into new markets and successful infill
acquisitions.

In the second half, total sales from continuing activities increased by 20% at
constant exchange rates.


Experian North America
In dollars, Experian North America's sales from continuing activities increased
by 22% in the second half. Of this, 8% came from corporate acquisitions (most of
which were purchased by the end of March 2004). Growth was spread widely across
the business.

Excluding corporate acquisitions, Credit sales grew particularly strongly, with
exceptional performances from Consumer Direct (up by over one-third in the half)
and MetaReward, the lower margin Internet lead-generation business. Business
information and value-added solutions, especially online notification, fraud,
authentication, scoring and analytics, also delivered strong growth. There was
good organic growth in Marketing, reflecting improving information sales.

The second phase of the roll-out of the free credit report service, as required
under the FACT Act, took effect from 1 March 2005. The planned cost recovery
charge contributed about 2% to total sales in the half.


Experian International
Experian International, which accounts for about 45% of Experian's worldwide
revenue, grew sales from continuing activities in the second half by 18% at
constant exchange rates. Of this, 13% came from acquisitions, mainly QAS, the
address management software company acquired in October 2004, which is trading
to plan.

Excluding acquisitions, Experian International showed good growth in Credit,
Marketing and Outsourcing. There were strong performances from many areas,
including Business Strategies (micromarketing and economic forecasting), credit
and marketing in Italy, business-to-business solutions and emerging markets.



Burberry
GUS has a 66% stake in Burberry Group plc. The following summarises the latter's
Trading Update released on 13 April 2005.


% change in sales year-on-year for the six months ended 31 March 2005
                                                        %
At actual exchange rates                                2
At constant exchange rates                              6


Sales in the year to 31 March 2005 increased by 10% at constant exchange rates,
with good growth across all channels, further capitalising on the opportunities
available to the brand.

Total revenues at Burberry in the second half increased by 6% at constant
exchange rates. Retail sales increased by 6% at constant exchange rates, driven
by contributions from newly opened and refurbished stores. Wholesale sales
increased by 5% at constant exchange rates. Licensing revenues increased by 8%
at constant exchange rates, reflecting declines in Japanese volumes and strong
gains by global product licensees.


Pensions
As previously disclosed, GUS' two UK Defined Benefit pension schemes had modest
deficits at 31 March 2004. To improve the funding of these schemes, the Group
again made voluntary special contributions, which totalled £76m in March 2005.
The contributions were made from existing financial resources and will
marginally increase earnings in the new financial year and beyond.

Future announcements
GUS will announce its Preliminary Results for the 12 months to 31 March 2005 on
25 May 2005. These will be prepared under UK GAAP. It is planned to publish the
restatement of these results under IFRS on 14 June 2005. The First Quarter
Trading Update will be on 20 July 2005.


Enquiries


GUS
David Tyler                   Finance Director                    020 7495 0070
Fay Dodds                     Director of Investor Relations


Finsbury
Rupert Younger                                                    020 7251 3801
Rollo Head


GUS announcements are available on its website, www.gusplc.com. There will be a
conference call to discuss this update at 3pm today, with a recording available
later on the GUS website.


Certain statements made in this Trading Update are forward-looking statements.
Such statements are based on current expectations and are subject to a number of
risks and uncertainties that could cause actual results to differ materially
from any expected future results in forward-looking statements.







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