AGM Statement

Holidaybreak PLC
26 February 2002


For Immediate Release                                   26 February 2002



                              Holidaybreak plc

                                 2002 AGM
                            CHAIRMAN'S STATEMENT


In 2001 Holidaybreak recorded a fifth successive year of profits and earnings
growth.  This reflects the strength of our businesses, which all enjoy good
margins, a flexible cost base and robust customer demand, and also our committed
and capable management teams at all levels.  All our businesses are performing
well in what is proving a difficult year for many holiday operators and we are
confident of a more than satisfactory outcome at the year end.


Camping (54% of 2001 Group turnover, 67% of operating profit) With the
mainstream package operators likely to see year on year declines in their
volumes, we expect  Camping Division bookings to grow and to outperform the
overall summer family holiday market.  Bookings from both the UK and our main
European markets are coming in on plan and sales to date are now 4% ahead of
2001.  Good off-peak demand has given us a healthy spread across the season
whilst the main school holidays period has, as usual, booked well.  In the UK,
travel agency sales for the Keycamp brand have improved markedly since the New
Year whilst Eurocamp, which is direct sell only, has been running its TV
campaign for the second year, once again improving brand recognition and
generating a healthy demand for brochures.


Hotel Breaks (30% of 2001 Group turnover, 20% of operating profit) UK consumers
are still spending money in the high street and, in our experience, they are
still spending money on short break holidays. The current year on year sales
increase, including our new European cities programme, is 25%.  Demand for
London has bounced back strongly, with plentiful room capacity at attractive
prices available to the domestic market.  Provincial destinations in both town
and countryside are also subject to healthy demand.  Superbreak's on-line
internet sales growth is once again leading the way but we continue to see
excellent returns from our high street travel agency partners as well.  We have
been very encouraged by sales for the European cities programme, launched in
October 2001, which has significantly exceeded expectations to date.


Adventure Holidays (16% of 2001 Group turnover, 13% of operating profit) The
outlook for our two Adventure businesses, Explore Worldwide and Regal Diving, is
now looking much brighter. The recovery in demand, which we noted at the time of
our Preliminary Results in December, has gathered pace and since the New Year
bookings have been extremely strong.  Sales revenues for the first half are now
a highly creditable 5% up on the equivalent for 2001.  However, the disruption
to consumer demand, scheduled airline timetables and the normal operation of
both businesses following September 11th has resulted in reduced load factors
and consequently lower margins. Second half sales are currently behind but the
deficit is reducing with week on week intake figures well ahead of last year.
In line with general market trends, many bookings are coming in later than
normal.  In summary, whilst there is quite some way to go before we can
accurately assess the likely outcome for the year as a whole, even on a
pessimistic view the division looks set to make a useful contribution to group
profits and to achieve margins well in excess of most overseas holiday
operators.



PROSPECTS

The Group is trading well in all areas.  We expect to make further profitable
progress in 2002 and to outperform most of the holiday sector.  Our two largest
businesses, Camping and Hotel Breaks, are performing strongly and we anticipate
that our rate of profits growth will accelerate in 2003 as the Adventure
Division resumes its strong growth track.  In general, we remain committed to
achieving continuing profits and dividend growth and to delivering increased
shareholder value, both through further acquisitions, as and when opportunities
arise, and through the success of our existing businesses.




Angus Crichton-Miller
Chairman



For further information, please contact:


Richard Atkinson                                         01608 787 100
CEO, Holidaybreak


Tim Anderson                                             020 7466 5000
Buchanan Communications




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