AGM Statement

Leeds Group PLC
11 February 2002

Issued on behalf of Leeds Group plc

Date: Monday 11th February 2002

Immediate Release



                                Leeds Group plc

                 Annual General Meeting and Directorate Changes



At today's Annual General Meeting, Robert Wade, Chairman told shareholders:


'During the first four months of the new financial year, Leeds Group has
continued to make good progress in implementing its strategy of realising
textile assets and concentrating on growing its financial services division.


'On January 16th, shareholders approved the sale of the UK Dyeing Division for
£6m. of which £4.45m. was in cash and the balance in loan notes. The cash
proceeds from the sale and a similar sum anticipated from the sale of certain
surplus properties will allow the Group to reduce indebtedness and, in due
course, to seek the consent of the High Court to repay capital to shareholders.


'In the first quarter of the current financial year, profitability from the
remaining textile businesses has continued to show declining returns. In
particular sales at Nemesis, the Italian textile subsidiary, are running
substantially below last year. In the same period, results at Leeds Leasing,
however, show further increases in both sales and profit.


'The Board has concluded that, in the light of the small market capitalisation
of the Company, it is appropriate to seek to transfer the Leeds Group quotation
to AIM. As an AIM listed company, savings can be expected to arise in the costs
of administration and corporate transactions. A separate announcement has been
made.'


Following the Annual General Meeting, Robert Wade Chairman and Donald
Macpherson, Non-Executive Director retired from the Board.


All resolutions were duly passed including, with immediate effect, the
appointments to the Board of Bill Cran as Non-Executive Chairman and Mrs Vin
Murria as a Non-Executive Director.




Enquiries:

Chris Marsden, Chief Executive

Malcolm Wilson, Group Finance Director

Leeds Group plc

Tel: [phone]


Fiona Tooley

Citigate Dewe Rogerson

Tel: [phone]



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