Preliminary Results

Huveaux PLC
28 February 2003

HUVEAUX PLC ('Huveaux' OR 'the Company')

PRELIMINARY RESULTS FOR THE YEAR TO 31 DECEMBER 2002



Chairman's Statement

I am pleased to report a pre-tax profit of £368,000 for the year ended 31
December, 2002, our first full year of operations. Earnings per share were 2.05
pence and your Board is proposing a dividend of 0.75 pence per share.

Review of Operations

The 2002 year was divided into two parts. In the first seven months Huveaux PLC
was an AIM listed cash shell which traded at a small monthly profit. On 1
August, 2002 we acquired Vacher Dod Publishing Limited, the UK's leading
publisher of parliamentary directories for £4.5 million.

During the five months to 31 December, 2002 Vacher Dod achieved sales of
£1,055,000 (compared to £1,399,000 for the whole of 2001) and pre-tax profits of
£391,000 (compared to £109,000 for the whole of 2001). Three new titles were
launched during this period: Dod's Scottish Parliament Companion, Dod's Civil
Service Companion and Dod's Constituency Guide. Dod-on-line subscriptions
increased by 30 per cent in 2002 which rounded off a very satisfactory result.

Outlook

After a good performance in the second half of 2002, Vacher Dod is planning for
continued growth in 2003.

Vacher Dod has sales and profits weighted towards the second half with the
parliamentary year starting in the autumn.

We will continue to target further acquisitions which meet our criteria of
growth, high margins, profits and cash generation.







John van Kuffeler
 Chairman



For further information, please contact:
John van Kuffeler, Huveaux PLC      -     020 7245 0270





Consolidated profit and loss account
for the year ended 31 December 2002
                                                                                            Year ended            Period
                                                                                                                   ended
                                                                                      31 December 2002  31 December 2001
                                                                                                £000's            £000's

Turnover                                                                                          1055                 -
Cost of sales                                                                                    (495)                 -

Gross profit                                                                                       560                 -
Administrative expenses                                                                          (275)               (4)

Operating profit/(loss)                                                                            285               (4)
Net interest receivable                                                                             83                 4

Profit on ordinary activities before taxation                                                      368                 -
Tax on profit on ordinary activities                                                              (67)                 -

Profit for the financial year after taxation                                                       301                 -

Dividends on equity shares                                                                       (155)                 -

Retained profit for the period transferred                                                         146                 -
to reserves
                                                                                                     p                 p
Earnings per share     Basic and Diluted                                                          2.05                 -


The results for the year derive in principal from the acquisition of Vacher Dod
Publishing Limited on 1 August 2002. In the seven months to 31 July 2002 Huveaux
PLC made an operating profit before tax of £21,000.



Consolidated balance sheet
at 31 December 2002
                                                                                                 2002              2001
                                                                                               £000's            £000's
Fixed assets
Intangible assets                                                                                4950                 -
Tangible assets                                                                                    68                 3
                                                                                              _______           _______
                                                                                                 5018                 3
Current assets
Stocks                                                                                             89                 -
Debtors                                                                                           439                 -
Cash at bank and in hand                                                                         1361              2812

                                                                                                 1889              2812
Creditors: amounts falling due within                                                           (812)              (85)
one year

Net current assets                                                                               1077              2727

Net assets                                                                                       6095              2730

Capital and reserves
Called up share capital                                                                          2066              1045
Share premium account                                                                            3883              1685
Profit and loss account                                                                           146                 -

Equity shareholders' funds                                                                       6095              2730




Consolidated cash flow statement
for the year ended 31 December 2002
                                                                  Year ended                   Period ended
                                                               31 December 2002              31 December 2001
                                                             £000's         £000's         £000's         £000's
Cash flow statement

Cash (out-flow)/in-flow from operating                                      (180)                         81
activities

Returns on investments and servicing of
finance

Interest received                                                           83                            4

Taxation                                                                    (27)                          -

Capital expenditure and financial investment
Purchase of tangible fixed assets                                           (47)                          (3)

Acquisitions
Purchase of subsidiary undertakings                          (4021)                        -
Cash acquired on acquisition of subsidiary                   95                            -

Net cash outflow from acquisitions                                          (3926)                        -
                                                                            ________                      ________
Cash (outflow)/inflow before financing                                      (4097)                        82
Financing
Issue of ordinary share capital                              3000                          2875
Expenses paid in connection with share issue                 (354)                         (145)

Cash inflow from financing                                                  2646                          2730

(Decrease)/increase in cash in the year                                     (1451)                        2812

Reconciliation of net cash flow
to movement in net debt

(Decrease)/increase in cash in the year                                     (1451)                        2812

Cash at the beginning of the period                                         2812                          -

Cash at the end of the year                                                 1361                          2812




Notes:


        1.     The calculation of earnings per share is based on the profit
        after tax of £301,000 (2000:nil) and on 14,704,126 ordinary shares being
        the weighted average number of ordinary shares during the year ended 31
        December 2002 (2001: 400,943).

        2.     The financial information set out above does not constitute
        statutory accounts as defined in section 240 of the Companies Act 1985.
        The statutory accounts for the period ended 31 December 2001 have been
        filed with the Registrar of Companies and those for the year ended 31
        December 2002 will be delivered following the Company's Annual General
        Meeting. The auditors reported on these accounts; their report was
        unqualified and did not contain a statement under Section 237 (2) or (3)
        of the Company Act 1985. The preliminary announcement is prepared in
        accordance with applicable accounting standards and on the basis of
        accounting policies set out in the Company's financial statements.

        3.     The directors propose a final dividend of 0.75p per ordinary
        share, to be paid on 28 March 2003 to shareholders on the register at
        the close of business on 14 March 2003.

        4.     This preliminary announcement is not being posted to
        shareholders, but a full Annual Report will be despatched to
        shareholders shortly. The Annual General Meeting will be held on 28
        March 2003.



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