Statement re. Press Comment

Millfield Group PLC
25 March 2004


Millfield Group PLC
25 March 2004


Press comment


Millfield Group plc ("Millfield") has noted an article in a trade magazine
published this week regarding the effect of the Application Note to FRS 5 '
Reporting the Substance of Transactions' issued by the Accounting Standards
Board in November 2003.  The Application Note is concerned with the reporting of
turnover and takes effect for accounts ended December 2003.

As a consequence of guidance under the Application Note, Millfield's commission
based business will be recognised as turnover on acceptance by a product
provider rather than, as previously has been the case, on submission to a
product provider.  This change does not affect the timing of the receipt of cash
in respect of such business, it will affect the timing of reporting turnover for
growing businesses, such as Millfield.  This change has already been commented
on by brokers' analysts of the IFA sector.

Millfield can also confirm that discussions are being progressed with regards to
further partners investing in Lifetime, the portfolio wrap service developed by
Millfield.  Millfield looks forward to making a further announcement in this
regard in the near future.


Enquiries:

Millfield Group plc

Paul Tebbutt, Chief Executive                                Tel: [phone]
Harry Roome, Finance & Operations Director                   Tel: [phone]

Redleaf Communications

Emma Kane                                                    Tel: [phone]
Nick Lambert                                                 Tel: [phone]




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