Final Results

Trio Holdings PLC
02 December 2002

2 December 2002

                               TRIO HOLDINGS PLC

                       Strong set of Preliminary Results

TRIO Holdings PLC (TRN.L), a leading old-established London-based money and
securities broking house, today announces a strong set of results for the year
to 30 September 2002, very substantial dividend increases, and the successful
completion of a move to new premises.

Highlights:

•         Profit before tax improves significantly to £5.363 million (2001:
          £2.916 million)

•         Special second interim dividend 0.25p per share

•         Recommended final dividend increased by 150% to 0.5p per share (2001:
          0.2p per share)

•         Total dividends for the year 1.00p per share (2001: 0.35p per share)

•         Net Assets at 30 September 2002 up to £11.253 million (2001: £9.013
          million)

•         Cash balances stand at £11.463 million (2001: £8.110 million)

•         Earnings per share increased by 122% to 3.68p (2001: 1.66p)

•         Turnover £34.426 million (2001: continuing businesses - £32.615
          million)

•         Successful re-equipment and move to new premises completed on-time and
          on-budget

David Hagan, Executive Chairman, said:

 'It is very pleasing to announce these excellent results, once again reporting
significantly improved profits before tax, being £5.363 million for the year to
30 September 2002.

'Furthermore, my colleagues and I are delighted that, at end-August during the
bank holiday weekend, the long-planned re-location to new premises in the Atrium
Building of Cannon Bridge in Dowgate Hill, London EC4, was successfully
completed with no business interruption.

'Despite the more moderate markets which have prevailed in our products since
the summer, and the significant risks, demands and potential costs inherent in
moving a money broking company, we have achieved superb performance over the
period.  This has again enabled the Board to enhance the yield to shareholders
very substantially, through a special interim dividend, allowing them to share
some of the benefits of the net exceptional income items which amount to £1.270
million before taxation, and the recommendation for a more-than-doubled final
dividend.'


                              CHAIRMAN'S STATEMENT



Review of the business

The second half of this financial year included June 2002 in which the normal
and additional Jubilee bank holidays supplemented the distractions of the World
Cup heralding a moderation of business during that month, after a prolonged
period of robust activity. Since mid-summer, the prevailing lack of interest
rate volatility and clear direction has tempered speculative activity by the
banks, and consequently lowered volumes for some desks in our operating
subsidiaries. Recent current trading has returned to 'subdued normality'.

However enlivening this modestly quieter trading period for TRIO was the
challenge of re-locating to new premises, particularly demanding in light of the
huge communications and information technology infrastructure inherent to the
business. The move was a complete success.

It is therefore very pleasing to announce the results of an extremely good year
for TRIO Holdings PLC. The profit before tax was £5.363 million, becoming £3.075
million after taxation, enabling the Board to announce a special interim
dividend of 0.25p per share, which will be payable on 15 January 2003 to
shareholders on the register on 13 December 2002.

Having paid an increased interim dividend of 0.25p per share on 12 June, I am
further pleased to announce that the Board will recommend for approval at the
Annual General Meeting a final dividend of 0.5p per share, increased by 150%
from last year, which will be payable on 21 February 2003 to shareholders on the
register on 24 January 2003.

These proposals will result in a total dividend for the year of 1.0p per share,
a very substantial enhancement of the historic yield to shareholders, and
reflect the long declared strategy of the Board to look for continuing dividend
improvement if business buoyancy is maintained.

Re-location

For many years our underlying operating company, Martin Brokers, occupied
offices opposite St.Paul's Cathedral. The landlords had long contemplated the
re-development of the site, and this crystallised about a year ago, with notice
being served requiring a re-location to be effected by September 2002.

An office move for a money broker is a very challenging task, the practical
reality being the need to effectively build a completely new dealing room into
which the broking staff could then move over a single long weekend.

However during the re-location planning period, in March 2002, we were able to
acquire an entire British Telecom DSX fully digital 200 plus-position dealer
board system, together with its entire associated Eyretel digital recording
system, from the liquidators of Enron at a very favourable price.  The full '
new' cost of this hardware is daunting.

This highly opportunistic equipment acquisition, all of which was new or
virtually new and of the highest specification, was a key ingredient in enabling
the on-time, on-budget fit-out of the 25,000 sq.ft. of space in Cannon Bridge,
the Euronext-LIFFE building at 25 Dowgate Hill.

This space provides a modern open-plan flexible dealing room concept, utilising
structured cabling, flood wiring, modular 'flat' dealing desks, flat screens, an
integrated fully digital dealing platform and faster network technology. I
believe this state-of-the-art trading environment is long overdue for our superb
broking teams, and that the awareness and proximity of complimentary markets
will produce many benefits.

I commend our excellent and diligent in-house telecommunications and IT
professionals for achieving 100% success on the technology transfer of the
re-location.

Exceptional operating items

In a period when the Group was faced with the financial impact of a move to new
premises, it has again been helpful to have received £1.388 million due to a
significant recovery of VAT and associated statutory interest, probably the last
lap of a long-running dispute with HM Customs and Excise. Further to this
exceptional item, our vacation of the premises at Deans Court gave rise to our
receipt in July of £645,000 of statutory compensation from the landlord.

Netted against these income items were the revenue costs of the move, and some
residuary fixed asset write offs, resulting in net exceptional income of £1.270
million before notional taxation of £417,000.

The combination of this net exceptional income, and the opportunistic hardware
acquisition, has meant that the prospective high costs of re-location, and
effective complete re-equipping of the Group, have had no prejudicial effect
whatsoever on our very strong balance sheet, now showing net assets of £11.253
million including very substantial liquidity with cash balances at £11.463
million.

Summary

Our technology and financial strength are enviable for a niche broking group of
our size, and we continue to seek to leverage our skills, knowledge base and
resources to exploit opportunities for the further enhancement of shareholder
value.

On the technology side, our electronic transactional Local Government Treasury
dealing system for Local Authorities, building societies and banks
www.uk-Locals.com has just impressively concluded a fourth consecutive record
month, and we are actively reviewing the application of this proven
Internet-based secure electronic trading system to new products. Our small
involvement in the Air Charter Exchange www.acx.aero, co-investing with SITA and
others, achieved modest profitability in November. However our main technology
endeavour at the moment, through the talented team at our subsidiary Trio
Internet Systems Limited, remains the completion of the 'all-new' Arbitrage
system, to be branded Trio Insight 'Vantage' and 'Vision', and we are confident
a beta-test version will be available to our in-house arbitrage desk by early in
the New Year.

On the financial and corporate side, we will continue to nurture the present
strength of TRIO Holdings PLC, in markets that may become more difficult. There
remains a climate of consolidation amongst our customers and amongst our
competitors, and we will tread carefully, from this position of strength,
seeking opportunities across a broad horizon.

For further information please contact:

DAVID HAGAN, Executive Chairman, TRIO Holdings PLC         020 7469 9100

PATRICK TOYNE SEWELL, Citigate Dewe Rogerson               020 7638 9571

www.uk-Locals.com
www.acx.aero
www.martin-brokers.com
www.trio.co.uk


TRIO HOLDINGS PLC



UNAUDITED PRELIMINARY STATEMENT OF ANNUAL RESULTS
FOR THE YEAR ENDED 30 SEPTEMBER 2002


                                                                              Year to               Year to
                                                                              30.9.02               30.9.01
                                                                               £000's                £000's


Turnover                                                                       34,426                33,817
Operating expenses                                                           (30,596)              (30,787)

Operating profit before exceptional items                                       3,830                 3,030
Exceptional operating items                                                     1,270                 (340)

Operating profit                                                                5,100                 2,690
Profit on sale of investment                                                       77                     -
Share of loss of associates                                                      (81)                  (25)
Net interest receivable less payable                                              267                   251

Profit on ordinary activities before taxation                                   5,363                 2,916

Taxation   UK                                                                 (2,211)               (1,540)
           Overseas                                                              (77)                    11

Profit for the year                                                             3,075                 1,387

Dividends paid and proposed                                                     (835)                 (292)

Retained profit for the year transferred to reserves                            2,240                 1,095


Earnings per share                                                              3.68p                 1.66p

Dividends per share                                                             1.00p                 0.35p


TRIO HOLDINGS PLC

STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

                                                                              Year to                 Year to
                                                                              30.9.02                 30.9.01
                                                                               £000's                  £000's

Profit for the year                                                             3,075                   1,387

Foreign exchange translation differences
on foreign currency investment in subsidiaries                                      -                     (6)

Total recognised gains and losses                                               3,075                   1,381




RECONCILIATION OF MOVEMENT IN EQUITY SHAREHOLDERS' FUNDS


                                                                              Year to                  Year to
                                                                              30.9.02                  30.9.01
                                                                               £000's                   £000's

Profit for the year                                                             3,075                    1,387
Dividends paid and proposed                                                      (835)                    (292)

                                                                                2,240                    1,095

Other recognised gains and losses                                                   -                      (6)

Net addition to equity shareholders' funds                                      2,240                    1,089
Opening equity shareholders' funds                                              9,013                    7,924

Closing equity shareholders' funds                                             11,253                    9,013



TRIO HOLDINGS PLC

UNAUDITED CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2002

                                                                     30.9.02                     30.9.01
                                                                      £000's                      £000's

FIXED ASSETS

Tangible assets                                                        2,422                         517
Investments                                                              165                          77

                                                                       2,587                         594

CURRENT ASSETS

Stocks                                                      92                          74
Debtors                                                  5,176                       6,243
Cash                                                    11,463                       8,110

                                                        16,731                      14,427

Creditors: due within one year                         (6,885)                     (5,869)

NET CURRENT ASSETS                                                     9,846                       8,558

Creditors: due after more than one year                              (1,179)                       (138)

Equity minority interests                                                (1)                         (1)

NET ASSETS                                                            11,253                       9,013


CAPITAL AND RESERVES

Share capital                                                          4,174                       4,174
Capital reserve                                                        2,474                       2,474
Profit and loss account                                                4,605                       2,365

EQUITY SHAREHOLDERS' FUNDS                                            11,253                       9,013




TRIO HOLDINGS PLC

UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2002


                                                                          Year to            Year to
                                                                          30.9.02            30.9.01
                                                                           £000's             £000's

Net cash inflow from operating activities                                   7,620              2,579
Returns on investments and servicing of finance                               267                278
Taxation paid                                                             (1,873)            (1,008)
Capital expenditure and financial investment                                (830)              (104)
Acquisitions and disposals                                                   (93)              2,559
Dividends paid                                                              (376)              (626)

Net cash inflow before financing                                            4,715              3,678
Financing                                                                 (1,362)              (143)

Increase in cash in the year                                                3,353              3,535



Reconciliation of net cash flow to movement in net funds
                                                                          Year to            Year to
                                                                          30.9.02            30.9.01
                                                                           £000's             £000's

Increase in cash in the year                                                3,353              3,535
Cash inflow from the decrease in debt and lease financing                   1,362                143

Change in net funds resulting from cash flows                               4,715              3,678
New finance leases                                                        (1,501)                  5

Movement in net funds in the year                                           3,214              3,683

Net funds at 1 October 2001                                                 6,965              3,282

Net funds at 30 September 2002                                             10,179              6,965




Reconciliation of operating profit to net cash inflow from operating results

                                                                         Year to               Year to
                                                                         30.9.02               30.9.01
                                                                          £000's                £000's

Operating profit                                                           5,100                 2,690
Depreciation charges                                                         304                   406
Loss on disposal of fixed assets                                             122                     -
Decrease/(increase) in debtors                                             1,057               (1,054)
Increase in creditors                                                      1,055                   522
(Increase)/decrease in stock                                                (18)                    14
Exchange rate movements                                                        -                     1

Net cash inflow from operating activities                                  7,620                 2,579



TRIO HOLDINGS PLC

NOTES

1. Profit and Loss Account

The results in foreign currencies are translated into Sterling at the average
exchange rates ruling in the  year in which the results accrued.

2. Exceptional operating items


The exceptional operating items are analysed as follows:
                                                                         Year to           Year to
                                                                         30.9.02           30.9.01
                                                                          £000's            £000's

VAT recovery                                                               1,388                 -
Statutory compensation                                                       649                 -
Revenue costs of move                                                      (645)                 -
Fixed assets written off on move                                           (122)                 -
Goodwill written off on acquisition of minority interest                       -             (340)

                                                                           1,270             (340)


The VAT recovery, which is inclusive of statutory interest, is part of a long
running dispute with HM Customs and Excise, relating to Custom's
misinterpretation of the VAT status of certain foreign exchange transactions
undertaken by a subsidiary.

Statutory compensation was paid by the landlord in respect of the termination of
the lease on the previous premises.

Taxation on the exceptional items is estimated at £417,000 (2001: no tax
effect).

3. Earnings per Share

Earnings per share is based on the net profit after taxation attributable to
ordinary shareholders and on a weighted average of the number of ordinary shares
in issue in the year: 83,484,325 (2001: 83,484,325).

The earnings per share excluding the net exceptional items after taxation is
2.66p per share.

5. Accounts

The above accounts do not constitute full accounts within the meaning of the
Companies Act.  The accounts have been prepared using accounting policies which
are consistent with those used in previous periods. Full accounts for the year
to 30 September 2002 (which have not yet been delivered to the Registrar of
Companies or reported on by the Auditors) will be circulated to members in early
2003.  Full accounts for the year ended 30 September 2001 received an
unqualified Auditors' report and have been delivered to the Registrar of
Companies.

Copies of this announcement are available to members of the public at the
Company's registered office, Cannon Bridge, 25 Dowgate Hill, London  EC4R 2BB.


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