Final Results

Trio Holdings PLC
27 November 2003

27 November 2003

TRIO HOLDINGS PLC

Preliminary Results - stronger second half performance


TRIO Holdings PLC (TRN.L), a leading London-based money and securities broking
house, today announce a stronger second half performance, to give satisfactory
results in the difficult year to 30 September 2003, blighted in the first half
by uncertainties in the run up to the resolution of events in the Middle East.

Highlights:

• Profit before tax on continuing businesses £2.1 million; net of
  discontinued businesses £1.9 million (2002: £5.4 million including 
  exceptional operating items of £1.3 million)

• Recommended final dividend maintained at 0.5p per share

• Total normal dividends for the year maintained at 0.75p per share

• Net Assets at 30 September 2003 up to £11.6 million (2002: £11.3
  million)

• Cash balances stand at £10.4 million

• Significant indirect balance sheet improvement through elimination of
  long-standing contingent liability of £600,000

David Hagan, Executive Chairman, said:

'I am pleased to confirm that trading conditions indeed improved in our second
half, enabling us to report profits before tax on continuing businesses of £2.1
million and to recommend maintenance of the normal dividend level at a
historical high.

Furthermore, my colleagues and I are delighted to advise the total elimination
of a significant contingent liability of £0.6 million that has detracted from
our very strong balance sheet since 2000, vindicating the robust position
consistently taken by the board in respect of this matter.

As I reported in my interim statement on 1 May 2003, our first half was
substantially tempered by the restraint of speculative trading by our customers,
the banks, reflecting their prudence in the long run-up to the events in the
Middle East. The second half saw a return to more normal, although moderate,
market conditions. Subsequent refocus on the economic fundamentals of global
markets now perhaps suggests a prognosis of modestly rising interest rates in
most major currencies. In turn, this should imply a continuance of moderately
active markets in our specialist niche areas of expertise.'


Enquiries to:

DAVID HAGAN                                              Tel: [phone]
Executive Chairman, TRIO Holdings PLC

PATRICK TOYNE SEWELL                                     Tel: [phone]
Citigate Dewe Rogerson


                              CHAIRMAN'S STATEMENT


Review of the business

After a difficult first half, it is pleasing to announce a satisfactory out turn
for the full year as a whole with a profit on continuing businesses before
taxation of £2.1 million, becoming £1.3 million after taxation.  This,
therefore, enables the board to recommend for approval at the Annual General
Meeting a final dividend at 0.5p per share, which will be payable on 20 February
2004, to shareholders on the register on 23 January 2004. Our historically high
total normal dividend for the year will consequently be maintained at 0.75p.

Net assets have increased to £11.6 million and our very strong balance sheet, in
relationship to the size of the company, continues to include cash balances in
excess of £10 million.

In June 2003 we completed the disposal of The Network Group Limited, an
electronics design and assembly business, the ownership of which had long been
an anachronism within the group and which had become increasingly loss-making.
Its sale at net asset value to Fireco Limited was a happy resolution to our
predicament.

Niche excellence

There has been material consolidation in our very specialist industry sector,
with the continued dynamic acquisitive growth of ICAP plc, as the industry giant
and leader, and the strategically interesting acquisition of Tullett plc by the
listed stockbroking company Collins Stewart plc. Nonetheless TRIO, due to the
long and untarnished history of our principal operating subsidiary Martin
Brokers (UK) plc as the oldest money broking firm in the City, continues to be
acknowledged as the leader in several important niche sectors.

In the authoritative Risk Magazine annual survey published in September 2003, we
achieved the resounding accolade of being voted 'Top Broker' in a total of
eleven market sectors. In Forward Foreign Exchange broking, our superb teams
were 1st in Dollar/Euro, 1st in Dollar/Sterling, 1st in Dollar/Swedish Krona,
and 1st in Dollar/EM Asia. We were voted 'Top Broker' in Overnight Index Swaps
for Swedish Krona, reflecting market acknowledgement of our first class 'Scandi'
team. Also in the complex and cerebral arena of Equity Derivatives, our teams
were voted 1st in all six sectors (telecoms, technology, media, financials,
autos, and others) for European OTC Single Stock Equity Options. My board
colleagues and I congratulate the continuing excellence of our many brokers in
all these teams.

Electronic transactional systems

In recent years, several product sectors of our markets have seen the emergence
of electronic transactional systems, many with global reach, which have achieved
varying levels of acceptance and adoption by our customer base. Inherently such
systems can improve market efficiencies, reduce risk, and lend themselves to the
ultimate goal of straight-through processing.

Indeed, many of our competitor companies have embraced such systems, mainly
combining electronic broking with the traditional voice methodology, into a '
hybrid' model. We strategically endorse the hybrid model for the foreseeable
future.

In order to be at the vanguard of these remorseless advances in technology, our
talented team at Trio Internet Systems ('TIS') developed, entirely in-house, a
highly sophisticated secure electronic transactional dealing system.  Its first
product area, www.UK-Locals.com, was for Local Authority treasurers, building
societies and banks, and has now completed over 6,500 trades since its inception
over two years ago. The system's take-up and usage by its customer base
continues to grow, and indeed in October we once again achieved another record
month in transaction volumes. An additional benefit has been the enhancement of
our relationships and perception within the Local Authority sector, directly
contributing to improved profitability for that activity.

We have recently formed a new subsidiary, Martin Brokers Transactional Products
Limited, to interface between TIS and the Martin Brokers dealing teams, to
expand in due course our range of hybrid brokered products. Next January, work
will commence on the introduction of the next product area for this technology,
which is planned to go live by April, with additional and potentially more
significant product areas being introduced thereafter.

Software development

Over the last two years, the TIS team developed an all new pricing and analytics
tool branded Trio Vantage. Trio Vantage is a fast and simple to use
multi-instrument pricing tool for the dealing environment, with sophisticated
facilities for monitoring arbitrage opportunities between currencies and
instruments - www.triointernetsystems.com.  This product has now been very
successfully rolled out across all our in-house dealing desks and has
substantially replaced the third party software previously used.

Our strategy for possible external commercialisation of this product has
crystallised with the recent establishment of an in-house sales team, whose
early success has been the agreement of two major trading banks and one European
broking firm to trial the product. We are optimistic of the first external sales
of Trio Vantage emerging early in the New Year.

Relocation

Just over one year ago, the group completed a highly successful relocation to
our new office at Cannon Bridge, with the associated re-equipment, providing a
modern, open-plan, totally modular and flexible dealing room environment. The
many advantages of this flexibility continue to be helpful in enabling easy,
nil-cost expansion, contraction, and re-configuration of dealing desks and
brokers, to reflect the ebb and flow of activity levels in different products.

As an example of this expansion, during the year we established a new Credit
division, to create an initial presence in this broad arena focused on the
comparatively new international market in Credit Default Swaps, together with
corporate bonds and bond options. Inherently the establishment period of such a
new activity, bears adversely on the profit and loss account, but we view the
Credit market as a strategically important area for the future and continue to
endorse the professional endeavours of this team.

Summary

Moderately active business has continued to prevail since the year end, although
globally the financial markets are tentative, reflecting political and social
uncertainties, and I remain extremely cautious. There is still a continuing
climate of consolidation amongst our competitors. Our very sound financial base
enables us to look widely at seeking possible corporate developments for TRIO
Holdings PLC in due course, from a position of strength.

This is a fiercely competitive industry, which faces the challenge of embracing
sophisticated advances in software and technology and successfully combining
them with traditional communication methods, to provide hybrid broking of extra
added value to the banks. We will remain an active participant in this
evolution.

In particular there is always competition for good staff. Indeed their
recruitment and retention occasionally borders the absurd, and certainly
challenges the morality and the legal envelope of modern day employment
practice. But we are essentially a 'niche' broker, and the quality, expertise,
loyalty and dedication of our excellent broking, IT and back-office teams
continue to underpin my cautiously confident view of our future.


 For more information on TRIO and its operating businesses please visit:

www.trio.co.uk
www.uk-Locals.com
www.martin-brokers.com
www.triointernetsystems.com

TRIO HOLDINGS PLC

UNAUDITED PRELIMINARY STATEMENT OF ANNUAL RESULTS
FOR THE YEAR ENDED 30 SEPTEMBER 2003

                                                                             2003           2003        2003        2002
                                                                       Continuing   Discontinued       Total       Total
                                                                           £000's         £000's      £000's      £000's

Turnover                                                                   32,674            186      32,860      34,426
Operating expenses                                                       (30,678)          (481)    (31,159)    (30,596)
                                                                           ______         ______     _______     _______

Operating profit/(loss) before exceptional items                            1,996          (295)       1,701       3,830
Exceptional operating items                                                     -              -           -       1,270
                                                                           ______         ______     _______     _______

Operating profit/(loss)                                                     1,996          (295)       1,701       5,100
Profit on sale of investments                                                   -              -           -          77
Share of loss of associate                                                   (94)              -        (94)        (81)
Net interest receivable less payable                                          246              -         246         267
                                                                           ______         ______     _______     _______


Profit/(loss) on ordinary activities before taxation                        2,148          (295)       1,853       5,363

Taxation   -UK                                                              (834)              -       (834)     (2,211)
           -Overseas                                                            -              -           -        (77)
                                                                           ______         ______     _______     _______


Profit/(loss) on ordinary activities after taxation                         1,314          (295)       1,019       3,075

Dividends paid and proposed                                                 (626)              -       (626)       (835)
                                                                           ______         ______     _______     _______


Retained profit/(loss) for the year transferred to reserves                   688          (295)         393       2,240
                                                                           ======         ======      ======      ======


Earnings per share                                                                             1.22p         3.68p
                                                                                               =====         =====

Dividends per share - normal                                                                   0.75p         0.75p
                    - special                                                                      -         0.25p
                                                                                               =====         =====

TRIO HOLDINGS PLC

UNAUDITED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES


                                                                                                2003          2002
                                                                                              £000's        £000's

Profit for the year                                                                            1,019         3,075

Foreign exchange translation differences
on foreign currency investment in subsidiaries                                                     2             -
                                                                                             _______       _______

Total recognised gains and losses                                                              1,021         3,075
                                                                                              ======        ======



UNAUDITED RECONCILIATION OF MOVEMENT IN EQUITY SHAREHOLDERS' FUNDS

                                                                                                2003          2002
                                                                                              £000's        £000's

Profit for the year                                                                            1,019         3,075
Dividends paid and proposed                                                                    (626)         (835)
                                                                                             _______       _______

                                                                                                 393         2,240

Other recognised gains and losses                                                                  2             -
                                                                                             _______       _______

Net addition to equity shareholders' funds                                                       395         2,240
Opening equity shareholders' funds                                                            11,253         9,013
                                                                                             _______       _______

Closing equity shareholders' funds                                                            11,648        11,253
                                                                                              ======        ======


TRIO HOLDINGS PLC

UNAUDITED CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 2003

                                                                                   2003                      2002
                                                                                 £000's                    £000's

FIXED ASSETS

Tangible assets                                                                   1,993                     2,422
Investments                                                                          71                       165
                                                                                _______                   _______

                                                                                  2,064                     2,587

CURRENT ASSETS


Stocks                                                                    -                              92
Investments                                                             277                               -
Debtors                                                               5,062                           5,176
Cash                                                                 10,376                          11,463
                                                                    _______                         _______

                                                                     15,715                          16,731

Creditors: due within one year                                      (5,449)                         (6,885)
                                                                    _______                         _______


NET CURRENT ASSETS                                                               10,266                     9,846


Creditors: due after more than one year                                           (681)                   (1,179)

Equity minority interests                                                           (1)                       (1)
                                                                                _______                   _______

NET ASSETS                                                                       11,648                    11,253
                                                                                 ======                    ======

CAPITAL AND RESERVES

Share capital                                                                     4,174                     4,174
Capital reserve                                                                   2,474                     2,474
Profit and loss account                                                           5,000                     4,605
                                                                                _______                   _______

EQUITY SHAREHOLDERS' FUNDS                                                       11,648                    11,253
                                                                                 ======                    ======


TRIO HOLDINGS PLC


UNAUDITED CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2003

                                                                                           2003             2002
                                                                                         £000's           £000's

Net cash inflow from operating activities                                                 1,917            7,620
Returns on investments and servicing of finance                                             246              267
Taxation paid                                                                           (1,770)          (1,873)
Capital expenditure and financial investment                                               (69)            (830)
Acquisitions and disposals                                                                (141)             (93)
Dividends paid                                                                            (835)            (376)
                                                                                        _______          _______

Net cash (outflow)/inflow before financing                                                (652)            4,715
Financing                                                                                 (435)          (1,362)
                                                                                        _______          _______

(Decrease)/increase in cash in the year                                                 (1,087)            3,353
                                                                                         ======           ======

Reconciliation of net cash flow to movement in net funds

                                                                                           2003             2002
                                                                                         £000's           £000's

(Decrease)/increase in cash in the year                                                 (1,087)            3,353
Cash inflow from the decrease in debt and lease financing                                   435            1,362
                                                                                        _______          _______

Change in net funds resulting from cash flows                                             (652)            4,715
New finance leases                                                                            -          (1,501)
                                                                                        _______          _______

Movement in net funds in the year                                                         (652)            3,214

Net funds at 1 October 2002                                                              10,179            6,965
                                                                                        _______          _______

Net funds at 30 September 2003                                                            9,527           10,179
                                                                                         ======           ======

Reconciliation of operating profit to net cash inflow from operating activities

                                                                                           2003             2002
                                                                                         £000's           £000's

Operating profit                                                                          1,701            5,100
Depreciation charges                                                                        483              304
Loss on disposal of fixed assets                                                              -              122
Decrease in debtors                                                                         167            1,057
(Decrease)/increase in creditors                                                          (449)            1,055
Decrease/(increase) in stock                                                                 13             (18)
Exchange rate movements                                                                       2                -
                                                                                        _______          _______

Net cash inflow from operating activities                                                 1,917            7,620
                                                                                         ======           ======


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. 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 (2002: 
   83,484,325).

   The earnings per share excluding exceptional operating items after
   taxation in 2002 was 2.66p per share.

3. Announcement based on draft accounts (unqualified audit report)

   The financial information set out in the announcement does not
   constitute the group's statutory accounts for the years ended 30 September 
   2003 or 2002. The financial information for the year ended 30 September 2002 
   is derived from the statutory accounts for that year which have been 
   delivered to the Registrar of Companies. The auditors reported on those 
   accounts; their report was unqualified and did not contain a statement 
   under s237(2) or (3) Companies Act 1985. The statutory accounts for the year 
   ended 30 September 2003 will be finalised on the basis of the financial 
   information presented by the directors in this preliminary announcement and 
   will be delivered to the Registrar of Companies following the group's annual 
   general meeting.


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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