Interim Results

Trio Holdings PLC
11 May 2000


TRIO HOLDINGS PLC
Interim Report for the six months ended 31 March 2000

CHAIRMAN'S STATEMENT

The half-year under review in this statement included the
transition  to  the new millennium and I  had  counselled
caution  in  view  of  the extremely  subdued  levels  of
trading  by  the  banks  leading into  and  through  Y2K,
reflecting  their prudent mitigation of  risk  associated
with  any  potential problems. In the  event  there  were
negligible problems for the sector, but there was  indeed
very subdued trading for many weeks at that time.

Under these challenging circumstances my colleagues and I
are  pleased  at  the eventual outcome,  reflecting  more
buoyant  trading  in  February  and  particularly  March.
Specifically  the consolidated pre-tax  profits  for  the
Group  for  the half-year to 31 March 2000 were  £171,000
and  net  assets at that date were £5.7 million.  Despite
the  material  effect on trading through  the  millennium
transition, we have therefore achieved a modest  increase
in  operating profit before exceptional items compared to
the same period last year.

In   recent  statements,  I  advised  shareholders   that
approaches  had  been  received  to  acquire  our   small
investment  in  11.79%  of the ordinary  shares  of  City
Networks  Limited,  a private company,  included  in  the
balance  sheet  of  Trio  at cost  of  £30,000.  Detailed
discussions are currently in progress that may or may not
lead to a formal proposal to shareholders to approve  the
disposal  of  this investment for a sum in excess  of  £2
million.

After  provision for taxation, traditionally  high  as  a
consequence   of   the   add-back  of   disallowable   UK
expenditure, there was a loss in the first half  year  of
£232,000.   However   the   Board   has   given   careful
consideration  to  all the present circumstances  of  the
Group,  and  I  am  pleased to confirm that  the  interim
dividend  will  be  maintained at  0.1p  per  share,  for
payment  on 26 June 2000 to shareholders on the  register
at 26 May 2000.

In   the  Report  and  Financial  Statements  posted   to
shareholders on 14 February I gave an early indication of
an  important strategic initiative to leverage  our  'new
media'  expertise  in  IT and communications,  through  a
subsidiary  Trio Internet Systems Limited  ('TIS').  This
exciting  initiative progresses rapidly  and  is  already
focused on two projects.

The first is 'BrokerLink' in conjunction with Reuters, to
establish a new trading capability for interbank  dealing
in  Forward Foreign Exchange, through our main subsidiary
entity  Martin Brokers (UK) PLC. The TIS internal systems
will  utilise  web protocols over a private  intranet  to
consolidate  our  feeds to Reuters. The  present  outline
timetable  for  BrokerLink is its formal introduction  by
Reuters at the Forex Conference in Paris in mid-May  with
client  testing shortly afterwards, and live  trading  in
Q3.

The  second  project addresses the 'vertical  market'  of
Local Authorities. Martin Brokers has a very long history
of  service  to  this  important  area  of  the  domestic
sterling  market,  and  enjoys close  relationships  with
leading  Local Authorities. The expert TIS team, together
with  our specialist Local Authority brokers, are working
with a number of these customer Authorities in developing
a   range   of   relevant  internet-based  functionality,
including real-time pricing and on-line treasury  trading
facilities, but within the eventual framework goal  of  a
full  multi-function B2B portal for the Local  Government
sector.

In  concluding this interim statement I again praise  the
dedication  and  expertise of our loyal staff  and  high-
calibre operating management. Their fortitude during  the
subdued   business   environment  associated   with   our
customers' understandable trading conservatism during the
transition  to  Y2K,  and their praiseworthy  performance
during  the  more  active  recent  trading,  supports  my
continued optimism for our future.



Enquiries to: DAVID HAGAN
Executive Chairman, TRIO Holdings PLC
020 7489 8033


TRIO HOLDINGS PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT

For the six months ended 31 March 2000
(unaudited and not reviewed by the auditors)


                                               Year to 30
                            6 months to31 March September
                               2000       1999       1999
                             £000's     £000's     £000's

Turnover                     13,771     10,987     23,174

Net operating
expenses                    (13,600)  (10,850)   (22,968)

Exceptional
operating items                   -        785        785

Profit on
ordinary
activities
before taxation                 171        922        991

Taxation:

UK                            (401)      (417)      (455)

Overseas                         36      (120)      (313)

(Loss)/profit
on ordinary
activities
after taxation                (194)        385        223

Equity minority
interests                      (38)          2       (25)

(Loss)/profit
for the
period                        (232)        387        198

Proposed dividend              (83)       (83)      (167)

Retained
(loss)/profit
for the
period
transferred
to reserves                   (315)        304         31

(Loss)/profit
per share                    (0.28p)      0.46p      0.24p

Dividends
per share                      0.1p        0.1p       0.2p


STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES

(Loss)/profit
attributable
to the
equity
shareholders
of the
company                       (232)         387       198

Foreign
exchange
translation
differences
on foreign
currency
investment
in subsidiaries                (12)         (1)       (8)

Total
Recognised
gains and
losses                        (244)         386       190


RECONCILIATION OF MOVEMENT IN EQUITY SHAREHOLDERS' FUNDS

(Loss)/profit
attributable
to the
equity
shareholders
of the
company                       (232)         387       198

Other
Recognised
gains and
losses                         (12)         (1)       (8)

Proposed
dividend                       (83)        (83)     (167)

Net
(reduction)
/addition
to equity
shareholders'
funds                         (327)         303        23

Opening
Equity
shareholders'
funds                         5,936       5,913     5,913

Closing
Equity
shareholders'
funds                         5,609       6,216     5,936


TRIO HOLDINGS PLC
ABRIDGED CONSOLIDATED BALANCE SHEET

As at 31 March 2000 (unaudited and not reviewed by the
auditors)


                            31 March 2000   30 Sept 1999
                           £000's   £000's  £000's £000's

FIXED ASSETS

Tangible assets                      1,016            878
Investments                             44             44
                                      ----           ----
                                     1,060            922


CURRENT ASSETS

Stocks                         50               64
Debtors                     5,474            4,473
Cash                        4,764            4,754
                             ----             ----
                           10,288            9,291

Creditors:

amounts falling
due within
one year                  (4,386)          (2,968)
                             ----             ----

NET CURRENT ASSETS                   5,902          6,323
                                      ----           ----
Total assets
less current
liabilities                          6,962          7,245

Creditors:

amounts falling
due after
more than
1 year                             (1,294)        (1,250)
                                      ----           ----
NET ASSETS                           5,668          5,995
                                      ----           ----

CAPITAL AND RESERVES

Share capital                        4,174          4,174

Distributable
reserves                             2,474          2,474

Profit
and loss
account                            (1,039)          (712)
                                      ----           ----

Equity
Shareholders'
Funds                                5,609          5,936

Equity
minority
interests                               59             59
                                      ----           ----
                                     5,668          5,995
                                      ----           ----

TRIO HOLDINGS PLC
NOTES


1.   Profit and Loss Account
There  were no businesses acquired or discontinued during
the period. The result arises from continuing operations.
The  results  in  foreign currencies are translated  into
Sterling  at  the average exchange rates  ruling  in  the
period.

2.   Exceptional operating items
The  exceptional item was a refund of VAT plus associated
statutory  interest which was received  in  the  previous
period to 31 March 1999.

3.   Taxation
Taxation  has  been estimated on the basis that  the  six
month   period  forms  an  integral  part  of  an  annual
reporting period.

4.   Earnings per share
The   (loss)/profit  per  share  is  based  on  the   net
(loss)/profit  after  taxation attributable  to  ordinary
shareholders and on a weighted average of the  number  of
shares in issue in 2000: 83,484,325 (1999: 83,484,325).

5.   Creditors over one year
This figure includes the loan from Nittan Capital Holding
Company Limited of £1 million repayable in one amount  in
August 2002.

6.   Year 2000
Following their initial review, the directors continue to
be   alert  to  the  potential  risks  and  uncertainties
surrounding the year 2000 issue.  As at the date of  this
statement, the directors are not aware of any significant
factors which have arisen, or that may arise, which  will
affect  the  activities  of the  business;  however,  the
situation  is  still being monitored.  Any  future  costs
associated with this issue cannot be quantified  but  are
not expected to be significant.

7.   Accounts
The  above accounts are non-statutory, unaudited and  are
not   reviewed  by  the  auditors.   The  balance   sheet
comparative  figures  are as at 30 September  1999.   The
auditor's report on the full accounts for the year  ended
30  September 1999 gave an unqualified opinion.  The full
accounts   have  been  delivered  to  the  Registrar   of
Companies.   The  interim report  will  be  sent  to  all
shareholders and is available to members of the public at
the  registered  office of the Company,  4  Deans  Court,
London EC4V 5AA.