Preliminary Results

Trio Holdings PLC
11 December 2000



TRIO HOLDINGS PLC

Preliminary Announcement of Results for the year ended 30th September 2000



CHAIRMAN'S STATEMENT

  * Profit before taxation £3.325 million (1999 - £0.991 million)
  * Turnover of £29.198 million (1999 - £23.174 million)
  * Net Assets at 30 September 2000 of £7.926 million (1999 - £5.995
    million)
  * Special interim dividend of 0.5p per share to be paid in January 2001
  * Recommended final dividend of 0.1p per share (1999 - 0.1p per share)



I am very pleased to report pre-tax profits of £3.325 million for the year
ended 30 September 2000, and net assets at that date of £7.926 million. After
appropriate provision, the profit after taxation was £2.688 million.

The year has included negative and positive circumstances for Trio Holdings
PLC ('Trio'). The transition to Y2K, now substantially forgotten, created
negligible technical problems for the sector: but trading levels by our
customer banks, reflecting their prudent mitigation of risk at that critical
time, were very subdued for many weeks during traditionally an active seasonal
period.

Nonetheless the period under review concluded with the highly successful
disposal of our small minority shareholding in City Networks Limited, which
accounted for the exceptional operating item in these results of £2.507
million. Following shareholder approval at an extraordinary general meeting,
the substantial proceeds of this disposal, included in debtors at the
year-end, were received in full in mid-November and therefore translate from
debtors to enhance our cash balances after this Balance Sheet date.

We adopted a careful and focused expansion strategy in our underlying
businesses. The year has therefore seen the organic growth in our flagship
forward foreign exchange broking, and associated arbitrage, cash and
off-balance sheet services, of a significant capability in Scandinavian
currencies, which were not previously covered by Martin Brokers (UK) PLC
('Martin Brokers'). This was a bold business move, strongly promoted by our
senior money broking management, and happily vindicated by the 'no' vote in
the recent Danish referendum.

Also in our core businesses we have persisted with the establishment of Martin
International Securities Limited, broking Euro-Eurobonds on a matched
principal basis. This has been a challenging endeavour, but benefited from the
recruitment of a cohesive, talented and well managed team some months ago and
has made encouraging progress to adding 'securities' broking to our stable of
niche products.

We have constantly sought opportunities to leverage our expertise and
resources, particularly in IT and communications, and three modest but
exciting projects have emerged so far. The first is the 'BrokerLink' project
in conjunction with Reuters, which is in beta-testing at the date of this
announcement. Developed co-operatively with our skilled software development
team in Trio Internet Systems Limited ('TIS'), this project will establish an
additional new trading capability for Martin Brokers and for Reuters,
initially in forward foreign exchange, and should be widely available in the
New Year.

The second is a co-operation between TIS and our traditional Local Authority
broking team within Martin Brokers. It is an exciting project to bring highly
sophisticated internet-based electronic transactional Treasury dealing
capability to this traditional customer base. www.uk-locals.com is presently
beta-testing with some 20 such customers with enthusiasm, and we expect to
launch it to the full peer group of some 460 UK Local Authorities before the
Spring.

The third is Trio's very recent agreement to make a modest founding investment
in CityCompass Limited, which will give the Group a 22.5% stake. This
involvement will be enhanced by IT and infrastructure support from our
in-house resources, and management involvement: it will be an associated
company. I expect full details of this initiative by a group of experienced
and highly regarded professionals to be fully publicised within days, which
will detail the CityCompass strategy to promote an unbiased
community-of-interest network for the estimated 30,000 professionals operating
in the global settlement and clearing industry.

We will continue to exercise very careful stewardship in our difficult core
sector. Against the remorseless advances in technology, and consequently the
threatening emergence of a plethora of competing electronic transactional
systems setting out to supplant the voice broker, consolidation and misfortune
amongst our competitors has been rife. Indeed some very long-established and
fine franchises from the traditional money broking past are no longer. However
it has been a good and fortunate year for Trio, achieving some vital and
complementary key expansion of our core products and services, beginning to
build some highly relevant new media initiatives, and enjoying the continuing
dedication and expertise of our loyal staff and high calibre operating
management.

Further we have emerged with significant enhancement and strength to our
Balance Sheet and our underlying performance. The Board have reviewed this
strong relative financial position and will sustain continued cautious
expansion only in chosen niche areas of our core businesses, and will continue
with a program of modest investment into appropriate new projects, as and when
suitable opportunities arise. However in recognition of the recent exceptional
gain the Board are pleased to announce that a Special Interim Dividend of 0.5p
per share will be paid on 26 January 2001 to shareholders on the register at 3
January 2001.

In addition to this special dividend, your Board are pleased to advocate a
final dividend for the year to 30 September 2000 at the same rate as last
year, and matching the interim dividend. Accordingly a further 0.1p per share
will be recommended for approval at the Annual General Meeting: this final
dividend will be paid on 22 March 2001 to shareholders on the register at 2
March 2001. With the interim dividend of 0.1p per share paid on 26 June 2000,
the special dividend for payment on 26 January, and this recommended final
dividend next March, the total in respect of the year to 30 September 2000
will be 0.7p per share.

I am pleased in conclusion to be able to reiterate my cautious optimism
generally for the future of Trio, and to affirm the commitment of myself and
my colleagues to continue to pursue any and all opportunities, on a broad
horizon, for the further enhancement of shareholder value.



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



TRIO HOLDINGS PLC

UNAUDITED PRELIMINARY STATEMENT OF ANNUAL RESULTS FOR THE TWELVE MONTHS ENDED
30 SEPTEMBER 2000


                                                           Year to      Year to

                                                        30.09.2000   30.09.1999

                                                            £000's       £000's

Turnover                                                    29,198       23,174
Operating Expenses                                         (28,380)     (22,968)
Exceptional operating item                                   2,507          785

Profit on ordinary activities before taxation                3,325          991

Taxation UK                                                   (697)        (455)
Overseas                                                        60        (313)
Profit on ordinary activities after taxation                 2,688          223
Equity minority interests                                      (38)         (25)
Profit attributable to the shareholders                      2,650          198
Dividends paid and proposed                                   (584)        (167)
Retained profit for the year transferred to reserves         2,066           31
Earnings per share                                    3.29p               0.24p



TRIO HOLDINGS PLC

UNAUDITED CONSOLIDATED BALANCE SHEET

AS AT 30 SEPTEMBER 2000




                                          30.09.00                     30.09.99

                                £000's      £000's        £000's         £000's

FIXED ASSETS
Tangible Assets                                825                          878
Investments                                     15                           44
                                               840                          922

CURRENT ASSETS
Stocks                              88                        64
Debtors                          7,859                     4,473
Cash                             4,575                     4,754
                                12,522                     9,291

Creditors under one year        (4,193)                   (2,968)


NET CURRENT ASSETS                           8,329                        6,323
Creditors over one year                     (1,243)                      (1,250)


NET ASSETS                                   7,926                        5,995



CAPITAL AND RESERVES
Share Capital                                4,174                        4,174
Capital reserve                              2,474                        2,474
Profit and loss account                      1,276                         (712)

Equity Shareholders Funds                    7,924                        5,936
Equity minority interests                        2                           59

                                             7,926                        5,995



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 item


        The exceptional operating item relates to the profit on the sale of
        the investment in City Networks Limited, net of costs.

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.

4.     Debtors


        Debtors are analysed as follows:

                                                        2000               1999
                                                      £000's             £000's

Trading Debtors                                        4,766              3,744
Other Debtors                                          3,093                729
                                                       7,859              4,473




        Included in other debtors is £2,646,000, being the proceeds of the
        sale of the Group's interest in City Networks Limited; this was
        received in full on 10th November 2000.



5. Statement of total recognised gains and losses
                                                                         2000
                                                                         £000's

Profit attributable to the equity shareholders                            2,650
Foreign exchange translation differences on foreign
currency investment in subsidiaries                                          39

Total recognised gains and losses                                         2,689



 6. Reconciliation of movement in Equity Shareholders' Funds

                                                                           2000
                                                                         £000's

Profit attributable to the equity shareholders                            2,650
Other recognised gains and losses                                            39
Dividends paid and proposed                                                (584)
Goodwill adjustment                                                        (117)
Net addition to equity shareholders' funds                                1,988

Opening equity shareholders' funds                                        5,936
Closing equity shareholders' funds                                        7,924



7.     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 2000, (which have not yet
        been delivered to the Registrar of Companies or reported on by the
        Auditors) will be circulated to members in early 2001. Full accounts
        for the year ended 30 September 1999 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, 4 Deans Court, London EC4V 5AA.