Trading Statement

United Overseas Group PLC
23 May 2001

                           United Overseas Group plc


                                Trading Update


United Overseas Group plc ('the Company'), the worldwide distributor of
branded consumer goods, announces that trading in the period since 31 December
2000 has been disappointing and consequently the Directors believe that the
Company is unlikely to be profitable in the six months ended 30 June 2001.



As a consequence of this, the Directors believe that it is now essential for
the Company to obtain additional funding in the near future. They have had
detailed discussions with both the Company's bank and with its two largest
shareholders and have reached agreement in principle regarding an injection of
new equity funds into the Company.



A further statement will be made as soon as possible regarding the outcome of
these discussions.



Enquiries:


Michael Corke
Group Chief Executive
United Overseas Group plc                         Tel:   [phone]


Tim Worlledge
Williams de Broe Plc                              Tel: [phone]
Financial advisers to United Overseas Group plc