AGM Statement

Millfield Group PLC
03 September 2002

Date:                      3 September 2002

On behalf of:              Millfield Group plc ("Millfield")

Embargoed until:           1100hrs



                                   Millfield Group plc
                                       AGM Statement


Richard Mansell-Jones, Chairman of Millfield Group Plc, the independent
financial services advisory group, will make the following statement at the
Company's Annual General Meeting being held today:


"Following the recent Extraordinary General Meeting on 18th July, we have raised
£17.2 million, before expenses of £1.2 million:  £5.2 million from institutions
and other shareholders for working capital primarily for our investment in
Lifetime Portfolio Services and £12.0 million from product providers to support
our IFA acquisition programme.  With the benefit of this product provider
funding, we are now in active talks with some 12 firms of IFAs to join our MAP
scheme.  We are hopeful that the first of these discussions will come to a
fruitful conclusion in the near future.


"The nature of Millfield's business is such that it appears not to be unduly
affected by the gyrations of the stock market.  Based on our management figures
at the end of August, we achieved a stronger rate of growth in turnover for the
year to date than we experienced last year.


"The integration of our newly acquired businesses of Heritage and Moncur Jackson
continues to proceed satisfactorily.


"We believe that Millfield is well placed to make good progress for the year as
a whole.


"I would like to thank my colleagues on the Board, our IFAs and all the staff at
Millfield for their outstanding efforts."


                                    - ends -

Enquiries to:



Paul Tebbutt, Chief Executive / Harry Roome, Finance Director    Tel: [phone]
Millfield Group plc

Emma Kane, Chief Executive                                       Tel: [phone]
Redleaf Communications Ltd                                       Mob: [phone]




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