Final Results

Trio Holdings PLC
11 December 2001


For Stock Exchange Release ... embargoed until 7.30 am on 11th December 2001


 TRIO HOLDINGS PLC


Preliminary Announcement of Results for the year ended 30th September 2001



CHAIRMAN'S STATEMENT

  * Operating profit before exceptional item £3.030 million (2000 - £0.073
    million)


  * Turnover £33.817 million (2000 - £29.198 million)


  * Net Assets at 30 September 2001 of £9.013 million (2000 - £7.924
    million)


  * Cash balances £8.110 million (2000 - £4.575 million)


  * Recommended final dividend 0.2p per share (2000 - 0.1p per share)


I am very pleased to report significantly improved operating profits of £3.030
million for the year ended 30 September 2001, before an exceptional item
writing off attributable goodwill on our repurchase in February of the
minority interest in Trio Equity Derivatives Limited.

The profit before taxation was £2.916 million, becoming £1.387 million after
tax. Net assets at the year-end were £9.013 million, close to 11p per share,
which included substantial cash balances of £8.110 million.

At the half-year the Board enhanced the traditional yield to shareholders with
an interim dividend increased to 0.15p per share. Reflecting continuing
improvement in the operating performance of the Group in the second half-year,
the Board will now recommend for approval at the Annual General Meeting an
increased final dividend of 0.2p per share, doubling the last final dividend
and bringing the total for the year to 0.35p per share (2000 - total normal
dividend 0.2p per share). This final dividend will be payable on 21 March 2002
to shareholders on the register at 1 March 2002.

The moderate markets, which prevailed for the first quarter of the financial
year just ended, became materially more active following the actions of the US
Federal Reserve cutting US interest rates in January 2001, then again in
April. Indeed volatility in global interest rates, and general economic
uncertainty, has persisted to date. This has provided buoyant market
conditions in the last three quarters of the financial year, and beyond,
favourable to the high levels of voice-broking skill and expertise of our
loyal staff and high calibre operating management.

These results clearly reflect the benefits of these better market conditions,
which complement our over-riding strategy to carefully nurture the core
businesses of our flagship forward foreign exchange broking, and associated
arbitrage, cash and off-balance sheet services, to achieve pre-eminent market
share in substantially all our key product areas. Consequently I am pleased
that we have been able to enhance materially the normal dividend yield. The
Board will look for continuing dividend improvement if the present business
buoyancy is maintained in the current financial year.

On 1 November 2001 we announced the sale of Martin International Securities
Limited for an immediate cash consideration equal to the net asset value of
this subsidiary, thereby ceasing any further losses in the 'matched principal'
broking of Corporate Euro Eurobonds. Accordingly the results of this
now-ceased activity have been distinguished as 'discontinued' in these
figures.

In March 2001 we introduced our electronic transactional Local Government
Treasury dealing system for Local Authorities, building societies and banks.
This Internet-based secure electronic trading system was developed by our
talented software development team in Trio Internet Systems Limited,
co-operating with the Local Authority broking team in Martin Brokers. I am
delighted to announce that over 1,000 trades have now been completed through
www.uk-Locals.com, and the number of clients using this service continues to
grow.

In July 2001 we announced a small but significant involvement in the Air
Charter Exchange. Trio has co-invested with SITA Advanced Travel Solutions
(formerly Equant Application Services) which is now a division of SITA, the
airline communications network co-operatively owned by the worlds' airlines. A
further co-investor is Nittan Capital Group Limited, a subsidiary of Central
Tanshi Company Limited of Tokyo. www.aircharterexchange.com is a global
electronic transactional exchange for the inter-professional wholesale market
between airlines and whole-aircraft cargo charterers. It is a unique and
highly effective service. Significantly, September and October saw a rapid
increase in new membership registrations, enquiries and quotations, and I am
pleased to advise that November saw the completion of the first transactions
through the Exchange, including three intercontinental charters.

On 11 September in New York and Washington many people lost their lives, for
all of whom we grieve. Shockingly, towards 1,000 of the fatalities at the
World Trade Centre were employees of three fellow companies in money,
securities and derivatives broking. Although fortunately our businesses were
not directly affected by this horrific event many, many of the victims were
known to us, including some former colleagues who had worked for the Group in
New York and in London: further, our 'correspondent' broking relationships
with these companies meant there were open communication lines in use at the
moments of disaster.

Therefore in conclusion I wish to express the sorrow so deeply and personally
felt by myself, my senior colleagues and all our brokers, at such a 'close'
tragedy. We extend our sympathy, condolences, support, and the lasting hand of
friendship, to the many families and friends affected.


Enquiries to:        DAVID HAGAN

                     Executive Chairman, TRIO Holdings PLC

                     020 7489 8033



TRIO HOLDINGS PLC

UNAUDITED PRELIMINARY STATEMENT OF ANNUAL RESULTS

FOR THE YEAR ENDED 30 SEPTEMBER 2001

                                   Year to      Year to     Year to     Year to
                                   30.9.01      30.9.01     30.9.01     30.9.00
                                    £000's       £000's      £000's      £000's
                                Continuing Discontinued       Total

Turnover                            32,615        1,202      33,817      29,198

Operating Expenses                (28,517)      (2,270)    (30,787)    (29,125)
                               -----------   ---------- ----------- -----------
Operating profit/(loss) before       4,098      (1,068)       3,030          73
exceptional item

Exceptional item                     (340)            -       (340)           -
                               -----------   ---------- ----------- -----------
Operating profit/(loss)              3,758      (1,068)       2,690          73

Net interest receivable less           213           38         251          85
payable

Share of loss of associate            (25)            -        (25)           -

Profit on sale of investment             -            -           -       2,507
                               -----------   ---------- ----------- -----------
Profit/(loss) on ordinary            3,946      (1,030)       2,916       2,665
activities before taxation

Taxation              UK           (1,830)          290     (1,540)       (697)
                      Overseas          11            -          11          60
                               -----------   ---------- ----------- -----------
Profit/(loss) on ordinary            2,127        (740)       1,387       2,028
activities after taxation

Equity minority interests                -            -           -        (38)
                               -----------   ---------- ----------- -----------
Profit/(loss) for the year           2,127        (740)       1,387       1,990

Dividends paid and proposed          (292)            -       (292)       (584)
                               -----------   ---------- ----------- -----------
Retained profit/(loss) for the
year transferred to
reserves                             1,835        (740)       1,095       1,406
                                    ======       ======      ======      ======

Earnings per share                                            1.66p       2.38p
                                                             ======      ======

Dividends per share:  normal                                  0.35p        0.2p
                      special                                     -        0.5p
                                                             ======      ======


TRIO HOLDINGS PLC

STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
                                                             Year to    Year to
                                                             30.9.01    30.9.00
                                                              £000's     £000's

Profit for the year                                            1,387      1,990

Foreign exchange translation differences on foreign currency
investment in subsidiaries                                       (6)         39
                                                          ---------- ----------
Total recognised gains and losses                              1,381      2,029
                                                              ======     ======



RECONCILIATION OF MOVEMENT IN EQUITY SHAREHOLDERS' FUNDS

                                                         Year to       Year to
                                                         30.9.01       30.9.00
                                                          £000's        £000's

Profit for the year                                        1,387         1,990
Dividends paid and proposed                                (292)         (584)
                                                      ----------    ----------
                                                           1,095         1,406

Other recognised gains and losses                            (6)            39
Capital contribution received                                  -           660
Goodwill transferred on disposal                               -         (117)
                                                      ----------    ----------
Net addition to equity shareholders' funds                 1,089         1,988
Opening equity shareholders' funds                         7,924         5,936
                                                      ----------    ----------
Closing equity shareholders' funds                         9,013         7,924
                                                          ======        ======

TRIO HOLDINGS PLC

UNAUDITED ABRIDGED CONSOLIDATED BALANCE SHEET

AS AT 30 SEPTEMBER 2001
                                                  30.9.01               30.9.00
                                       £000's      £000's    £000's      £000's

FIXED ASSETS
Tangible Assets                                       517                   825
Investments                                            77                    15
                                                ---------            ----------
                                                      594                   840
CURRENT ASSETS
Stocks                                     74                    88
Debtors                                 6,243                 7,859
Cash                                    8,110                 4,575
                                    ---------             ---------
                                       14,427                12,522
Creditors: amounts falling due
within one year                       (5,869)               (4,193)
                                    ---------             ---------

NET CURRENT ASSETS                                  8,558                 8,329

Creditors: amounts falling due
after more ar                                       (138)               (1,243)

Equity minority interests                             (1)                   (2)
                                              -----------           -----------
NET ASSETS                                          9,013                 7,924
                                                   ======                ======
CAPITAL AND RESERVES
Share Capital                                       4,174                 4,174
Capital reserve                                     2,474                 2,474
Profit and loss account                             2,365                 1,276
                                              -----------           -----------
EQUITY SHAREHOLDERS' FUNDS                          9,013                 7,924
                                                   ======                ======


TRIO HOLDINGS PLC

UNAUDITED ABRIDGED CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 SEPTEMBER 2001
                                                           Year to     Year to
                                                           30.9.01     30.9.00
                                                            £000's      £000's

Net cash inflow from operating activities                    2,579         308

Returns on investments and servicing of finance                278         121

Taxation paid                                              (1,008)       (671)

Capital expenditure and financial investment                 (104)       (264)

Acquisitions and disposals                                   2,559          62

Dividends paid                                               (626)       (205)

Net cash inflow/(outflow) before financing                   3,678       (649)

Financing                                                    (143)         470
                                                         ---------   ---------
Increase/(decrease) in cash in the year                      3,535       (179)
                                                             =====      ======

Reconciliation of net cash flow to movement in net debt

                                                           Year to     Year to
                                                           30.9.01     30.9.00
                                                            £000's      £000's

Increase/(decrease) in cash in the year                      3,535       (179)

Cash outflow from the decrease in lease financing              143         190
                                                         ---------   ---------
Change in net debt resulting from cash flows                 3,678          11

New finance leases                                               5       (197)
                                                         ---------   ---------
Movement in net fund/(debt) in the year                      3,683       (186)

Net fund at 1 October 2000                                   3,282       3,468
                                                         ---------   ---------
Net fund at 30 September 2001                                6,965       3,282
                                                             =====       =====


Reconciliation of operating loss to net cash outflow from operating results

                                                          Year to       Year to
                                                          30.9.01       30.9.00
                                                           £000's        £000's

Operating profit                                            2,690            73

Depreciation charges                                          406           405

(Gain) on sale of subsidiaries                                  -         (124)

(Increase) in debtors                                     (1,054)         (790)

Increase in creditors                                         522           731

Decrease/(increase) in stock                                   14          (24)

Exchange rate movements                                         1            37
                                                        ---------     ---------
Net cash inflow from operating activities                   2,579           308
                                                            =====         =====


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. Exceptional item

The exceptional item represents the write off of goodwill arising on the
acquisition of the minority interest in a subsidiary in the first half of the
year as disclosed in the interim report.

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 in the year: 83,484,325 (2000: 83,484,325).

4. Creditors under one year

This figure includes the loan from Nittan Capital Holding Company Limited of 
£1 million repayable in full in August 2002.

5. 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 2001, (which have not yet been delivered to the
Registrar of Companies or reported on by the Auditors) will be circulated to
members in early 2002. Full accounts for the year ended 30 September 2000
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.