Pre Close Trading Update

TBI PLC
06 April 2004

TBI plc

('TBI' or 'the Group')

Pre-Close Trading Update and Quarterly Traffic Statistics

The Board of TBI confirms that trading for the second half of the year has been
in line with expectations as low-cost travel to domestic and European
destinations continues to grow.

During the six months to 31 March 2004, the Group has continued to attract
additional low-cost traffic. In November 2003 London Luton Airport ('Luton')
became the first destination to be served out of easyJet's new Schonefeld base
in Berlin, followed in February 2004 by the announcement of a new route to
Budapest International.  In addition, the Group awarded the mandate to manage
its car park operations at Luton, together with the bus shuttle service between
Luton Airport Parkway railway station and the terminal at Luton, to NCP.  The
five year contract commenced 1 April 2004.

Looking ahead, WIZZ Air will commence a new route to Katowice in Poland in May
and easyJet will begin services to Dortmund in September, both of which will be
served out of Luton.

Elsewhere, Belfast, Cardiff and Skavsta have all continued to benefit from
growth in low-cost activity. In March, easyJet announced the further expansion
of its operations out of Belfast International (BIA) with the launch of new
direct scheduled services to four key European destinations in France and Spain,
plus an additional daily London Gatwick service, bringing the total destinations
served by easyJet from BIA to 13. This comes on top of the announcement by Jet2
of two new services to be commenced to Prague and Brussels. BIA continues to
work closely with both Air Route Development (NI) Ltd and easyJet and we look
forward to announcing further major developments in the near future.

At Skavsta, work on the new terminal building has been completed with full
commercial operation scheduled to begin later this month. Traffic continues to
grow rapidly at Skavsta underpinned by Ryanair's base operation at this
location, which was bolstered in January with the addition of two new daily
routes to Rome and Milan.  Cardiff continues to benefit from the success of
bmibaby.

Outside Europe, Orlando Sanford continues to see a recovery in domestic traffic
which will be further boosted this month when Vacation Express returns its
Caribbean hub operations to this airport.  Under the seven year agreement,
flights will operate three days a week to 11 Caribbean destinations.

TBI's Preliminary Results for the year ended 31 March 2004 will be announced on
10 June 2004.

                                                                    6 April 2004

Enquiries:

TBI plc                                                        020 7408 7300

    Keith Brooks, Chief Executive
    Caroline Price, Finance Director

College Hill                                                   020 7457 2020
    Justine Warren
    Crawford Burden


FOURTH QUARTER TRAFFIC STATISTICS

Passenger numbers ('000s): 1 January 2004 - 31 March 2004

                               Luton       Belfast       Cardiff      Skavsta        Total
Full service                   140.2           1.0          49.9          0.0        191.1
                              -1.48%       -97.81%         4.18%           na      -18.99%
Low cost                      1255.1         772.5         165.7        259.1       2452.4
                               5.34%        11.15%        28.25%      214.82%       16.89%
Charter                        115.0          96.0         127.6          0.0        338.6
                              26.10%        19.70%        -0.78%           na       12.87%
Total                         1510.3         869.5         343.2        259.1       2982.1
                               5.99%         5.92%        12.27%      214.82%       13.22%

Passenger numbers ('000s): 1 January 2003 - 31 March 2003

                               Luton       Belfast       Cardiff      Skavsta        Total
Full service                   142.3          45.7          47.9          0.0        235.9
Low cost                      1191.5         695.0         129.2         82.3       2098.0
Charter                         91.2          80.2         128.6          0.0        300.0
Total                         1425.0         820.9         305.7         82.3       2633.9

Note to Editors:

TBI's European airports comprise: London Luton, Belfast International, Cardiff
International and Stockholm-Skavsta

Percentage changes shown are comparisons with the same period in 2003

TBI's four European airports handled a total of 3 million passengers during the
period from 1 January to 31 March 2004, an increase of 13.2% over the
corresponding period last year (2003:  2.6 million). For the six months to
March, passenger numbers rose by 15% to 6.1 million.

Once again, low-cost traffic continued to drive growth across the portfolio
increasing by 17% to 2.5 million passengers, while full service fell 19% and
charter increased 13%.

The growth in low-cost was principally driven out of Cardiff and Skavsta, which
increased passenger numbers by 28% and 215% respectively as a result of the
growth in operations by bmibaby (Cardiff) and Ryanair (Skavsta).

APPENDIX

Passenger numbers ('000s): 1 October 2003 - 31 December 2003

                               Luton       Belfast       Cardiff      Skavsta        Total
Full service                   157.6           1.1          49.4          0.0        208.1
                              12.25%       -98.65%       -19.02%           na      -26.44%
Low cost                      1254.4         785.4         167.6        292.9       2500.3
                               5.11%        26.27%        92.42%      251.20%       25.90%
Charter                        162.9         129.8         168.6          0.2        461.5
                              -7.71%        21.08%        -3.93%           na        0.50%
Total                         1574.9         916.3         385.6        293.1       3169.9
                               4.28%        13.03%        19.16%      251.41%       16.20%


Passenger numbers ('000s): 1 October 2002 - 31 December 2002

                               Luton       Belfast       Cardiff      Skavsta        Total
Full service                   140.4          81.5          61.0          0.0        282.9
Low cost                      1193.4         622.0          87.1         83.4       1985.9
Charter                        176.5         107.2         175.5          0.0        459.2
Total                         1510.3         810.7         323.6         83.4       2728.0

Passenger numbers ('000s): Six months to 31 March 2004

                               Luton       Belfast       Cardiff      Skavsta        Total
Full service                   297.8           2.1          99.3          0.0        399.2
                               5.34%       -98.35%        -8.82%           na      -23.05%
Low cost                      2509.5        1557.9         333.3        552.0       4952.7
                               5.22%        18.29%        54.09%      233.13%       21.27%
Charter                        277.9         225.7         296.2          0.2        800.0
                               3.81%        20.44%        -2.60%           na        5.37%
Total                         3085.2        1785.7         728.8        552.2       6151.9
                               5.11%         9.44%        15.81%      233.31%       14.73%

Passenger numbers ('000s): Six months to 31 March 2003

                               Luton       Belfast       Cardiff      Skavsta        Total
Full service                   282.7         127.2         108.9          0.0        518.8
Low cost                      2384.9        1317.0         216.3        165.7       4083.9
Charter                        267.7         187.4         304.1          0.0        759.2
Total                         2935.3        1631.6         629.3        165.7       5361.9


Passenger numbers ('000s) - Year ended 31 March 2004

                               Luton       Belfast       Cardiff      Skavsta        Total
Full service                   697.6           5.4         201.2          0.0        904.2
                              17.80%       -98.48%       -20.35%     -100.00%      -25.29%
Low cost                      5272.8        3133.2         758.4       1140.3      10304.7
                               6.52%        21.02%       197.06%      255.23%       26.98%
Charter                        925.8         867.6         983.8          0.9      2778.08
                             -10.39%        19.74%        -2.26%      119.25%        0.49%
Total                         6896.2        4006.2        1943.4       1141.2      13987.0
                               4.88%         9.20%        28.33%      244.77%       15.69%


Passenger numbers ('000s) - Year ended 31 March 2003

                               Luton       Belfast       Cardiff      Skavsta        Total
Full service                   592.2         355.1         252.6         10.3       1210.2
Low cost                      4949.9        2589.1         255.3        321.0       8115.3
Charter                       1033.1         724.6        1006.5          0.4       2764.6
Total                         6575.2        3668.8        1514.4        331.0      12090.1



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