Trading Statement

TBI PLC
07 October 2004

TBI PLC

('TBI' or 'the Group')



Pre-close trading update and Q2 traffic statistics



The Board of TBI confirms that trading for the first half is in line with
expectations.  The growth in passenger traffic to both domestic and European
destinations, which characterised the initial weeks of the period, has
continued.  While low-cost travel remains the driver of volume growth, the Group
has continued to see passenger traffic increase across all three types of
service at its four European airports which is encouraging in what remains a
competitive industry environment generally.



During the three months to 30 September 2004, low cost traffic increased 12%,
while charter grew by 1% and full service was up 7%, averaging an 11% increase
across the Group's portfolio.  This was ahead of Q1 passenger numbers and
therefore the six month growth rate for the Group's European airports was just
short of 9%.



Overall passenger numbers at London Luton increased by 9% during the six months
to 30 September 2004.  Both easyJet and Ryanair announced significant expansion
of their respective services out of Luton in July.  easyJet will increase its
capacity by 25% adding three new aircraft and Ryanair has committed four new
aircraft and nine new routes to this location.   This additional traffic has not
yet started and accordingly whilst such growth in low cost traffic volumes is
clearly encouraging, the benefit of any extra revenue is not expected to impact
in the current year.



An extensive expansion programme at London Luton has now commenced.   Due to
complete in July 2005, this involves a significant capital investment in the
facilities at  the airport, which will deliver a new security hall to the first
floor of the existing terminal building and a new airside facility to handle all
passengers travelling through the airport.  The new airside facility will be
some 9,000 sqm - and will almost treble the retail and catering space.  In
addition, there will be a new walkway and exits, a new immigration hall, new
arrivals and onward travel area and additional ramp and gates.



Belfast International ('BIA') has continued to see good growth in the current
year.  Passenger numbers were up 12% in the first half due to strong low cost
and charter growth.  The forthcoming Winter charter traffic will not demonstrate
similar levels of growth.  Continental Airlines, the US carrier, has today
announced the launch of a non-stop, scheduled service which will operate daily
between Belfast and New York (Newark), reinforcing BIA's position as the only
international gateway to Northern Ireland.   Due to commence in May 2005, it is
anticipated that this international service will see high levels of demand from
both business and tourist customers in Northern Ireland and its surrounding
catchment area.



Cardiff International saw a minor fall off in passenger numbers as a result of
the reduction in  capacity and services flown by bmibaby previously explained at
the time of our preliminary announcement in June.  However, Cardiff continues to
generate good levels of cash and will benefit from important infrastructure
development with the opening of a new railway station adjacent to the airport in
May 2005.




Stockholm-Skavsta saw passenger traffic increase by 22% in the six months to
September 2004 and it is anticipated that this airport will at least break even
at the EBITDA level in the first half, a trend which looks likely to continue
for the rest of this financial year.  In September, Ryanair announced the
expansion to its base at Stockholm-Skavsta from March 2005 adding a fourth
Boeing 737-800 aircraft to its existing fleet in this location, together with
three new European routes to Dusseldorf, Barcelona (Girona) and Riga bringing
its total number of routes out of this location to 11.   It is anticipated that
some limited additional investment will be necessary to expand the ramp and
apron at his location in order to accommodate additional services.



Traffic at Orlando Sanford has continued to build and benefited from a buoyant
performance in spite of the adverse weather conditions that this area of the US
has experienced recently.  It is anticipated that Orlando will suffer
approximately £200,000 of lost revenue or extra costs as a direct result of the
hurricanes which affected the vicinity.



Earlier in the year the Board highlighted its intention to dispose of the
Group's non core assets in Bolivia and its airport services business in the US
('AGI').  The disposal process for our airports in Bolivia is now well underway
and the process for AGI is well advanced.  The Directors remain confident of
completing the disposals of each operation by the end of the current financial
year.



TBI's interim results for the six months ended 30 September 2004 will be
announced on 16th November 2004.





                                                                  7 October 2004



Enquiries:


TBI plc                                              Tel:  [phone]
Keith Brooks, Chief Executive
Caroline Price, Finance Director

College Hill                                         Tel:  [phone]
Justine Warren




SECOND QUARTER TRAFFIC STATISTICS



Passenger numbers ('000s): 1 July 2004 - 30 September 2004


                               Luton       Belfast       Cardiff      Skavsta        Total
Full service                   228.9           1.1          44.7          0.0        274.7
                               5.14%        -8.33%        19.20%           na        7.14%
Low cost                      1686.5         956.1         211.6        371.7       3225.9
                              19.38%        16.80%       -11.54%       22.16%       16.26%
Charter                        383.7         427.8         389.1          3.6       1204.2
                              -4.93%        10.49%        -1.57%      419.86%        1.47%
Total                         2299.1        1385.0         645.4        375.4       4704.9
                              13.03%        14.75%        -3.96%       23.07%       11.54%



Passenger numbers ('000s): 1 July 2003 - 30 September 2003


                               Luton       Belfast       Cardiff      Skavsta        Total
Full service                   217.7           1.2          37.5          0.0        256.4
Low cost                      1412.7         818.6         239.2        304.3       2774.8
Charter                        403.6         387.2         395.3          0.7       1186.8
Total                         2034.0        1207.0         672.0        305.0       4218.0





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 4.7 million passengers during
the period from 1 July to 30 September 2004, an increase of 11.5% over the
corresponding period last year (2003:  4.2 million). For the six months to
September, passenger numbers rose by 8.9% to 8.5 million (2003: 7.8 million).



Excluding Cardiff, all of our European airports registered strong passenger
growth in Q2. Low-cost traffic was again the driver of growth across the
portfolio increasing by 16.3% to 3.2 million passengers, with full service
increasing 7.1% and charter 1.5%. Of this low cost growth in Q2 Skavsta was the
strongest at 22.2%, closely followed by Luton and Belfast at 19.4% and 16.8%
respectively, whilst Cardiff registered a decline of 11.5%. Strong growth was
also seen in the full service sector at Cardiff (19.2%) and Luton (5.1%), albeit
from a low base. Charter was mixed with a 10.5% rise at Belfast, however Luton
and Cardiff registered slight declines of 4.9% and 1.6% respectively.



APPENDIX



Passenger numbers ('000s): 1 April 2004 - 30 June 2004


                               Luton       Belfast       Cardiff      Skavsta        Total
Full service                   188.0           1.1          41.8          0.0        230.9
                               3.47%       -47.62%        11.17%           na        4.29%
Low cost                      1437.7         831.2         192.4        343.1       2804.4
                               6.42%         9.85%        -9.63%       20.79%        7.67%
Charter                        236.6         272.5         282.7          1.6        793.4
                              -3.19%         7.03%        -3.22%           na        0.29%
Total                         1862.3        1104.8         516.9        344.7       3828.7
                               4.79%         9.02%        -4.74%       21.35%        5.85%




Passenger numbers ('000s): 1 April 2003 - 30 June 2003


                               Luton       Belfast       Cardiff      Skavsta        Total
Full service                   181.7           2.1          37.6          0.0        221.4
Low cost                      1351.0         756.7         212.9        284.0       2604.6
Charter                        244.4         254.6         292.1          0.0        791.1
Total                         1777.1        1013.4         542.6        284.0       3617.1





Passenger numbers ('000s): Six months to 30 September 2004


                               Luton       Belfast       Cardiff      Skavsta        Total
Full service                   416.9           2.2          86.5          0.0        505.6
                               4.38%       -33.33%        15.18%           na        5.82%
Low cost                      3124.2        1787.3         404.0        714.8       6030.3
                              13.04%        13.46%       -10.64%       21.50%       12.10%
Charter                        620.3         700.3         671.8          5.2      1997.62
                              -4.27%         9.11%        -2.27%      646.14%        1.00%
Total                         4161.4        2489.8        1162.3        720.0       8533.5
                               9.19%        12.13%        -4.31%       22.24%        8.91%






Passenger numbers ('000s): Six months to 30 September 2004


                               Luton       Belfast       Cardiff      Skavsta        Total
Full service                   399.4           3.3          75.1          0.0        477.8
Low cost                      2763.7        1575.3         452.1        588.3       5379.4
Charter                        648.0         641.8         687.4          0.7       1977.9
Total                         3811.1        2220.4        1214.6        589.0       7835.1




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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