Trading Update to 31 March 2000, etc

TBI PLC
10 March 2000


Contacts      Keith Brooks, Chief Executive
              Caroline Price, Finance Director
              TBI plc                                        0207 408 7300

              David Bick
              Holborn Public Relations                       0207 929 5599
                                                [e-mail]


                               TBI plc ('TBI')
                               
                               Trading update

TBI is today briefing analysts on the trading outlook for the Group.

The current financial year ending 31st March 2000 has been a year of
fundamental change for the Group.  In June, the Group sold its property
portfolio for £190 million, representing a premium to its asset value.  In
July, TBI acquired Airport Group International ('AGI) for a consideration of
£86 million.

The performance of the Group's principal airports, Cardiff and Belfast, has
been strong with each again exhibiting double digit growth in operating profit
and similar growth in coming years is likely.

In contrast the performance at TBI's two newer and much smaller airports,
Orlando Sanford International ('OSI') and Stockholm Skavsta, has been
disappointing reflecting a number of factors.  At OSI, the new traffic
anticipated from Canada and South America did not materialise and, whilst
passenger traffic at Stockholm Skavsta has held up, cargo volumes have
declined in recent months.  The shortfall at both locations was largely due to
macro economic factors.

At AGI, the integration is progressing ahead of schedule and the anticipated
cost savings are being achieved.  As a result of the acceleration of the
integration and reorganisation rationalisation program the current year's
results will reflect various additional one-off charges totalling
approximately £1.5 million.  In addition, London Luton Airport, in which TBI
has a 25% interest, has had a disappointing year, with results falling below
TBI's expectations.  Negotiations over the inception of the Costa Rica
contract, where AGI has been irrevocably awarded a concession agreement,
continue to proceed well and it is now anticipated that this contract will
become operative later this year.

The Group remains ideally placed to benefit from the continuing growth in
global airport privatisations and is currently pursuing a number of such
opportunities.

The preliminary results for the year ending 31st March 2000 will be announced
in June.