RNS Number:2654P
Tibbett & Britten Group PLC
02 September 2003


                                                                2 September 2003


                          TIBBETT & BRITTEN GROUP PLC

              INTERIM RESULTS FOR THE SIX MONTHS TO 28TH JUNE 2003


Tibbett & Britten Group plc is a leading UK based international contract
logistics and supply chain management Company.  Over 90% of the business is
based on long-term contractual relationships with major blue chip consumer
product manufacturers and retailers.

HIGHLIGHTS
     
*    International leadership in consumer logistics re-enforced.
*    Good flow of important new contract wins, including Boots, Homebase,
     Kimberly-Clark and Procter & Gamble.
*    Turnover up 7% to #791.2 million (2002: #736.7 million).
*    Operating profit (before goodwill amortisation) down to #9.8 million
     (2002: #11.4 million) after absorbing  non-recurring costs.
*    Americas - customer base continues to widen; UK - good progress
     sustained; Mainland Europe - growth despite general economic slowdown;
     International - accelerating growth in China.
*    Strong free cash flow.
*    Interim dividend up 4% to 8.2p (2002: 7.9p).
*    Proposed acquisition of reverse logistics business - Vfw.
*    Momentum building for traditionally stronger second half.

Commenting on the outlook, Chairman, John Harvey, CBE, said: "The first
half-year has seen a gratifying level of both new contracts and renewals,
together with a good pipeline of start-ups and developments into 2004.
Consequently, the full year's results will again be weighted towards the second
half, reflecting this and the inherent seasonality of our business.

We expect the North American business to benefit from organic growth in the
Canadian retail sector and with US manufacturers. In Europe, we anticipate a
continuing UK revival with a widespread level of start-ups across the region.
The international operations should benefit from sustained growth in China and
the elimination of dual running costs in our South African business."

Enquiries:

John Harvey CBE, Chairman                    Telephone:    020 7796 4133
                                             (on 2 September 2003)
                                             020 8327 2000 (thereafter)
Mike Arrowsmith, Chief Executive            
Mark Whiteling, Finance Director

Andrew Hayes/Jessica Rouleau/James Hill, Hudson Sandler
Telephone:       020 7796 4133

An analyst meeting will take place today at 11.00am at the offices of Hudson
Sandler, 29 Cloth Fair, London EC1A 7NN.  Please contact Rebecca Ghent on 020
7796 4133 to confirm attendance.

CHAIRMAN'S STATEMENT

Introduction

During the first half year we have continued to grow by maintaining our
strategic concentration on two home markets (Europe and North America) and key
emerging markets (China and Latin America), focusing on our core market sectors
of grocery, mass consumer merchandise and clothing and broadening our customer
base.  This strategy has proved to be resilient and affirmed our pre-eminence in
consumer contract logistics.

There has been a steady flow of contract renewals, extensions and contract wins
and, in particular, good progress has been sustained in the UK. In North
America, the customer base has developed particularly in the branded consumer
packaged goods sector and last year's Mexican acquisition has been fully
integrated. Despite the economic difficulties in the Eurozone, there has been
growth across our Mainland European markets. Our international operations are
developing well, not withstanding the recent turbulence in the Middle East and
the SARS crisis and new joint ventures have been formed in Turkey and in the
United Arab Emirates. Our residual shareholding in AutoLogic was sold on 25 July
2003.

Financial Results

Turnover from continuing operations increased by 7% to #791.2m (2002: #736.7m).
Operating profit increased from #4.0m to #8.1m.  Adjusted operating profit
(operating profit before goodwill amortisation) declined by 14% to #9.8m (2002:
#11.4m) as the first half-year results were impacted by several previously
announced non-recurring events. Profit before tax, AutoLogic investment
write-down, goodwill amortisation and FRS17 pension finance fell by 20% to #6.6m
(2002: #8.2m).  However, profit before tax improved to #2.9m (2002: a loss of
#0.5m) primarily reflecting the lower goodwill amortisation. Reported earnings
per share improved to 2.3p compared to a loss per share of 7.5p in 2002.

Following the disposal of our residual shareholding in AutoLogic, the Group
recognised a loss of #1.1m compared to the book value at the end of December
2002.  The Group has continued to deliver strong operating cash flow reflecting
our emphasis on effective working capital management and our asset light
business model.  Free cash flow after the payment of interest and taxation was
#8.9m. Net debt was lower at #65.4m on 28 June 2003 (#67.2m at 31 December 2002)
and gearing was 63% (31 December 2002:  64%) adjusted for the FRS 17 net pension
liability. In the second half year the cash flow will benefit from the #16.0m
cash released from the M&S contract and the #7.9m proceeds from the sale of
AutoLogic shares. These proceeds will be used to pay down debts and to fund the
acquisition of a reverse logistics business - Vfw.

Dividend

The Board has declared an interim dividend of 8.2p per ordinary share (2002:
7.9p).  This will be paid on 7 November 2003 to all shareholders on the register
at 10 October 2003.

Proposed Acquisition

We have signed a conditional offer to acquire at least 83% of a reverse
logistics business (Vfw) in Germany.  This business, which operates in the
returnable packaging arena, specialising in the retail pharmacy sector, provides
a good platform to develop our wider reverse logistics capabilities for
retailers.

Outlook

The first half-year has seen a gratifying level of both new contracts and
renewals, together with a good pipeline of start-ups and developments into 2004.
Consequently, the full year's results will again be weighted towards the
second half, reflecting this and the inherent seasonality of our business.

We expect the North American business to benefit from organic growth in the
Canadian retail sector and with US manufacturers. In Europe, we anticipate a
continuing UK revival with a widespread level of start-ups across the region.
The Mainland European business performance has been stabilised, the full benefit
of which will not be seen until next year. The international operations should
benefit from the sustained growth in China and the elimination of dual running
costs in our South African business.

A projected 10% market growth is underpinned by macro-economic changes inherent
in an enlarged European market, the new World Trade Agreement and the
consequential migration of production and global sourcing at a time of retail
concentration and trans-national development.  In response, many of the branded
consumer manufacturers are reacting by restructuring and re-positioning their
supply chains. We are well positioned to capitalise on these opportunities,
given the Group's proven capability to translate experience and deliver change
in both outsourcing and innovative development.


CHIEF EXECUTIVE'S TRADING OVERVIEW

Introduction

For the first half we are pleased to report turnover growth of 9% at constant
exchange rates (7% at actual exchange rates) to #791.2m (2002: #736.7m) with the
UK and Mainland Europe in particular showing good gains. Adjusted operating
profit at #9.8m (2002: #11.4m) reflects a decline of 16% against last year at
constant exchange rates (14% down at actual exchange rates). This is mainly due
to the previously announced write off of the unamortised costs associated with
the Safeway Inc contract being taken in house and the full provision for the
outstanding receivable with a former US customer now in Chapter 11 proceedings.
These one-off costs have been offset by the termination fee received from Marks
and Spencer following the discontinuation of the UK clothing and general
merchandise warehousing contract announced in March.

Following the expected revival in the UK outsourcing market, we have won a
number of significant new contracts that have sustained our UK growth. In
Mainland Europe there is also an active market despite depressed economies but
increased pricing pressures have inevitably lowered operating margins. In North
America the trend to outsource supply chain activities continues, although a
number of projects were deferred, in the early part of the year. In Latin
America the integration of the Dimalsa acquisition is virtually complete. In
China our joint venture with Hutchison Whampoa continues to show strong growth
and is positively contributing to profits.

Europe

On a constant exchange rate basis, first half turnover in Europe of #438.2m
(2002: #401.4m) was up 6% (9% at actual exchange rates) compared to last year.
This progress reflected the benefit of a number of significant start-ups across
the region during the past 12 months as major companies continue to outsource
their logistics. During the first six months there have been several new
contract successes, particularly in the UK. Good progress is being made on the
integration of our European operations under the leadership of Saad Hammad who
joined the Group in February as Managing Director - Europe. During the period
significant advances have also been made in extending our transport management
capabilities across the region and translating our textile supply chain
management skills into Mainland Europe.

In the UK and Ireland turnover in the first half increased by 3.0% to #305.2 m
(2002: #295.8m ). Adjusted operating profit increased to #9.5m (2002: #3.2m)
having realised the benefits achieved from the July 2002 closure of the
under-performing multi-user fashion network, the M&S compensation payment and
lower overhead.

As expected, the UK is benefiting from the revival in outsourcing activity in
the first half. New contracts have commenced with The Big Food Group, Aldo, LVMH
and Fila, and a number of existing contracts have also been renewed or extended,
including Danone and Gillette. We completed the start-up of the new Sainsbury
fulfilment centre at Hams Hall and in August transferred this site back to
Sainsbury to enable better co-ordination with its twin facility at Waltham
Point. Sainsbury have subsequently awarded us their national clothing
warehousing and distribution activities.  A number of new start-ups commencing
in the second half will more than offset the previously announced discontinued
Marks and Spencer business.  These include the national transport contracts for
Boots and Homebase, which are significant both in scale and strategic
positioning, and the national warehousing management and distribution contract
for Tesco boxed clothing products which started in August.

In Mainland Europe, despite a difficult macro economic environment, we continue
to achieve robust top line growth across our markets. Turnover increased by 15%
at constant exchange rates (26% at actual exchange rates) to #133.0m (2002:
#105.6m) with double-digit growth in most markets.  Adjusted operating profit of
#1.3m was below the #2.4m achieved in the same period last year due mainly to
the difficult trading environment in France exacerbated by a number of specific
French operational issues. These have now been addressed, the management team
strengthened and the business restructured to reduce the operational cost base.
In Spain, solid revenue growth was driven by new contracts with Carrefour, for
direct to home e-fulfilment and fresh produce and a contract for refrigerated
distribution with Ahold.  In Germany, the new Bingen warehouse for Wal-Mart was
successfully commissioned in March.

In Central and Eastern Europe, growth continues to come from customers in both
the retail and consumer product manufacturing sectors.  Hungary, again,
delivered a strong performance assisted by the dedicated Auchan facility that
commenced operations in September last year. In the Czech Republic we continue
to make progress, helped by a new contract win with Tesco for chilled
distribution. The Polish market remains challenging due to the difficult
economic conditions and our lack of critical mass in the country. The Austrian
business continues to develop, having won a recent contract with a major snack
food manufacturer to manage all their logistics requirements including
warehousing, domestic and international transport and pre-retail services.

We continue to actively develop our clothing and textiles business across
Mainland Europe with a number of new contracts, including Cortefiel in Spain,
Rodier and Hugo Boss in France and Levi-Strauss in Belgium. Although the
mainland markets remain difficult we continue to see a steady level of
outsourcing activity, particularly amongst the multinational branded consumer
product manufacturers. Most customers are looking for logistics service
providers with proven international supply chain management expertise and a pan
European presence and these markets continue to offer us promising growth
opportunities.

In August, we announced a 50:50 joint venture with Yurtici Logistics, a wholly
owned subsidiary of Arikanli Holdings - a leading Turkish transport and
distribution group based in Istanbul. The joint venture will provide us with a
strong base for exports out of Turkey, particularly clothing into Europe.  In
the medium term it will also offer the opportunity to develop a domestic
presence in a significant market with a population of over 70 million.

The Americas

In the Americas good progress was sustained and, on a constant exchange rate
basis, turnover in the first half increased by #27.8m (10%) benefiting from the
JCPenney, Procter & Gamble and ConAgra start ups in late 2002 and the Dimalsa
business in Mexico acquired in March last year.

In North America the level of interest in outsourcing in the consumer goods
sector, by both retailers and manufacturers, remains high. We won additional
business during the first half with Kimberly-Clark, Procter & Gamble, Smuckers
and Payless Shoes. Additionally, in August, we were awarded a contract to design
and operate a major distribution centre for a leading Canadian supermarket
chain.  Later this year our dedicated national network servicing Wal-Mart Canada
will be supporting the introduction of the Sam's Club warehouse store format
into Canada.

In Mexico, Dimalsa (now integrated under the Tibbett & Britten name) has started
up three new operations for Procter & Gamble and a new contract with Rubbermaid.
We have closed several smaller warehouses as part of our consolidation move
into the Mexico City Macrocenter. This modern, purpose built complex of over a
million sq. ft when fully constructed, enables us to reduce costs through a
shared infrastructure and to facilitate transportation savings through the
co-location of our consumer product manufacturing customers.  We expect to
complete the rationalisation programme in the second half of this year and, in
conjunction with the implementation of our North American systems and transport
management capabilities, we anticipate further cost reductions and a
significantly enhanced service.

In Argentina, the local economy, although showing signs of improvement, remains
challenging. Building on the progress seen in the second half of last year,
profitability has increased, supported by a number of new contracts including,
Unilever, Kraft, Procter & Gamble and Baesa (Pepsi) and the tight management of
costs.

Overall, underlying operating profit was up by 6% (at constant exchange rates)
to #5.5m.  However, for exceptional reasons the Americas reported an adjusted
operating loss for the first half of the year of #1.1m (2002: profit #5.6m)
reflecting our decision to provide in full for the #3.1m in outstanding
receivables from a former customer that has filed for Chapter 11 and to write
off #3.5m unamortised contract costs for Safeway Inc., following its decision in
June to exercise a one time option to take the Tracy, California operation
in-house. This option was granted as part of the 2002 arbitration settlement and
is unique in our business.  Operating profit was also impacted by a weaker US
dollar which reduced earnings by #0.4m compared to the first half of last year.

International

Our International operations outside Europe and the Americas continued to grow
notwithstanding events in the Middle East and the recent SARS virus in Asia.
Turnover of #46.9m (2002: #35.3m) was up 33% although adjusted operating profit
at #0.1m (2002: #0.2m) was down marginally against last year as a result of
upgrading the network facilities in South Africa and the short term necessity
for dual running costs.

In China the joint venture with Hutchison Whampoa is doing very well serving
both multinational and Chinese retailers and consumer product manufacturers. New
business during the year includes the management of an additional warehouse for
P&G in Shanghai; national warehousing and distribution for Stanley Tools and a
second distribution centre for Wu Mei, servicing over two hundred convenience
stores in Tianjin.

Activities in Hong Kong were hit hard during the recent SARS crisis but are now
recovering. In Thailand our joint venture with David's of Asia increased its
contribution with the opening of a new national distribution centre in Bangkok
for 'Big C', a joint venture with the French retailer Casino.

In South Africa our transport management operations are developing well both
within and beyond our established customer base. In the first half year turnover
was up by 16% but the business carried the penalty of double operating costs
whilst the new Johannesburg distribution centre at Boksburg was commissioned and
the outdated Alrode operation was closed.

In Saudi Arabia and the Gulf the joint ventures are developing well and a small
operating profit was maintained despite the dislocation associated with the
events in Iraq.

PROFIT RECONCILIATION

                                                                                            2003         2002
                                                                                              #m           #m

Adjusted operating profit                                                                    9.8         11.4

Interest (excluding FRS17 - pension finance)                                               (3.2)        (3.2)

Profit before goodwill amortisation, amounts written off investments and FRS 17- 
pension finance                                                                              6.6          8.2
                                                                                            
Goodwill amortisation                                                                      (1.7)        (7.4)

Amounts written off investments                                                            (1.1)        (1.7)

FRS 17 - pension finance                                                                   (0.9)          0.4


Profit/(loss) on ordinary activities before tax                                              2.9        (0.5)


The above figures for the first six months of the year include the Group's share
of joint ventures and associates results.  Adjusted operating profit is stated
before goodwill amortisation.

Consolidated profit and loss account

                                                                      Unaudited                    Audited
                                                                  Six months ended               Year ended
                                                  Note         28 June 03         29 June 02          31 Dec 02
                                                                                  (restated)
                                                                       #m                 #m                 #m
Turnover
     Continuing operations                                          791.2              736.7            1,516.9
     Less: share of joint ventures turnover                        (21.6)             (23.5)             (44.1)
      Group turnover                                                769.6              713.2            1,472.8

Operating profit
     Before goodwill amortisation                                     9.8               11.4               35.3
     Goodwill amortisation                        4                 (1.7)              (7.4)              (9.0)
                                                                      8.1                4.0               26.3
Total operating profit
     Group                                                            6.8                2.4               22.3
     Share of joint ventures and associates                           1.3                1.6                4.0
                                                                      8.1                4.0               26.3

     Amounts written off investments              5                 (1.1)              (1.7)              (7.1)

Net finance cost
     Group                                                          (3.1)              (3.0)              (6.3)
     Share of joint ventures                                        (0.1)              (0.2)              (0.4)
     FRS 17 - finance (expense)/income                              (0.9)                0.4                0.8
                                                                    (4.1)              (2.8)              (5.9)

Profit/(loss) on ordinary activities before                           2.9              (0.5)               13.3
taxation                                          6                   1.8                3.1               10.7
Taxation
Profit/(loss) for the financial year                                  1.1              (3.6)                2.6
Dividends                                         7                   3.8                3.8               12.3
Transferred from reserves                                           (2.7)              (7.4)              (9.7)

Earnings per share
     Basic and diluted                            8                  2.3p             (7.5)p               5.4p
     Adjusted ( * )                               8                  9.3p              10.8p              37.4p


( * ) Adjusted profit after tax is reported before goodwill amortisation,
amounts written off investments, FRS17 - finance income/(expense) and related
tax, where applicable.


Consolidated balance sheet
                                                                       Unaudited                    Audited
                                                                    Six months ended              Year ended
                                                                 28 June 03        29 June 02          31 Dec 02
                                                                                   (restated)
                                                                         #m                #m                 #m
Fixed assets
Intangible assets - goodwill                                           46.0              51.4               46.8
Tangible assets                                                       179.5             179.3              174.2
Investments                                                            10.8              10.4               11.0

                                                                      236.3             241.1              232.0
Current Assets
Stocks                                                                  2.6               4.3                4.4
Debtors                                                               246.9             204.8              211.6
Investments                                                             7.9              14.4                9.0
Cash                                                                   55.1              50.9               44.8
                                                                      312.5             274.4              269.8
Creditors
Amounts falling due within one year                                   334.3             299.4              303.3

Net current liabilities                                              (21.8)            (25.0)             (33.5)

Total assets less current liabilities                                 214.5             216.1              198.5

Creditors
Amounts falling due after more than one year                          106.4              96.7               88.9

Provisions for liabilities and charges                                  4.2               6.5                4.0

Net assets excluding pension liability                                103.9             112.9              105.6
Pension liability                                                    (70.6)            (33.5)             (72.1)
Net assets including pension liability                                 33.3              79.4               33.5

Capital and reserves
Called up share capital                                                 2.4               2.4                2.4
Share premium account                                                   7.0               6.9                7.0
Revaluation reserves                                                   13.4              13.4               13.4
Other reserves                                                          6.9               6.9                6.9
Profit and loss account                                                 3.6              49.8                3.8

Shareholders' funds - equity                                           33.3              79.4               33.5


Consolidated statement of total recognised gains and losses

                                                                       Unaudited                    Audited
                                                                    Six months ended              Year ended
                                                                 28 June 03        29 June 02          31 Dec 02
                                                                                   (restated)
                                                                         #m                #m                 #m

Profit/(loss) for the period                                            1.1             (3.6)                2.6

Exchange variances                                                      2.5             (5.4)             (10.5)

Actuarial loss relating to the pension scheme                             -                 -             (55.2)

UK deferred tax attributable to actuarial loss                            -                 -               16.6
Total recognised gains/(losses) relating to the                         3.6             (9.0)             (46.5)
period


Reconciliation of movements in group shareholders funds

                                                                       Unaudited                    Audited
                                                                    Six months ended              Year ended
                                                                 28 June 03        29 June 02          31 Dec 02
                                                                                   (restated)
                                                                         #m                #m                 #m

At 1 January                                                           33.5              90.7               90.7

Profit/(loss) for the period                                            1.1             (3.6)                2.6
Exchange gain/(loss)                                                    2.5             (5.4)             (10.5)
Dividends                                                             (3.8)             (3.8)             (12.3)
New share capital subscribed                                              -               1.5                1.6
Actuarial gains and losses                                                -                 -             (55.2)
Deferred tax                                                              -                 -               16.6
At end of period                                                       33.3              79.4               33.5


Consolidated cash flow statement

                                                                      Unaudited                    Audited
                                                                  Six months ended               Year ended
                                                              28 June 03          29 June 02          31 Dec 02
                                                                                  (restated)
                                                                      #m                  #m                 #m
Net cash inflow from operating activities                           29.7                47.3               74.6
Dividends from joint ventures                                        0.1                 0.4                2.7
Returns on investment and servicing of finance                     (3.4)               (3.1)              (7.1)
Taxation                                                           (3.7)               (3.9)              (6.3)
Capital expenditure and financial investment                      (12.4)              (10.3)             (14.6)
Acquisitions                                                           -              (45.1)             (42.3)
Equity dividends paid                                              (8.5)               (8.0)             (12.0)
Cash inflow/(outflow) before use of liquid resources and             1.8              (22.7)              (5.0)
financing                                                              -                   -                0.3
Management of liquid resources                                       
Financing         - issue of shares                                    -                 1.6                1.6
                  - increase in debt and lease financing            17.3                30.5                3.7
Increase in cash                                                    19.1                 9.4                0.6


Reconciliation of net cash flow to movement in debt

                                                                      Unaudited                    Audited
                                                                  Six months ended               Year ended
                                                              28 June 03          29 June 02          31 Dec 02
                                                                                  (restated)
                                                                      #m                  #m                 #m

Increase in cash in the period                                      19.1                 9.4                0.6
Cash outflow from movement in liquid resources                         -                   -              (0.3)
Cash outflow from movement in debt and lease financing            (17.3)              (30.5)              (3.7)

Change in net debt resulting from cash flows                         1.8              (21.1)              (3.4)

New finance leases                                                 (1.4)               (1.9)              (5.2)
Loans and finance leases acquired with subsidiary                      -               (3.0)              (2.7)
Translation difference                                               1.4               (2.0)              (1.8)

Movement in net debt in the period                                   1.8              (28.0)             (13.1)

Net debt at beginning of period                                   (67.2)              (54.1)             (54.1)

Net debt at end of period                                         (65.4)              (82.1)             (67.2)



Reconciliation of operating profit to operating cash flow
                                                                      Unaudited                      Audited
                                                                   Six months ended                Year ended
                                                                28 June 03        29 June 02        31 Dec 02
                                                                                  (restated)
                                                                        #m                #m              #m

     Group operating profit                                            6.8               2.4            22.3
     Exceptional goodwill write down                                     -               6.0             6.0
     Depreciation and amortisation                                    16.4              15.4            32.2
     (Profit)/loss on sale of fixed assets                             0.2               0.4           (2.8)
     Decrease in working capital                                       9.2              22.9            16.4
     Adjustment for pension funding                                  (2.9)               0.2             0.5

     Net cash inflow from operating activities                        29.7              47.3            74.6


Notes to the accounts
     
1.   Basis of Preparation

     The interim statement is unaudited and does not constitute statutory 
     financial statements for the purposes of section 240 of the Companies Act 
     1985.  There have been no changes to the accounting policies of the Group 
     as set out in the 2002 Annual Report.

2.   Prior year comparatives

     The figures for the year ended 31 December 2002, have been extracted from 
     the accounts, which have been filed with the Registrar of Companies.  The 
     auditors' report on those accounts was unqualified and did not contain any 
     statement under section 237(2) or (3) of the Companies Act 1985.

     In the full year results for 2002 the group adopted the provisions of FRS 
     17 (Accounting for Retirement Benefits).  The comparative figures to 29 
     June 2002 have been restated to reflect this accounting policy change.
     
3.       Geographic Segmental information

                                                                Americas   UK and   Mainland      Rest of  Total
                                                                          Ireland     Europe    the World
         2003 Continuing operations                                   #m       #m         #m           #m     #m

         Turnover   - Group                                        306.1    292.0      133.0         38.5  769.6
                    - share of joint ventures and associates           -     13.2          -          8.4   21.6        
         Operating profit before goodwill amortisation             (1.1)      9.5        1.3          0.1    9.8
         Goodwill amortisation                                     (0.9)     (0.1)      (0.6)        (0.1)  (1.7)
         Operating (loss)/profit                                   (2.0)      9.4        0.7            -    8.1        
                                                                                                   
         Share of joint ventures and associates operating                     
         profit                                                       -      (0.8)         -         (0.5)  (1.3)       
          
         Group operating (loss)/profit                             (2.0)      8.6        0.7         (0.5)   6.8
         Operating assets                                          28.8      57.6       80.7          2.6  169.7


      2002 Continuing operations

      Turnover   - Group                                           300.0    275.4      105.6         32.2  713.2
      - share of joint ventures and associates                         -     20.4          -          3.1   23.5        
                                                                                      
      Operating profit before goodwill amortisation                  5.6      3.2        2.4          0.2   11.4
      Goodwill amortisation                                         (6.8)    (0.1)      (0.5)           -   (7.4)
      Operating (loss)/profit                                       (1.2)     3.1        1.9          0.2    4.0
      Share of joint ventures and associates operating                 -     (1.6)         -            -   (1.6)       
      profit                                                                           

      Group operating (loss)/profit                                 (1.2)     1.5        1.9          0.2    2.4
      Operating assets                                              33.7     74.7       75.5          7.7  191.6


Finance and other net non-operating liabilities, together totalling #136.4
million (2002: #112.2 million) are excluded from operating assets.

     
4.   Goodwill amortisation

     Included within goodwill amortisation in 2002 is an impairment charge of 
     #6.0m against goodwill in Argentina.

5.   Amounts written off investments

     Amount written off investments reflect changes in value of the Group's 
     holding in AutoLogic Holdings plc.  Carrying value at 28 June 2003 
     represents the amount realised when the holding was sold on 25 July 2003.
     
6.   Taxation

     Taxation charges (including deferred taxation) for the six months ended 28 
     June 2003 are estimated at 32% (2002: 36%) of profit before goodwill 
     amortisation.
     
7.   Dividends and Earnings per share

     The directors have declared an interim dividend of 8.2 pence per ordinary 
     share (2002: 7.9 pence).
          
8.   Calculations of Earnings/(loss) per share
                                                                        Unaudited
                                                                    Six months ended                Year ended
                                                                28 June 03       29 June 02          31 Dec 02
                                                                                 (restated)
                                                                        #m               #m                 #m
       Profit/(loss) on ordinary activities after tax                  1.1            (3.6)                2.6
       Goodwill amortisation                                           1.7              7.4                9.0
       Amounts written off investments                                 1.1              1.7                7.1
       FRS 17 - finance (expense)/income                               0.9            (0.4)              (0.8)
       Related tax                                                   (0.3)              0.1                0.2
       Adjusted profit after tax                                       4.5              5.2               18.1

       Weighted average of ordinary shares in issue             48,457,431       48,312,026         48,342,850

       Earnings per share
         Basic and diluted                                            2.3p           (7.5)p               5.4p
         Adjusted                                                     9.3p            10.8p              37.4p
     
9.   Pensions
     
     An actuarial valuation has not been carried out on the major UK defined 
     benefit scheme assets and liabilities as at 28 June 2003.  Accordingly no 
     actuarial gain or loss is shown in the statement of total recognised gains 
     and losses for the period.  The pension liability on the balance sheet is 
     the amount calculated as at 31 December 2002 adjusted for contributions, 
     charges and finance expense in the period. The figures for the gains and 
     losses for the whole year, and the funding position at the end of the year
     will be presented in the annual report to 31 December 2003.

     Copies of this announcement will be sent to shareholders on 12 September 
     2003 and further copies are available from the Secretary, Tibbett & Britten 
     Group plc, Centennial Park, Elstree, Herts, WD6 3TL. Telephone 020 8327 2000.


Independent review report to Tibbett & Britten Group plc

Introduction

We have been instructed by the company to review the financial information for
the six months ended 28 June 2003 as set out on pages 9 to 14 which comprises
the profit and loss account, the balance sheet, the cash flow statement and the
related notes. We have read the other information contained in the interim
report and considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the United Kingdom. A review
consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with United Kingdom Auditing Standards and therefore
provides a lower level of assurance than an audit. Accordingly, we do not
express an audit opinion on the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 28 June 2003.


PricewaterhouseCoopers LLP
10 Bricket Road
St Albans
Herts                                                           2 September 2003
AL1 3JX



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