RNS Number:2553P
Autologic Holdings PLC
02 September 2003


Embargoed until 0700                                            2 September 2003


                             AutoLogic Holdings plc
                          ("AutoLogic" or the "Group")

             Interim Results for the Six Months ended 30 June 2003

                              Chairman's Statement

Highlights
                                  Interim        Interim             %
                                     2003           2002        Change

Turnover                           #358.6m        #349.9m          2.5%

Business Performance*
Operating profit                    #18.3m         #21.8m        (16.1)%
Profit before tax                   #12.9m         #15.8m        (18.4)%
Earnings per share                  19.69p         24.98p        (21.2)%

Statutory Basis
Operating profit                    #14.0m         #18.0m        (22.2)%
Profit before tax                    #8.6m         #12.0m        (28.3)%
Basic earnings per share             7.07p         16.04p        (55.9)%
Interim dividend per share           3.60p          3.60p           -%

* Before goodwill amortisation and exceptional items

   *   Strong Performance in UK and Spain

   *   Results adversely affected by particularly weak French and Benelux
       markets

   *   Resilient performance by CAT

   *   Dividend maintained

John Merry, Chairman, commented: "Trading in the second half to date has
continued to be weak following the marked downturn experienced in April and May.
We do not expect any significant upturn in the market during the second half of
the year and are therefore continuing our aggressive focus on reducing fixed
costs, improving operational flexibility and increasing productivity across the
Group. However, we remain confident that these actions will enable our
businesses to benefit from any upturn in market conditions."


For further information please contact:

John Merry
Chairman                                                 020 7420 0555

Philip Nuttall
Group Finance Director                                   020 7420 0555

Bell Pottinger Financial:

Press/Analysts:               Jonathan Brill             020 7861 3865 or
                              Robin Tozer                020 7861 3891

Investors:                    Neville Harris             020 7861 3894


Overview

Trading in the first half of the year was difficult. While market conditions in
the vehicle logistics sector across Europe in the first quarter of the year were
weak, in line with our expectations, they significantly deteriorated during
April and May.

Some of the largest markets for the Group experienced very weak volumes, in
particular, France and Belgium, where new car registrations were down 7.7% and
10.2% respectively compared with the same period last year. The situation in
France was compounded by a series of national strikes. Furthermore, in contrast
with previous years, some of the Group's major customers suffered larger falls
in volumes than the market average which resulted in a year on year reduction in
our key markets of 10.7% for the first half as a whole. Additionally, market
volumes in the UK were particularly volatile with a year-on-year fall of 2.6% in
the period to the end of May, a fall of 4.1% in May followed by an increase of
15.8% in June.

Reorganisation of the French and Benelux businesses has been accelerated since
the third quarter of 2002 in order to bring them closer to the operational
efficiency of the Group's benchmark operations in Walon UK and Spain which, with
their more flexible cost-base, have proved more resilient.

Results

Turnover increased by 2.5% to #358.6m (2002: #349.9m) taking into account the
positive impact of foreign exchange movements. Excluding the effect of foreign
exchange movements, turnover fell by 4.0%. Group turnover (excluding its share
of joint ventures) increased by 0.5% to #191.9m (2002: #190.9m). Within this, at
constant exchange rates, UK turnover fell by 2.4% whilst turnover in Continental
European fell by 9.7%.

Total operating profit in the period (before amortisation of goodwill) reduced
to #18.3m (2002: #21.8m) taking into account the positive impact of foreign
exchange movements. Group operating profit (excluding its share of joint
ventures) fell by 41.8% to #7.1m (2002: #12.2m).

Goodwill amortisation for the period was #4.3m (2002: #3.8m).

The net interest charge decreased to #5.4m (2002: #6.0m) reflecting the reduced
debt in both the Group and its joint ventures, debt in the latter being
non-recourse.

Profit before tax (before amortisation of goodwill) for the six months ended 30
June 2003 was #12.9m, a reduction of 18.4% compared with the previous year
(2002: #15.8m).

Earnings per share (before amortisation of goodwill and exceptional items)
reduced 21.2% to 19.69p (2002: 24.98p).

On a statutory basis, profit before tax for the six months ended 30 June 2003
was #8.6m (2002: #12.0m), a decrease of 28.3% over the previous year.

Dividend

An interim dividend of 3.60p per share is being maintained (2002: 3.60p) and
will be paid on 10 October 2003 to shareholders on the register at 12 September
2003.


Operational Review

Technical Services

Turnover from Technical Services fell by 3.5% to #49.0m (2002: #50.8m).
Excluding the impact of favourable foreign exchange movements, the fall was
8.0%.

In the UK, performance has been strong in a difficult market and contract wins
or renewals during the first six months included Mitsubishi, Suzuki and
Ssangyong.

Technical Services in our Continental European businesses, which are less
developed than in the UK, tend to be more affected by the level of new car
registrations than in the UK; as a result, our businesses in France and Benelux
experienced declines in this area over the previous year. Our Spanish businesses
managed to maintain comparable levels to last year, despite facing similar
constraints.

Distribution Services

Distribution Services turnover fell by 1.3% to #122.9m (2002: #124.5m).
Excluding the impact of favourable foreign exchange movements, the fall was
4.9%.

In the UK, where Group volumes were down 3.0%, our businesses had to contend
with significant volume volatility during the period. Although volumes rose
sharply in June and remained ahead of last year during the first weeks of the
second half, the overall downward trend experienced in the first half is
expected to continue and be compounded by further volume volatility in the
second half of the year.

Group volumes were down 19.0% and 25.1% in France and Benelux respectively
against the same period in the previous year and revenues fell by 19.1%,
excluding the effect of foreign exchange movements. Our customers in these
markets suffered even greater declines in volumes than the market averages.
Consequently, this had a significant impact on the results of these businesses,
which was mitigated by the restructuring which was already underway. The market
decline was much greater than had been forecast and further restructuring of
these businesses is being aggressively pursued to achieve a more variable cost
base that can cope better with such a volatile market.

In Spain and Portugal Group volumes fell by 0.6% and 10.9% over the same period
last year. The relatively small fall in volumes experienced by our Spanish
business combined with its highly flexible cost base to enable it to maintain
good margins.

The Company continued to win new and renew existing business. Existing contracts
with BMW, Fiat, Nissan and Opel were extended and new contracts with Hyundai,
Kia and Rover have been gained.

GAL/CAT

Our share of revenue in the CAT joint venture (Compagnie d'Affretement et de
Transport SA) for the period was #162.6m (2002: #156.5m) and our share of CAT's
earnings before interest, tax and goodwill amortisation was #10.7m (2002:
#9.3m).

CAT's revenue, excluding the effect of favourable foreign exchange movements,
was 6.1% down on last year, reflecting the decline in Renault new car sales in
Continental Europe. The fall in Renault new car sales was most pronounced in
France where the year on year reduction was 10.4%. Despite these volume
reductions, CAT maintained its operating profit margins due to its continued
cost reduction program.

Cash generation in the business was strong which enabled the company to reduce
net debt to Euro165.0m.

We continue to work closely with CAT and our joint venture partners TNT and
Wallenius Wilhelmsen to identify and implement opportunities for improved
cooperation and synergies, including the development of joint sites and
coordination of new product opportunities.

Development Strategy

Despite the current trading conditions, the development strategy of the Group
remains sound. In particular, in July the Group successfully launched a joint
venture focussed on Risk Management services which will provide value added risk
management services to Group companies, customers and third parties.

We are also making good progress with a number of development projects including
projects designed to capitalise on the various market opportunities arising from
the implementation of new European Union legislation. These projects are
progressing well and are all at varying stages of implementation.

French Property Restructuring and Asset Sales

As announced in our Pre-Close Period Trading Statement, following a strategic
review in 2002, the Group has agreed to sell a number of operational sites in
France that will be leased back on normal commercial leases. The net cash
receipt on the sale will be approximately #27.0m and the proceeds will be used
to further reduce debt. These arrangements produce neither a gain nor a loss on
sale. To date the sale and leaseback of two sites has been completed generating
a tax charge of #1.2m which is included in exceptional items. The continuing
restructuring of the Group's operational sites may result in additional
disposals later in the year.

Board and Management

As announced at the Annual General Meeting in May, the Group made several major
changes to its Board and a number of significant management appointments during
the period.

Reg Heath, who has been Chairman of the Group since 1996, retired at the AGM in
May 2003. At the same time, I was appointed Chairman, Gilles Guinchard,
previously Group Managing Director, was appointed Chief Executive Officer and
Chris French was appointed as Senior Independent Non-Executive Director.

In addition, the Group has continued to strengthen its senior management team
with the creation of two new positions of Group Sales Director and Regional
Director, Benelux.

Outlook

Trading in the first weeks of the second half has continued to be weak. It is
difficult to predict the timing of any significant upturn and we are not
expecting any during the remainder of the second half of the year.

The Group continues to undertake a number of steps to address the poor market
conditions in order to mitigate the impact on the Group. The steps that have
been taken involve material and complex reorganisations of some of our
subsidiaries, particularly in France and the Benelux. Although these
restructurings are progressing, these businesses are not yet in line with the
best operating practices in the Group.

The actions the Group is undertaking should position it to benefit from any
upturn in the performance of its major customers and market conditions
generally. However, continuation of these difficult conditions will have a
significant negative impact on the performance of the Group in the second half.


John Merry
Chairman
2 September 2003

Consolidated Profit and Loss Account
for the six months ended 30 June 2003

                          Before
                      goodwill &        Goodwill &                           6 month to         12 months
                     exceptional       exceptional         6 months to           30 Jun         To 31 Dec
                           items             items         30 Jun 2003             2002              2002
             Note      Unaudited         Unaudited           Unaudited        Unaudited           Audited
                             #'m               #'m                 #'m              #'m               #'m
                        --------           -------             -------          -------           -------

Turnover        
(including
share of joint
ventures)       2          358.6                 -               358.6            349.9             669.5



Less: share of  
joint
ventures'
turnover        2         (166.7)                -              (166.7)          (159.0)           (305.8)

                        --------           -------             -------          -------           -------
Group           
turnover        2          191.9                 -               191.9            190.9             363.7          
                        --------           -------             -------          -------           -------
                             

Group           
operating
profit          3            7.1              (1.4)                5.7             11.0              17.1

Share of                    
profit from               
interests in
joint ventures
and
associates                  11.2              (2.9)                8.3              7.0              12.3
                        --------           -------             -------          -------           -------
Total                       
operating
profit - Group
and share of
joint ventures
and
associates                  18.3              (4.3)               14.0             18.0              29.4



Net interest                
payable and               
similar
charges                     (5.4)                -                (5.4)            (6.0)            (11.4)
                        --------           -------             -------          -------           -------
Profit on       
ordinary
activities
before
taxation        2           12.9              (4.3)                8.6             12.0              18.0

Tax on profit   
on ordinary               
activities      4           (4.3)             (1.2)               (5.5)            (5.0)             (7.6)
                        --------           -------             -------          -------           -------
Profit on                    
ordinary
activities
after
taxation                     8.6              (5.5)                3.1              7.0              10.4

Equity                         
minority                  
interests                      -                 -                   -                -               0.3
                        --------           -------             -------          -------           -------
Profit for the               
financial
period                       8.6              (5.5)                3.1              7.0              10.7

Dividends       5           (1.6)                -                (1.6)            (1.6)             (4.8)
                        --------           -------             -------          -------           -------
                                                                                              
Retained                     
profit for the            
financial                    
period                       7.0              (5.5)                1.5              5.4               5.9
                        ========           =======             =======          =======           =======


Earnings per
share                     

Basic earnings  
per share       6          19.69p            12.62p               7.07p           16.04p            24.46p              
                        --------           -------             -------          -------           -------
Diluted         
earnings per              
share           6          19.55p            12.53p               7.02p           15.90p            24.29p
                        --------           -------             -------          -------           -------
Dividend per    
share           5                                                 3.60p            3.60p            11.10p           
                                                               -------          -------           -------


All amounts shown above relate to continuing operations.

In the comparative figures for the 6 months to June 2002 , a re-analysis of 
#4.0m has been made reducing turnover and increasing other operating income to 
achieve consistency of presentation.

                                                    6 months to       6 months to            12 months to
                                                    30 Jun 2003       30 Jun 2002             31 Dec 2002
                                                      Unaudited         Unaudited                 Audited
                                                            #'m               #'m                     #'m
                                                       --------          --------                --------

Included
within Group
operating
profit

- Goodwill amortisation                                     1.4               1.2                     2.7
- Exceptional items                                           -                 -                     3.3

Included within share of profit from
interests in joint ventures and
associates

- Goodwill amortisation                                     2.9               2.6                     5.3

Included within tax on profit on
ordinary activities

- Exceptional items (note 4)                                1.2                 -                       -          
                                                       --------          --------                --------


Consolidated Statement of Total Recognised Gains and Losses
for the six months ended 30 June 2003

                                            
                            6 months to    6 months to    12 months to
                            30 Jun 2003    30 Jun 2002     31 Dec 2002
                              Unaudited      Unaudited         Audited
                                    #'m            #'m             #'m
                                -------       --------         -------

Profit for the financial            
period                              3.1            7.0            10.7

Translation differences on
foreign currency
investments:

Group                               6.6            2.8             3.3

Share of joint ventures             
and associates                      4.4            2.8             2.1                   
                                -------       --------         -------                                
Total gains and losses
recognised in the period           14.1           12.6            16.1      
                                =======       ========         =======


Reconciliation of Movement in Equity Shareholders' Funds
for the six months ended 30 June 2003



                           Share                                           Total equity
                Share    premium     Merger    Capital      Profit and    shareholders'
              capital    account    reserve    reserve    loss account            funds
                  #'m        #'m        #'m        #'m             #'m              #'m
             --------   --------    -------    -------         -------          -------

At 1 January      
2003              2.2       66.8       20.7        0.3            30.1            120.1

Share               
issues              -        0.1          -          -               -              0.1

Profit for          
the
financial
period              -          -          -          -             3.1              3.1

Dividends           -          -          -          -            (1.6)            (1.6)

Exchange            
difference          -          -          -          -            11.0             11.0 
             --------   --------    -------    -------         -------          -------              
At 30 June        
2003              2.2       66.9       20.7        0.3            42.6            132.7      
             ========   ========    =======    =======         =======          =======



Consolidated Balance Sheet
at 30 June 2003


                        30 Jun 2003          30 Jun 2002            31 Dec 2002
                          Unaudited            Unaudited                Audited
                                #'m                  #'m                    #'m
                            -------             --------               --------
Fixed
assets

Intangible                     
assets                         48.6                 49.5                   47.5

Tangible                       
assets                         62.9                 72.4                   68.8
                      
Interests in           
joint
ventures and
associates:

Share of               
gross assets
(excluding
goodwill)              125.9               126.5                 110.6

Goodwill               109.8               103.2                 103.8             
                    --------             -------               -------
                       235.7               229.7                 214.4

Share of              
gross                 
liabilities           (173.0)             (173.1)               (157.8)
                    ---------------     ----------------      -----------------   
                               62.7                 56.6                   56.6

Other                           
investments                     6.5                  6.5                    6.5                  
                            -------             --------               --------
Total                          
investments                    69.2                 63.1                   63.1                 
                            -------             --------               --------
                              180.7                185.0                  179.4
                              

Current                         
assets

Stocks                          1.8                  2.0                    1.6        

Debtors                       115.3                109.2                  101.9             

Cash at bank                                                               
and in hand                    11.8                  4.9                   10.8
                            -------             --------               --------
                              128.9                116.1                  114.3

Creditors:                   
amounts falling
due within one
year                         (103.8)              (100.4)                (100.7)
                              
                               

Net current                                                                
assets                         25.1                 15.7                   13.6                 
                            -------             --------               --------
                              
Total assets                                                              
less current
liabilities                   205.8                200.7                  193.0
                            -------             --------               --------
                              

Creditors: amounts            
falling due after
more than one
year                          (65.0)               (75.6)                 (64.8)

Provisions for                                      
liabilities and
charges                        (7.8)                (4.5)                  (7.8)
                            -------             --------               --------                              

Net assets                    133.0                120.6                  120.4
                            -------             --------               --------

                                

Capital and                        
reserves                        

Called up                      
share
capital                         2.2                  2.2                    2.2

Share premium                                     
account                        66.9                 66.2                   66.8

Merger                                            
reserve                        20.7                 20.7                   20.7

Capital                                                                    
reserve                         0.3                  0.3                    0.3

Profit and                                                                 
loss                          
account                        42.6                 30.2                   30.1
                            -------             --------               --------
Equity                        
shareholders'
funds                         132.7                119.6                  120.1

Equity                          
minority                      
interests                       0.3                  1.0                    0.3
                            -------             --------               --------
                              133.0                120.6                  120.4     
                            -------             --------               --------



Consolidated Cash Flow Statement
for the six months ended 30 June 2003

                            6 months to    6 months to    12 months to
                            30 Jun 2003    30 Jun 2002     31 Dec 2002
                              Unaudited      Unaudited         Audited
                                    #'m            #'m             #'m
                               --------       --------        --------

                                   

Net cash (outflow)/inflow                                         
from continuing operating
activities                         (2.0)          10.2            32.8

Dividends received from               
joint ventures                        -              -             0.1



Returns on investments and
servicing of finance

Net interest paid                  (1.5)          (2.9)           (4.9)


Taxation                            0.5           (2.8)           (5.9)


Capital expenditure

Sale of tangible fixed              
assets                              7.8            0.2             2.1

Purchase of tangible fixed         
assets                             (2.8)          (1.6)           (5.4)



Acquisitions and                      
disposals                             -              -            (0.4)

Equity dividends paid              (3.2)          (3.0)           (4.6)
                                -------       --------        --------
                                 
Cash (outflow)/inflow                                             
before financing                   (1.2)           0.1            13.8


Financing
                                 
Issue of share capital              0.1              -             0.2

Repayment of loans                 (0.1)          (0.2)           (8.0)

Repayment of principal             
under finance leases               (0.1)          (0.2)           (0.4)            
                                -------       --------        --------
Net cash outflow from              
financing                          (0.1)          (0.4)           (8.2)                     
                                -------       --------        --------               
                                   
(Decrease)/increase in                                             
cash in the period                 (1.3)          (0.3)            5.6       
                                =======       ========        ========


Reconciliation of Net Cash Flow to Movement in Net Debt

                            

                            6 months to    6 months to    12 months to
                            30 Jun 2003    30 Jun 2002     31 Dec 2002
                              Unaudited      Unaudited         Audited
                                    #'m            #'m             #'m
                                -------       --------        --------

(Decrease)/increase in
cash in the period                 (1.3)          (0.3)            5.6             

Cash outflow from                   
reduction in debt                   0.1            0.2             8.0

Cash outflow from                   
repayment of finance              
leases                              0.1            0.2             0.4
                                -------       --------        --------
Change in net debt                 
resulting from cash
flows                              (1.1)           0.1            14.0

Other non-cash items

Exchange difference                 0.7              -            (0.1)

New finance leases                 (0.2)             -               -

Amortisation of debt issue         
costs                              (0.2)          (0.2)           (0.2)                       
                                -------       --------        --------
Movement in net debt in            
the period                         (0.8)          (0.1)           13.7

Opening net debt                  (64.5)         (78.2)          (78.2)
                                -------       --------        --------                             
                             
Closing net debt                  (65.3)         (78.3)          (64.5)
                                =======       ========        ========


Reconciliation of Operating Profit to Net Cash Flow from Operating Activities

                            

                            6 months to    6 months to    12 months to
                            30 Jun 2003    30 Jun 2002     31 Dec 2002
                              Unaudited      Unaudited         Audited
                                    #'m            #'m             #'m
                                -------       --------        --------                                         

Operating profit                    5.7           11.0            17.1

Depreciation                        4.0            3.9             8.8

Amortisation of goodwill            1.4            1.2             2.7

Loss on disposal of fixed             
assets                                -            0.2             0.2

(Increase)/decrease in             
stocks                             (0.2)           0.1             0.6

(Increase)/decrease in             
debtors                            (6.9)          (5.9)            6.8

Increase in loan to joint          
venture                            (1.0)             -

Decrease in creditors and          
provisions for liabilities        
and charges                        (5.0)          (0.3)           (3.4)
                                -------       --------        --------


Net cash (outflow)/inflow          
from continuing operating         
activities                         (2.0)          10.2            32.8
                                =======       ========        ========

Notes to the Interim Statement
for the six months ended 30 June 2003

1. Basis of preparation

The interim statement is unaudited and does not constitute full accounts within
the meaning of the Companies Act 1985. It has been prepared on a basis
consistent with the 2002 statutory accounts. Full statutory accounts for the
year ended 31 December 2002 have been delivered to the Registrar of Companies
and contain an unqualified report from the auditors.

A copy of this interim statement is being sent to all shareholders. Further
copies may be obtained from the Company Secretary, AutoLogic Holdings plc, Orion
House, 5 Upper St Martin's Lane, London WC2H 9EA.

The accounting policies are as stated on pages 28 and 29 of the Annual Report
for the year ended 31 December 2002.

2. Segmental reporting

Analysis by geographical area:

                            6 months to    6 months to    12 months to
                            30 Jun 2003    30 Jun 2002     31 Dec 2002
                              Unaudited      Unaudited         Audited
                                    #'m            #'m             #'m
                                -------        -------         -------

Turnover
Group

United Kingdom                    119.9          108.6           231.9

Continental Europe                 72.0           82.3           131.8
                                -------        -------         -------
                                  191.9          190.9           363.7

Joint ventures and
associates

United Kingdom                     15.5           15.8            31.4

Continental Europe                147.1          137.5           259.3

Rest of the World                   4.1            5.7            15.1
                                -------        -------         -------
                                  166.7          159.0           305.8
                                -------        -------         -------

Total (including share of         
joint ventures and
associates)                       358.6          349.9           669.5
                                -------        -------         -------
                                
Profit before taxation

Group

United Kingdom                      4.5            4.0             9.8

Continental Europe                 (1.2)           4.2             2.0
                                -------        -------         -------
                                    3.3            8.2            11.8

Joint ventures and
associates

United Kingdom                      1.9            0.6             2.8

Continental Europe                  3.4            3.1             3.3

Rest of the World                     -            0.1             0.1
                                -------        -------         -------
                                    5.3            3.8             6.2
                                -------        -------         -------

Total (including share of           
joint ventures and
associates)                         8.6           12.0            18.0
                                -------        -------         -------
                                                                                  

Turnover by destination is not materially different to the analysis of turnover
by origin presented above.



2. Segmental reporting (continued)

Analysis by class of business:

                            6 months to    6 months to    12 months to
                            30 Jun 2003    30 Jun 2003     31 Dec 2002
                              Unaudited      Unaudited         Audited
                                    #'m            #'m             #'m
                                -------        -------         -------

Turnover

Distribution services             122.9          124.5           215.5

Technical services                 49.0           50.8           116.1

Parts distribution                 17.4           14.2            30.9

Other                               2.6            1.4             1.2
                                -------        -------         -------
                                  191.9          190.9           363.7

Joint ventures and                
associates                        166.7          159.0           305.8                      
                                -------        -------         -------
Total (including share of                        
joint ventures and
associates)                       358.6          349.9           669.5
                                -------        -------         -------

                                  

3. Cost of sales and administrative expenses

                            6 months to    6 months to    12 months to
                            30 Jun 2003    30 Jun 2002     31 Dec 2002
                              Unaudited      Unaudited         Audited
                                    #'m            #'m             #'m
                                -------        -------         -------

Turnover                          191.9          190.9           363.7

Cost of sales                    (165.5)        (165.4)         (307.1)
                                -------        -------         -------

Gross profit                       26.4           25.5            56.6

Administrative expenses           (19.5)         (17.7)          (44.6)

Exceptional items                     -              -            (3.3)

Goodwill amortisation              (1.4)          (1.2)           (2.7)

Other operating income              0.2            4.4            11.1
                                -------        -------         -------

Net operating expenses            (20.7)         (14.5)          (39.5)
                                -------        -------         -------

Operating profit                    5.7           11.0            17.1
                                -------        -------         -------

4. Taxation

The tax charge gives an effective tax rate of 63.9% for the period ended 30 June
2003. This compares with 41.6% for the six months ended 30 June 2002 and 42.2%
for the year ended 31 December 2002. The increase in the effective rate is
mainly due to the tax charge arising on the French property sale, which did not
generate a trading profit, but resulted in a capital gain. Excluding this and
the effect of goodwill amortisation, the effective tax rate for the period is
33.3% (2002: 31.6%).

5. Interim dividend

The proposed interim dividend of 3.6 pence per ordinary share (2002: 3.6 pence)
will be paid on 10 October 2003 to shareholders on the register on 12 September
2003.



6. Earnings per share

Reconciliations of the earnings and weighted average number of shares used in
the calculations are set out below:

                                                       6 months to    12 months to     
                     6 months to 30 Jun 2003           30 Jun 2002     31 Dec 2002                           
                              Unaudited                  Unaudited         Audited
                                          Per share      Per share       Per share                               
                Earnings        Shares       amount         amount          amount
                     #'m             m        Pence          Pence           Pence
                  ------        ------       ------       --------        --------

Basic earnings
per share

Earnings             
attributable
to ordinary
shareholders         3.1         43.6         7.07           16.04          24.46

Effect of              
dilutive            
shares -
options                -          0.3        (0.05)          (0.14)         (0.17)
                  ------       ------       ------        --------       --------
Diluted              
earnings per        
share                3.1         43.9         7.02           15.90          24.29
                  ------       ------       ------        --------       --------


Supplementary earnings per share before goodwill amortisation and
exceptional items



Basic earnings       
per share            3.1         43.6         7.07           16.04          24.46       
                  ------       ------       ------        --------       --------
Effect of                           
goodwill
amortisation
and
exceptional
items                5.5            -        12.62            8.94          24.11 
                  ------       ------       ------        --------       --------

Earnings per                     
share before
goodwill             
amortisation        
and
exceptional
items                8.6         43.6        19.69           24.98          48.57
                  ------       ------       ------        --------       --------


Diluted              
earnings per        
share                3.1         43.9         7.02           15.90          24.29

Effect of                           
goodwill
amortisation
and
exceptional
items                5.5            -        12.53            8.87          23.95
                  ------       ------       ------        --------       --------

Diluted                          
earnings per
share before
goodwill             
amortisation        
and
exceptional
items                8.6         43.9        19.55           24.77          48.24
                  ------       ------       ------        --------       --------


Basic and diluted earnings per share are also shown on the face of the Profit
and Loss Account calculated by reference to earnings before the #5.5m (June
2002: #3.8m, December 2002: #10.5m) charge for goodwill and exceptional items,
and the related tax, since the Directors consider that this gives a useful
indication of underlying performance.

Earnings per share were calculated on 43.5m shares being in issue at June 2002
(December 2002: 43.5m). Diluted earnings per share were calculated on 43.7m
shares being in issue at June 2002 (December 2002: 43.8m).

Independent review report to AutoLogic Holdings plc

Introduction

We have been instructed by the group to review the financial information which
comprises the Consolidated Profit and Loss Account, Consolidated Statement of
Total Recognised Gains and Losses, Consolidated Balance Sheet, Consolidated 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. This report, including the
conclusion, has been prepared for and only for the company for the purpose of
the Listing Rules of the Financial Services Authority and for no other purpose.
We do not, in producing this report, accept or assume responsibility for any
other purpose or to any other person to whom this report is shown or into whose
hands it may come save where expressly agreed by our prior consent in writing.

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 30 June 2003.


PricewaterhouseCoopers LLP
Chartered Accountants
Bristol

2 September 2003


The company intends to make a copy of this document available on its corporate
website (www.autologic.co.uk). In respect of any copy which appears on the
website the following should be noted:

 a. The maintenance and integrity of the AutoLogic Holdings plc website is the
    responsibility of the directors; the work carried out by the auditors does
    not involve consideration of these matters and, accordingly, the auditors
    accept no responsibility for any changes that may have occurred to the
    interim report since it was initially presented on the website.
 b. Legislation in the United Kingdom governing the preparation and
    dissemination of financial information may differ from legislation in other
    jurisdictions.


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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