RNS Number:3048K
Metalrax Group PLC
24 April 2003

METALRAX GROUP PLC - ANNUAL REPORT 2002


"Positive momentum being maintained" - Eric Moore, chairman


"Illustrations of our positive attitude towards future performance can be
measured in the investment of more than #3 million on versatile production plant
and equipment........." says Mr Eric Moore, chairman of engineering specialists
Metalrax Group PLC, in the Annual Report posted to shareholders today.


"We have provided opportunities to actively consider further
acquisitions......compatible with our existing divisional operations".


Commenting on the results for 2002, showing record turnover of #111.7m and
pre-tax profits up 6.3% to #12.3m Mr Moore says "These encouraging figures
reflected our ability to react and adapt quickly to changes in global markets".


He points out that the continuing emphasis on cash management "has been well
rewarded, with net cash inflow from operating activities exceeding pre-tax
profits for the sixth year in succession".


A key factor in securing new business in Engineering and Storage products "has
been the rapid response to urgent customer requirements and then providing
solutions to issues arising during the development stages of production and
assembly".


In Housewares "Substantial gains with leading quality retailers have been
achieved in key overseas markets with encouraging sales levels promising well
for the future". Meanwhile "Development of special promotions on tools, gadgets
and related lines have continued to expand our business with leading UK
retailers".


For the future of the group "There are encouraging indications that positive
trading momentum is being maintained".


ENDS


Further information: Mr Eric Moore, chairman - Tel: 0121-433 3444


Note:

The 2002 Annual Report of Metalrax Group PLC has been submitted to the UK 
Listing Authority and is available for public viewing.








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