Murgitroyd Group PLC ( the Group ) Interim Trading Statement for the four-month period ended 30 November 2001

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1 11 February 2002 Murgitroyd Group PLC ( the Group ) Interim Trading Statement for the four-month period ended 30 November Chairman s Statement Formation and flotation It is with great pleasure that the Directors make this first interim statement since the Group s admission to the Alternative Investment Market of the London Stock Exchange Plc ( AIM ). The Group was incorporated on 1 August and acquired the entire share capital of Murgitroyd & Company Limited. Following a placing by Noble & Company Limited of 2,479,333 new ordinary shares at 121p per share, the newly formed group successfully floated on AIM. The Group acquired Murgitroyd & Company on 20 November and, as such, the Group had, by the end of the accounting period on 30 November, traded for a little over a week. The acquisition of Murgitroyd & Company Limited has, for the purposes of the accounts, been treated as taking place as at 30 November. As such the trading of Murgitroyd & Company Limited between 1 June and 30 November is considered to be, in its entirety, pre-acquisition and the net assets purchased are, again, those as at 30 November. The provision of any relevant performance comparisons for the Group is not, therefore, possible. Rather, we are reporting in respect of the year-on-year trading performance of the Group s wholly-owned operating subsidiary company, Murgitroyd & Company Limited. This company underwent a fundamental restructuring prior to its acquisition by the Group, most of the costs of which were incurred in the current accounting period. This must also be taken into account when making comparisons with its comparative period s performance. Trading The operating company has had a highly satisfactory first six months trading and, as far as can be ascertained, was relatively unaffected by the world events. Turnover has risen by 9.8 per cent to 4.15 million (2000: 3.77 million) with the gross margin percentage increasing, in percentage terms, by 1.9 per cent to 64.4 per cent producing an operating profit of 261,000 and a profit before tax of 204,000 (2000: 231,000). The operating company s trading performance, on all fronts, is comfortably ahead of the Directors expectations. 1

2 Business development and growth The operating company s growth continues to be derived from its stated strategy of concentrated business development, structured graduate and post-graduate training and active recruitment of qualified and part-qualified Attorneys. In this regard, the operating company s comparative, total payroll numbers at 30 November and 30 November 2000 are 113 and 92 respectively. In its trading year to date, the operating company has recruited four additional European Patent Attorneys, an Irish Trade Mark Agent, a French Patent Attorney and an ex-european Patent Office Examiner. In addition, it has also recruited four new trainees to its Attorney training programme. The Group s pan-european expansion plans are progressing well with building works on a new larger Dublin Office close to the city s airport now completed, a lease signed and augmented professional staff in place. The planned Nice Office is making rapid progress with two thirds of its complement of professional staff now contracted to start in the current financial year; the first French Attorney started on 4 February In addition, a medium term rental arrangement has been entered into for office accommodation adjacent to Nice Airport. The operating company s planned staffing of its Munich Office is also ahead of schedule with interviews for professional staff to work there being underway. Board of Directors The Directors are also pleased to announce the appointment of Dr. Chris Greig as a non-executive Director. Dr. Greig is currently Non-Executive Chairman of William Grant & Sons Limited and was previously Managing Director of Invergordon Distillers Limited. He is also Chairman of Belhaven Brewery Group plc and PPL Therapeutics plc. Prospects There is no reason that the Directors can currently see to suggest that the operating company s trading performance will not continue as expected for the remainder of its financial year and I look forward to reporting to shareholders continued growth at the year end. Ian G Murgitroyd Chairman 11 February 2002 For further information, please contact Keith Young, Murgitroyd Group PLC, (Mon/Tues), (Wed) Alasdair Robinson, Noble & Company Limited, Richard Fallowfield/Nadja Vetter, Cardew & Co.,

3 MURGITROYD GROUP PLC Unaudited Consolidated Profit and Loss Account For the period 1 August to 30 November Administrative expenses (0.4) Operating loss (0.4) Other interest receivable and similar income 2.2 Profit on ordinary activities before and after taxation and retained for the period 1.8 3

4 MURGITROYD GROUP PLC Unaudited Consolidated Balance Sheet At 30 November Fixed assets Tangible fixed assets 1,743.4 Goodwill 7, ,770.9 Current Assets Work in progress Debtors 3,364.3 Cash at bank and in hand 1, ,430.9 Creditors: amounts falling due within one year (4,296.3) Net current assets 1,134.6 Total assets less current liabilities 9,905.5 Creditors: amounts falling due after more than one year (289.2) Provision for liabilities and charges (77.6) Net Assets 9,538.7 Capital and reserves Called up share capital Share premium account 8,709.1 Profit and loss account 1.8 Shareholders funds 9,

5 MURGITROYD & COMPANY LIMITED Unaudited Profit and Loss Account For the six months ended 30 November (six months ended 30 November 2000) 2000 Turnover 4, ,777.5 Cost of sales (1,475.6) (1,416.3) Gross Profit 2, ,361.2 Administrative expenses (2,411.6) (2,039.4) Operating profit Other interest receivable and similar income Interest payable and similar charges (73.7) (108.5) Profit on ordinary activities before taxation Taxation on profit on ordinary activities (75.4) (92.4) Profit on ordinary activities after taxation Dividends - (75.0) Retained profit for the period

6 MURGITROYD & COMPANY LIMITED Unaudited Consolidated Balance Sheet At 30 November 2000 Fixed assets Tangible fixed assets 1, ,331.6 Investments , ,336.4 Current assets Work in progress Debtors 3, ,010.8 Cash at bank and in hand , ,048.1 Creditors: amounts falling due Within one year (4,778.7) (4,093.9) Net current (liabilities)/assets (347.8) (45.8) Total assets less current liabilities 1, ,290.6 Creditors: amounts falling due after more than one year (289.2) (1,031.2) Provision for liabilities and charges (77.6) (9.9) Net Assets 1, ,249.5 Capital and reserves Called up share capital Revaluation reserve Minority Interest Capital reserve Profit and loss account Shareholders funds 1, ,

7 NOTES: The accounting policies that have been applied to the unaudited interim results are consistent with the latest published audited accounts. These interim results are unaudited and do not comprise full accounts within the meaning of section 240 of the Companies Act Full accounts for the year ended 31 May for Murgitroyd & Company Limited, on which the auditors gave an unqualified report, have been delivered to the Registrar of Companies. The earnings per share is calculated by reference to the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during each period, as follows: 6 months ended 30 November 6 months ended 30 November 2000 Earnings for period 128, ,600 Weighted average number 265, ,000 of shares in issue Earnings per share 48.5p 52.3p For the purposes of this calculation, the weighted average number of shares in issue has been calculated prior to the acquisition of Murgitroyd & Company Limited by Murgitroyd Group PLC on 20 November. The earnings for the periods and the weighted average number of shares in issue represent those of Murgitroyd & Company Limited. The Directors do not propose to pay an interim dividend at this time. The Directors do intend, subject to the availability of distributable reserves, that dividends will be paid to shareholders following announcement of the Annual Report and Accounts. The Directors aim to distribute 25% of post-tax profits by way of dividend commencing May A copy of the interim trading statement for the four months ended 30 November is due to be sent to all shareholders on or about 11 February Copies of this announcement and the full interim statement will be available, free of charge for a period of one month, from the Group s Nominated Adviser: Noble & Company Limited 76 George Street Edinburgh EH2 3BU Noble & Company Limited 1 Frederick s Place London EC2R 8AB 7

Murgitroyd Group PLC ( the Group ) Unaudited Interim Results for the six months ended 30 November 2002

28 February 2003 Murgitroyd Group PLC ( the Group ) Unaudited Interim Results for the six months ended 30 November 2002 Pro-forma highlights Turnover increased by 24% to 5.13m (2001: 4.15m) Profit before