Exel plc – June 2004 Interim Results

30 July 2004

Exel reports good turnover and profit growth and continued new business success

Underlying earnings per share up 9.7%

Six months to 30 June 2004 2003 % change

£m £m

At constant exchange rates

Turnover – continuing operations 2,621 2,273 15.3

Operating profit1 – continuing 74.1 66.9 10.8
operations

Profit before tax1 72.2 63.0 14.6

At actual exchange rates

Turnover – continuing operations 2,621 2,391 9.6

Operating profit1 – continuing 74.1 71.7 3.3
operations

Profit before tax1 72.2 67.0 7.8

FRS3 profit before tax 123.5 69.7 77.2

Basic earnings per share1 16.9p 15.4p 9.7

Pension adjusted earnings per share2 21.6p 20.1p 7.5

FRS3 earnings per share 33.3p 15.0p 122.0

Dividend per share 8.5p 7.9p 7.6

1 before goodwill, exceptional items and net return on pension schemes

2 as per basic earnings per share adjusted for non-cash pension service costs

Highlights

* At constant exchange rates turnover and profit before tax up 15%

* Strong free cash flow generation of £78.2m (2003: £31.5m)

* Dividend per share increased by 8% (2003 interim increased by 5%)

* £450m (2003: £400m) of annualised new business revenues, £260m net of
losses (2003: £240m)

* Launched £328m recommended cash offer for Tibbett & Britten which will
enhance Exel’s ability to deliver additional organic growth

John Allan, Chief Executive of Exel, commented:

‘During the first six months of 2004, Exel continued to make good operational
and strategic progress. The Group achieved solid levels of growth in turnover
and profits and completed the acquisition of Fujitsu Logistics. In June, a
recommended cash offer was made for Tibbett & Britten Group plc.

‘Exel’s recent acquisition programme will provide significant opportunities for
the Group to enhance its competitive advantage. Combined with improved economic
conditions in most regions of the world and with positive trends in trading,
Exel believes it is well positioned to make good underlying progress in 2004.’

For further information please contact:

Exel plc

John Allan, Chief Executive
John Coghlan, Deputy CEO and Group Finance Director
Duncan Magrath, Director of Investor Relations and Financial Strategy
Louisa Potter, Investor Relations Manager
On 30 July: +44 7802 636283 or +44 7779 161203
At other times: +44 1344 744409

The Maitland Consultancy

Martin Leeburn / Lydia Pretzlik
+44 20 7379 5151

Presentation of Results

The presentation of results will be held at 9:00am at the London Stock
Exchange, Paternoster Square, London on 30 July 2004.

Conference call for Analysts, Institutions and other Interested Parties

John Coghlan and Duncan Magrath will be hosting a conference call from 3:00pm
UK time for further questions concerning the results. The contact number for
the call is +44 20 8974 7900 and the verbal access code is C643482. Once
prepared, a transcription of the call will be posted to
www.exel.com
. A replay
service will be available until Friday 6 August on +44 1296 618700, access
number 240187.

Overview

During the first six months of 2004, Exel made good operational and strategic
progress. The Group achieved solid levels of growth in turnover and profit and
completed the acquisition of Fujitsu Logistics. In June, a recommended cash
offer was made for Tibbett & Britten Group plc