Tibbett and Britten Interim Results

4th September 2002

TIBBETT & BRITTEN GROUP PLC

INTERIM RESULTS FOR THE SIX MONTHS TO 29TH JUNE 2002

HIGHLIGHTS

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 manufacturers
and retailers.

* Organic growth sustained with sharpened strategic focus.

* North America now 50% of operating profit with acknowledged
market leadership in retail grocery.

* Successful integration of Dimalsa (Mexico) proceeding.

* Strong UK turnover growth – operating profit impacted by
closure of the fashion network and rail dislocation.

* Good progress in Mainland Europe.

* Turnover up 7% to #736.7 million (2001 : #686.1 million)
and underlying operating profit up 1% to #14.4 million
(2001 : #14.3 million).

* Secure pipeline of new business to maintain growth
momentum.

* Interim dividend up 4% to 7.9p.

Commenting Chairman, John Harvey, CBE, said: “In the first half-year we have
achieved a gratifying level of contract renewal and extension and maintained a
busy new business development pipeline. The full year’s results will again be
weighted towards the second half given both seasonality and the rising
contribution from new business and start-ups. The underlying growth prospects
for the logistics sector in general and Tibbett & Britten in particular remain
encouraging. However, a number of factors are likely to affect second half
performance with trading for the second half expected to be broadly in line with
that of last year.”

Enquiries:

John Harvey CBE, Chairman

Mike Arrowsmith, Chief Executive

Mark Whiteling, Finance Director
Telephone: 020 7796 4133 (on 4th September 2002 only)
020 8367 9955 (thereafter)

Andrew Hayes/Corinne Daniels/James Hill, Hudson Sandler Ltd.
Telephone: 020 7796 4133

FINANCIAL HIGHLIGHTS

2002 (#m) 2001 (#m)
Turnover Operating Turnover Operating
Profit Profit
Americas 300.0 5.6 291.9 6.5

UK & Ireland 295.8 3.8 266.7 5.5

Mainland Europe 105.6 2.4 97.9 2.2

International 35.3 0.2 29.6 0.1

736.7 12.0 686.1 14.3

The above figures include the Group’s share of joint ventures and associates
results and are shown after one off costs but before goodwill amortisation and
exceptional items.

CHAIRMAN’S STATEMENT

Introduction

In the six months ended 29th June 2002 the Group has increased turnover across
all divisions, consolidated substantial advances within our core markets of
Europe and the Americas whilst also resolving a number of outstanding issues and
enhancing our customer profile.

The North American momentum has been maintained and the customer base extended
as we build on our acknowledged market leadership position in the grocery
sector. The outstanding Safeway Inc debt has been resolved and new contracts
added in the USA wh