Spicers Chief Executive comments on first half results
Press Release – 12th December 2002

Bill Armstrong comments on Spicers first half (financial year) results.

"I am very pleased with the progress we have made in the first half. A lot of good work in the UK has strengthened our financial results and provides us with a good platform for profitable growth in 2003. In Germany 2002 started with major difficulties and has ended with good service and a return to sales growth. The prospects for even better growth in 2003 look good. France has continued to gain market share in the first half and will further exploit the Plein Ciel acquisition in 2003. Increased marketing activity in Spain is planned to accelerate our penetration of this exciting new market for Spicers.

All in all I believe we can feel encouraged by this start to 2002/3. There is still much to do but we end 2002 in a much healthier condition than we entered the year."Ends:

For further information please contact:

Bill Armstrong,
Chief Executive,
Spicers Europe.
T: 01223 822201
F: 01223 832779
E: bill.armstrong@spicers.net