Trading Statement

RNS Number:1429U
Urbium PLC
13 January 2004


Embargoed until 0700                                            13 January 2004

                                   URBIUM PLC
                          ("Urbium" or "the Company")

                               TRADING STATEMENT

                    Urbium Announces Strong December Trading

Urbium is pleased to announce that it has enjoyed a strong sales performance and
record operating results during its peak December trading period.

Like for like sales for the five-week trading period ending 31 December in
comparable trading businesses (representing all but two of Urbium's 26 trading
venues) increased by 4.0% over last years record trading levels.

Commenting on the December sales performance Managing Director, Robert Cohen,
said: "We are delighted with this result which has been achieved in continuing
tough market conditions. To have exceeded last year's record sales levels is
particularly pleasing. I believe that this vividly demonstrates yet again the
exceptional qualities of the business and in particular the competitive edge
enjoyed by our unique trading format, which successfully combines bar,
restaurant and nightclub facilities and appeal to a higher spending segment of
the market."

"One of Urbium's main strengths is its significant presence in London's West
End, Europe's largest and most affluent leisure and entertainment market. Our
best December performances were in London reflecting buoyant demand throughout
the month and a strong performance on New Years Eve."

"The Tiger Tiger brand, now operating in seven locations, traded satisfactorily
with sales in line with last year's record levels. The original Tiger Tiger in
London's Haymarket, now in its sixth year, achieved record December sales. The
regional Tiger Tiger businesses performed in line with our expectations."

This strong December performance completes an overall satisfactory final quarter
trading for Urbium with comparable sales up by 1%. This is a significant
improvement on the third quarter. At the interims we reported that like for like
sales for the first eleven weeks of the third quarter were down by 5% as a
result of the prolonged spell of unprecedented hot weather through July and
August. The three Birmingham units, including the rebranded Apt/Polaris venue,
were below expectations for this period.

Commenting on the year as a whole John Conlan, Chairman, said: "With the peak
December sales now secured, early indications are that trading for the full year
will meet the current market forecasts. We are pleased with the steady progress
made during the second half of 2003. The Tiger Tiger brand overall has now
demonstrated its staying power and value over an extended period since inception
in 1998. The strong recovery in London's West End in the second half of 2003
illustrates the enduring potential of this huge market where the majority of
Urbium's businesses are located. The intrinsic value of our large share of this
market together with the rarity value of the attendant licences is, we believe,
significantly discounted in the Company's valuation. In Birmingham, on the other
hand, where we have been under performing for some time due in part to an
extreme competitive situation resulting from local oversupply, we believe that
our carrying values in Birmingham are now too high. Consequently there will be a
one off asset impairment charge in the 2003 results. This non cash exceptional
charge will be partially off set by a favourable settlement of past tax
liabilities."

"Looking ahead, and based on the significant success of Digress at City Point,
Ropemaker Street, we eagerly await the opening in February 2004 of our second
City of London operation, the 850 capacity Abacus at Cornhill. Our aim is to
secure, as we did in the West End, a substantial share of the large and affluent
City market. Our strategic plan to establish smaller capacity Tiger Tigers in
secondary markets gets under way in June when the first 1,350 capacity unit
opens in Aberdeen. We will provide a full update on the Group's development
pipeline for 2004 with the preliminary results announcement in late February."

"Reinvigorated by the strong December result the Urbium management start the New
Year with the business overall in good shape, an intense operational
concentration and a clear strategy for future growth."

                                    - Ends -

Enquiries:

Urbium PLC                                                       020 7434 0030
John Conlan, Chairman
Robert Cohen, Managing Director
Steven Palmer, Finance Director


Weber Shandwick Square Mile                                      020 7067 0700
Kevin Smith/Katie Hunt                                           07884 494 112


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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