Trading Statement

    Christian Salvesen

2 October 2003

Christian Salvesen - pre-close period trading update

Christian Salvesen PLC, the European logistics company, issues the following
pre-close period update for the six months to 30 September 2003.

As previously announced, we have strengthened the UK management team through the
addition of Brian Gaunt, who joined us in September as Managing Director of the
combined UK operations. The restructuring of the UK business continues and a
good start has been made on lowering the cost base. This cost-reduction
programme will continue over the coming months as we match our costs to the
challenging market conditions.

Trading remains difficult in the UK in all sectors, but we anticipate that the
second half of the year will benefit, as the full impact of the restructuring
and the new management team's actions take effect.

Our European Food and Consumer operations continue to perform satisfactorily. In
France, although our industrial business has been affected by market conditions,
this has been offset by new business wins, which will benefit the second half of
the year. Our Spanish industrial business has continued its improvement and will
return to full year profit.

As previously announced, the sale of our German industrial business in May 2003
has given rise to an exceptional cost of £10m in this financial year. The
elimination of losses in Germany has been offset by the rise in Group pension
costs for the year. Cash flow has benefited by £23m from the disposal of
property assets and also lower levels of capital expenditure.

As announced in June, David Fish assumed the role of Chairman on 1st October on
the retirement of Jonathan Fry. The search for a new non-executive director and
a permanent Finance Director is in progress. The position of Group HR Director
has recently been filled by Campbell Fitch.

Whilst trading conditions continue to be challenging, the new business pipeline
remains strong across the Group. The board of Christian Salvesen anticipates
that the outturn for the year will be in line with expectations.

Interim results for the six months to 30th September will be announced on 1st
December 2003.



Enquiries:

Christian Salvesen PLC                      01604 662600
Edward Roderick, Chief Executive
Julian Steadman, Finance Director (acting)
Frances Gibson-Smith, Investor Relations

Hogarth Partnership Limited                 020 7357 9477
John Olsen
Tom Leatherbarrow