Trading Statement

RNS Number:0680M
Mallett PLC
09 June 2003

MALLETT PLC ("Mallett" or "the Company")

Trading statement

The Company commented in its 2002 annual report sent to shareholders on 20 March
2003 that market conditions were volatile and unpredictable. This has remained
the case.


During the first three months of 2003 sales were below levels experienced in
2002. This period, which historically has been the quietest trading quarter of
the year, coincided with a time of considerable global economic unrest. In April
SARS and the war in Iraq caused a reduction in the number of overseas visitors
travelling to London. Nevertheless, during April a significant improvement in
trading took place, but this trend was not sustained in May. Visitor numbers to
London have remained low and the Company's activity levels during the period as
a whole have been below those in 2002. On the basis of current trading, it is
expected that the profit before taxation for the six months ending 30 June 2003
will be well below that reported for the comparable period in 2002. However, our
pattern of trading can be uneven throughout the year.


The Company's strong balance sheet enabled the New York shop to open on 30 April
2003 without incurring debt, despite the fact that the refurbishment cost
approximately #2.5 million. This new operation has received a great welcome from
our American clients and the Board has been pleased with early trading, which
was ahead of budget up to the end of May. This trading gives the Board grounds
for confidence in the continuing global demand for the finest antiques.


It remains difficult to comment on the outcome for the full year but a
significant recovery in trading in London will be required if the Company is to
meet market expectations for the full year. Nevertheless, the Board anticipates
declaring an unchanged interim dividend of 2.4p per share in respect of the
current financial year as a reflection of its confidence in the long term
prospects of the business.


Enquiries:
Mallett PLC
Lanto Synge                  Chief Executive                      020 7499 7411


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