RNS Number:7802T
Fulmar PLC
02 January 2004


2 January 2004

                                   FULMAR plc

                       Property Sale / Trading Statement

Fulmar plc ("Fulmar"), the South London-based commercial and book printer,
announces that it has exchanged contracts for the sale of a property in Lewes,
East Sussex and anticipates its 2003 results.

Property Sale

Fulmar has exchanged contracts for the sale of its vacant freehold property at
Lewes for residential development. These premises were previously occupied by WE
Baxter prior to its rationalisation and relocation to Mitcham, South London in
May 2002.

The initial consideration of #1.6m in cash will be applied to the reduction of
borrowings, and will be tax-free due to accumulated capital losses. Further cash
consideration may comprise a minimum of #0.8m on receipt of satisfactory
planning consent and an entitlement to 35 per cent. of the gross sale proceeds
for the developed property above #10.2m, subject to a maximum total
consideration to Fulmar of #4.0m. The book value of the property is #0.6m. In
the event that a satisfactory planning consent is not achieved, Fulmar has the
option to repurchase the property.

Trading Statement

The Directors now believe that Fulmar's trading results for the year ending 31
December 2003 will be below market expectations, with a pre-tax profit of not
less than #2.2m (before exceptionals) and #3.1m (after exceptionals), which
compares with #3.0m and #1.9m respectively in 2002. This reflects a further
worsening of the prevailing weak market conditions for commercial print,
together with the absence of the normal seasonal upturn in book jacket and cover
printing, in the fourth quarter.

In the absence of unforeseen circumstances, the Directors intend to propose an
unchanged final dividend per ordinary share of 3.4p, making an unchanged 5.2p
for the year.
Enquiries:

Fulmar plc                                                     020-8688 7500
Mike Taylor (Chief Executive)
Derek Harris (Finance Director)


Bankside Consultants Limited
Charles Ponsonby                           01993-811 717 (h) / 020-7444 4166 (w)


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