MFG Miller Fisher

RNS Number:3981Z
Miller Fisher Group PLC
23 February 2001



23 February 2001


                           MILLER FISHER GROUP plc


                   Confirmation of preliminary discussions
                    regarding possible offer for the Group


                                Trading update




Further to the announcement made on 20 November 2000, the Board of Miller
Fisher Group plc (the "Group") announces that it is in preliminary discussions
which may or may not lead to an offer for the whole of the issued share
capital of Miller Fisher.


As anticipated in the interim results announcement of 28 September 2000, the
UK loss adjusting business returned to profitability during the second half of
2000 as the benefits of the planned re-engineering programme came on stream
and its performance was particularly strong during the fourth quarter. In
addition, in Ireland, Miller Farrell exceeded the Board's expectations by
achieving significantly greater growth in its contribution than forecast and
has continued to consolidate its pre-eminent position in the market. The
performance of the rest of the Group did not achieve the Board's expectations.


As reported previously, in the first half of the year the Group made an
operating loss before exceptional items of #80,000 and a pre-tax loss, after
interest and exceptional items, of #1.5 million. However there was a
substantial improvement in trading in the second half of the year and
therefore the Board expects to report a lower pre-tax loss for the second half
of the year and overall an operating profit before exceptional items for the
year as a whole.


The Board expects to announce the results for the year ended 31 December 2000
on 30 March 2001.




For further information please contact:


Miller Fisher Group

020 7398 8700

Kevin Kenny - Chief Executive

Richard Horton - Finance Director


HSBC

020 7336 9000

Andrew Galloway

Nigel Lake


The Directors of Miller Fisher accept responsibility for the information
contained in this announcement. To the best of the knowledge and belief of the
directors of Miller Fisher (who have taken all reasonable care to ensure that
such is the case), the information contained in this announcement is in
accordance with the facts and does not omit anything likely to affect the
import of such information.


HSBC Investment Bank plc ("HSBC"), which is regulated in the UK by The
Securities and Futures Authority Limited, is acting exclusively for Miller
Fisher and no-one else in connection with any offer and, accordingly, will not
be responsible to anyone other than Miller Fisher for providing the
protections afforded to customers of HSBC, nor for providing advice in
relation to any offer or any matter referred to herewith.


HSBC has given and has not withdrawn its written consent to the issue of this
announcement with the inclusion of its letter and the reference to its name in
the form and context in which it is included.

KPMG Audit Plc has given and has not withdrawn its written consent to the
issue of this announcement with the inclusion of its letter and the reference
to its name in the form and context in which it is included.


The above statements regarding financial performance for the six months ended
31 December 2000 and the year to that date (the "Profit Estimate") constitute
a profit forecast within the definitions set out in the City Code on Takeovers
and Mergers. Accordingly, the following statements are required.


The Profit Estimate has been prepared on the basis of the accounting policies
normally adopted by Miller Fisher and is based on the unaudited management
accounts for the year ended 31 December 2000.


Letter from KPMG Audit Plc


"The Directors, Miller Fisher Group plc, 20 St Dunstan's Hill, London EC3R 8HY

The Directors, HSBC Investment Bank plc, 68 Upper Thames Street, London EC4V
3BJ


Dear Sirs


We have reviewed the accounting policies and calculations for statements
regarding financial performance for the six months ended 31 December 2000 and
the year to that date ("the Profit Estimate") of Miller Fisher Group plc ("the
Company") set out in a press announcement of today's date. The Profit Estimate
is the sole responsibility of the directors of the Company.


The Profit Estimate is based on the results as shown by the unaudited
management accounts for the year ended 31 December 2000.


We conducted our work in accordance with the Statements of Investment Circular
Reporting Standards issued by the Auditing Practices Board.


In our opinion, the Profit Estimate, so far as the accounting policies and
calculations are concerned, has been properly compiled by the directors and is
presented on a basis consistent with the accounting policies normally adopted
by the Company.


Yours faithfully

KPMG Audit Plc"


Letter from HSBC


"The Directors, Miller Fisher Group plc, 20 St Dunstan's Hill, London EC3R 8HY


Dear Sirs


We refer to the statements regarding financial performance for the six months
ended 31 December 2000 and the year to that date of Miller Fisher Group plc
(the "Profit Estimate") set out in a press announcement of today's date.


We have considered the letter of today's date addressed to you and HSBC
Investment Bank from KPMG Audit Plc regarding the accounting policies adopted
and calculations made in arriving at the Profit Estimate.


On the basis of our discussions with you and having regard to the letter from
KPMG Audit Plc, we consider that the Profit Estimate, for which you as
Directors of Miller Fisher Group plc are solely responsible, has been made
after due and careful consideration.


HSBC Investment Bank plc"

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