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Intercare Group PLC (~158)

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Tuesday 29 April, 2003

Intercare Group PLC

AGM Statement

Intercare Group PLC
29 April 2003

29 April 2003



                            The Intercare Group plc



               Chairman's Statement at the Annual General Meeting



Mr Ken Harvey, Chairman of The Intercare Group plc, the pharmaceutical
manufacturer and distributor, will make the following statement regarding
trading at today's Annual General Meeting:



'I am very pleased to be able to report that trading across our Manufacturing
division continues to be strong.  In our outsourced manufacturing businesses,
LCO Sante, which we acquired in the second half of 2002, is performing well and
progress on the construction of our new factory in Belgium is on track.  We are
also seeing strong organic sales and profits growth at Martindale, our own
manufacturing business.'



'As we indicated at the time of our preliminary results in March, the market
environment for our Distribution division is very challenging.  While we are
seeing good revenue growth against the prior year, we are continuing to
experience strong downward pressure on margins as a result of the effects of the
forthcoming patent expiry of Zocor, combined with the ongoing appreciation of
the euro against sterling.  Historically, the Group has reported the majority of
its profits in the second half of the financial year and we anticipate that
current conditions in the UK distribution market are likely to make this trend
more pronounced in 2003 than in previous years.'





Enquiries


The Intercare Group plc                                  Tel: 01423 535500
John Parker, Chief Executive                             www.intercareplc.co.uk
Jeremy Earnshaw, Group Finance Director
Andrew Kay, Chief Operating Officer

Financial Dynamics                                       Tel: 020 7831 3113
David Yates/Ben Atwell








                      This information is provided by RNS
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