Trading Update

Holidaybreak PLC
19 April 2004


For Immediate Release                                         19 April 2004

                              Holidaybreak plc

                              TRADING UPDATE



Holidaybreak plc, the UK's leading operator of specialist holidays, today issues
the following update on trading.

Since the start of the New Year, each of our three divisions has achieved
healthy levels of growth in comparison to the equivalent period last year. The
Hotel Breaks division has continued its exceptional performance with cumulative
sales in the current financial year now 38% ahead of like for like sales in
2003.  Adventure Holidays are now 17% up for the same period.  In both divisions
we have also seen margin improvement.

From January 2004, sales for Camping have been 15% up on 2003 comparatives and,
from the beginning of March, 32% higher, with an increase in UK market share.
The cumulative position is now 8% below the equivalent figure in 2003 compared
to 12% down at the time of our AGM in February. In our AGM statement we reported
that, although we had seen some recovery from the weak sales figures for Camping
during the pre-Christmas campaign, the business still faced a major task over
the remainder of the campaign.  In the light of sales to date, and, whilst we
anticipate that sales will continue to run ahead of last year on a week to week
basis, we do not now expect that the rate of increase will be sufficient to
achieve the profit levels previously anticipated for this division. Consumers
are making later and later decisions regarding their holiday bookings and all
potential sales are being, and will be, vigorously pursued. At the same time we
are reviewing all costs and some savings will be realised.

Our Hotel Breaks and Adventure divisions have made considerable progress in the
current financial year but, because of the shortfall in Camping, the Board now
anticipates an outcome for the Group for the full year which will be materially
below its previous expectations. However, this outcome remains sensitive to the
high operational gearing within Camping.

The Board maintains a positive view of prospects for the Holidaybreak Group.
Both our Hotel Breaks and Adventure businesses are well placed to profit from
the rapidly changing holiday market environment and all our businesses enjoy net
margins which are higher than the travel sector norm. Returns on capital
investment are attractive and the Group is highly cash generative, enabling us
to continue paying a healthy dividend to our shareholders.

Richard Atkinson, Chief Executive of Holidaybreak commented:

"Whilst we had hoped to achieve a more satisfactory result for Camping in the
current year than now seems likely, the Board had already recognised the need
for a thorough review of this part of  the Group's business. This has been led
by the new divisional managing director, Matthew Cheetham, who was appointed on
26th January 2004. An internal reorganisation has already been instigated which
will result in both cost savings and an organisational structure which is
appropriate for the challenges ahead.

Capacity levels have proved too high this year, exacerbated by regional
imbalances, and this will be addressed for 2005.  As a consequence, we
anticipate a substantial reorientation of our camp-site programme and a much
reduced capital expenditure requirement in 2005.

"On the demand side, the rapid development of the internet has provided
opportunity for many travel businesses. The Camping division's internet
capability is well advanced and we will be devoting even greater resource and
management focus to e-commerce development. Other key trends within the sector
have been the increase in no frills, scheduled flying and consumers taking more
frequent shorter holiday breaks. These offer scope for further product
development and adaptation in response to evolving consumer requirements.

"Whilst the Camping division has experienced a setback, both Hotel Breaks and
Adventure are strong and growing businesses, are having an excellent year and
will achieve significant profits growth in the year to 30th September 2004.  The
fundamental strengths of all three businesses underpin the Board's confidence in
the prospects for the Holidaybreak Group as a whole."

For further information, please contact:

Richard Atkinson, CEO
Bob Baddeley, FD
Holidaybreak                                               01606 787102

Isabel Podda
Buchanan Communications                                    020 7466 5000


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