Interim Results

Huveaux PLC
04 August 2003


4 August 2003


                                  HUVEAUX PLC


            Interim Results for the six months ended 30 June 2003 &
                 Acquisition of Le Trombinoscope for €2 million




Highlights

   •Turnover of £859,000 and profit of £13,000 in the seasonally quiet first
    half

   •Acquisition of Le Trombinoscope for 2 million Euros making Huveaux the
    largest publisher of political biographies in the EU

   •Le Trombinoscope is the third acquisition in the last twelve months

   •The outlook for the year is for substantial growth in profits.



John van Kuffeler, Chairman of Huveaux PLC, commented:

'I am very pleased with these results as they demonstrate that in our seasonally
quiet first half of the year, we have been able to achieve a small profit.

We have successfully completed the acquisition of Lonsdale SRG as well as
subsequently signing a contract to acquire Le Trombinoscope. The acquisition of
Le Trombinoscope will ensure that Huveaux becomes the largest publisher of
political biographies in the EU and we expect to achieve many benefits from
running both Le Trombinoscope and Vacher Dod under the same ownership.

These three businesses have high profit margins and excellent growth prospects
and the outlook is for substantial growth in profits.'


For further information, please contact:

John van Kuffeler, Huveaux PLC            020 7245 0270
Bella Jowett, Bell Pottinger Financial    020 7861 3874




CHAIRMAN'S STATEMENT

In our seasonally quiet first half of the year, Huveaux achieved a profit of
£13,000 in line with budget and completed the acquisition of Lonsdale SRG.

Set out below is a description of the performance of our two principal operating
units.

The business of Vacher Dod is heavily weighted toward the start of the
Parliamentary year in October and consequently over 75% of annual sales fall in
the second half. It is therefore encouraging to report sales of £381,000 in the
first half together with a small operating loss which was better than budget. A
new title, Vacher's Civil Service Companion was published in July. Deferred
revenue, representing booked future sales on all titles, amounted to £479,000 at
30th June.

The acquisition of Lonsdale, the publisher of school revision guides, was
completed on 1st April, 2003. Sales are weighted toward the start of the school
year in September. Nevertheless, a strong May and June ensured that in the 3
months under our ownership to 30th June, 2003, Lonsdale traded ahead of budget
with sales of £477,000. Three new revision guides were published during this
period, and eight further guides are planned for the second half ensuring that
our plans for expansion are being achieved.

The Head Office costs remained under tight control, despite the high level of
activity on acquisitions.

New Acquisition

I am also pleased to announce that we have reached an agreement to acquire the
entire issued share capital of Publications Professionelles Parlementaires S.A.
('PPP'), which comprises the business of Le Trombinoscope who are the publishers
of France's leading political biographical reference books, newsletter and
website. The acquisition will result in Huveaux being the largest publisher in
the EU of political biographical information.

The consideration amounts to €2 million (currently equivalent to £1.4 million)
payable in cash on completion which is anticipated to be in September, 2003.
This will be paid out of Huveaux's existing cash resources.

The business of Le Trombinoscope was founded in 1981 and at the present time
publishes 3 annual biographical political reference books under the Le
Trombinoscope name:

Volume I Central Government in France

 Volume II  Local Government in France

 Volume III  EU Government

The above information is available on the Trombinoscope websites on a
subscription basis. In addition, PPP publishes a monthly newsletter on a
subscription basis and organizes a political award ceremony called 'Prix du
Trombinoscope' in the Senate Chamber in Paris.

PPP's turnover and pre-tax profits for its last two financial years have been as
follows:



                                         Profit Before         Pre-tax
  Year Ended 31st    Turnover            Central Charges       Profits
       December         € 000                    € 000           € 000
           2002         1,346                      550             289
           2001         1,136                      352              99



The net assets of PPP at 31st December, 2002 amounted to €347,000. It is
anticipated that the acquisition of PPP will significantly enhance Huveaux's EPS
in the year to 31st December, 2003.

The acquisition of Le Trombinoscope will ensure that we become the largest
publisher of political biographies in the EU. We expect to achieve many benefits
from running Le Trombinoscope and Vacher Dod under the same ownership.

Outlook

We now have two profitable companies and a strong balance sheet with £3.1
million in cash. We will shortly be adding Le Trombinoscope as a third
profitable business. The outlook for the second half of the year is therefore
for substantial growth in profits.

John P. de Blocq van Kuffeler

4 August 2003




PROFIT AND LOSS ACCOUNT
UNAUDITED FOR THE HALF YEAR TO 30TH JUNE 2003

                                            6 months to    6 months to
                                              30th June      30th June
                                                   2003           2002
                                                  £'000          £'000

Turnover                                            859              -

Cost of sales                                       344              -
                                             ----------     ----------

Gross profit                                        515              -

Administrative expenses                             543             30
                                             ----------     ----------

Operating loss                                      (28)           (30)

Other interest receivable and similar                41             51
income
                                             ----------     ----------

Profit before taxation                               13             21

Taxation                                              4              4
                                             ----------     ----------
Profit after taxation                                 9             17

Dividends                                             -              -
                                             ----------     ----------

Retained profit for the period                        9             17

Retained profit brought forward                     146              -
                                             ----------     ----------
Retained profit carried forward                     155             17
                                            ===========     ==========

Earnings per share                           0.02 pence     0.16 pence
                                            ==========      ==========



BALANCE SHEET
UNAUDITED AS AT 30TH JUNE 2003

                                                      At            At
                                               30th June       30 June
                                                    2003          2002
                                                   £'000         £'000

Fixed assets
Intangible assets                                 11,430             -
Tangible assets                                      329             2
                                              ----------    ----------
                                                  11,759             2
                                              ----------    ----------

Current assets
Stocks                                               526             -
Debtors                                              523             8
Cash at bank and in hand                           3,106         2,762
                                              ----------    ----------
                                                   4,155         2,770

Creditors: amounts falling due within one            849            25
year
                                              ----------    ----------

Net current assets                                 3,306         2,745
                                              ----------    ----------

Total assets less current liabilities             15,065         2,747

Creditors: amounts falling due after more          1,800             -
than one year
                                              ----------    ----------
Net assets                                        13,265         2,747
                                              ==========    ==========

Capital and reserves

Called up share capital                            5,095         1,045
Share premium account                              8,015         1,685
Profit and loss account                              155            17
                                              ----------    ----------
Equity shareholders' funds                        13,265         2,747
                                              ==========    ==========





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