Final Results - Year Ended 30 September 1999

Trio Holdings PLC
9 December 1999

Preliminary Announcement of Results for the year ended 30
September 1999

CHAIRMAN'S STATEMENT

I am pleased to be able to report pre-tax profits of
£991,000 for the year ended 30 September 1999, and net
assets at that date of £6.0 million. After provision for
taxation, which is high partly as a consequence of the add-
back of disallowable UK expenditure, the profit after
taxation for the year was £223,000.

In my interim statement for the half year to 31 March 1999 I
counselled caution as to the impact on our results in the
shorter term of our adoption of a careful and focused
expansion strategy and significant investment in new niche
products, particularly the broking of securities. This
expansion of Trio's services was partially enabled in the
light of the further recovery of VAT earlier in the year.
Careful stewardship of such investment for the future, in
relation to the underlying performance in continuing
difficult markets, happily enables your Board to recommend a
final dividend at the same level of the modest interim
dividend.

Accordingly a further 0.1p per share will be recommended for
approval at the forthcoming Annual General Meeting of the
Company, for payment as soon as possible thereafter.

In January 1999 the foremost challenge for the Group was the
transition to the Euro, which had a lacklustre start in
terms of volume and liquidity, and in no way supplanted the
traditional levels of trading in its constituent currencies.
In December 1999 our foremost challenge is now the
transition to the new millennium, in particular the
increasingly subdued levels of trading by the banks as 1st
January 2000 approaches, reflecting their prudent mitigation
of risk associated with any potential Y2K problems.

Indeed I believe that since the end of June our broking
staff have performed credibly in a climate of declining
market activity, a decline steepening as the actual turn of
the year draws near. Nonetheless the now enhanced profile of
Trio's broking services, focused on our flagship Forward
Foreign Exchange broking, on Arbitrage, Sterling, and the
niche areas of OTC Equity Options and Euro-Eurobonds,
reflects our positive view for trading levels in the next
calendar year, once confidence in the various clearing and
other key systems has returned for our clients, perhaps by
mid-January.

We have continued to work closely and co-operatively with
Nihon Tanshi Co. Ltd of Tokyo, who acquired 29.9% of Trio
earlier this year. We view them very much as a strategic
partner, and tangible benefits are steadily accruing,
particularly in Yen products.

Many excellent new staff have joined over the last few
months to supplement existing teams, and for new products.
This has increased overall staffing levels and therefore
improved operational gearing. Further the remaining one-
third of the dealing desks have been re-organised and re-
equipped onto now fully centralised telecommunications and
information technology platforms across all sections,
ensuring our technology and systems are not bettered by any
of our larger competitors.

Trio owns 11.79% of the ordinary shares of City Networks
Limited. Approaches have been received to acquire this
shareholding, which would indicate to the Directors a value
considerably in excess of the book value of £32,000,
included in Investments in the Balance Sheet.

Given the above caveats of what we hope will be only the
short-term effect of the Y2K transition, I am pleased in
conclusion to be able to reiterate my cautious optimism for
the longer term.



Enquiries to:
DAVID HAGAN
Executive Chairman, TRIO Holdings PLC
0171-489 8033


UNAUDITED PRELIMINARY STATEMENT OF ANNUAL RESULTS FOR THE
TWELVE MONTHS ENDED 30 SEPTEMBER 1999

                                Year to     Year to
                                30 Sept     30 Sept
                                   1999        1998
                                  £000s       £000s

Turnover                         23,174      23,241

Operating
expenses                       (22,968)    (22,240)

Exceptional
operating
items                               785       1,198
                                   ----        ----
Profit on
ordinary
activities
before
taxation                            991       2,199

Taxation                          (768)     (1,007)
                                   ----        ----
Profit on
ordinary
activities
after
taxation                            223       1,192

Equity
minority
interests                          (25)        (39)
                                   ----        ----
Profit
attributable
to the
shareholders                        198       1,153

Dividends
paid &
proposed                          (167)           -
                                   ----        ----
Retained
profit for
the year
transferred
to reserves                          31       1,153
                                   ----        ----
Earnings
per share                          0.04p      1.38p



ABRIDGED CONSOLIDATED BALANCE SHEET
AS AT 30 SEPTEMBER 1999

                                30.9.99         30.9.98
                                  £000s           £000s
FIXED
ASSETS
Tangible
assets                              878           1,045

Investments                          44              32
                                   ----            ----
                                    922           1,077

CURRENT
ASSETS
Stocks                       64              82

Debtors                   4,473           4,712

Cash                      4,754           3,938
                           ----            ----
                          9,291           8,732
Creditors
under
1 year                  (2,968)         (3,546)
                           ----            ----

NET
CURRENT
ASSETS                            6,323           5,186

Creditors
over
1 year                          (1,250)           (291)
                                   ----            ----
NET
ASSETS                            5,995           5,972
                                   ----            ----
CAPITAL
& RESERVES
Share
capital                           4,174          20,871

Capital
reserve                           2,474               -

Distributable
reserves                              -          13,787

Profit &
loss account                      (712)        (28,745)
                                   ----            ----
Equity
Shareholders'
Funds                             5,936           5,913

Equity
minority
interests                            59              59
                                   ----            ----
                                  5,995           5,972
                                   ----            ----
NOTES

1.   Profit and Loss Account
     The results in foreign currencies are translated into
     Sterling at the average exchange rates ruling in the
     year in which the results accrued.
     
2.   Exceptional operating items
     Exceptional operating items relate to the recovery of a
     long outstanding VAT claim.
     
3.   Earnings per Share
     Earnings per share is based on the net profit after
     taxation attributable to ordinary shareholders and on a
     weighted average of the number of ordinary shares in
     issue.
     
4.   Statement of Total Recognised Gains and Losses

                                      1999        1998
                                    £000's      £000's
     
     Profit
     attributable
     to the
     equity
     shareholders                      198       1,153
     
     Dividends
     paid &
     proposed                        (167)           -
     
     Foreign
     exchange
     translation
     differences
     on foreign
     currency
     investment
     in subsidiaries                   (8)        (62)
                                      ----        ----
     Total
     recognised
     gains &
     losses                             23       1,091
                                      ----        ----

5.   Reconciliation of Movements in Equity Shareholders'
     Funds

                                      1999        1998
                                    £000's      £000's
     Profit
     attributable
     to the
     equity
     shareholders                      198       1,153
     
     Dividends
     paid &
     proposed                        (167)           -
     
     Other
     recognised
     gains &
     losses                            (8)        (62)
     
     Goodwill
     adjustment                          -        (11)
                                      ----        ----
     Net
     addition
     to equity
     shareholders'
     funds                              23       1,080
     
     Opening
     Equity
     shareholders'
     funds                           5,913       4,833
                                      ----        ----
     Closing
     Equity
     shareholders'
     funds                           5,936       5,913
                                      ----        ----
     
6.   Accounts
     The above accounts do not constitute full accounts
     within the meaning of the Companies Act 1985.  Full
     accounts for the year to 30th September 1999, (which
     have not yet been delivered to the Registrar of
     Companies or reported on by the Auditors) will be
     circulated to members in early 2000. Full accounts for
     the year ended 30th September 1998 received an
     unqualified Auditors' report and have been delivered to
     the Registrar of Companies.
     
     Copies of this announcement are available to members of
     the public at the Company's registered office, 4 Deans
     Court, London EC4V 5AA.