Pre-Close Trading Update

TBI PLC
07 October 2003


                                    TBI PLC
                             ('TBI' or 'the Group')

           Pre-Close Trading Update and Quarterly Traffic Statistics


The Board of TBI confirms that trading for the first half has been satisfactory.
Conflict in Iraq and the SARS epidemic, have undoubtedly continued to impact
long haul travel negatively, however low-cost travel to domestic and European
destinations has continued to gather momentum.

During the six months to 30 September 2003, the Group has continued to attract
additional low-cost traffic. In August, easyJet confirmed its commitment to
significant expansion at Luton, where its fleet is set to increase from 12 to at
least 14 aircraft, with additional flights to existing destinations as well as
new routes to further European destinations.

Overall passenger numbers at Luton were up by just 5% in the six months to 30
September 2003, as the expansion of low-cost operations offset the withdrawal of
myTravel, which adversely affected the number of charter passengers.

In addition to the expansion of activities at Luton by easyJet, Volare (an
Italian low-cost operator) announced last month it would be establishing a base
at Luton and will shortly commence flights on a number of new intra-European
routes such as Venice, Rimini and Cagliari, further boosting passenger numbers
at this airport.

Elsewhere, Belfast, Cardiff and Skavsta have all seen growth in low-cost
activity, with Belfast also experiencing good growth in charter traffic. At
Skavsta, work on the new terminal building is due to be completed by December
2003, with full commercial operation scheduled to begin in April 2004. At
Orlando Sanford there has been a recovery in domestic traffic.

TBI's Interim Results for the six months ended 30 September 2003 will be
announced on 25 November 2003.

                                                                 7 October 2003


ENQUIRIES:


TBI plc                                              Tel:  [phone]
Keith Brooks, Chief Executive
Caroline Price, Finance Director

College Hill                                         Tel:  [phone]
Justine Warren
Gareth David


SECOND QUARTER TRAFFIC STATISTICS
 
Passenger numbers ('000s): 1 July 2003 - 30 September 2003 
                                                                       
                           Luton   Belfast   Cardiff   Skavsta    Total

          Full service     217.9       1.2      53.6       0.0    272.7
                             27%      -99%      -22%     -100%     -25%

          Low cost        1412.4     818.7     223.0     304.3   2758.4
                              3%       24%      961%      262%      29%

          Charter          403.5     387.2     395.3       0.7   1186.7
                            -16%       20%        0%      250%      -1%

          Total           2033.8    1207.1     671.9     305.0   4217.8
                              0%        9%       39%      250%      14%

Note to Editors: 
 
TBI's European airports comprise: London Luton, Belfast International,
Cardiff International and Stockholm-Skavsta 
 
Percentage changes shown are comparisons with the same period in 2002

TBI's four European airports handled a total of 4.2 million passengers during
the period from 1 July to 30 September 2003, an increase of 14% over the
corresponding period last year (2002: 3.7 million). For the six months to
September, passenger numbers rose by 16% to 7.8 million.

Once again, low-cost traffic led the growth across the portfolio increasing
by 29% to 2.8 million passengers, while full service fell to 272,700
passengers as anticipated and charter reduced marginally by 1% to 1.2 million
passengers.

The growth in low-cost was principally driven out of Cardiff and Skavsta,
which increased passenger numbers by 39% and 250% respectively as a result of
the growth in operations by Bmibaby (Cardiff) and Ryanair (Skavsta).
 
 
APPENDIX 
 
Passenger numbers ('000s): 1 April 2003 - 30 June 2003 

                                                                       
                           Luton   Belfast   Cardiff   Skavsta    Total

          Full service     181.9       2.1      48.3       1.3    233.6
                             32%      -98%      -35%      -82%     -29%

          Low cost        1350.9     756.5     202.1     282.7   2592.2
                             14%       24%     1023%      297%      37%

          Charter          244.4     254.6     292.3         0    791.3
                            -15%       19%       -5%     -100%      -2%

          Total           1777.2    1013.2     542.7     284.0   3617.1
                             10%        8%       36%      260%      20%
 
 
Passenger numbers ('000s): 1 April 2002 - 30 June 2002 

                                                                       
                           Luton   Belfast   Cardiff   Skavsta    Total

          Full service     137.3     107.7      74.6       7.4    327.0

          Low cost        1189.4     612.1      18.0      71.2   1890.7

          Charter          286.1     214.6     307.6       0.2    808.5

          Total           1612.8     934.4     400.2      78.8   3026.2


Passenger numbers ('000s): 1 July 2002 - 30 September 2002 

                                                                       
                           Luton   Belfast   Cardiff   Skavsta    Total

          Full service     172.2     120.2      69.1       2.9    364.4

          Low cost        1375.6     660.0      21.0      84.1   2140.7

          Charter          479.3     322.6     394.8       0.2   1196.9

          Total           2027.1    1102.8     484.9      87.2   3702.0

 
Passenger numbers ('000s): 1 April 2003 - 30 September 2003 

                                                                       
                           Luton   Belfast   Cardiff   Skavsta    Total

          Full service     399.8       3.3     101.9       1.3    506.3
                             29%      -99%      -29%      -87%     -27%

          Low cost        2763.3    1575.2     425.1     587.0   5350.6
                              8%       24%      990%      278%      33%

          Charter          647.9     641.8     687.6       0.7     1978
                            -15%       19%       -2%       75%      -1%

          Total           3811.0    2220.3    1214.6     589.0   7834.9
                              5%        9%       37%      255%      16%

Passenger numbers ('000s): 1 April 2002 - 30 September 2002 

                                                                       
                           Luton   Belfast   Cardiff   Skavsta    Total

          Full service     309.5     227.9     143.7      10.3    691.4

          Low cost        2565.0    1272.1      39.0     155.3   4031.4

          Charter          765.4     537.2     702.4       0.4   2005.4

          Total           3639.9    2037.2     885.1     166.0   6728.2


Passenger numbers ('000s) Rolling 12 months to 30 September 2003 

                                                                       
                          Luton   Belfast   Cardiff   Skavsta     Total

         Full service     711.5     129.7     210.9       0.0    1052.1
                            30%      -73%      -26%     -100%      -20%

         Low cost        5117.6    2893.0     641.3     753.6    9405.5
                             7%       23%      787%      172%       26%

         Charter          915.7     829.3     992.0       0.8    2737.8
                           -19%       16%       -3%       33%       -4%

         Total           6744.8    3852.0    1844.2     754.4   13195.4
                             5%        9%       33%      155%       13%


Passenger numbers ('000s): Rolling 12 months to 30 September 2002 

                                                                      
                          Luton   Belfast   Cardiff   Skavsta     Total

         Full service     545.3     473.7     284.0      17.4    1320.4

         Low cost        4771.4    2360.8      72.3     277.4    7481.9

         Charter         1124.6     713.4    1025.4       0.6    2864.0

         Total           6441.3    3547.9    1381.7     295.4   11666.3

 
END


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