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Armour Group PLC (AMR)

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Wednesday 10 December, 2003

Armour Group PLC

AGM Statement

Armour Group PLC
10 December 2003

                         ARMOUR GROUP PLC (THE 'GROUP')

                             Annual General Meeting

Armour Group plc, the UK market leader in the design and supply of electronic
interconnects and fitting solutions for in-car entertainment/communications and
home hi-fi and entertainment markets is holding its Annual General Meeting at
11.00 today. Bob Morton, Chairman, will make the following statement:-

'The Group has had an excellent 2003. Our trading performance in the year to 31
August 2003 has demonstrated the underlying strength within the Group, in our
brands, our products and also our ability to successfully grow the Group both
organically and by acquisition.

Audio Electronics Division

The Audio Electronics Division has started the new financial year well with
operating profits in the first quarter to 30 November 2003 comfortably ahead of
our expectations and well ahead of last year.

The Veba brand of in-car DVD's, screens and accessories is making good progress
in the professional fit market place offering solutions to customers such as
Fiat, the Hartwell Group, Scania and Halfords, who have now started selling the
Veba range in over 230 of their stores. The new business pipeline for Veba is
very promising and our expectation is for a much bigger contribution from Veba
in 2004.

As the UK market leader in the design, manufacture and supply of telemute leads
that link mobile phone hands free car kits to the in-car entertainment systems,
we have been preparing ourselves for some months for the introduction of the new
legislation banning the use of mobile phones in cars other than in a hands free
car kit. Our build programme has ensured that we have had sufficient stocks of
telemute leads to meet the increased demand for this range of products, which
since the 1 September 2003 has seen sales increase by in excess 30% over the
comparable period last year. This increase in sales is rising month by month,
with the sales figure for November 2003 being 50% up on last year and 50% higher
than October 2003.

The CTI antenna business continues to perform well and is exceeding our
expectations. Its prospects for the current financial year are encouraging with
the introduction of new products, overseas sourcing and the securing of new
customers. In addition, we currently have under test with one of the major
mobile phone network providers in the UK a number of CTI's GSM vehicle mounted
antennas. We are confident as to the outcome of these tests and the ensuing
potential business, which could be significant in terms of CTI's existing sales.

Home Electronics
The acquisitions on 31 October 2003 of Veda, QED, Goldring and IMI to create the
Home Electronics Division were a key step forward for the Group. It has almost
doubled the size of the Group both in terms of sales and operating profits and
we are confident that these acquisitions will be earnings enhancing in current
financial year.

The home hi-fi and entertainment market is set to grow with the continued demand
for home theatre products and development of the emerging home automation
market, where multi-room systems will be a key component. Having acquired some
of the leading UK companies and brands serving the niches of electronic
interconnects and multi-room systems in the home hi-fi and entertainment market,
the Group, through the Home Electronics Division, is well placed to benefit from
this anticipated growth.

In the month since their acquisition, the companies making up the newly formed
Home Electronics Division have all traded in line with our expectations and
ahead of the comparable figures for last year.

The Group remains financially strong, the new financial year has started well
and a good potential new business pipeline further underlines the Board's
confidence with regard to the prospects for the Group'

Further Details:
George Dexter Armour Group PLC Tel: 01892 502700
Trevor Bass Fleet Financial Tel: 020 70670743

                      This information is provided by RNS
            The company news service from the London Stock Exchange