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Universal Salvage (UVS)

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Friday 26 March, 2004

Universal Salvage

Trading statement replacement

Universal Salvage PLC
26 March 2004

The 'Trading Statement' announcement released on 26 March 2004 at 15:21 has been

The following text has changed: 'approximately' has been replaced by 'no more

                             UNIVERSAL SALVAGE PLC

                                 TRADING UPDATE

In January, the Board stated that trading conditions had deteriorated sharply in
December, with salvage auction prices and volumes both weaker than anticipated.
The trading position since then has worsened. Against this background, and with
the third and fourth quarters traditionally representing the Group's busiest
months, the Board has reviewed the likely outcome for the year and anticipates
that trading for the year to 1 May 2004 will result in a loss before tax and
exceptional items of no more than £4.75 million.

Following his appointment as Chief Executive on 1 March 2004, Nigel Sandy has
initiated a full commercial, strategic and financial review of the business. As
an initial step, the cost base of the business will be realigned and the Board
expects to make a number of exceptional adjustments as a result.

The Board remains positive as to the business potential over the medium term and
is confident that the action now being taken will ensure that the Group is in a
stronger position to move forward.


Universal Salvage plc                                      Tel: 01234 762244
Nigel Sandy, Chief Executive

Biddicks                                                   Tel: 020 7448 1000
Katie Tzouliadis

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