Annual Report and Accounts

Northacre PLC
29 August 2003


                                 Northacre PLC

                           Annual Report and Accounts
                        for year ended 28 February 2003


The above has been posted to shareholders today. Copies are now available free
of charge at the offices of the Company, Northacre plc, 48 Old Church Street,
London, SW3 5BY.


END


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