Trading Statement

Northacre PLC
21 March 2001

                                NORTHACRE PLC

                               Year End Update

The Group is currently working on four separate major developments, which are
all at different stages:

Earls Terrace is nearing final completion and there remains one house to be
sold.  Negotiations for the settlement of the final account are continuing
although these may not be finalised prior to the announcement of our
preliminary results.

KINGS Chelsea is proving to be another very successful development and to date
over 70% of the 288 units currently available have been reserved and pre-sold.
We anticipate that our results for the full year will include an attributable
profit calculated on a prudent basis in accordance with generally accepted
accounting principles.

Both of these developments have exceeded expectations - Earls Terrace has
achieved higher price per square foot rates than projected and sales at KINGS
Chelsea are well ahead of original forecasts.

The Phillimores and South Audley Street are in the planning phase. Both
applications are making slower progress than anticipated.

The projects and developments that we undertake are of a long-term nature and
the timing of income and profit recognition is difficult to predict.  For this
reason consensus forecasts of profits for the year ended 28 February 2001,
will not be achieved. However because of the timing of recognising income from
various projects and because of the potential to secure further developments,
the Company anticipates an exciting year to 28 February 2002.


                                                                 21 March 2001

ENQUIRIES:

Northacre PLC                    Tel :  [phone]
John Hunter, Chief Executive

Peel Hunt                        Tel:   [phone]
Capel Irwin

College Hill                     Tel:   [phone]
Matthew Smallwood