RNS Number:2123T
Mallett PLC
12 December 2003

12 December 2003



                    MALLETT PLC ("Mallett" or the "Company")


                               Trading statement



On 9 June 2003 the Company issued a statement which included the comment that "
it remains difficult to comment on the outcome for the full year but a
significant recovery in trading in London will be required if the Company is to
meet market expectations for the full year". This recovery has not taken place
and, while trading in New York remains ahead of budget, it has worsened in
London in the second half of the year ending 31 December 2003. The Company has
continued to trade profitably in the second half, but now expects that its
results for the year ending 31 December 2003 will fall well short of market
expectations.



The Company's business is focused on the sale of high value items and, as a
result, trading patterns tend to be uneven over time. This feature, together
with continuing difficult trading conditions and the weakness of the US dollar
against sterling, makes it hard to comment on the Company's prospects with any
certainty at the moment. Nevertheless, the Board believes that the Company is in
a strong position to take advantage of a future upturn in the market.



The Company continues to evaluate its options in relation to the Bourdon House
property. After receiving Counsel's opinion on its ability to enfranchise the
leases pertaining to the property, the Company has instructed Savills plc to
advise on the merits of enfranchisement.



The Company expects to release the preliminary announcement of its results for
the year ending 31 December 2003 at the beginning of March 2004.



Contact            Lanto Synge, Chief Executive                0207 499 7411




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