H.R. OWEN PLC                                 

                               TRADING STATEMENT                               

The Directors estimate that the result for the trading period ending 31
December 2003 will be a trading loss before exceptional items of approximately
�2 million (2002 trading profit before exceptional items was �2 million).

In September, in the prospectus that we issued relating to the Placing and Open
Offer, we stated that the Group was experiencing mixed fortunes. Since then,
the inner London economy has remained extremely weak, particularly in the
corporate sector. Whilst this has now improved, the higher level of forward
orders recently received will not produce sales until 2004. Additionally, three
of the Group's brands have continued to experience difficulties, which will
remain until new models are introduced during next year. We are still
experiencing delays in deliveries of new Bentley, Lamborghini and Rolls-Royce
models, for which we are holding substantial forward orders, and it is now
unlikely that we will receive any meaningful volume until 2004.

Over the last two years, the business has been restructured and we now believe
that the Group holds one of the largest portfolios of specialist franchising in
the UK. As the Directors believe that the difficulties and delays described
above are not expected to persist, they are confident that the Company will
return to profitability in 2004 and anticipate that, barring unforeseen
circumstances, the dividend will be maintained.

For further information:

Nicholas R Lancaster                               David H Jaggar            

Chief Executive                                    Finance Director

Tel: 020 7245 1122                                 Tel: 020 7245 1122

9 December 2003



END