RNS Number:6125R
Excel Airways Group PLC
03 November 2003


For Immediate Release                                          3 November 2003


                Excel Airways Group plc ('EAG' or the 'Company')

                                 Trading Update

EAG, the AIM quoted UK charter airline servicing independent tour operators,
reports on trading in respect of the year ended 31 October 2003. It has been a
difficult year for tour operators who have witnessed a significant change in the
timing of mainstream holiday bookings. The threat of war followed by actual
conflict slowed bookings during the peak booking time. However, following the
cessation of war, demand increased, particularly during the high summer season.
EAG has responded to these market conditions and the demands of its tour
operator customers and is pleased to confirm that trading for the full year will
be in line with its expectations.

EAG also announces that its subsidiary, Excel Aviation Limited ('EAL') on 31
October 2003 entered into a Consolidated Loan Agreement with EAG's majority
shareholder Libra Holidays Group Limited ('LHG'), which currently holds 79.5 per
cent. of the issued share capital of EAG.

The Consolidated Loan Agreement for #15.78 million, which incorporates a
previous loan, is repayable on 30 April 2004 and interest accrues at 1.5% over
Barclays Bank base rate from time to time.

As security for the extended credit terms, LHG will deposit with the Company
share certificates for 29.4 million shares in EAG, which together with existing
security on 10 million EAG shares held by LHG represents 41.1% of the issued 
share capital of EAG. Management currently retain 18.2%.

The Directors of EAG (with the exception of Andreas Drakou and Christos
Mavrellis who are directors of LHG and, under the terms of the AIM Rules, are
considered related parties for the purposes of this transaction) consider,
having consulted with Brewin Dolphin Securities (the Nominated Advisor to EAG)
that the terms of the transaction are fair and reasonable insofar as the
Company's shareholders are concerned.

Phil Wyatt, Chief Executive, commenting on the transaction said:

"Libra Holidays Group continues to be an important customer of EAL. The rate of
return on the loan to Libra Holidays Group is significantly greater than is
commercially available on the Company's cash reserves, which at 31 October 2003,
amounted to approximately #16 million.

Our security of 39.4 million EAG ordinary shares equates to at least 3.25 times
the value of the loan at today's mid-market share price of 130p."

For further information, please contact:

Richard Darby, Richard Oldworth
Buchanan Communications                             020 7466 5000


                      This information is provided by RNS
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