Trading Update/Notice of AGM

RNS Number:6785L
Hurlingham PLC
16 October 2001

HURLINGHAM PLC

16 OCTOBER 2001


NOTICE OF AGM AND TRADING UPDATE



The Company is today posting notice of its 2001 annual general meeting to
shareholders with a covering letter from the Chairman which includes the
following comments:



"Further to the change in the Group's accounting reference date, it is not
anticipated that the accounts for the extended full accounting period from 1st
June 2000 to 30th September 2001 will be available for consideration before
the Annual General Meeting (AGM), which must be held in this calendar year.
The Board has therefore decided to bring the Group's 2001 AGM forward to 14th
November 2001.  The Notice of the Annual General Meeting is enclosed with this
letter. It is the Board's present intention to hold the 2002 Annual General
Meeting in March or April of next year, at which time the 2001 statutory
accounts will be available.



Custom Tours Limited



"The terrorist attacks in New York on September 11th have had an adverse
impact on the company's trading performance.  At the time of our statement of
24th September, the Board was not in a position to quantify this impact.  It
is now possible to give a somewhat clearer picture.  In the immediate
aftermath of the attacks, cancellations for September exceeded bookings, with
the result that sales for the month were 44% of sales for the same month last
year.  Advance bookings also dropped significantly: bookings currently in hand
for October and November are running at approximately 60% of the comparable
figure last year.  Prospects for 2002 are somewhat brighter, as advance
reservations are slightly higher than the reservations in hand at this time
last year.  However, shareholders should treat these figures with caution,
since most bookings are made within six weeks of travel and clearly we cannot
predict the level at which they will now run in view of the outbreak of
hostilities.  Similarly we cannot predict the level of cancellations".



Bettagrade Limited



"As I reported in my second interim statement, the performance of Bettagrade's
Express by Holiday Inn hotel at Perth, Scotland has been affected since
February 2001 by the impact of Foot and Mouth disease on the Tourist industry
and week-end trade.  However, occupancy and room rates have continued to
improve on a year on year basis.  Unaudited occupancy rates for the extended
full accounting period to 30th September were 61.76% (12 months to May 2000:
48.06%) and unaudited average room rate was #36.69 (12 months to May 2000: #
34.51).  Despite Foot and Mouth, unaudited occupancy in September 2001 was
74.85% (2000: 68.74%) and unaudited average room rate was #37.76 (2000: #
36.61).  The Board is hopeful that the impact of Foot and Mouth disease will
end shortly as the incidence of new outbreaks diminishes and that the hotel
will be able to build on the improvement in occupancy and room rates.



Residential Portfolio



"The Group's residential portfolio has continued to perform in line with the
Board's expectations.  The sale of two properties was completed during the
period at prices which yielded a significant surplus over book value.



Outlook and Dividend



"Whilst the Group's trading performance has been affected by the special
factors outlined above, the Board is confident of the Group's prospects in the
medium term and is consequently declaring an interim dividend of 0.5p per
share payable on 8th January 2002 to shareholders on the register on 7th
December 2001.  Barring unforeseen circumstances, it is the Board's  intention
to declare a final dividend of 0.5p payable in April thus maintaining the full
dividend of 1p per share in total for the extended 2001 accounting period.
Thereafter, it is the Board's intention that in future years dividends will be
paid in April".





The Chairman's letter also contains details of a hotel reservation discount
scheme for shareholders.



Copies of the circular will be available from the Company Secretary at 90
Babbacombe Road, Bromley, Kent BR1 3LS at least until the date of the meeting.



END
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