PWP Park Row Grp.

RNS Number:2172D
Park Row Group PLC
1 November 2002


                               Park Row Group plc

                         ("Park Row" or "the Company")


Since the merger of Park Row Group Ltd with Birchin International plc, renamed
Park Row Group plc, the Company has been working to transform itself from an
investment company into one of the leading multi-distribution retail financial
service channels in the UK. This trading statement relates principallyonly to
the continuing operations of Park Row's financial services businesses and
excludes the results of all other subsidiary and associated companies.
Comparative figures have been excluded since they would be misleading given the
fundamental change in the nature of the business.

Since the merger of the two businesses, the total number of financial advisers
has increased from 200 to 280, reflecting Park Row's continuing ability to
attract advisers. Turnover for the six months to 30th September was #5.1 million
and despite lower trends across the financial services sector as a whole,
September was a record month for Park Row with submitted business of just over
#1 million. This has been achieved without the full benefit of recruitment since
May as many of the new advisers are still in the induction process.

The number of specialist mortgage advisers in Park Row Independent Mortgages
("PRIM") has quickly risen from 10 to 80. PRIM is on target to place in excess
of #400 million of mortgages by the end of the year.

Annualised lending through PRIM has so far resulted in #600 million of mortgages
being placed, making the company a substantial force in this very competitive
market.

Park Row's current mix of business by sales is approximately: insurance 48%,
pensions 16%, mortgages 19% and savings/investments 17%. The business continues
to benefit from the fact that it has only a modest exposure to investment
products.

Park Row acquired 75% of the share capital of AdviceOnLine in May 2002 and this
company has traded profitably since that date.

On October 8th 2002 Park Row announced the sale of Global Risk Management
Services Ltd ("GRMS") to Fimalac. This sale continues Park Row's stated policy
of disposing of non-core assets and reinvesting the proceeds in the financial
services business. Other non-core assets have also been disposed of and the
Company is actively pursuing other disposal opportunities. (With the exception
of the sale of GRMS,) asset disposals have taken place at valuations that are
broadly in line with balance sheet valuations at 31st March 2002. The Company is
also continuing to focus on reducing its cost base and is confident that it will
have stripped out #1 million of costs on an annual basis by the end of the
second quarter 2003. The Board intends to continue with the orderly disposal of
other listed assets when market conditions enable a sensible price to be
achieved.

Looking ahead, Park Row is confident that it is well positioned to take
advantage of the changing regulatory framework and that it will continue to act
as a consolidator in the IFA sector.

It should be noted that the above statement has neither been reviewed nor
audited by Park Row's auditors and that a full statement will be made to
shareholders within four months of the company's revised year end of 31st
December.



                                      Ends

For further information please contact:

Jo Smith, Head of Communications           Park Row          020 7929 6633

jo.smith@parkrow.co.uk                                       07973 835048

Rick Abbott, CEO                           Park Row          020 7929 6633

Park Row Group Plc

www.parkrowonline.co.uk

Park Row Group Plc is one of the largest firms providing financial advice in the
UK. There are approximately 280 advisers within the group, located in 23 offices
throughout the UK. The Group includes the following businesses:

Park Row Associates

Park Row Independent Mortgages

Park Row Financial Advisers

AdviceOnline www.adviceonline.co.uk

The Group is uniquely positioned to provide solutions to all the financial
planning needs of individuals and businesses by offering face-to-face, fee or
commission based, advice alongside internet-based services. The Group provides
advice in the areas of life assurance, savings, pensions, investments and
mortgages.

Park Row was incorporated in March 1998 and in May 2002 became an AIM listed
company following the reverse takeover of Birchin International Plc. The
takeover has provided substantial capital to invest in infrastructure and
expansion of the Group and the services it provides.


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

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