CPC City Pub Group Plc (the)

RNS Number:0125D
Capcon Holdings PLC
16 September 2004


                              Capcon Holdings Plc
                               Trading Statement

The Board of Capcon Holdings plc ("Capcon") announces that it expects that
profits for the year ending 30 September 2004 will be below current market
expectations due to circumstances not foreseen at the time of Capcon's interim
results announcement of June 2004. However, the Board is confident that the
group's pre-tax profit for the year will represent an increase of more than ten
per cent. on last year's figure of #382,000.

There are a number of factors which have affected Capcon's operational
performance, in particular the level of high value, investigative work sourced
by the various parts of the group.

Capcon has four divisions: Capcon Investigations, VSA, Audit and Stocktaking and
Argen. Capcon Investigations is traditionally dependent on the closure of a
small number of high value investigations projects in any given year. The timing
and incidence of instructions received by this division have never been
predictable and in the current year will fall short of the Directors' original
projections. The Directors have no reason to believe that there will be a fall
in demand for these services in the medium term.

VSA, the specialist insurance fraud investigations division, has seen increased
levels of business and profitability this year although not at the levels
originally anticipated by the Board. This division is being restructured
following the recent resignations of its two founding directors. The division
should benefit next year from the combined effects of both cost savings and
improved resource management.

The Audit and Stocktaking division has received less business than anticipated
from two long-standing, retained clients due to internal reorganisations carried
out by them. Capcon remains closely in touch with these clients and expects
business levels with them to normalise early in the next financial year. This
division has otherwise enjoyed a very good year for new client wins and is
expected to increase sales levels both this year and next.

Argen, the business intelligence and investigation division acquired in February
2003, has continued to be very successful and is also beginning to benefit from
a number of organic business initiatives that are entering the early stages of
profitability.

Overall, Capcon will, as stated, produce improved profits on last year with each
of its four divisions being profitable. The Directors of Capcon are confident
that the anticipated shortfall on the consensus market forecast is due to
short-term and unusual factors and look forward to reporting further progress in
the next financial period.

Enquiries:

Cliff Cavender                                  Tel: 0870 067 5050
Managing Director
Capcon Holdings plc

Graham Herring                                  Tel: 07793 839024
Threadneedle Communications


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

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