MEG Mice Grp.

RNS Number:6226V
Mice Group PLC
26 April 2007

                        

                                 MICE Group Plc
                                 Trading Update

The Board of MICE Group Plc ("MICE") announces that it is currently reviewing
the results of a valuation exercise carried out to confirm the carrying value of
stock and work in progress in its UK Division as at 28 February 2007. The
results suggest that the value of that stock and work in progress may be
overstated. This valuation exercise was conducted as part of a programme of
continuous improvement to financial reporting procedures following the Board's
decision to change the accounting policy for revenue recognition for the Group's
manufacturing operations announced in March 2006.

As a result of this change in accounting policy the UK Division, which is
principally a manufacturing operation servicing the retail sector, moved from
recognising profit on work in progress during the course of production to
recognising profit only when goods are delivered or installed resulting in a
more conservative basis for the reporting of results. The change meant that for
the first time the UK Division recognised work in progress in its balance sheet.

Any reduction in the book value of stock and work in progress which may be
required as a result of the current review would result in a reduction in the
expected profit of the UK Division and hence the Group as a whole for the year
ended 28 February 2007. Due to the fact that the review is ongoing, at this
stage MICE is unable to confirm the quantum of any adjustment that might be
required although it is likely that any such adjustment, if required, would have
a material adverse impact on the Group's results for the year ended 28 February
2007. The Board will make a further announcement as soon as the aforementioned
review has been completed.

The Group's International and North America Divisions which focus on delivering
experiential marketing services to blue-chip customers are not impacted by this
review within the UK Division.

The Board also announces that it continues to review de-leveraging options and
is in discussion with its bankers to renegotiate its banking facilities and
confirms that the banks are supportive of that process.

Further to the announcement on 30 March 2007, MICE confirms that the sale of
Grant Leisure Group Limited, the holding company for the Group's three non-core
leisure assets, for a cash consideration of #10.4m has been successfully
completed.

Further information

MICE Group Plc              Tel: 0207 647 4150
Alison Leyshon

HeadLand Consultancy
Laura Hickman/Tom Gough     Tel: 0207 367 5227



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