The Annual General Meeting of Umeco plc, Europe's leading provider of value-added distribution services to the aerospace and defence industries, was held today. At the meeting Brian McGowan, Chairman, made the following statement:

"The past year has been a highly successful one for Umeco, during which we benefited from a healthy aerospace market in Europe, from the effective integration into the Group of recent acquisitions, and from a number of important contract wins. Particularly pleasing have been the progress made with the ASED companies acquired in July 1999, and the successful implementation of the major new contract with Rolls-Royce plc awarded in November 1999."

"I am pleased to report that the current financial year has continued in a similarly positive vein, with trading at encouraging levels. It is clear to us that the trend amongst our customer base towards outsourcing non-core activities continues, and that the work undertaken and investment made to date has established a strong platform from which to exploit this opportunity."

"I am also delighted to announce that yesterday, for the second year in succession, Umecowas named Best Managed Small Aerospace Company, in the prestigious Aviation Week Awards. This is testament to the quality of management across the Group, and to their dedicated contribution over the past year."

"Our marketplace is a global one, and we are actively seeking opportunities to expand our presence in the key markets of Europe and the USA in order to be able to offer our customers a global service."

"Overall, 2000 finds Umeco in excellent shape, and the Board therefore looks forward to the future with continuing confidence."