RNS Number:6232N
Singer & Friedlander Group PLC
16 July 2003


Singer & Friedlander Group PLC

The following is an extract from Carnegie outlining their results for the six
month period ended 30th June 2003.




Carnegie - Net profit for the first half-year SEK 66 million


  * The net profit for the first half year 2003 was SEK 66 million (142
    million). The net profit for the second quarter was SEK 43 million, down 19
    per cent Y/Y and up 87 per cent from the first quarter 2003.


  * Earnings per share for the first half year were SEK 0.99 (SEK 2.13), of
    which SEK 0.64 in the second quarter (SEK 0.79).


  * Total income for the first half year was SEK 975 million, down 22 per cent
    Y/Y. Total income for the second quarter was SEK 511 million, down 14 per
    cent (Y/Y) and up 10 per cent from the first quarter 2003. Securities income
    in the second quarter was SEK 241 million, down 12 per cent Y/Y. Investment
    Banking income was SEK 74 million, down by 39 per cent Y/Y. Asset Management
    & Private Banking income was SEK 196 million, unchanged Y/Y.


  * Total expenses for the first half year were SEK 872 million, down 17 per
    cent Y/Y. Total expenses for the second quarter were down 10 per cent (Y/Y)
    to SEK 445 million, including redundancy costs of SEK 31 million related to
    the personnel reduction announced in connection with the first quarter
    results. The operating expenses in the second quarter excluding profit-share
    and redundancy expenses were down by 17 per cent (Y/Y). The estimated cost
    base before profit-share of SEK 1,500 - 1,600 million in 2003 remains
    unchanged.


  * Assets under management amounted to SEK 49 billion at end of June, due to
    increasing asset values of close to SEK 5 billion and a small net inflow in
    the second quarter.


  * Carnegie's share of the total turnover on the Nordic stock exchanges was
    8.8 per cent in the first half year 2003, an improvement from the first
    quarter (7.6 per cent). In Investment Banking, Carnegie is clearly ranked as
    No 1 in the first half year in the Nordic M&A advisory league table in terms
    of announced and completed assignments, both in terms of transaction volume
    and in number of assignments. During the second quarter, a number of
    Carnegie's mutual funds received better rankings, and Carnegie now holds 4-
    or 5-star rankings for funds representing about 75 per cent of the assets
    under management in equity mutual funds.


Quotations from Karin Forseke, CEO:


"During the past quarter we have seen signs of stabilisation in market
conditions; the war in Iraq and the peak in related global tension have passed,
bringing some comfort to financial markets, the

turnover on stock exchanges has seen an increase and we have actually seen some
improvement in M&A-activity in the opening of the third quarter. I definitely
feel that there is a shift in sentiment, but we must remember that the activity
is starting from a very low level."


"Our clients are at the forefront of our focus and by embracing the challenges
and opportunities that the current environment provides enables us to adjust and
implement changes to position ourselves for today and tomorrow. Since the peak
in 2002 we have reduced our cost base by 15 per cent, this includes a reduction
in staff of 20 per cent from the peak. We will now continue to build for the
future and have initiated a number of projects not only to maximise efficiency
but also to ensure that our targeted clients will receive the best quality in
service and products in our field."




For further information, please contact:

Karin Forseke (CEO) +46 8 5886 90 10

Mats-Olof Ljungkvist (CFO) +46 8 5886 90 13

Birgitta Henriksson (IR) +46 8 5886 86 39


Additional information is available at www.carnegie.se/ir



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