RNS Number:5090M
Regent Inns PLC
19 June 2003


19th June 2003


                                REGENT INNS PLC

                         Analyst and Investor Meetings


                        Pre-close Period Trading Statement

                          Analyst and Investor meetings

Regent Inns plc ("Regent" or "the Company") will be hosting a visit for City
research analysts at the Walkabout and Bar Risa/Jongleurs venues on Broad
Street, Birmingham this evening, Thursday, 19 June 2003.

The visit will include presentations on:

            * Current trading
            * Capital expenditure programme
            * Update of brand rollout plans
            * The development of The Stone House brand
            * Update on unbranded pub estate disposals

The same presentations will also be used at a meeting with institutional
investors in London on 4 July 2003.

There will be no discussion during these meetings about trading or financial
performance that is not already in the public domain other than the information
set out below. The Company's preliminary results will be announced on 3
September 2003.

Pre-close period trading statement

Regent is pleased to report a solid trading performance in the second half of
the year and the Board is confident that the underlying financial performance
for the 52 weeks ending 5 July 2003 will be in line with market expectations.

The Company's key brands of Walkabout and Bar Risa/Jongleurs have continued to
reinforce their commanding positions on the High Street.

The Company has achieved year on year sales growth from continuing operations of
32.8% in the 49 weeks to 14 June 2003 in addition to improving both operating
margins and return on capital in both of its key brands by focusing on improving
operational efficiencies. Heavy price discounting continues to be offered widely
by other high street operators but Regent has concentrated instead on greater
differentiation and quality of the customer offering, which will provide
long-term benefits for its brands.

As a result of Regent's tough pricing and promotional stance, along with a
significantly weaker sporting calendar compared with last year (which included
the England football team's participation in the World Cup Qualifiers and the
tournament itself) there has, as anticipated, been further impact on Walkabout's
like-for-like sales. Like-for-like sales for the 49 weeks to 14 June 2003 for
Walkabout were down 6.9% (2002: up 10.9%), which emphasises the distortion that
major sporting events have had, and will continue to have, on Walkabout
like-for-like sales comparisons.

Like-for-like sales for Bar Risa/Jongleurs were down 7.4% over the same period
as the Company has continued its aggressive approach to managing Jongleurs'
capacities in order to achieve greater operating margins and efficiencies.

During the year ending 5 July 2003, the Company will have opened nine
Walkabouts, two Bar Risa/Jongleurs and one Stone House venue, which are
providing returns on capital in line with the Company's hurdle rate of 28%. The
Board is particularly pleased with trading in Regent's Central London Walkabout
venues at Temple and Shaftesbury Avenue along with the Bar Risa/Jongleurs at
Reading and Leeds.

The Company continues to take a measured approach to openings and has decided 
to reduce capital expenditure for next year by a further #5m to circa #30m.
Forecast new openings for next year are six Walkabouts and one Bar Risa/
Jongleurs.

The development of Regent's third brand has continued with the initial success
of The Stone House at Hertford and the Company intends to extend this trial by
converting three existing Bar Risa's and one unbranded site during the course
of next year. Additionally, conditional on planning and licencing consent, two
further unbranded sites retained for conversion will be redeveloped into
Walkabouts.

One year on from the strategic decision to establish the business as a focused
late night entertainment-led operator, the Company has emerged stronger both
operationally and financially. Of the 58 unbranded pubs targeted for disposal,
legal completion has taken place in 39 cases. Total proceeds of #35m have been
received.

We are disappointed by the recent appointment of receivers at Porter Black
Holdings Limited, which exchanged contracts on 17 of the unbranded pubs last
year and consequently this transaction will not now complete. Our intention is
to identify a suitable purchaser for these sites as soon as possible. However,
it is unlikely that the original price of #4.27m agreed in October 2002 will
be matched in the current market and any loss arising will be treated as an
exceptional item in the current year.

The Company has also been advised that the Unchained Growth Pub Companies
("UGP") have gone into administrative receivership. The receiver, RSM Robson
Rhodes, has negotiated a sale and purchase agreement with Faucet Inn Pub Company
plc to acquire the total UGP estate with the exception of the lease on one
property, the freehold of which is owned by Regent. This lease will revert to
Regent's ownership and a prompt disposal of the property is anticipated. Regent
is owed #1.9m by UGP and had partial security for the debt in the form of a
first charge on three UGP pubs. Any shortfall arising between the amount owed by
UGP and the anticipated sales proceeds from the above transactions, will be
provided for in the current year's accounts as an exceptional item.

Regent's more measured approach to new openings and capital expenditure since
last Autumn has resulted in a reassessment of the expected timescale for the
refurbishment of several of the 11 unbranded sites retained for conversion. Four
unbranded pubs from this estate are, therefore, currently being marketed for
sale. Depending on the result of the marketing activity, a decision may be made
to sell the pubs. Any shortfall between the net book value of the pubs and the
sale proceeds will be treated as an exceptional item in the current year's
results.

Commenting on the pre-close statement, Stephen Haupt, Chief Executive of Regent,
said:

"This year's trading performance from Regent's brands has been solid,
particularly in the light of such aggressive price discounting on the High
Street. Despite recent events at Porter Black and UGP, the decision taken to
focus on the strengths of our brands has already been endorsed by this year's
performance. The Board remains confident of the future prospects for the
Company."

                                    - Ends -


For further information, please contact:

Regent Inns plc                                  Tel. 020 8375 3000
Stephen Haupt, Chief Executive
Simon Rowe, Finance Director

Merlin Financial                                 Tel. 020 7606 1244
Paul Downes                                      Mob. 07900 244 888
Vanessa Maydon                                   Mob. 07802 961 902



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

END
TSTNKFKNCBKDDAD