RNS Number:5236K
Reflex Group PLC
29 April 2003

                                        
                                REFLEX GROUP PLC
                                                                                
                              CHAIRMAN'S STATEMENT                                       
                      FOR THE YEAR ENDED 31 DECEMBER 2002
                                        
                                        
The Group's business continues to be the operation of the Motorcise chain of
Healthy Living Centres. Two new centres were opened during the year, bringing
the total to 32 outlets.

2002 was a difficult trading year for the Group during which we concentrated our
efforts on improving the performance of the existing outlets. This has included
a cost reduction programme in the centres as well as central overhead cost
reductions.

Turnover was #4,066,000 and the loss for the year was #215,000 (0.17 pence per
share) which was very much as expected.

Peter Thoms, who has been a non-executive Director since October 1994, is
retiring from the Board as of today's date and I would like to thank him for his
support over the last eight years.

Outlook

We continue to experience difficult trading conditions and we are completing our
cost reduction programme. New centre openings have been put on hold, though
joint venture possibilities are being explored.


Tony Kilduff
Chairman
29 April 2003


                                REFLEX GROUP PLC
                                        
                      CONSOLIDATED PROFIT AND LOSS ACCOUNT
                                        
                      FOR THE YEAR ENDED 31 DECEMBER 2002
                                        
                                        
                          Continuing    Continuing                   Discontinued
                          Operations    operations    Acquisition      operations     Total
                  Note          2002          2001           2001            2001      2001
                              #000's        #000's         #000's          #000's    #000's

Turnover             1         4,066             -          1,605             871     2,476

Cost of sales                    (53)            -              -               -         -

Gross profit                   4,013             -          1,605             871     2,476

Administrative
expenses                      (4,285)          (33)        (6,916)           (994)   (7,943)

Operating loss       2          (272)          (33)        (5,311)           (123)   (5,467)

Exceptional
loss
on disposal of
discontinued
operations           3             -             -              -            (222)     (222)

Loss on
ordinary
activities
before
interest                        (272)          (33)        (5,311)           (345)   (5,689)

Interest, net        4           (12)                                                    19

Loss on
ordinary
activities
before
taxation                        (284)                                                (5,670)

Taxation             5            69                                                    (45)

Loss
attributable
to group
shareholders        19          (215)                                                (5,715)

Losses per
ordinary share       7         (0.17)p                                                (8.28)p


                                        
                                REFLEX GROUP PLC
                                        
                           CONSOLIDATED BALANCE SHEET
                                        
                             AS AT 31 DECEMBER 2002



                                                      Note      2002      2001
                                                              #000's    #000's

Fixed assets
Intangible assets                                        8       200       181
Tangible assets                                          9     4,010     4,162

                                                               4,210     4,343

Current assets
Stock                                                   11        87        50
Debtors                                                 12       248       168
Cash at bank and in hand                                          84       428

                                                                 419       646

Creditors (amounts falling due within one year)         13    (2,037)   (2,159)

Net current liabilities                                       (1,618)   (1,513)

Creditors (amounts falling due after more than one      14      (307)     (300)
year)

Provisions for liabilities and charges                  16      (444)     (462)

Net assets                                                     1,841     2,068

Capital and reserves
Called up share capital                                 18     4,932     4,932
Share premium account                                   19     6,062     6,074
Profit and loss account                                 19    (9,153)   (8,938)

Shareholders' funds - all equity                               1,841     2,068


                                     
                                REFLEX GROUP PLC
                                        
                        CONSOLIDATED CASH FLOW STATEMENT
                                        
                      FOR THE YEAR ENDED 31 DECEMBER 2002
                                        


                                                      Note      2002      2001
                                                              #000's    #000's

Net cash (outflow)/inflow from operating             21(a)       (83)      341
activities

Returns on investments and servicing of finance      21(b)       (12)       19

Taxation                                                         (25)        -

Capital expenditure and financial investment         21(b)      (290)     (625)

Acquisitions and disposals                           21(b)       (71)      589

Cash (outflow)/inflow before finance                            (481)      324

Financing                                            21(b)       164    (1,032)

Decrease in cash in the year                                    (317)     (708)



                                                      Note      2002      2001
                                                              #000's    #000's

Reconciliation of net cash flow to movement in net
(debt)/funds
Decrease in cash in year                                        (317)     (708)
Cash (inflow)/outflow from financing                            (200)      350
Cash outflow from finance leases                                  24        63

Change in net debt resulting from cash flows                    (493)     (295)

Loans, finance leases disposed/acquired with                       -      (683)
subsidiary

Movement in net debt in the year                                (493)     (978)

Net funds, beginning of year                                      66     1,044

Net (debt)/funds, end of year                        21(c)      (427)       66




                                REFLEX GROUP PLC
                                        
          CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
                                        
                      FOR THE YEAR ENDED 31 DECEMBER 2002
                                        

                                                            2002          2001
                                                          #000's        #000's

Loss attributable to group shareholders                     (215)       (5,715)

Exchange adjustments                                           -           (78)

Total recognised losses for the year                        (215)       (5,793)




                                REFLEX GROUP PLC
                                        
               RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
                                        
                      FOR THE YEAR ENDED 31 DECEMBER 2002



                                                         2002             2001
                                                       #000's           #000's

At 1 January 2002                                       2,068            1,914

Total losses for the year                                (215)          (5,793)

Issue of shares                                           (12)           5,947

At 31 December 2002                                     1,841            2,068




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