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BTG Plc: Close Period Update and Notice of Results.


Business Editors

LONDON--(BUSINESS WIRE)--April 3, 2003

BTG BTG BIT (Built-In Test) Target Generator
BTG Bridging the Gap
BTG British Technology Group
BtG Betreuungsgesetz (Germany)
BTG Biomass Technology Group BV
BTG Begbies Traynor Group
 plc (LSE LSE - Language Sensitive Editor : BGC BGC General Cable Corporation (stock symbol)
BGC Billy Graham Center
BGC Baptist General Conference (formerly Swedish Baptist Denomination)
BGC Boys & Girls Club
BGC Bubblegum Crisis
), the global technology commercialization company, today issued the following close period update.

On December 3, BTG announced a major refocusing of its business. This recognized the changed business environment, and the need to manage resources by investing in a smaller number of high value technology sectors and cutting investment in sectors that no longer offered sufficient return on investment. The restructuring of the business has been implemented as planned. The Board believes BTG now has the people, resources and focused business plans to generate substantial value from the growing technology commercialization sector and so to achieve its stated target of profitability by March 2006, excluding any impact from Provensis Ltd.

Significant operational progress was made during the year. The treatment phase of a 650 patient, multi-center comparative European Phase III trial of the VARISOLVE(R) procedure was completed in January and the final three-month follow up is scheduled for April 2003. Provensis Ltd, BTG's subsidiary that is developing the VARISOLVE(R) procedure, intends to release preliminary data from this trial during the first half of the current financial year. The first 20 of an expected 60 patients have been treated in a Phase II trial in the US.

Use of Campath(R) (alemtuzumab) as a therapy for chronic lymphocytic leukemia chronic lymphocytic leukemia
n. Abbr. CLL
Lymphocytic leukemia occurring mainly in older adults, characterized by slow onset and gradual progression of symptoms.
 has continued to expand. ILEX Ilex

a bush bearing berries containing saponins; cause vomiting, diarrhea. Called also holly.
 Oncology, BTG's licensee, has recently extended its agreement with Schering AG to develop and market the product in Japan, China and the Asian Pacific Basin. Commercial progress has also been made with a variety of other technologies in the Company's portfolio, including the electro-absorption modulator patents from BT, the two-part hip cup, the explosives and drug detection technology NQR NQR Nuclear Quadrupole Resonance
NQR Not Quite Right
NQR Nationaler Qualifikationsrahmen (German)
NQR Network Quality Review
 and the Multi-level Cell. We have also moved ahead in our plans to create value from several key portfolios including Celltrace and Teleshuttle. A full update on progress will be given at the Preliminary Results presentation.

Total and net revenues are anticipated to be broadly in line with expectations at approximately GBP GBP

In currencies, this is the abbreviation for the British Pound.

Notes:
The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion.
31 million and GBP17 million respectively. The Company expects to receive an additional GBP1.6 million in revenues relating to the period ended March 31, 2003 upon conclusion of a legal dispute with a licensee, in which BTG prevailed at a High Court hearing but where the judgment is subject to appeal. The loss before tax is expected to be approximately GBP39 million. The increase from last year is expected to result largely from non-cash items including a higher than normal patent amortization charge following the Company's December reorganization and a write-down of equity investments. In addition, the Company has increased investment in Provensis and other technology development projects, and expects to have earned lower interest. Net cash at the end of the period is anticipated to have been approximately GBP63 million.

Ian Harvey, Chief Executive Officer, commented:

"The reorganization of our business announced in December has been implemented successfully. We expect, as previously stated, to see resumption in revenue growth from this financial year on as our business progresses. We are on a firm footing to deliver our objective of profitability in 2006 with continuing growth beyond."

BTG will announce its Preliminary Results for the year ended March 31, 2003 on May 29, 2003. The results will be released at 7:00am (UK). A presentation to analysts will be made at 9.30am, which will be broadcast live via the company's website www.btgplc.com.

Notes to Editor

BTG finds, develops and commercializes emerging technologies in the life and physical sciences. These innovations are protected by a strong portfolio of intellectual property that BTG develops and enhances. BTG then captures the value in these technologies through licensing and venturing activities. From the origins of its business in 1949, BTG has commercialized major innovations such as Magnetic Resonance Imaging magnetic resonance imaging (MRI), noninvasive diagnostic technique that uses nuclear magnetic resonance to produce cross-sectional images of organs and other internal body structures.  (MRI 1. (application) MRI - Magnetic Resonance Imaging.
2. MRI - Measurement Requirements and Interface.
), recombinant factor IX blood-clotting protein, Campath(R) (alemtuzumab) and Multilevel mul·ti·lev·el  
adj.
Having several levels: a multilevel parking garage.

Adj. 1. multilevel - of a building having more than one level
 Cell (MLC (MultiLevel Cell) A flash memory technology that stores more than one bit per cell. Traditional flash memory defines a 0 or 1 bit based on a single voltage threshold. ) memory. BTG is quoted on the London Stock Exchange London Stock Exchange

London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses.
 under the symbol "BGC" and operates from offices in London and Philadelphia, with representation in Tokyo. BTG operates through wholly owned subsidiaries, BTG International Ltd and BTG International Inc. in the UK and USA, respectively. Further information on BTG can be found at www.btgplc.com.
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Publication:Business Wire
Geographic Code:4EUUK
Date:Apr 3, 2003
Words:704
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