RNS Number:5436S
Antonov PLC
27 November 2003


ANTONOV plc

THIRD QUARTER RESULTS ANNOUNCEMENT
For the nine months ended 30th September 2003

Antonov plc (the "Company" or "Antonov") announces its unaudited financial
results for the nine months ended 30th September 2003.

Highlights

Commercial

* Discussions with both auto-makers and Tier 1 gearbox manufacturers at
the Frankfurt Motor Show confirmed that the Company's AAD automatic gearbox is a
serious and realistic alternative to manual gearboxes in mass-produced small
cars.

* Design of the fifth generation of the AAD 6-speed transmission was
completed, encompassing all of the modifications and improvements most desired
by auto- makers.

* Asian market potential for the 4-speed AAD has become far more
apparent and immediate, with production decisions expected in the foreseeable
future.

* Internal reorganisation to focus the Company's resources on the
commercialisation of the AAD has been largely completed.

Financials

* Unaudited loss before tax of #1.69m (2002: #1.46m), resulting in a loss
per share of 1.6p (2002: 1.5p).

* Cash balances at 30 September 2003 amounted to #429,000. This amount is
expected to be sufficient to cover budgeted working capital requirements until
the year-end.

* The Company successfully completed an interim fund raising exercise in
November 2003, after the current reporting period, raising Euro 1.25m
(approximately #875,000).

Chief Executive's Statement

Martin Schinzig said: "The Company's technology is currently being seriously
evaluated by a number of auto-makers (OEMs) and Tier 1 gearbox manufacturers.
While the third quarter did not see any material announcements from the Company
concerning customer developments, considerable commercial progress was in fact
made during and after the Frankfurt Motor Show. This will in due course result
in the Company being able to demonstrate, to both the industry and its
shareholders, that the AAD is on course to be adopted by a number of OEMs as
their automatic transmission of choice for small-car applications".


Fifth generation AAD

The Company has been undertaking thorough technical evaluations of its
fourth-generation AAD six-speed gearbox together with both OEMs and Tier 1
gearbox manufacturers for some time now.   The OEMs have acknowledged that the
packaging of the AAD, i.e. its compact design(length