London Kentish Town Bull & Gate

No matter what Ash might say, exams and rock don't mix. So although currently the focus of an A&R frenzy not seen since, ooh, last week, Coldplay are about to swap guitars for their forthcoming Oxford finals. The world, clearly, will have to wait.

On the evidence of tonight's Fierce Panda showcase that's a shame. Together since January last year, the band have only released their own sold-out 'Safety EP' but are still well worth the praise heaped on them. Judging by the record company pack assembled tonight and their forthcoming Radio 1 gig with Catatonia, Coldplay have few worries about a future beyond the exams. They plan to meet us on their own terms. Time away simply gives them a chance to work out exactly what these are.

Especially as Devon frontman Chris Martin seems too angelic to know just yet. Beaming, charmingly self-deprecating and wearing the world's most unflattering jumper, Chris sings an acoustic ballad and then apologises for being boring. Overwhelmed at the size of the audience, he fidgets excitedly between songs and points out Steve Lamacq's presence "if you're looking for celebs".

Such naivety is puzzling when these four young and apparently well-adjusted men simultaneously sound so bleakly despairing, so uplifting and so plain beautiful. Beneath Chris' cheeky exterior, for example, is a voice somewhere between Thom Yorke's most angelic moments and Jeff Buckley's most gorgeous inflections.

It's the focus for both wonderful wisps of uplifting folk like 'Shiver' and the more grandiose epic tracks played tonight. Current Panda single 'Brothers And Sisters' is the most impressive of the latter, as fiercely determined as Embrace but less likely to be loved by your parents. Instead, it combines the quirkiness of Super Furry Animals with the classic fragility of Geneva - and the result is stunning.

The best things, it seems, comes to those who have no choice but to  wait.