RNS Number:2150Q
Caldwell Investments PLC
26 September 2003


CHAIRMAN'S STATEMENT


Results


The Group continues to make progress.


First half trading shows a small pre-tax profit of #11,149 (2002: pre-tax loss
#99,078) and turnover up over 30% at #3,365,090 (2002: #2,534,749).


Underwear Business


The underwear business has traded steadily and should we have seasonal weather
in the autumn we would hope for an improvement on 2002 turnover.


In the Chairman's statement in the Annual Report,  I stated our intention to
close our UK manufacturing activity in Bolton and concentrate the underwear
business solely on importing.   This closure took effect in June.


Nina Parasols


A sunny summer helped to achieve buoyant sales.   However, overall turnover for
parasols was down on the previous year as we took the decision to cease supply
to a large customer with whom we could not achieve a satisfactory margin.   The
business continues to add new customers and we will work to replace the lost
turnover with new business at a workable margin.


NinaSun Canopy


NinaSun recently exhibited its sun canopy at the International Outdoor Furniture
Fair in Cologne (SPOGA).


Great interest was shown in the sun canopy and additional distribution
arrangements were agreed in principle relating to Belgium, Dubai, India, Italy,
Japan and the United States of America.


NinaSun were also approached by seven original equipment manufacturers of
outdoor leisure furniture from Greece, Italy, Morocco, Spain (two), Sweden and
Turkey , who expressed interest in NinaSun producing a sun canopy for their own
product.


These developments should have a positive impact on the Group's results in 2004.


Property


On 4th September 2003, we announced that following the closure of our
manufacturing activities in Bolton, we had purchased for a cash consideration of
#225,000 a freehold warehouse and office building in Skelmersdale comprising
12,869 square feet, to which Caldwell's UK warehouse and distribution activities
will be relocated.


The Directors consider that the new premises will be more appropriate to an
importing, sales and distribution business.   In addition to Caldwell's existing
activities, the new facilities will be used for the production of NinaSun
canopies.


Further Funding


As mentioned earlier I am pleased to say that at the recent SPOGA considerable
positive interest was shown in the NinaSun canopy.


Further commercial exploitation of the NinaSun canopy will however in the short
term, require additional funding.  To help finance this funding, your Directors
have decided to utilise the authorities given to the Directors at the Annual
General Meeting to allot new shares for cash, and to arrange a placing of up to
1,500,000 shares as soon as is practicable.   A formal announcement concerning
the placing will be made in accordance with the Listing Rules as soon as
appropriate arrangements have been put in place.


Prospects


All parts of the Group's business continue to make positive progress.


The Company is delighted with the commercial response to the NinaSun canopy and
continues to believe that the large potential market for this product will
provide exciting opportunities for the Group.



                          CALDWELL INVESTMENTS P.L.C.
                 RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003

Consolidated Profit and Loss Account

                                                   Unaudited             Unaudited                Audited
                                                    6 months              6 months             Year ended
                                                       ended                 ended       31 December 2002
                                                30 June 2003          30 June 2002
                                                           #                     #                      #

Turnover

Continuing Operations                              3,365,090             2,534,749              7,315,792

Operating profit/(loss)

Continuing Operations                                 39,665              (70,105)                150,221

Net interest payable                                (28,516)              (28,973)               (78,137)

Profit/(loss) on ordinary activities
before taxation                                       11,149              (99,078)                 72,084
                                                      
Tax on profit/(loss) on ordinary
activities                                           (8,900)               (8,100)               (62,673)
                                                     
Profit/(Loss) on ordinary activities
after taxation                                         2,249             (107,178)                  9,411
                                                       
Equity dividends paid and proposed                         0                     0                      0

Retained profit/(loss) for the period                  2,249             (107,178)                  9,411

Earnings/(loss) per share

Basic                                                  0.01p               (0.78)p                  0.07p

Diluted                                                0.01p               (0.78)p                  0.06p

Dividend per share                                         0                     0                      0

                          CALDWELL INVESTMENTS P.L.C.
                 RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003

Consolidated Balance Sheet

                                                   Unaudited             Unaudited               Audited
                                                     30 June               30 June           31 December
                                                        2003                  2002                  2002
                                                           #                     #                     #
Fixed assets

Intangible fixed assets                              278,855               293,656               288,896

Tangible fixed assets                                348,867               285,529               300,884

                                                     627,722               579,185               589,780


Current assets

Stocks                                             1,995,204             2,188,516             1,450,489

Debtors                                            1,099,913               981,179             1,553,538

Cash at bank and in hand                             336,624               238,265               554,577

                                                    3,431741             3,407,960             3,558,604

Creditors: due within one Year                   (2,047,144)           (2,282,035)           (2,232,556)

Net current assets                                 1,384,597             1,125,925             1,326,048

Total assets less current liabilities              2,012,319             1,705,110             1,915,828

Creditors: due after one year                       (33,334)                     0                     0

Provisions for Liabilities and charges                     0               (9,574)                     0

Net assets                                         1,978,985             1,695,536             1,915,828

Capital and reserves

Called up share capital                            1,508,750             1,378,750             1,508,750

Share premium account                              1,239,255             1,239,255             1,239,255

Capital redemption reserve                            27,000                27,000                27,000

Profit and loss account                            (796,020)             (949,469)             (859,177)

Equity shareholders' funds                         1,978,985             1,695,536             1,915,828


                          CALDWELL INVESTMENTS P.L.C.
                 RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003

Consolidated Cash Flow Statement


                                                      Unaudited             Unaudited             Audited
                                                       6 months              6 months          Year ended
                                                          ended                 ended         31 December
                                                   30 June 2003          30 June 2002                2002
                                                              #                     #                   #

Net cash (outflow)/inflow from operating
activities                                            (134,978)             (396,285)             156,608
                                                      
Returns on investments and servicing of
finance

Interest received                                         8,903                 2,425               7,198

Interest paid                                          (37,419)              (31,398)            (85,335)

                                                       (28,516)              (28,973)            (78,137)

Taxation

Tax paid                                               (29,000)               (8,100)               (697)

Capital expenditure and financial
investment

Purchase of intangible fixed assets                     (6,992)               (5,006)            (17,211)

Purchase of tangible fixed assets                      (82,070)               (9,712)            (65,702)

Sale of tangible fixed assets                            12,687                     0              11,812

                                                       (76,375)              (14,718)            (71,101)


Net cash (outflow)/inflow before                      (268,869)             (448,076)               6,673
financing


Financing

Issue of shares                                               0                     0             130,000

Repayment of loans                                            0              (60,000)           (120,000)

New loan finance                                        50, 000                     0                   0

                                                        50, 000              (60,000)              10,000

(Decrease)/Increase in cash in the period             (218,869)             (508,076)              16,673

CALDWELL INVESTMENTS P.L.C.
RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003

Notes to the Interim Report

1. The accounts for the six months ended 30 June 2003 and 30 June 2002
are unaudited but have been prepared on the basis of accounting policies
consistent with those set out in the audited accounts for the year ended 31
December 2002.  Those accounts were audited, carried an unqualified Auditors
Report and have been filed with the Registrar of Companies.    The information
set out in this interim report does not constitute statutory accounts within the
meaning of the Companies Act.


2. The calculation of basic and diluted earnings per shared is based on
the profit for the period of #2,249 (2002: loss #107,178) and a weighted average
number of ordinary shares of 15,087,500 (2002: 13,787,500).


3. Reconciliation of operating profit/(loss) to operating cash flows.

                                                   Unaudited           Unaudited                Audited
                                                    6 months            6 months             Year ended
                                                       ended               ended            31 December
                                                30 June 2003        30 June 2002                   2002
                                                           #                   #                      #

Operating profit/(loss)                               39,665            (70,105)                150,221

Depreciation                                          21,400              30,725                 65,031

Profit on disposal of fixed assets                         0                   0                (5,483)

Amortisation of goodwill and Intangible
fixed assets                                          17,033              20,361                 37,326
                                                      
(Increase)/decrease in stocks                      (544,715)           (675,250)                 62,777

Decrease/(Increase) in debtors                       453,625             393,985              (178,374)

(Decrease)/Increase in creditors                   (182,894)            (96,001)                 18,596

Foreign Exchange movement                             60,908                   0                  6,514

Net cash (outflow)/inflow from operating
activities                                         (134,978)           (396,285)                156,608
                                                   
4. No interim dividend will be paid.

5. Copies of these interim results are being despatched to shareholders.

Further copies can be obtained from:  

The Company Secretary. Caldwell Investments P.L.C., 
647, Roundhay Road, 
Leeds.   
LS8  4BA.

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