RNS Number:5139F
Cabouchon Collection PLC (The)
23 December 2002

THE CABOUCHON COLLECTION PLC

INTERIM ANNOUNCEMENT

6 MONTHS TO 30 SEPTEMBER 2002



The unaudited loss of #194k, before depreciation and amortisation of goodwill,
for the six months to 30 September reflects the delay in kick starting sales for
the reasons explained in the annual report published in September. This has
continued to place a strain on cash flow, although sales for the period under
review were more than double those of the equivalent period last year.

Consultant numbers continue to improve. Between May and August, 32 new
consultants were recruited, since when this number has increased to 233. Perhaps
more significant is the increase in the number of "active" consultants in recent
months (an active consultant is defined as someone who has placed an order in
the month). In the six months to 30 September 2001, the average was 83, the
following six months increased to an average of 147, and in the most recent six
months this increased to 183. In September this year there were over 41/2 times
as many active consultants as in the same month a year before. In addition, the
Cabouchon Select Club, which is for those who wish to buy our jewellery on a
regular basis, but do not wish to become consultants themselves, was launched in
June. The Club now has 99 members.

Our new computer system is fully operational and is bringing further benefits to
the organisation in the area of stock control and order processing,  as well as
being of real benefit to the consultants themselves. With a link to our web site
(www.cabouchon.com), consultants will be able to view stock levels and place
orders over the internet, which is of benefit to them and also to our head
office staff, as it enables automatic order processing and stock updating. The
new system will therefore allow us to increase levels of business very
substantially, without the attendant cost increases that would usually follow.

The Board has been examining various fundraising possibilities in what are
extremely difficult markets. Agreement has been reached with Jubilee Investment
Trust plc to exchange 9 million Cabouchon shares at par for an equivalent value
of shares in Jubilee, conditional on Jubilee being admitted to the Official List
of the London Stock Exchange prior to 24 January next year (Ken Bone is a
non-executive director of Jubilee and David Pearl is a director and shareholder
of the company which provides Jubilee with research services). This balance
sheet building exercise will help the Board's negotiations to raise additional
working capital.

Cabouchon is still at the early stages of its development. However, we have now
established its infrastructure and systems and the benefits of this work are
beginning to be realised in increasing sales and consultant numbers.


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