Trdng Stmnt & Director Chng

Swallowfield PLC
22 May 2003

Trading Update & Directorate Change



Swallowfield plc announces today that trading across both toiletries and
cosmetics in its second half is not proving robust enough to meet current market
expectations. Over the first 4 months of the calendar year, which is now our
second half, global economic conditions have contributed to weakening sentiment,
a slowdown in retail sales and reduced consumer footfall in the High Street. At
the same time, we have experienced delays in some product launches and as a
consequence, we anticipate that trading performance for this half will be
broadly similar to the same period last year.



Looking forward, we have reduced the number of indirect personnel in our
cosmetics business at a cost of approximately £100,000 and this should generate
annual savings of around £500,000. This, together with our sharpened focus on
increasing margins, improving operating efficiencies and further strengthening
of the supply chain leads the Board to be more encouraged about prospects for
the next financial year.



Bearing in mind the seasonal nature of the working capital profile of the
business, net debt has continued to increase as we build stock for future
shipment and, as normal, will be materially higher than at the end of December.



Further to the announcement made on 9th January 2003 and following a rigorous
recruitment process, Swallowfield plc is pleased to announce the appointment of
Shena Winning FCA as a non-executive director.



Shena brings with her over 20 years experience gained in the retail sector
having held senior roles within House of Fraser, Laura Ashley and latterly with
Carpet Right Plc, where she was the Finance Director. As well as chairing the
audit committee, the Board welcomes the additional experience that Shena will
bring. There are no details to be disclosed under paragraph 16.4 of the Listing
Rules.



Enquiries:

Rowan Dartington & Co. Limited

Barrie Newton (0117 9330011)


Swallowfield plc

Tony Wardell (01823 652292)

Ian Mackinnon (01823 652219)


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