Final Results

Chamberlin & Hill PLC
21 May 2002

CHAMBERLIN & HILL PLC


PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE
YEAR ENDED 31 MARCH 2002

Financial Highlights

                                                                                    2002             2001
                                                                                    £000             £000
Turnover                                                                          30,548           32,521
Profit before tax                                                                  2,526            2,593
Fully diluted earnings per share                                                   24.0p            24.8p
Dividends per share                                                               11.85p           11.50p



Chairman's Statement

Trading conditions remained demanding throughout the year and both profit and
earnings declined slightly.  Profit before tax was £2.526 million compared to
£2.593 million in 2001, while fully diluted earnings per share were 24.0p
against 24.8p last year.

The Company came out of the year in a strong position.  We continued to invest
in state of the art equipment and in new product development.  We reorganised
for the future and looked for suitable additions to the Group, finding one in
the foundry sector which is being brought alongside our Scunthorpe plant.  Our
pursuit of higher productivity throughout the Company was again successful.

In a period when sales declined by some 6%, net margins were maintained and the
resulting cash flow delivered net funds of £626,000 at the year end as against
net debt of £326,000 a year ago.

The Directors are recommending a final dividend of 8.00p (7.75p) making a total
for the year of 11.85p (11.50p), an increase of 3%.  The dividend will be twice
covered.

At the start of the new year our markets are looking to improve, but as yet it
is still one step forward and half a step back.  We expect the autumn to bring
firmer markets, and we will bring shareholders up to date with progress at the
July AGM.

John Eccles
Chairman


Summarised Group Profit and Loss Account


                                                                                     2002             2001
                                                                                                  Restated
                                                                                     £000             £000
Turnover                                                                           30,548           32,521

Operating profit before exceptional item                                            2,545            2,965
Exceptional item - restructuring costs                                                  -            (340)
Operating profit after exceptional item                                             2,545            2,625
Interest payable                                                                     (19)             (32)
Profit before taxation                                                              2,526            2,593

Taxation                                                                            (778)            (783)
Profit after taxation                                                               1,748            1,810
Dividend                                                                            (866)            (836)
Retained profit                                                                       882              974

Basic earnings per share                                                            24.0p            24.9p
Fully diluted earnings per share                                                    24.0p            24.8p
Dividend per share

proposed final                                                                      8.00p            7.75p
interim already paid                                                                3.85p            3.75p



Statement of Total Recognised Gains and Losses


                                                                                     2002             2001
                                                                                                  Restated
                                                                                     £000             £000
Profit after taxation                                                               1,748            1,810
Prior year adjustment -
         adoption of FRS 19 'Deferred Taxation'                                     (752)                -
Total recognised gain                                                                 996            1,810



Summarised Group Balance Sheet


                                                                    As at                           As at
                                                                 31 March                        31 March
                                                                     2002                            2001
                                                                                                 Restated
                                                      £000           £000             £000           £000
Fixed assets                                                        9,121                           9,567

Current assets

   Stock                                             3,362                           3,322
   Debtors                                           6,634                           6,922
   Cash at bank and in hand                            626                             178
                                                    10,622                          10,422
Creditors - under one year                         (5,124)                         (6,292)

Net current assets                                                  5,498                           4,130

Provisions                                                          (790)                           (830)
                                                                   13,829                          12,867
Capital and reserves

   Called up share capital                                          1,830                           1,818
   Share premium account                                              693                             625
   Reserves                                                        11,306                          10,424
                                                                   13,829                          12,867


Reconciliation of Movement in Shareholders' Funds


                                                                                     2002             2001
                                                                                                  Restated
                                                                                     £000             £000
Profit for the year                                                                 1,748            1,810
Dividends                                                                           (866)            (836)
Issue of share capital                                                                 80                -
Net movement in the year                                                              962              974
Opening shareholders' funds                                                        12,867           12,643
                                                                                   13,829           13,617
Prior year adjustment                                                                   -            (750)
Closing shareholders' funds                                                        13,829           12,867




Summarised Cash Flow Statement


                                                                                     2002             2001
                                                                                     £000             £000
Net cash inflow from operating activities                                           3,586            3,548

Return on investments and servicing of finance                                       (19)             (32)
Taxation paid                                                                       (778)          (1,015)
Net capital expenditure and financial investment                                  (1,073)          (1,946)
Dividends paid                                                                      (844)            (814)
Net cash flow before financing                                                        872            (259)

Financing: redemption of loan notes                                                 (504)            (654)
                  issue of shares (incl. premium)                                      80                -
Increase/(decrease) in cash and bank balances                                         448            (913)



Reconciliation of operating profit to net cash flow from operating activities


                                                                                     2002             2001
                                                                                     £000             £000

Operating profit                                                                    2,545            2,965

Exceptional item - restructuring costs                                                  -            (217)
Depreciation                                                                        1,541            1,474
Profit on disposals                                                                  (95)              (9)
Government grants credited                                                           (10)             (10)
Decrease/(Increase) in stock                                                         (40)               14
Decrease/(Increase) in debtors                                                        288            (303)
(Decrease) in creditors                                                             (643)            (366)
Net cash inflow from operating activities                                           3,586            3,548

Notes:

1.                  The results for the year to 31 March 2002 have been
extracted from the financial statements for the year which have been audited and
will be filed with the Registrar of Companies.  The results for the year to 31
March 2001 are an abridged version of the Company's full accounts for that year
which received an unqualified report by the auditors and have been filed with
the Registrar of Companies.  Following the adoption of Financial Reporting
Standard 19 'Deferred Taxation' the results for the year ended 31 March 2001
have been restated where appropriate.

2.                  The calculation of basic earnings per share is based on a
profit of £1,748,000 (2001: £1,810,000) and a weighted average of 7,274,281
shares (2001: 7,272,158) in issue during the period.

3.                  A copy of the Annual Report and Accounts for the year ended
31 March 2002 will be posted to shareholders in the week commencing 24 June
2002.  The Annual General Meeting will be held on Friday, 26 July 2002.

4.                  Subject to shareholders' approval at the Annual General
Meeting, the dividend will be paid on 26 July 2002 to ordinary shareholders
registered at the close of business on Friday, 5 July 2002.

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