Interim Results

Chamberlin & Hill PLC
29 October 2002



CHAMBERLIN & HILL PLC

INTERIM RESULTS - SIX MONTHS ENDED 30 SEPTEMBER 2002


CHAIRMAN'S STATEMENT


At our AGM in July we advised shareholders that profits for the first half year
would be lower than those achieved in the corresponding period last year. In the
event, turnover fell by 10.8% to £13.81 million compared to £15.49 million last
time, generating operating profit for the six months ended 30 September 2002 of
£0.72 million (2001: £1.39 million). In addition to the decline in volume,
margins came under pressure from unavoidable cost increases and continuing
demands for price down. The balance sheet remains strong with net debt of only
£0.45 million (2001: £0.56 million) after capital investment of £1.42 million
(2001: £0.49 million).

With the exception of Ductile Castings, all businesses in the Group saw lower
sales in the first half of the year. At Walsall foundry the fall was a mixture
of lower volume and lower selling prices, whilst at Bloxwich foundry and PFP
Electrical, global competition and a dull market for conduit fittings reduced
demand. In contrast, sales grew at Ductile Castings, due largely to the
commencement of production of steel castings in June following the installation
of the plant and equipment acquired from Bingham. Inefficiencies in this period
of expansion and start up resulted in some decline in margins here. At Fred
Duncombe, whilst sales fell, we realised further benefits from the integration
of the Webb Lloyd handle business into the Cannock factory with an improvement
in net margins.

The Board has decided to declare an unchanged interim dividend of 3.85p per
share payable on 19 December 2002 to all shareholders on the register on 8
November 2002.

We continue to refine our market positions, with a view to obtaining new
customers, focussing new product development, and maintaining impetus for
ongoing productivity improvement. Trading conditions remain uncertain and we
have not so far seen an improvement in demand. Whilst there are expectations
that this will occur in the coming months, the timing is difficult to predict.
We remain fully confident of our medium and longer term prospects.


John Eccles
Chairman

29 October 2002


Group Profit And Loss Account

                                                               Unaudited      Unaudited             
                                                             6 months to    6 months to   Year ended
                                                            30 September   30 September     31 March
                                                                    2002           2001         2002
                                                                    £000           £000         £000

Turnover                                                          13,806         15,485       30,548
Operating profit                                                     715          1,390        2,545
Interest payable                                                    (11)           (17)         (19)
Profit before taxation                                               704          1,373        2,526
Taxation                                                           (211)          (412)        (778)
Profit after taxation                                                493            961        1,748
Dividend                                                           (282)          (280)        (866)
Retained profit                                                      211            681          882

Earnings per share - basic                                         6.72p         13.21p       24.00p
Earnings per share - fully diluted                                 6.70p         13.20p       24.00p

Dividend per share                                                 3.85p          3.85p       11.85p


Summarised Group Balance Sheet                                                                      
                                                                   As at          As at        As at
                                                            30 September   30 September     31 March
                                                                    2002           2001         2002
                                                                    £000           £000         £000
Fixed assets                                                                                        
Tangible assets                                                    9,528          8,882        8,892
Intangible assets                                                    223            237          229

Current assets                                                                                      
Stock                                                              3,305          3,185        3,362
Debtors                                                            6,783          8,017        6,634
Property held for sale                                                 -            126            -
Cash at bank                                                           -              -          626
                                                                  10,088         11,328       10,622
Creditors - under one year                                                                          
Bank Overdraft                                                     (449)          (558)            -
Other                                                            (4,559)        (5,485)      (5,124)
Net current assets                                                 5,080          5,285        5,498
Creditors - after one year                                             -           (53)            -
Provisions for liabilities and charges                             (761)          (803)        (790)
                                                                  14,070         13,548       13,829

Capital and reserves                                                                                
Called up share capital                                            1,835          1,818        1,830
Share premium account                                                718            625          693
Capital redemption reserve                                           109            109          109
Revaluation reserve                                                  595            603          599
Profit & loss account                                             10,813         10,393       10,598
                                                                  14,070         13,548       13,829

Consolidated Cash Flow Statement                                                                    
                                                              Six months     Six months         Year
                                                                   ended          ended        ended
                                                            30 September   30 September     31 March
                                                                    2002           2001         2002
                                                                    £000           £000         £000
Net cash inflow from operating activities                                                           
Operating profit                                                     715          1,390        2,545
Non cash items - depreciation and amortisation                       776            794        1,541
               - other                                                 -              -        (105)
Changes in working capital                                         (188)        (1,115)        (395)
                                                                   1,303          1,069        3,586
Returns on investments and servicing of                                                             
finance                                                                                             
Interest paid                                                       (16)           (19)         (23)
Interest received                                                      5              2            4
                                                                    (11)           (17)         (19)
Corporation tax paid                                               (405)          (248)        (778)

Investing activities                                                                                
Purchase of tangible fixed assets                                (1,424)          (493)      (1,366)
Proceeds from sale of tangible fixed assets                           18             21          293
                                                                 (1,406)          (472)      (1,073)
Equity dividends paid                                              (586)          (564)        (844)

Net cash inflow/(outflow) before financing                       (1,105)          (232)          872

Financing                                                                                           
Repayment of loan notes                                                -          (504)        (504)
Issue of shares (incl. Premium)                                       30              -           80
                                                                      30          (504)        (424)
Increase/(decrease) in cash                                      (1,075)          (736)          448



Reconciliation of net cash flow to movement in net debt                                             


Increase/(Decrease) in cash in the period                        (1,075)          (736)          448
Repayment of loan notes 2001/2002                                      -            504          504
Movement in net debt                                             (1,075)          (232)          952
Opening net debt                                                     626          (326)        (326)
Closing net debt                                                   (449)          (558)          626


Notes


1. Preparation of interim accounts

This interim statement has been prepared on the basis of the accounting policies
set out in the 2002 Annual Report & Accounts.

The results for the year to 31 March 2002 are an abridged version of the full
accounts which have been filed with the Registrar of Companies. The report of
the auditors was unqualified and did not contain a statement under section 237
(2) or (3) of the Companies Act 1985. The figures for the six months ended 30
September 2001 and 30 September 2002 have not been audited.


2.Dividend

The interim dividend of 3.85p per share will be paid on 19 December 2002 to all
shareholders registered at the close of business on 8 November 2002.


3. Earnings per share

The calculation of basic earnings per share is based on the profit after tax of
£493,000 (2001: £961,000) and the weighted average of ordinary shares in issue
and ranking for dividend of 7,331,994 shares (2001: 7,282,327).

Diluted earnings per share is based on 7,362,681 shares (2001: 7,282,327) after
adjusting for the dilutive effect of the potential exercise of share options
where the prices at which they are exercisable are below the weighted average
share price during the year.


4. Reconciliation of movement in shareholders' funds

                                      As at          As at      As at
                               30 September   30 September   31 March
                                       2002           2001       2002
                                       £000           £000       £000

Profit after tax                        493            961      1,748
Dividends                             (282)          (280)      (866)
Issue of share capital                   30              -         80
                                        241            681        962
Opening shareholders' funds          13,829         12,867     12,867
Closing shareholders' funds          14,070         13,548     13,829


A copy of the interim results will be sent to shareholders and further copies
will be available from the Company's registered office: Chuckery Foundry,
Walsall WS1 2DU.


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