Final Results

Creightons PLC
27 July 2004


                              CREIGHTONS plc Group
                                ('The Company')

                              Preliminary Results
                                         
Chairman's statement
Review of the year

This year has seen a significant achievement for the Group's two operating
companies in that both have achieved profitable results.

At Potter and Moore Innovations, the business we purchased from Administrators
towards the end of the 2002/2003 year, much progress has been made in
stabilising the business, rationalising the huge product range, reducing
unnecessary overheads, and improving manufacturing performance and operations.

Our new products are beginning to gain both consumer and trade recognition. In
November, Potter and Moore Innovations' Tesco private label product Lavender
Bath Essence was the Tesco Customer Choice winner of the 'Best Tesco Beauty
Product', in a survey voted for by half a million of their customers.

At Creightons, we have achieved profitability after a number of loss-making
years, and also started to introduce new and innovative brands to complement the
existing range of private label products.

As indicated in last year's report and in my Interim Report to shareholders last
December, we have continued to operate both businesses separately, although we
have sought to achieve synergistic savings in administrative and manufacturing
operations where appropriate without jeopardising each businesses' unique
skills, product offerings and customer relationships.

Financial results

Consolidated Group sales this year were £12,238,000 (2003: £3,846,000). The 
increase includes a 28% increase in Creightons' sales to £4,452,000 (2003: 
£3,480,000), as well as £7,786,000 (2003: £366,000) sales at Potter and Moore 
Innovations, where year on year comparison is not possible due to only having 
made the acquisition during March 2003, within a couple of weeks of the year 
end.

Sales in the second half of the year were 7% higher than in the first half due
to the seasonal contract business for Christmas, although as a result of the mix
of products Gross Profit was marginally higher in the first half. The Group has
continued to strive for low cost producer status, without compromising on
product or service level quality.

Investment in marketing and sales support and in securing improved product
sourcing in the second half has increased overheads, resulting in lower profit
in the second half, although with operating profit before interest and tax of
£431,000 (2003: loss of £23,000), the group is reporting the first operating
profit in over 7 years. After interest of £214,000 (2003: £59,000) and a
deferred tax provision of £15,000 (2003: £nil), the group has achieved retained
earnings for the year of £202,000 (2003: loss of £82,000), with diluted earnings
per share of 0.34p (2003: loss 0.14p).

The directors are not in a position to declare a dividend this year since these
retained earnings have first to be applied to reduce the deficit on the Group's
retained earnings balance from previous years' losses, but it is worth noting
that at £199,000 (2003: £401,000), this deficit now stands at less than the
year's earnings.

Current year developments

Potter and Moore Innovations continues to focus on quality private label and
contract manufacturing business, whilst Creightons is focusing increasingly on
branded products, continuing to serve long established High Street customers. We
propose to continue with this dual approach, expanding the branded business with
new and innovative products designed to meet the present needs of the consumer.

We were particularly pleased in April as we continued to pick up trade accolades
for our products, this time when the Real Shaving Company, a Creightons
subsidiary, gained the 'Highly Recommended' award in the Best New Men's Grooming
Product category of the New Woman Magazine Beauty Awards 2004, for our newly
developed men's moisturising shaving cream product Real Shave2,beating many more
established brands. This product is now gaining increased High Street and
Supermarket distribution through outlets such as Tesco and Boots.

At the same time, Potter and Moore Innovations has consolidated its existing
award-winning private label business and gained several new contracts for this
coming winter and Christmas season.

The group has undertaken extensive work on product range rationalisation to
reduce the number of different products manufactured and held in stock, and on
procurement, where we have started to source products from south-east Asia and
China where the consequent UK landed costs show significant saving versus
equivalent UK-sourced products.

The group has also introduced performance incentives for all members of staff,
so that shop-floor workers share the benefit from improved productivity, while
the remuneration of more senior management team members contains a significant
element relating to overall company profitability.

Your board is also continuing to seek opportunities for acquisition of brands or
companies that would complement the existing businesses by offering synergies in
manufacturing, sourcing and marketing due to similarities in product alignment,
sourcing or outlets.

I would like to take this opportunity to thank each and every one of the group's
employees for the hard work and effort they have put in over the past year to
help bring both operating companies into profitability, particularly given the
historic difficulties at Potter and Moore Innovations.

William McIlroy
Chairman 27th July 2004

Consolidated profit and loss account
For the year ended 31 March 2004

                                               2004     2004     2003     2003
                                      Note    £'000    £'000    £'000    £'000

Turnover                                              
Continuing operations                                  4,452             3,480
Acquisitions                                           7,786               366

                                                      12,238             3,846

Cost of sales                                         (7,794)           (2,203)

Gross Profit                                           4,444             1,643

Operating expenses                           (4,031)           (1,686)
Other operating income                           18                20

Total operating expenses                              (4,013)           (1,666)

Operating profit/(loss)                                  
Continuing operations                           324               (99)
Acquisitions                                    107                76

                                                         431               (23)

Net interest payable                                    (214)              (59)

Profit/(loss) on ordinary activities
before taxation                                          217               (82)

Tax on profit/(loss) on ordinary
activities                                               (15)                -

Profit/(loss) on ordinary activities
after taxation                                           202               (82)

Retained profit/(loss) for the year                      202               (82)

Basic profit/(loss) per share            1              0.37p            (0.15p)

Diluted profit/(loss) per share          1              0.34p            (0.14p)

The turnover and operating profit/(loss) arose from continuing operations.

The Group had no gains or losses other than the above results.

There is no difference between the results shown above and their historical
cost.

Note to consolidated profit and loss Account

1.  Profit/(loss) per share

The calculation of the basic profit/(loss) per share is based on the profit
after taxation of £202,000 (2003 - loss £82,000) and 54,275,876 (2003 -
54,275,876) ordinary shares, the weighted average number of shares in issue
during the period. The calculation of the diluted loss per share is based on the
basic loss per share, adjusted for the effect of all dilutive options.

Consolidated balance sheet
At 31 March 2004

                                            2004      2004      2003      2003

                                           £'000     £'000     £'000     £'000


Fixed assets

Tangible assets                                      1,700               1,813

Intangible assets                                        8                  13

Goodwill                                               330                 345

                                                     2,038               2,171


Current assets

Stocks                                     1,537                 647
Debtors                                    1,946               1,167
Cash at bank                                   1                   9

                                           3,484               1,823

Creditors: amount falling due             (3,850)             (2,585)
within one year

Net current liabilities                               (366)               (762)

Total assets less current liabilities                1,672               1,409

Creditors: amount falling due after
more than one year                                     (46)                  -

Provisions for liabilities and charges                 (15)                  -

Net Assets                                           1,611               1,409

Capital and Reserves
Called up share capital                                543                 543
Share premium account                                 1229                1229
Capital redemption reserve                              18                  18
Capital reserve                                          7                   7

Special Reserve                                         13                  13
Profit and loss account                               (199)               (401)

Equity shareholders funds                            1,611               1,409


Consolidated statement of cash flow
For the year ended 31 March 2004

                                                2004     2004    2003     2003
                                        Note   £'000    £'000   £'000    £'000

Cash from operating activities             1             (110)            (207)

Returns on investments and servicing of
finance                                    2             (214)             (59)

Taxation                                                    -                -

Capital expenditure and financial
investments                                3             (109)            (496)

Cash (outflow) before management of
liquid resources and financing                           (433)            (762)
Financing                                  4              193              726
(Decrease) in cash in the year                           (240)             (36)

Reconciliation of net cash flow to
movement in net debt

(Decrease) in cash in the year                           (240)             (36)
Cash outflow from repayment of debt                        69               16

                                                         (171)             (20)
New loans                                                (262)            (742)

Movement in net debt in the year                         (433)            (762)

Net debt at the start of the rear                      (1,800)          (1,038)

Net debt at the end of the year                        (2,233)          (1,800)


Notes to consolidated statement of cash flow

For the year ended 31 March 2004

1. Reconciliation of operating loss to operating cash flow

                                                   2004                    2003
                                                  £'000                   £'000

Operating profit/(loss)                             431                     (23)
Depreciation charges                                205                     221
Amortisation of goodwill                             34                       -
Amortisation of intangible assets                     5                       2
(Profit) on disposal of fixed                        (2)                     (3)
assets
(Increase) in stocks                               (890)                     (2)
(Increase) in debtors                              (779)                   (275)
Increase/(decrease) in creditors                    886                    (127)

Net cash (outflow) from                            (110)                   (207)
operations


2. Returns on investments and servicing of finance

                                                        2004               2003
                                                       £'000              £'000

Interest received                                          1                  1
Interest paid                                           (212)               (58)
Interest element of HP payments                           (3)                (2)

Net cash (outflow) for returns on
investments                                             (214)               (59)
and servicing of finance


3. Capital expenditure and financial investments

                                                    2004             2003
                                                   £'000            £'000

Purchase of tangible fixed assets                   (101)            (150)
Purchase of intangible fixed assets                    -              (15)
Purchased goodwill                                   (19)            (345)
Sale of other tangible fixed assets                   11               14

Net cash (outflow) from capital
expenditure                                         (109)           (496)
and financial investments


Notes to consolidated statement of cash flow (continued)

For the year ended 31 March 2004

4. Financing

                                                        2004            2003
                                                       £'000           £'000

Other loans                                              162             742
Repayments of amounts borrowed                           (50)              -
New hire purchase agreements                             100               -
Capital element of HP payments                           (19)            (16)

Net cash inflow from financing                           193             726


5. Analysis of changes in net debt

                               At 1 April        Cash flow         At 31 March
                                     2003                                 2004
                                    £'000            £'000               £'000

Cash at bank and in hand                9               (8)                  1
Overdrafts                         (1,063)            (232)             (1,295)

                                   (1,054)            (240)             (1,294)

Debt due within one year             (742)            (112)               (854)
HP contracts                           (4)             (81)                (85)

                                     (746)            (193)               (939)

Net debt                           (1,800)            (433)             (2,233)


The preliminary statement of results has been agreed with the Company's
auditors, Chantrey Vellacott DFK, who have indicated that they will be giving an
unqualified opinion in their report on the statutory financial statements, which
will be dispatched to shareholders.




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