Interim Results

Caldwell Investments PLC
27 September 2002

                              CHAIRMAN'S STATEMENT


RESULTS AND DIVIDEND

The first half trading shows a small loss on ordinary activities after tax of
£107,178 (2001 £124,290). The turnover for the half year of £2,534,749 (2001
£2,575,167) was slightly down on the previous year. No interim dividend will be
paid.


UNDERWEAR BUSINESS

The underwear business continues to be highly competitive. The first half of the
year is always slow. Hopefully, we will have seasonal weather in the autumn
which should result in better trading.


NINA PARASOLS

The season turned out to be less buoyant than we had hoped. It was a wet summer
throughout Europe, which somewhat dampened our sales.


NinaSun

As I mentioned in my last year's Chairman's statement, we reinstated our
Ninaclip development programme, and have now completed and patented the design
of a new and unique sunshade for sunloungers and chairs - NinaSun.


The NinaSun was successfully launched at the SPOGA Show in Cologne at the
beginning of September. Considerable interest was shown by a large number of
potential customers from 26 countries.


Subsequent to the interest shown at the show, Caldwell has entered into
discussions with manufacturers of outdoor furniture for the hotel and leisure
industries. Caldwell has high hopes that these discussions will lead to
significant orders. However, production lead times mean that it will not be
possible to deliver any prospective orders in the current financial year.


I have enclosed a NinaSun flyer with the Accounts to give shareholders more
insight into the potential of this new product.


PROSPECTS

The company is delighted with the interest shown in the NinaSun and continues to
believe that the large potential market for this product will provide exciting
opportunities for the Group. At the same time, we expect the Group's existing
underwear and Nina parasol activities to continue steadily.




                                                                   S.J. Wootliff
                                                                        Chairman
                                                             27th September 2002



                          CALDWELL INVESTMENTS P.L.C.

                 RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2002




Consolidated Profit and Loss Account


                                                     Unaudited              Unaudited                Audited

                                                      6 months               6 months             Year ended

                                                         ended                  ended       31 December 2001

                                                  30 June 2002           30 June 2001
                                                             £                      £                      £
Turnover
Continuing Operations                                2,534,749              2,575,167              6,235,894

Operating (loss)/profit
Continuing Operations                                 (70,105)               (56,048)                 51,741
Discontinued Operations                                      0                (1,940)                      0
                                                      (70,105)               (57,988)                 51,741
Share of associates' operating loss                          0                (5,907)                      0
Net interest payable                                  (28,973)               (50,395)              (117,307)
Loss on ordinary activities
before taxation                                       (99,078)              (114,290)               (65,566)

Tax on loss on ordinary activities                     (8,100)               (10,000)               (29,871)

Loss on ordinary activities
after taxation                                       (107,178)              (124,290)               (95,437)


Equity dividends paid and proposed                           0                      0                      0
                                                             

Retained loss for the period                         (107,178)              (124,290)               (95,437)

Earnings per share                                     (0.78)p                (0.90)p                (0.69)p
                                                       
Basic and diluted

Dividend per share                                           0                      0                      0



                          CALDWELL INVESTMENTS P.L.C.

                 RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2002





Consolidated Balance Sheet







                                                     Unaudited              Unaudited                Audited

                                                       30 June                30 June            31 December

                                                          2002                   2001                   2001
                                                             £                      £                      £
Fixed assets
Intangible fixed assets                                293,656                320,844                309,011
Tangible fixed assets                                  285,529                299,945                306,542
                                                       579,185                620,789                615,553

Current assets
Stocks                                               2,188,516              2,169,197              1,513,266
Debtors                                                981,179              1,055,284              1,375,164
Cash at bank and in hand                               238,265                318,113                316,248
                                                     3,407,960              3,542,594              3,204,678

Creditors: due within one Year                     (2,282,035)            (2,320,113)            (1,920,754)

Net current assets                                   1,125,925              1,222,481              1,283,924

Total assets less current liabilities                1,705,110              1,843,270              1,899,477
                                                     

Creditors: due after one year                                0              (120,000)              (120,000)

Provisions for Liabilities and charges                 (9,574)               (14,198)                (9,574)
                                                       

Net assets                                           1,695,536              1,709,072              1,769,903

Capital and reserves
Called up share capital                              1,378,750              1,378,750              1,378,750
Share premium account                                1,239,255              1,620,302              1,239,255
Capital redemption reserve                              27,000                 27,000                 27,000
Profit and loss account                              (949,469)            (1,316,980)              (875,102)
Equity shareholders' funds                           1,695,536              1,709,072              1,769,903




                          CALDWELL INVESTMENTS P.L.C.

                 RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2002





Consolidated Cash Flow Statement







                                                       Unaudited              Unaudited              Audited

                                                        6 months               6 months           Year ended

                                                           ended                  ended          31 December

                                                    30 June 2002           30 June 2001                 2001
                                                               £                      £                    £

Net cash (outflow)/inflow from operating
activities                                             (396,285)              (248,972)              371,418

Returns on investments and servicing of
finance
Interest received                                          2,425                  2,589                5,746
Interest paid                                           (31,398)               (52,984)            (123,053)
                                                        (28,973)               (50,395)            (117,307)

Taxation
Tax paid                                                 (8,100)                      0             (24,237)


Capital expenditure and financial
investment
Purchase of intangible fixed assets                      (5,006)                      0              (8,542)
Purchase of tangible fixed assets                        (9,712)                (4,579)             (41,748)
Sale of tangible fixed assets                                  0                      0                    2
                                                        (14,718)                (4,579)             (50,288)

Net cash (outflow)/inflow before                       (448,076)              (303,946)              179,586
financing

Financing
Repayment of loans                                      (60,000)              (120,000)            (120,000)
Capital element of finance lease payments                      0                (3,165)              (3,166)
                                                               
                                                        (60,000)              (123,165)            (123,166)

(Decrease)/Increase in cash in the period              (508,076)              (427,111)               56,420
                                                       



CALDWELL INVESTMENTS P.L.C.

RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2002








Notes to the Interim Report


1.     The accounts for the six months ended 30 June 2002 and 30 June 2001 are
unaudited but have been prepared on the basis of accounting policies consistent
with those set out in the audited accounts for the year ended 31 December 2001.
Those accounts were audited, carried an unqualified Auditors Report and have
been filed with the Registrar of Companies. The information set out in this
interim report does not constitute statutory accounts within the meaning of the
Companies Act.


2.     The calculation of basic and diluted earnings per shared is based on the
loss for the period of £107,178 (2001: £124,290) and a weighted average number
of ordinary shares of 13,787,500 (2001: 13,787,500).


3.     Reconciliation of operating loss to operating cash flows






                                                  Unaudited           Unaudited                Audited

                                                   6 months            6 months             Year ended

                                                      ended               ended            31 December

                                               30 June 2002        30 June 2001                   2001
                                                          £                   £                      £

Operating (loss)/profit                            (70,105)            (57,988)                 51,741
Depreciation                                         30,725              28,462                 59,032
Amortisation of goodwill and Intangible
fixed assets                                         20,361              23,798                 44,173
(Increase)/decrease in stocks                     (675,250)           (366,521)                289,410
Decrease/(Increase) in debtors                      393,985           (109,753)              (429,633)
(Decrease)/Increase in creditors                   (96,001)             233,030                361,319
Decrease in provisions                                    0                   0                (4,624)

Net cash outflow from operating
activities                                        (396,285)           (248,972)                371,418




4.     No interim dividend will be paid.


        5.     Copies of these interim results are being despatched to
        shareholders. Further copies can be obtained from: The Company
        Secretary. Caldwell Investments P.L.C., 647, Roundhay Road, Leeds. LS8
        4BA.




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