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Caldwell Inv. (PRS)

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Monday 27 September, 1999

Caldwell Inv.

Interim Results

27 September 1999

     Circulated on behalf of Caldwell Investments P.L.C






         Award winning ninaclip continues to progress

         ninaclip sales increase five fold

         New products scheduled for commercial production
         next year

         Development programme to be accelerated

         Sales Distribution established  in 17 countries

         1-for-4 Rights issue at 25p to exploit potential

         Directors taking up rights in full

         Half year loss £178,276 disguises 'real progress'

         Net assets 22.4p /share

Although  at  first  sight  the  half-year  figures  look
disappointing  there were, as discussed below,  items  of non-
recurring  expenditure attributable to our  ninaclip
fastening  system of approximately £223,000.    Adjusting
for these, the Company would have reported a small profit in
the  historically seasonally weaker first half rather than
a  pre-tax  loss of £178,276 (1998 loss  £151,290).
The  small decline in sales for the half year from  £4.6m
to  £4.5m  has  also masked real progress  in  developing
markets for our new product range.   The previous  year's
sales  included £600,000 of children's clothing,   a  low
margin business from which we have now withdrawn.

Before  discussing  our successes  and  future  ninaclip
products,  I wish to address the exceptional  factors  in the
first  half.   Almost inevitably there  are  initial
product   development  problems  when  moving   to   full
commercial production.   In our case this was exacerbated by
moving production offshore.   We estimate that  these
problems    cost  £112,000  in  the  first  half.      In
addition,  as a goodwill gesture to a major  customer  to
accommodate a switch in their marketing plans,  we  spent
£111,000 in airfreighting product to the UK.

Debtors at June 1999  were approximately £700,000  higher
than June 1998 principally reflecting early deliveries of
underwear in our German market.   We have also  taken  in
stocks  much  earlier  than usual  so  as  to  catch  the
beginning  of the autumn/winter season in Germany.    The
wet June left us with approximately £200,000 more nursery
products  stocks  than we planned.   Consequently  stocks
have  not reduced as we had intended.    We  believe that
they will be significantly lower by the year end.
Our  traditional  underwear businesses have  historically
traded  much  better in the second half of the  financial
year  and  we  expect  them to be profitable  this  year.
However,  we believe that, after taking into account  the
costs  associated  with  the  continuing  development  of
ninaclip and the final costs of our withdrawal from  the
production of sewn nursery products, it is too  early  to be
able to predict the outcome for the full year.

The  costs  of development of the new ninaclip  products and
the purchase of production moulds, together with the cost
of   patent   applications   and   other   related
expenditure, have  been high in cash flow  terms.    Your
Directors  estimate  this cost has totalled  £375,000  to

The  new  ninaclip products have so far been attachments for
baby buggies which have fallen into two categories
replacements for existing products, such as sun parasols, and
the  first of a range of new products, a play  tray. This
was  awarded the Mother and Baby Magazine  Seal  of Approval
in  1998.   The first full  year  of  sales  of ninaclip
products has resulted in sales  of  £1,300,000 compared  with
£225,000  in  1998.     At  this  year's Cologne     Fair,
the  premier  trade  fair  for   nursery
equipment,  seven  pram  and buggy manufacturers  carried
ninaclip  accessories on their stands against  none  the
previous year.

Also  at the recent Cologne Fair the Company exhibited  a
prototype rain cover and prototype sun canopy to fit most
baby    buggies,   and   an   integrated   buggy   handle
incorporating a ninaclip attachment.   These  prototypes
were  well  received  and  are now being  developed  into
commercial products for sale next summer.

Since  the first ninaclip export sale in January,  1998,
the   Company  has  established  sales  distribution   in
seventeen countries, including America.   Major  pram and
buggy  manufacturers  now taking our  range  include  the
following  well  known brand names:  Bebecomfort,  Arrue,
Emmaljunga, Sobrinca, Odder, Bebecar, Inglesina, Brio and

The  Company  has  commissioned  significant  amounts  of
market  research in the UK which indicates that the  rain
cover  has  a  much  larger  potential  market  than  the
parasol.     The Group has also undertaken research  into
other  product markets and your Directors   believe  that
there is significant scope to develop commercially viable non-
nursery products.

We  are, therefore, optimistic about the future and  your
Directors  now consider that the development of  the  new
products  should be accelerated.   To help  finance  this
programme, your Directors have decided  to make a  rights
issue  on  the  basis of 1 for 4 at 25p per  share.    If
fully  subscribed this will raise approximately  £620,000
net  of expenses.  All your Directors will take up  their
full  entitlements  under the Rights Issue.   A  circular
explaining the rights issue in more detail, together with
a   provisional   allotment  letter,  will  be  sent   to
shareholders as soon as possible.

In  the  short  term, it is the Directors'  intention  to
concentrate  resources of the Company on the  development of
ninaclip related products.   If these products are as
successful   as  the  Directors  anticipate,   then   the
traditional  underwear  businesses  will  not   be   core
operations.   It is also anticipated that the development
of the ninaclip will continue to result in losses in its
initial  stages  and  it is therefore  our  intention  to
suspend  the  payment  of  dividends  after  the  interim
dividend  for  1999  until  such  time  as  we   consider
sufficient  profits and cash flow are  generated  by  the
ninaclip operations to justify resuming their  payment.

The interim dividend of 0.425p per ordinary share will be
paid on 15 November 1999  to Shareholders on the register at
the  close of business of 8 October 1999 .  The  ex-
dividend date is 4 October 1999.
                                            S.J. Wootliff
                                        27 September 1999

                     INTERIM REPORT

            Consolidated Profit and Loss Account
                     Unaudited         Unaudited      Audited
                     6 months          6 months       year
                     ended             ended          ended         
                                                     31 December
                     30 June           30 June           
                     1999              1998              1998
                        £              £                   £
Turnover          4,550,855         4,645,044      12,338,696

Cost of Sales   (3,550,273)       (3,821,695)      (10,289,404)

Gross profit      1,000,582           823,349       2,049,292

Distribution       (87,961)          (76,651)       (366,361)
Administration    (815,761)         (809,552)      (1,437,939)
Other operating      25,920            17,183         145,291
Associates            4,855           (1,090)        (12,384)
Exceptional       (223,174)                 -       (220,988)

Operating          (95,539)          (46,761)         156,911

Net interest       (82,737)         (104,529)       (244,042)

(Loss) on         (178,276)         (151,290)        (87,131)
before taxation

Taxation credit      18,000            37,000          40,540

(Loss) on         (160,276)         (114,290)        (46,591)
after taxation

Minority            (1,927)             1,556         (5,880)

(Loss) for the    (162,203)         (112,734)        (52,471)

Dividends          (46,878)          (46,878)       (135,118)

Retained (loss)  £(209,081)        £(159,612)      £(187,589)

Loss per share
Basic               (1.47)p           (1.02)p         (0.48)p
Fully diluted       (1.47)p           (1.02)p         (0.48)p

Dividend per         0.425p            0.425p          1.225p

                     INTERIM REPORT

                 Consolidated Balance Sheet
                     Unaudited         Unaudited      Audited

                     30 June 1999      30 June 1998   31 December

                             £               £              £

Fixed assets
Intangible fixed        312,396         288,154       302,073
Tangible fixed        1,327,019         1,328,134   1,353,879
Investments               6,516         78,569         79,086
                      1,645,931         1,694,857   1,735,038

Current assets
Stocks                3,416,542         3,379,310   2,971,368
Debtors               2,184,478         1,494,795   2,065,512
Cash and bank           402,290         935,067       584,765

                      6,003,310         5,809,172   5,621,645

Creditors -
amounts falling       4,243,935         3,672,740    3,519,803
due within one

Net current assets    1,759,375         2,136,432   2,101,842

Total assets less     3,405,306         3,831,289   3,836,880
Creditors -             863,175         1,054,284   1,023,786
amounts falling
due after more
than one year

Deferred taxation        16,902         30,416         25,150

Net assets           £2,525,229         £2,746,589 £2,787,944
Financed by:
Share capital         1,103,000         1,103,000   1,103,000
Share premium         1,272,871         1,272,871   1,272,871
Other reserves           27,000         48,020         27,000
Revaluation             193,791         201,031       196,873
Profit & loss         (126,529)         75,934        135,031

Equity                2,470,133         2,700,856   2,734,775

Equity minority          55,096         45,733        53,169
Total capital and    £2,525,229         £2,746,589   £2,787,944

               Notes to the Interim Report

1.  The  accounts for the six months ended 30  June  1999
    and   30  June  1998  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 1998.   Those
    accounts   were   audited,  carried  an   unqualified
    Auditor's  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.  Loss  per  share has been calculated on a loss  after
    taxation  and  minority interests of  £162,203  (1998
    loss  £112,734)  and on 11,030,000 (1998  11,030,000)
    shares,   being  the  weighted  average   number   of
    ordinary   shares   in  issue  during   the   period.
    Diluted  loss per share has been calculated on  basic
    loss  per  share adjusted to allow for the effect  of all
    dilutive share options.
3.  The  interim  dividend will be paid  on  15  November
    1999 to shareholders on the register at the close  of
    business on 8 October 1999.  The ex-dividend date  is 4
    October 1999.
4.  Copies of these interim results are being despatched to
    shareholders  only  as  part  of  a  circular  to
    shareholders relating to the rights issue referred to in this
    Interim Report.  Further copies can be obtained from:  The
    Company Secretary, Caldwell Investments PLC, Princes House,
    635 Roundhay Road, Leeds LS8 4BA.