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Caldwell Inv. (PRS)

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Monday 25 September, 2000

Caldwell Inv.

Interim Results

Caldwell Investments PLC
25 September 2000


CHAIRMAN'S HALF YEAR STATEMENT


The first half trading showed a further loss.   Although our underwear 
businesses in Germany and the U.K. historically trade at a loss in the first
half, we had hoped that our ninaclip business would have contributed to our
profits.   This was not to be for reasons stated below.   In addition we had
residual losses from the discontinued Lawtex business.   Adverse currency
movements and redundancy payments contributed substantially to the losses on
continuing business.

UNDERWEAR BUSINESS

Germany:       The  business always trades at a loss in the first half.  
However, despite the slowness of the German economy and the substantial
effective devaluation of the Euro, which is our sales currency, against the US
Dollar, our purchasing currency, we expect the final outcome for the year to
be a profit. 

U.K.:              Since the re-organisation and consolidation last year, this
business has settled down well, and will contribute to second half group
profits.   It has sound competent management and we look forward to future
growth in profitability.

NINACLIP

The sales of ninaclip brand parasols showed a material increase over the
previous comparative half year in spite of one of the wettest European
Spring/Summer's on record.   Unfortunately, we had production and quality
problems with our Far Eastern manufacturers of plastic components.    These
proved very costly to rectify and made a large contribution to the first half
operating loss on continuing operations.   Because of these problems, we
decided to relocate production back to the U.K. for the year 2001.

In addition we had invested further substantial sums of money into our ongoing
ninaclip development programme and maintained an establishment designed to
support our long term aspirations for the Company, associated with a proposed
floatation.   This has now been put on hold following the problems alluded to
above.

These events  led us to a total review of our ninaclip strategy and we decided
to reduce our short term ambitions for the Company, so as to stop the
continuing losses and negative cash flow. 

Accordingly  the ninaclip establishment overheads, personnel and development
programme have been drastically cut.   Nevertheless, we expect the 
international and U.K. ninaclip parasol business, which has been built at
great expense over the last few years, to continue to increase.

The effect of these changes means that next year, for the first time, ninaclip
 should  be a net contributor to Group profit.


RE-ORGANISATION AND BOARD CHANGES

Action taken in the half year under review, has led to extensive cuts in the
current level of  Group establishment and personnel overhead, and the benefits
should show through in the second half.

As part of a re-organisation, two main Board Directors are leaving the
Company, having resigned as Directors on 22 September 2000.   They are 
Matthew Wootliff, who did a splendid job establishing ninaclip sales in over
17 countries, and Simon Cuffin-Munday, Caldwell's Group Finance Director.   We
thank them both for their past contributions and wish them well for the
future.

SALE OF PROPERTY

On  1 September 2000,  we exchanged contracts for the sale of our freehold
property in Oldham for £725,000.   This will pay off a mortgage of
approximately £500,000 and the balance, after costs, will be used to reduce
Group borrowings.

SHARE OPTIONS

The Company has agreed, subject to approval by shareholders, to grant options
to subscribe for an aggregate of 425,000 Ordinary Shares in the Company at an
option price equal to the middle market value of the Company Shares at the
close of business on 25 September 2000, subject to a minimum subscription
price equal to the par value of such shares.   Of these share options, 200,000
have been granted to me, and the remainder to three other members of the
senior management team.   It is intended that an appropriate resolution
confirming the grant of such options will be put to shareholders as Special
Business at the next Annual General Meeting of the Company.   Subject to such
confirmation, I have agreed to waive my existing options over 500,000 shares.

PROSPECTS

Although earnings  have tumbled over the last two and a half years, I believe
that the painful actions taken in the first half, leave the Group with a
healthier balance sheet and with good prospects of being profitable in the
future.


S.J. Wootliff
Chairman
25 September 2000


CALDWELL INVESTMENTS P.L.C.
RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2000
Consolidated Profit and Loss Account
          
                               Unaudited       Unaudited           Audited
                                6 months        6 months        Year ended
                                   ended           ended       31 December
                                 30 June         30 June            1999
                                    2000            1999
                                       £               £               £
Turnover  
Continuing Operations          2,916,666       2,702,176       7,210,786
Discontinued Operations           26,857       1,848,679       2,659,430
                               2,943,523       4,550,855       9,870,216

Operating (loss)/profit
Continuing Operations           (396,232)        (81,299)        389,677
Discontinued Operations         (210,420)       (181,693)       (707,393)
                                (606,652)       (100,394)       (317,716)

Share of associates'              (9,183)          4,855          (1,765)
(loss)/profit
Loss on disposal  of                   -               -        (113,425)
fixed assets
Net interest payable            (102,752)        (82,737)       (202,717)
Loss       on   ordinary                                                      
activities                                                                    
before taxation                 (718,587)       (178,276)       (635,623)
Tax   on   loss   on              (6,900)         18,000         (40,133)
ordinary activities
Loss       on   ordinary                                                      
activities                                                                    
after taxation                  (725,487)       (160,276)       (675,756)
Equity      minority                                                          
interest                          (3,279)         (1,927)          4,877
Loss for the period             (728,766)       (162,203)       (670,879)
Equity     dividends                                                          
paid and proposed                      -         (46,878)        (46,878)
Retained  loss   for                                                          
the period                      (728,766)       (209,081)       (717,757)
Earnings per share                                                   
Basic and diluted                 (5.29)p        (1.41)p         (5.53)p
Dividend per share                     -          0.425p          0.425p


CALDWELL INVESTMENTS P.L.C.
RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2000
Consolidated Balance Sheet
                               Unaudited       Unaudited           Audited
                                30 June         30 June        31 December
                                   2000            1999               1999
                                     £               £               £
Fixed assets                                                          
Intangible     fixed             361,849         312,396         344,327
assets
Tangible       fixed           1,232,075       1,327,019       1,286,407
assets
Investments                           -            6,516               -
                               1,593,924       1,645,931       1,630,734
Current assets                                                          
Stocks                         2,197,129       3,416,542       2,137,232
Debtors falling  due           1,224,659       2,184,478       1,425,675
within one year
Cash at bank and  in             758,176         402,290       1,169,128
hand
                               4,179,964       6,003,310       4,732,035
Creditors: amounts                                                   
falling due within                                                   
one Year                      (3,194,160)     (4,243,935)     (2,921,405)
Net current assets               985,804       1,759,375       1,810,630
Total  assets       less                                                  
current liabilities            2,579,728       3,405,306       3,441,364
Creditors:   amounts                                                   
falling  due   after                                                   
one year                        (699,559)       (863,175)       (843,402)
Provisions        for                                                   
Liabilities        and           (16,949)        (16,902)         (7,765)
charges
Net assets                     1,863,220       2,525,229       2,590,197
Capital and reserves                                                   
Called   up    share           1,378,750       1,103,000       1,378,750
capital
Share        premium           1,620,302       1,272,871       1,620,302
account
Revaluation reserve              189,677         193,791         191,734
Capital   redemption              27,000          27,000          27,000
reserve
Profit   and       loss       (1,394,080)       (126,529)       (675,881)
account
Equity shareholders'           1,821,649       2,470,133       2,541,905
funds
Equity      minority              41,571          55,096          48,292
interest
Total  capital   and           1,863,220       2,525,229       2,590,197
Reserves


CALDWELL INVESTMENTS P.L.C.
RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2000
Consolidated Cash Flow Statement
                                  Unaudited    Unaudited         Audited
                                   6 months     6 months      Year ended
                                      ended        ended            31
                                    30 June      30 June        December
                                       2000         1999            1999
                                         £            £               £
Net               cash                                                        
(outflow)/inflow from                                                         
operating activities               (745,967)    (754,845)        526,074

Returns          on                                                           
investments         and                                                       
servicing of finance
Interest received                    10,316       11,390          15,386
Interest paid                      (113,068)     (94,127)       (218,102)
Net cash outflow                   (102,752)     (82,737)       (202,716)
Taxation                                                                      
 
Tax paid                            (22,647)     (22,100)        (39,775)
Net cash outflow                    (22,647)     (22,100)        (39,775)
Capital   expenditure                                                         
and            financial
investment
Purchase          of                (37,989)     (27,875)        (86,042)
intangible       fixed
assets
Purchase  of tangible               (24,706)     (51,145)       (127,363)
fixed assets
Sale        of   tangible                                                     
fixed assets                         21,000            -               -
Net cash outflow                    (41,695)     (79,020)       (213,405)
Equity dividends paid                    -             -        (135,118)
Net cash outflow                   (913,061)    (938,702)        (64,940)
before financing

Financing                                                                     
Issue of shares                          -            -          623,181
Repayment of loans                 (144,581)    (143,321)       (172,564)
Capital element of                                                            
finance lease                        (6,992)      (7,450)        (12,803)
payments
Net cash                                                        
(outflow)/inflow                   (151,573)    (150,771)        437,814
(Decrease)/Increase                                                       
in cash in the year              (1,064,634)  (1,089,473)        372,874



CALDWELL INVESTMENTS P.L.C.
RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2000
Notes to the Interim Report
1.   The accounts for the six months ended 30 June 2000 and 30  June 1999 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 1999.   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  £  728,766 (1999:  £162,203) and a weighted
average number of ordinary shares of 13,787,500 (1999: 11,471,200).

3.   Reconciliation of operating loss to operating cash flows
                                  Unaudited    Unaudited         Audited
                                   6 months     6 months      Year ended 
                                      ended        ended     31 December
                                    30 June      30 June           1999
                                       2000         1999
                                          £           £              £
       Operating loss              (606,652)    (100,394)       (317,716)
       Depreciation                  58,038       78,005         157,030
       Amortisation       of                                                  
       goodwill          and                                                  
       Intangible      fixed                                                  
       assets                        20,467       17,552          36,983
       (Increase)/decrease                                                    
       in stocks                    (59,897)    (445,174)        834,136
       Decrease/(increase)                                                    
       in debtors                   201,016     (118,966)        615,451
       Decrease in creditor        (358,939)    (185,868)       (799,810)
       Net              cash                                                  
       (Outflow)/inflow from                                                  
       Operating activities        (745,967)    (754,845)        526,074

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., Princes House, 635, Roundhay Road, Leeds.   LS8  4BA.