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Caledonia Inv PLC (CLDN)

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Tuesday 23 October, 2001

Caledonia Inv PLC

Trading Statement

Caledonia Investments PLC
23 October 2001

                          CALEDONIA INVESTMENTS PLC


The board of Caledonia Investments plc ('Caledonia') considers it appropriate
to advise shareholders on its anticipated results for the six months ended 30
September 2001 in advance of the full interim announcement which will be
released towards the end of November.

Caledonia is usually viewed by reference to its underlying net asset value per
share, which has performed broadly in line with comparator market indices,
decreasing by some 15% over the period.

Profit before tax is expected to be about 35% of the £27.9m reported for the
equivalent period last year. Group operating profit will be substantially
lower than the £8.3m recorded in 2000, the significant variances being the non
repetition of two items - a £4.1m profit from the sale of a development site
and a £3.8m loan provision - included last year, a downturn in the engineering
activities of Sterling Industries and a reduction of nearly £3m in interest
receivable following the utilisation of group cash in the payment of the
special dividend last year and in continued investment.

Share of profits from associates will be some 25% lower than the £17.5m
recorded last year, reflecting a reduction of £9m in the contribution from
Close Brothers, based on the second half of its reported year to 31 July 2001.
This will be partially offset by a first time contribution from Sun
International Hotels, which has been treated as an associate since 1 October
2000. Associate interest payable will also increase as a result of this

No material profit on the sale of operations, which amounted to £4.0m in 2000,
arose in the period, although such profits by their nature are not consistent.
Adjusted earnings per share are expected to amount to rather more than 40% of
the 24.3 pence reported for the comparable period.

The board of Caledonia has made no formal decision on the level of the interim
dividend, but expects that this will not be less than the 7.8 pence per share
paid last year.

Commenting on the statement, Peter Buckley, Chairman of Caledonia, said:

        ' Although we are informing shareholders about our profit and loss
        account, we believe that the underlying value of our interests is of
        much greater importance. Whilst overall these have declined in line
        with markets generally over the last six months and uncertainty still
        prevails, we have confidence in the quality of our portfolio for the
        longer term.'


Peter Buckley

Chairman, Caledonia Investments plc

Tel: 020 7802 8080

Bill Trelawny/Charles Vivian

Citigate Dewe Rogerson

Tel: 020 7638 9571