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Wilshaw PLC (WSW)

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Wednesday 05 December, 2001

Wilshaw PLC

Interim Results

Wilshaw PLC
5 December 2001



                                 Wilshaw PLC

          Interim results for the six months ended 30 September 2001



Chairman's statement

The operating profits of the remaining magnet operation (before central costs
and exceptional operating expenses) for the six month period ended 30
September 2001 were £709,000 (2000 : £1,480,000) on turnover of £6.2m (2000 :
£7.7m). Operating profits of continuing operations, after exceptional
operating expenses of £264,000 (2000 : £465,000), were £87,000 (2000 : £
502,000). Profit before tax amounted to £119,000 (2000 : £3,736,000) and
earnings per share was 0.15p (2000 : 3.46p).

Your board has declared an interim dividend of 0.50p (2000 : 0.50p) per
ordinary share payable on 4 February 2002 to shareholders on the register on
14 December 2001.

Cash surplus

At 30 September 2001 the group had cash balances of approximately £9.5m. Your
board is considering the strategic options open to it and it is anticipated
that surplus funds will be returned to shareholders during the first half of
the next financial year.

Trading

As previously reported trading in the first half of the current year has been
disappointing due to the uncertain economic climate in the UK and US which has
affected our key automotive and mobile phone customers particularly badly.
There is also evidence of significant de-stocking by manufacturers of consumer
electronic products which has reduced sales to this market sector.

As trading conditions have deteriorated operational overheads have been
reviewed and reduced where appropriate. Central costs have also been reviewed
and reduced to a level more appropriate to the current size of the group. This
has resulted in one-off exceptional costs which relate principally to the
termination of the employment contracts of head office staff.

Prospects

We are continuing to invest in new product development, particularly in the
area of soft magnets. This investment for the future will ensure that we are
well placed to take advantage of an upturn in demand when the economy starts
to recover. However the current economic climate makes it difficult to
forecast demand with any degree of certainty and we therefore expect trading
during the second half of the year to be broadly comparable to the first half.



Peter Reynolds

Chairman

4 December 2001





Independent review report to Wilshaw PLC
________________________________________________________________

KPMG Audit Plc

Arlington Business Park

Theale

Reading

RG7 4SD

Introduction

We have been instructed by the company to review the financial information for
the six months ended 30 September 2001 which comprises a consolidated profit
and loss account, a consolidated balance sheet, a consolidated statement of
total recognised gains and losses, a consolidated cash flow statement and the
associated notes. We have read the other information contained in the interim
report and considered whether it contains any apparent misstatements or
material inconsistencies with the financial information.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the
Listing Rules of the Financial Services Authority which require that the
accounting policies and presentation applied to the interim figures should be
consistent with those applied in preparing the preceding annual accounts
except where any changes, and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 1999
/4 'Review of Interim Financial Information' issued by the Auditing Practices
Board for use in the United Kingdom. A review consists principally of making
enquiries of group management and applying analytical procedures to the
financial information and underlying financial data and based thereon,
assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed. A review excludes audit
procedures such as tests of controls and verification of assets, liabilities
and transactions. It is substantially less in scope than an audit performed in
accordance with United Kingdom Auditing Standards and therefore provides a
lower level of assurance than an audit. Accordingly, we do not express an
audit opinion on the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 September 2001.

KPMG Audit Plc

Chartered Accountants

4 December 2001

                                          Consolidated profit and loss account
                                     for the half year ended 30 September 2001


                                                 UNAUDITED           AUDITED
                                                 Six months  Six months    Year
                                                      ended       ended   ended
                                           Note
                                                         30          30      31
                                                  September   September   March

                                                       2001        2000    2001
                                                      £'000       £'000   £'000
Turnover                                    2
Continuing operations                                 6,177       7,647  15,242
Discontinued operations                                   -       3,103   3,103
                                                     ______      ______  ______
                                                      6,177      10,750  18,345
                                                     ______      ______  ______
Operating profit                            3
Continuing operations before exceptional                351         967   1,360
operating expenses
Exceptional operating expenses              4         (264)       (465) (1,002)
                                                     ______      ______  ______
Continuing operations after exceptional                  87         502     358
operating expenses
Discontinued operations                                   -         379     361

                                                         87         881     719

Disposal of discontinued operations                       -       2,887   2,935
                                                     ______      ______  ______
Profit on ordinary activities before                     87       3,768   3,654
interest
Interest receivable and other similar                   178          45     335
income
Interest payable and other similar charges            (146)        (77)    (24)
                                                     ______      ______  ______
Profit on ordinary activities before                    119       3,736   3,965
taxation
Tax on profit on ordinary activities        5          (34)     (1,800) (1,739)
                                                     ______      ______  ______
Profit for the financial period                          85       1,936   2,226
Dividends                                   6         (280)       (280)   (784)
                                                     ______      ______  ______
Retained profit for the financial period              (195)       1,656   1,442
                                                     ______      ______  ______

Basic earnings per share                    7         0.15p       3.46p   3.97p
                                                     ______      ______  ______

Fully diluted earnings per share            7         0.15p       3.46p   3.97p
                                                     ______      ______  ______




                         Consolidated statement of recognised gains and losses
                                     for the half year ended 30 September 2001


                                         UNAUDITED            UNAUDITED AUDITED
                                        Six months  Six months ended 30    Year
                                             ended            September   ended

                                                30                 2000      31
                                         September                        March
                                              2001                         2001
                                             £'000                £'000   £'000

Profit for the period                           85                1,936   2,226
Currency translation differences on           (20)                  242     294
foreign currency net investments
                                            ______               ______  ______
                                                65                2,178   2,520
                                            ______               ______  ______



                                                    Consolidated balance sheet

                                                       As at 30 September 2001
                                                           UNAUDITED    AUDITED
                                                        30 September   31 March
                                                                2001       2001
                                                               £'000      £'000

Fixed assets                                                   4,318      4,647
                                                             _______    _______
Current assets
Stock                                                          1,072      1,156
Debtors                                                        2,150      2,544
Cash at bank                                                   9,528     10,301
                                                              ______     ______
                                                              12,750     14,001

Creditors: amounts falling due within one year
Trade and other creditors                                    (2,061)    (2,429)
Dividends                                                      (784)      (504)
Corporation tax                                                (240)    (1,517)
                                                              ______     ______
Net current assets                                             9,665      9,551
                                                              ______     ______
Total assets less current liabilities                         13,983     14,198

Provisions for liabilities and charges                       (1,050)    (1,050)
                                                              ______     ______
Net assets                                                    12,933     13,148
                                                              ______     ______
Capital and reserves
Called up share capital                                        2,800      2,800
Share premium account                                          2,010      2,010
Capital redemption reserve                                     1,933      1,933
Profit and loss account                                        6,190      6,405
                                                              ______     ______
Shareholders' funds                                           12,933     13,148
                                                              ______     ______



                            Reconciliation of movements in shareholders' funds
                                     for the half year ended 30 September 2001


                                    UNAUDITED                UNAUDITED  AUDITED
                                   Six months      Six months ended 30     Year
                                        ended                September    ended
                                 30 September                     2000 31 March
                                         2001                              2001
                                        £'000                    £'000    £'000

Profit for the period                      85                    1,936    2,226
Dividends                               (280)                    (280)    (784)
                                       ______                   ______   ______
Retained (loss)/profit for the          (195)                    1,656    1,442
period
Other recognised gains and               (20)                      242      294
losses
Goodwill eliminated on disposal             -                      646      646
New share capital subscribed                -                        6        6
                                       ______                   ______   ______
Net movement in shareholders'           (215)                    2,550    2,388
funds
Opening shareholders' funds            13,148                   10,760   10,760
                                       ______                   ______   ______
Closing shareholders' funds            12,933                   13,310   13,148
                                       ______                   ______   ______



                                              Consolidated cash flow statement
                                     for the half year ended 30 September 2001


                                            UNAUDITED     UNAUDITED     AUDITED
                                                  Six  Six months ended    Year
                                               months      30 September   ended
                                       Note     ended              2000      31
                                                   30                     March
                                            September                      2001
                                                 2001
                                                £'000             £'000   £'000

Cash flow from operating activities     8         595               721   2,442
Return on investments and servicing of            178                45     334
finance
Taxation                                      (1,313)             (480) (1,546)
Capital expenditure                              (80)             (845) (1,244)
Acquisitions and disposals                          -             7,676   8,128
Equity dividends paid                               -                 -   (784)
                                               ______            ______  ______
Cash (outflow)/inflow before use of             (620)             7,117   7,330
liquid resources and financing

Financing
Issue of share capital                              -                 6       6
Net sale of current asset investments               -                 -      52
                                               ______            ______  ______
(Decrease)/increase in cash in the              (620)             7,123   7,388
period
                                               ______            ______  ______



                                                                         Notes


1. The unaudited financial information for each of the half years does not
amount to full accounts within the meaning of section 254 of the Companies Act
1985 and has not been delivered to the Registrar of Companies. The comparative
figures for the financial year ended 31 March 2001 are not the company's
statutory accounts for that financial year. Those accounts have been reported
on by the company's auditors and delivered to the Registrar of Companies. The
report of the auditors was unqualified and did not contain a statement under
section 237(2) or (3) of the Companies Act 1985.

2.     Turnover
                          Six months ended      Six months ended     Year ended
                              30 September          30 September       31 March
                                      2001                  2000           2001
                                     £'000                 £'000          £'000

Continuing operations
Magnets                              6,177                 7,647         15,242

Discontinued operations
Ferrite magnets                          -                 1,540          1,540
Powdrex business                         -                 1,563          1,563

                                    ______                ______         ______
                                     6,177                10,750         18,345
                                    ______                ______         ______


3.     Operating profit
                                Six months ended  Six months ended  Year ended
                                    30 September      30 September    31 March
                                            2001              2000        2001
                                           £'000             £'000       £'000

Continuing operations
Magnets                                      709             1,480       2,309
Central costs                              (358)             (513)       (949)
Exceptional operating expenses             (264)             (465)     (1,002)
                                           _____             _____       _____
                                              87               502         358
Discontinued operations
Ferrite magnets                                -              (84)        (84)
Powdrex business                               -               463         445
                                          ______            ______      ______
                                              87               881         719
                                          ______            ______      ______




 4. Exceptional operating expenses

                                  Six months ended Six months ended Year ended
                                      30 September     30 September   31 March
                                              2001             2000       2001
                                             £'000            £'000      £'000

Abortive acquisition costs                       -              465        502
Head office reorganisation costs               264                -        500
                                            ______           ______     ______
                                               264              465      1,002
                                            ______           ______     ______




5.     Included in the tax charge for the period is a tax credit of £80,000
relating to the exceptional operating expenses (six months ended 30 September
2000: £nil; year ended 31 March 2001: £154,000). The tax charge for the year
ended 31 March 2001 includes a charge of £1,458,000 which relates to the
profit on disposal of discontinued businesses.

6.     The company has declared a dividend of 0.50p per share (six months
ended 30 September 2000: 0.50p per share; year ended 31 March 2001: 1.40p per
share).

7.     Basic earnings per share has been calculated based on the profits after
taxation and the weighted average number of shares in issue during the six
months ended 30 September 2001 of 56,007,000 (30 September 2000: 56,001,000;
31 March 2001: 56,004,000). Fully diluted earnings per share has been
calculated based on 56,007,000 shares for the six months ended 30 September
2001 (30 September 2000: 56,001,000; 31 March 2001: 56,004,000).

8.     Reconciliation of operating profit to operating cashflow

                                           Six months      Six months      Year
                                                ended           ended     ended
                                         30 September    30 September  31 March
                                                 2001            2000      2001
                                                £'000           £'000     £'000

Operating profit                                   87             881       719
Depreciation                                      407             467       818
Loss on sale of fixed assets                        -               -         8
Stock decrease                                     61             115       577
Debtors decrease                                  396             164       698
Creditors decrease                              (356)           (906)     (378)
                                               ______          ______    ______
Net cash inflow from operating                    595             721     2,442
activities
                                               ______          ______    ______




9.     Reconciliation of net cash flow to movement in net funds

                                             Six months     Six months     Year
                                                  ended          ended    ended
                                           30 September   30 September 31 March
                                                   2001           2000     2001
                                                  £'000          £'000    £'000

(Decrease)/increase in cash in the                (620)          7,123    7,388
period
Cash inflow from management of liquid                 -              -     (52)
resources
                                                 ______         ______   ______
Change in net funds resulting from                (620)          7,123    7,336
cashflows
Translation difference                            (153)           (67)        8
Net change in market value of                         -              -      (6)
investments
                                                 ______         ______   ______
Movement in net funds in the period               (773)          7,056    7,338
Opening net funds                                10,301          2,963    2,963
                                                 ______         ______   ______
Closing net funds                                 9,528         10,019   10,301
                                                 ______         ______   ______



10.     A copy of this statement will be sent to every shareholder. Further
copies are available to the public from the company's offices at 12-14 Hill
Street, Richmond, Surrey TW9 1TN.



For further information call :

Wilshaw PLC                              Tel : 020 8332 0690

Peter Reynolds, Chairman