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Wensum Company PLC (WNS)

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Thursday 26 September, 2002

Wensum Company PLC

Interim Results

Wensum Company PLC
26 September 2002

THE WENSUM COMPANY PLC

INTERIM RESULTS FOR THE SIX MONTHS ENDED 27 JULY 2002

CHAIRMAN'S STATEMENT

RESULTS

Profits before tax were £431,632 (2001: £552,831) on turnover of £7,486,312
(2001: £7,762,355).

Earnings per share were 3.85p (2001: 4.93p).

This result is broadly in line with the board's expectations and reflects the
continuing pressure on margins in both our manufacturing and corporate clothing
operations.

We continue to have nil net gearing, although cash balances at the end of the
period under review were below expectations due to delayed payments by certain
major customers.  However, payments totalling over £1 million were received
within two weeks of the period end.

The directors are recommending an unchanged interim dividend of 2.00p which will
be paid on 17 October 2002 to all shareholders on the register on 11 October
2002.

REVIEW OF OPERATIONS

Wensum Clothing, our Norwich based tailored clothing operation, continues to
make progress in developing new customers based on the quality of our product
and service.

Production volumes have been under pressure due to a shortage of production
operatives and this has had an effect on volume and turnover.  We are addressing
this with new recruitment and training initiatives.

Personal tailoring remains a priority and the recent investments in new
machinery and systems have already reduced lead times, an important element for
this part of our business.  The development of personal tailoring is part of a
broader move into more specialised smaller orders, which we believe will produce
higher overall margins.

Wensum Corporate, our Gatwick based corporate clothing operation, is also making
progress in developing new customers, although this is not yet at levels which
will replace the loss of certain airline and travel related business following
the events of September 11 last year.

Two new corporate uniform projects were successfully launched during the period
under review, one in travel and the other in the financial services sector.

Outlook

The team at Wensum Corporate has been strengthened by a number of senior
appointments.  This will strengthen our ability to respond to the pressures of
the market and find new opportunities for growth in this area of our business,
whilst retaining our core beliefs in the quality of our product and service.

Although trading conditions for both operations remain difficult, the board is
confident that, barring unforeseen circumstances, its recent actions, including
the pension scheme closure, should help produce a satisfactory result for the
year.

Andrew Hughes
Chairman
26 September 2002



INTERIM RESULTS

                                                              6 months          6 months         12 months
                                                                 ended             ended             ended
                                                               27 July           28 July        26 January
                                                                  2002              2001              2002
                                                           (Unaudited)       (Unaudited)         (Audited)
                                                                 £'000             £'000             £'000

Turnover                                                         7,486             7,762            13,180
                                                              --------          --------          --------
Pre exceptional operating
profit                                                             401               514               691
Exceptional item                                                     -                 -           (1,450)

                                                              --------          --------          --------

Operating profit/(loss)                                            401               514             (759)
Net interest                                                        31                39                80
                                                              --------          --------          --------
Profit/(loss)before taxation                                       432               553             (679)
Tax charge                                                       (130)             (166)               190
                                                              --------          --------          --------
Profit/(loss) after taxation                                       302               387             (489)
Dividends                                                        (157)             (157)             (487)
                                                              --------          --------          --------
Retained profit/(loss)                                             145               230             (976)
                                                              --------          --------          --------
Earnings per share - basic                                       3.85p             4.93p           (6.23)p
                               - diluted                         3.85p             4.92p           (6.23)p
                                                              --------          --------          --------

1.    The earnings per share were calculated on profits for the period of
£302,142 (2001 - £386,982) and on 7,853,916 ordinary shares, being the weighted
average number of shares in issue during the period (2001 - 7,852,231).  The
diluted earnings per share is based on the profit for the period of £302,142 and
on 7,854,639 shares.

2.    An interim dividend of 2.00p (2001 - 2.00p) is proposed, payable on 17
October 2002 to shareholders on the register on 11 October 2002.

3.  The tax charge for the six months to 27 July 2002 is based on an estimated
rate of 30% (2001 - estimated rate 30%).  The tax charge for the year to 26
January 2002 is the actual charge.


GROUP BALANCE SHEET

                                                               27 July           28 July        26 January
                                                                  2002              2001              2002
                                                           (Unaudited)       (Unaudited)         (Audited)
                                                                 £'000             £'000             £'000

Fixed assets                                                     1,996             2,147             2,123

                                                              --------          --------          --------
Current assets
Stocks                                                           2,354             1,842             2,278
Debtors                                                          4,160             3,472             1,882
Cash at bank and in hand                                           321             2,042             2,045
                                                              --------          --------          --------
                                                                 6,835             7,356             6,205
Creditors : amounts falling
due within one year                                              3,305             2,627             2,947
                                                              --------          --------          --------
Net current assets                                               3,530             4,729             3,258
                                                              --------          --------          --------
Total assets less current liabilities                            5,526             6,876             5,381

Provision for liabilities and charges
Deferred taxation                                                    -               289                 -
                                                              --------          --------          --------
                                                                 5,526             6,587             5,381
                                                              --------          --------          --------
Capital and reserves
Called up share capital                                            392               392               392
Share premium account                                              200               200               200
Profit and loss account                                          4,934             5,995             4,789
                                                              --------          --------          --------
                                                                 5,526             6,587             5,381
                                                              --------          --------          --------

1.    The above financial information does not constitute Statutory Accounts as
defined in Section 240 of the Companies Act 1985.  The comparative financial
information is based on the Statutory Accounts for the financial year ended 26
January 2002.  Those accounts, upon which the auditors issued an unqualified
opinion, have been delivered to the Registrar of Companies.

2.    The accounts have been prepared on a basis consistent with the full year
accounts to 26 January 2002.  There have been no changes in accounting policy.

3.    The interim results will be sent to shareholders of the company and copies
will be available to the public at the company's registered office,
Northumberland Street, Norwich, Norfolk NR2 4EE.


GROUP CASH FLOW


                                                  6 months               6 months              12 months
                                                     ended                  ended                  ended
                                                   27 July                28 July             26 January
                                          2002 (Unaudited)       2001 (Unaudited)                   2002
                                                                                               (Audited)
                                                      £000                   £000                   £000

Net cash (outflow)/inflow
from operating activities                          (1,341)                    980                  1,522

Returns on investment and servicing
of finance:
Interest paid                                            -                   (10)                      -
Interest received                                       60                    112                    122
                                                  --------               --------               --------
                                                        60                    102                    122
                                                  --------               --------               --------

Taxation:
UK corporation tax paid                               (70)                  (155)                  (414)

Capital expenditure and
financial investment:
Payments to acquire tangible
fixed assets                                          (43)                  (157)                  (311)
Receipts on disposal of fixed
assets                                                   -                      -                     10
                                                  --------               --------               --------
                                                      (43)                  (157)                  (301)
                                                  --------               --------               --------
Equity dividends paid                                (330)                  (279)                  (436)

Financing:
Proceeds from issue of shares                            -                     10                     11
                                                  --------               --------               --------
(Decrease)/increase in
cash                                               (1,724)                    501                    504
                                                  --------               --------               --------



NOTES TO CASH FLOW


                                                  6 months               6 months              12 months
                                                     ended                  ended                  ended
                                                   27 July                28 July             26 January
                                          2002 (Unaudited)       2001 (Unaudited)                   2002
                                                                                               (Audited)
                                                      £000                   £000                   £000

Reconciliation of operating
profit  to net cash (outflow)/
inflow from operating
activities

Operating profit/(loss)                                401                    514                  (759)
Depreciation                                           170                    176                    352

(Increase)/decrease  in
stocks                                                (76)                    398                   (38)

(Increase)/decrease  in
operating  debtors and
prepayments                                        (2,278)                  (212)                  1,515

Increase/(decrease) in
creditors and accruals                                 442                    104                    462

Profit on disposal of fixed
assets                                                   -                      -                   (10)
                                                  --------               --------               --------
                                                   (1,341)                    980                  1,522
                                                  --------               --------               --------



END


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