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Wilshaw PLC (WSW)

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Thursday 20 November, 2003

Wilshaw PLC

Interim Results

Wilshaw PLC
20 November 2003

Embargoed until 7.00am 20 November 2003

                                  Wilshaw PLC

           Interim results for the six months ended 30 September 2003

Chairman's statement

During the six months ended 30 September 2003 turnover fell 24% to £4,027,000
from £5,313,000 for the comparative period in the prior year. Consequently, I am
disappointed to report that the group made an operating loss of £354,000 (2002 :
£378,000 profit; year ended 31 March 2003 : £266,000 profit) before redundancy
costs of £208,000. The loss before tax amounted to £512,000 (2002 : £414,000
profit) and the loss per share was 1.02p (2002 earnings per share : 0.61p).

Regrettably no interim dividend is payable to shareholders due to the trading
losses, as well as the reduction in distributable reserves resulting from the
return of approximately £5m of surplus funds to shareholders (by way of a tender
offer) on 24 July 2002. Dividend policy will be kept under review.


Although sales of plastic bonded and soft magnets increased by 28% and 104%
respectively, over the comparative period for the prior year, this was not
sufficient to offset the decline in demand for our traditional alnico magnets as
the automotive industry moves towards the use of stepper motor technology in its
dashboard instrumentation. Margins on the new product lines, which now comprise
approximately 30% of the total business, are increasing due to volume increases
and other production efficiencies, but the overall margin achieved has fallen
due to the change in product mix.

During the period under review a detailed review of the cost base was undertaken
and headcount reduced at a cost of £208,000. However, as your board believes
that the continued investment in the development of the soft magnetic components
is key to the future success of the business, this was taken into consideration
when determining the cost reductions to be implemented. Research and development
expenditure, which amounted to £215,000 (2002: £234,000) is written off to the
profit and loss account as it is incurred. In view of the trading losses being
incurred, overheads will continue to be kept under close scrutiny.

In view of the decline in demand for alnico we have taken steps to broaden our
product offering and made a significant investment in the development of soft
magnet components manufactured using press and sinter technology. As these
components are ideally suited to high volume, technically demanding applications
in the automotive sector we are working closely with our customers to move a
number of development projects into volume production.

At present we have four soft magnetic components used in diesel injection
systems in volume production and a further four components are in the
development pipeline and expected to move into full production within the next
twelve to eighteen months. Further opportunities are being explored within the
existing customer base to supply related components, as we believe we can offer
significant cost reductions by utilising the near net shape technology of powder
metallurgy. These projects are still at the sample provision stage but the level
of interest is encouraging.

We are also working closely with a manufacturer of automatic breaking systems
who has placed pre-production orders for three components which are expected to
move into volume production during the next calendar year.

Corporate developments

As part of the company's continued focus on reducing costs, the company
announces its intention to cancel the trading in its issued ordinary share
capital on the London Stock Exchange's market for listed securities and the
listing of the ordinary shares on the Official List of the United Kingdom
Listing Authority (together 'the listing cancellation') and to apply for its
issued ordinary shares to be admitted to trading on the Alternative Investment
Market ('AIM') of the London Stock Exchange plc. It is expected that the listing
cancellation and admission to AIM will become effective on 19 December 2003.

A transfer to AIM will not affect the way the company is managed but will
simplify the ongoing administration and reporting requirements, thereby reducing
the costs associated with being a public company. Following admission to AIM the
company will be subject to the regulatory and disciplinary controls of the
London Stock Exchange plc.

Shareholders should note that shares held in companies trading on AIM are
treated as unquoted for the purposes of certain tax reliefs. Any shareholder who
is in any doubt as to his tax position should seek his own professional advice.

The company has appointed Collins Stewart Limited to act as its Nominated
Adviser and Broker in relation to the admission to AIM.

The AIM Rules of the London Stock Exchange require that the company make
publicly available information equivalent to that required for an AIM Admission
Document. All such information is available for inspection during normal
business hours on any weekday (Saturdays and public holidays excepted) at the
offices of Travers Smith Braithwaite, 10 Snow Hill, London EC1A 2AL.


Although it can take up to three years for new projects to move into full
production your directors are confident that the investment in soft magnetics
will deliver growth in the future. Trading during the second half of the current
year is expected to improve as demand for soft magnets increases.

Peter Reynolds

20 November 2003

Independent review report to Wilshaw PLC

KPMG Audit Plc
Arlington Business Park


We have been instructed by the company to review the financial information for
the six months ended 30 September 2003 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 they
are to be changed in the next annual accounts in which case any changes, and the
reasons for them, are to be 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 is substantially less in scope than an audit
performed in accordance with 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 2003.

KPMG Audit Plc
Chartered Accountants

20 November 2003

                                            Consolidated profit and loss account
                                       for the half year ended 30 September 2003

                                                 UNAUDITED             AUDITED
                                      Six months      Six months          Year 
                                           ended           ended         ended
                                    30 September    30 September      31 March
                            Note            2003            2002          2003
                                           £'000           £'000         £'000
Continuing operations                      4,027           5,313         9,867
                                          ______          ______        ______
Operating (loss)/profit        2
Operating (loss)/profit                     (354)            378           266
before exceptional
operating expenses                          
Exceptional operating          3            (208)              -             -
                                          ______          ______        ______

(Loss)/profit on ordinary                   (562)            378           266
activities before
Interest receivable and                       50              98           238
other similar income
Interest payable and other                     -             (62)            -
similar charges
                                          ______          ______        ______
(Loss)/profit on ordinary                   (512)            414           504
activities before
Tax on (loss)/profit on        4             114            (113)          (98)
ordinary activities
                                          ______          ______        ______
(Loss)/profit for the                       (398)            301           406
financial period
Dividends                      5               -            (196)         (549)
                                          ______          ______        ______
Retained (loss)/profit for                  (398)            105          (143)
the financial period
                                          ______          ______        ______

(Loss)/earnings per share      6           (1.02p)          0.61p         0.91p
(basic and fully diluted)
                                          ______          ______        ______

                     Consolidated statement of total recognised gains and losses
                                       for the half year ended 30 September 2003

                                          UNAUDITED    UNAUDITED       AUDITED
                                         Six months   Six months          Year
                                              ended        ended         ended
                                       30 September 30 September      31 March
                                               2003         2002          2003
                                              £'000        £'000         £'000

(Loss)/profit for the period                   (398)         301           406
Currency translation differences on
foreign currency net
investments                                     (16)         (57)          (27)
                                             ______       ______        ______
Total recognised gains and losses              (414)         244           379
relating to the period
                                             ______       ______        ______

                                                      Consolidated balance sheet
                                                         As at 30 September 2003

                                                        UNAUDITED      AUDITED
                                                     30 September     31 March
                                                             2003         2003
                                                            £'000        £'000

Fixed assets                                                3,807        3,790
                                                          _______      _______
Current assets
Stock                                                       1,119          996
Debtors                                                     1,677        1,434
Cash at bank                                                3,131        3,965
                                                           ______       ______
                                                            5,927        6,395

Creditors: amounts falling due within one year
Trade and other creditors                                  (1,121)      (1,044)
Dividend                                                     (353)        (353)
Corporation tax                                              (130)        (244)
                                                           ______       ______
Net current assets                                          4,323        4,754
                                                           ______       ______

Total assets less current liabilities                       8,130        8,544

Provisions for liabilities and charges                       (920)        (920)
                                                           ______       ______
Net assets                                                  7,210        7,624
                                                           ______       ______
Capital and reserves
Called up share capital                                     1,960        1,960
Share premium account                                       2,010        2,010
Capital redemption reserve                                  2,773        2,773
Profit and loss account                                       467          881
                                                           ______       ______
Shareholders' funds - equity                                7,210        7,624
                                                           ______       ______

                              Reconciliation of movements in shareholders' funds
                                       for the half year ended 30 September 2003

                                           UNAUDITED    UNAUDITED       AUDITED
                                          Six months   Six months          Year 
                                               ended        ended         ended
                                        30 September 30 September      31 March
                                                2003         2002          2003
                                               £'000        £'000         £'000

(Loss)/profit for the period                    (398)         301           406
Dividends                                          -         (196)         (549)
                                              ______       ______        ______
Retained (loss)/profit for the                  (398)         105          (143)
Other recognised gains and losses                (16)         (57)          (27)
Purchase of own shares                             -       (5,308)       (5,308)
                                              ______       ______        ______
Net movement in shareholders' funds             (414)      (5,260)       (5,478)
Opening shareholders' funds                    7,624       13,102        13,102
                                              ______       ______        ______
Closing shareholders' funds                    7,210        7,842         7,624
                                              ______       ______        ______

                                                Consolidated cash flow statement
                                       for the half year ended 30 September 2003

                                          UNAUDITED    UNAUDITED       AUDITED
                                         Six months   Six months          Year 
                                              ended        ended         ended
                                       30 September 30 September      31 March
                              Note             2003         2002          2003
                                              £'000        £'000         £'000

Cash flow from operating          7            (486)         669           985
Return on investments and                        50           98           144
servicing of finance
Taxation                                          -            -          (102)
Capital expenditure                            (392)        (369)         (484)
Equity dividends paid                             -            -          (550)
                                             ______       ______        ______
Cash (outflow)/inflow before
use of liquid resources and
financing                                      (828)         398            (7)

Purchase of own shares                            -       (5,293)       (5,308)
                                             ______       ______        ______
Decrease in cash in the                        (828)      (4,895)       (5,315)
                                             ______       ______        ______


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 2003 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.            Operating (loss)/profit

                                      Six months      Six months          Year 
                                           ended           ended         ended
                                    30 September    30 September      31 March
                                            2003            2002          2003
                                           £'000           £'000         £'000

Continuing operations
Magnets                                      (79)            619           758
Central costs                               (275)           (241)         (492)
Exceptional operating expenses              (208)              -             -
                                          ______          ______        ______
                                            (562)            378           266
                                          ______          ______        ______

3.             Exceptional operating expenses

                                      Six months      Six months          Year 
                                           ended           ended         ended
                                    30 September    30 September      31 March
                                            2003            2002          2003
                                           £'000           £'000         £'000

Redundancy costs in magnet
operation                                    208               -             -
                                          ______          ______        ______

4.         Included in the tax charge for the period is a tax credit of £62,000
relating to exceptional operating expenses (six months ended 30 September 2002:
£nil; year ended 31 March 2003: £nil).

5.         The company has not declared a dividend in the current period (six
months ended 30 September 2002: 0.50p per share; year ended 31 March 2003: 1.40p
per share).

6.            (Loss)/earnings per share has been calculated based on the results
after taxation and the weighted average number of shares in issue during the six
months ended 30 September 2003 of 39,205,000 (30 September 2002: 49,671,000; 31
March 2003: 44,452,000).

7.            Reconciliation of operating (loss)/profit to operating cashflow

                                      Six months      Six months          Year 
                                           ended           ended         ended
                                    30 September    30 September      31 March
                                            2003            2002          2003
                                           £'000           £'000         £'000

Operating (loss)/profit                     (562)            378           266
Depreciation                                 348             347           692
Loss on sale of fixed assets                  26               -             2
Stock increase                              (144)            (39)         (227)
Debtors (increase)/decrease                 (269)             51           437
Creditors increase/(decrease)                115             (68)         (185)
                                          ______          ______        ______
Net cash (outflow)/inflow from              (486)            669           985
operating activities
                                          ______          ______        ______

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

                                      Six months      Six months          Year 
                                           ended           ended         ended
                                    30 September    30 September      31 March
                                            2003            2002          2003
                                           £'000           £'000         £'000

Decrease in cash in the period and
change in net funds resulting from
cashflows                                   (828)         (4,895)       (5,315)
Translation difference                        (6)            (82)           75
                                          ______          ______        ______
Movement in net funds in the                (834)         (4,977)       (5,240)
Opening net funds                          3,965           9,205         9,205
                                          ______          ______        ______
Closing net funds                          3,131           4,228         3,965
                                          ______          ______        ______

9.         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
Peter Reynolds, Chairman
Tel : 020 8332 0690

                      This information is provided by RNS
            The company news service from the London Stock Exchange

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