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Caldwell Inv. (PRS)

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Friday 27 May, 2005

Caldwell Inv.

Final Results

Caldwell Investments PLC
27 May 2005

                         Caldwell Investments PLC

      Preliminary results for the fourteen months to 28 February 2005

Financial highlights:

•        Turnover for 14 month period of £6,849,218 (2003: £8,086,785)

•        Pre-tax loss £37,843 (2003: profit £6,219)

•        Continued investment in the NinaSun project

•        Steady order flow for NinaSun canopies

•        NinaSun project fully on track

•        NinaSun project to generate significant revenues in financial year
         commencing March 2006

•        Proposed Rights Issue to fund NinaSun marketing investment

Chairman, Stanley Wootliff, commenting on the results said:

'The fourteen month period ended 28 February 2005 was challenging for our
traditional business but also one of further progress for our NinaSun project.

International patents, including the US were granted.

World-wide distribution was established for NinaSun canopies for resin

UK and German e-commerce sites were established and starting to produced steady
order flow'.

For further information, please contact:

Stanley Wootliff, Executive Chairman
Graham Haselden, Finance Director

Tel: 0113 235 0632

27th May 2005


The fourteen month period ended 28 February 2005 was challenging for our
traditional business but also one of further progress for our NinaSun project.

International patents, including US, were granted.   World wide distribution
established for NinaSun canopies for resin loungers and UK and German e-commerce
sites established.

Business Performance

Group loss on ordinary activities before taxation for the fourteen month period
ended 28 February 2005 was £37,843 (12 months ended 31 December 2003 profit

After provision for tax on overseas profits a retained loss of £81,279 (2003:
£115,321) has been transferred from reserves

Change of year end

In order to relieve the pressure on our various offices for stock taking and
accounting purposes in the Christmas period, we have moved our year end from
December to February.   This resulted in a 14 month accounting period which
included the two month period January to February twice.   This is a loss making
period and if the year had been a 12 month period ended 31st December 2004, the
Group would have traded at a small profit, despite continued costs incurred on
the NinaSun project.

Traditional underwear business

The Group's underwear businesses have been steady cash earners for many years
and the period ended 28 February 2005 was no different, but currency movements
between the euro and the US dollar led to a general erosion of price points and
there were many orders where we were not able to obtain a workable margin and
from which we decided to walk away.   This led to loss of turnover, which is
reflected in these Accounts.

Since the year end more stable conditions have returned and turnover in the
first two months of the new financial year has shown material recovery.

NinaClip nursery products

Our baby buggy parasols and canopies had a satisfactory period.   The start of
the period  was exceptional, but after Easter the sun decided not to shine.

During the period we designed and patented a new parasol clamp to accommodate
the increased diameters and new lozenge shapes being used for more fashionable

This unique design has been well received and we hope it will lead to a further
increase in our sales of buggy accessories this year.

NinaSun canopies for outdoor furniture

The fourteen month period ended 28th February 2005 has seen substantial progress
in the ongoing development of the NinaSun canopy project.

During that time US patents were granted, canopy manufacture in the UK
commenced, and worldwide distribution for canopies for resin furniture

Design of the hardwood range of furniture with integrated canopies started with
manufacturing partners in South East Asia.

E-commerce sites were established in UK and Germany.    Since the beginning of
spring they have achieved a steady order flow for hardwood furniture with
integrated canopies, this prior to any serious marketing activity, indicating  a
ready demand for our hardwood furniture with NinaSun canopies.

The Board has always anticipated that full realisation of the NinaSun project
would take a number of years to materialise.   To date, the rate of progress has
been fully on track and it is expected that NinaSun canopies will generate
significant revenues in the financial year commencing March 2006.


In January 2005, we announced that John Hanford, who has been a non-executive
director for over 10 years, would be retiring at the AGM.   We would like to
thank John for all his effort and dedication over those years and to publicly
record our appreciation for his strategic and practical thinking on all matters
relating to the Group's well being and progress.

In that same announcement, we announced that Keith Robinson, an experienced city
solicitor, joined the board on 4th January 2005.  We are pleased to welcome him
and feel sure he will make a very positive contribution to the future progress
and development of the Group.

Future prospects

Traditional business:

            As already stated, our traditional underwear business has started
            the year well and we will be looking for an improved performance in 
            year ended February 2006.

Baby products:

            This is a steady niche market business where we expect to achieve
            steady annual growth at acceptable margins.   It is  inevitably 
            weather related so accordingly we hope for a  hot summer.

Sun canopies:

            This is a truly exciting patent protected product in all the right
            markets at the right time.

Outdoor furniture, Sun shade, E-commerce, Ageing population:

            As already mentioned, full realisation of the NinaSun canopy's 
            potential will take a little more time to materialise.    Our 
            progress is on track and in the financial year commencing 1st March 
            2006, we expect the NinaSun canopies to generate significant 

Rights Issue

The Board of Caldwell announced on 27th May 2005 that it had resolved to raise
money by way of a Rights Issue to fund future NinaSun marketing investment.

Further information regarding the proposed Rights Issue will be contained in a
circular to Shareholders to be despatched with the Report and Accounts.

It is intended that the Report and Accounts with the Rights Issue circular will
be posted to Shareholders in the first week in July.


Trading in our underwear business is currently going well and we are hopeful of
an improved performance in the current year.   Sales of the baby buggy parasols
have to date been slow due to lack of sunshine.   It is too early to predict the
outcome of this part of our business.

The Board views the potential for the NinaSun canopies very positively.
Although we do not expect to generate significant revenues from this activity
until the financial year commencing March 2006, the Board is confident the
NinaSun  canopy represents an outstanding opportunity for the Group.

On a personal note, I would like to thank my colleagues and all Caldwell
employees for their contributions, without which these achievements would not
have been possible.

                         CALDWELL INVESTMENTS P.L.C.

                             ENDED  28 FEBRUARY 2005

                                                                      Period ended       Year ended
                                                                       28 February 31 December 2003
                                                                              2005                £

Turnover - continuing operations                                         6,849,218        8,086,785

Cost of sales                                                          (5,597,741)      (6,631,288)

Gross Profit                                                             1,251,477        1,455,497

Distribution costs                                                       (145,885)        (162,715)
Administration expenses                                                (1,145,272)      (1,275,670)
Other operating income                                                      44,028           57,580

Operating profit - continuing operations                                     4,348           74,692

Net interest payable                                                      (42,191)         (68,473)

(Loss)/profit on ordinary activities before taxation                      (37,843)            6,219
Tax on (loss)/profit on ordinary activities                               (43,436)        (121,540)

Retained loss for the financial year                                      (81,279)        (115,321)

Loss per share
Basic                                                                      (0.48p)          (0.75p)
Diluted                                                                    (0.48p)          (0.75p)

                          CALDWELL INVESTMENTS P.L.C.

                          CONSOLIDATED BALANCE SHEETS
                               AT 28 FEBRUARY 2005
                                                              GROUP                      COMPANY
                                                      2005            2003        2005             2003
                                                         £               £           £                £
Fixed assets
Intangible assets                                  566,203         278,006     276,165                0
Tangible assets                                    819,466         584,497     377,342          270,415
Investments                                              0               0   2,382,906        2,382,906
                                                 1,385,669         862,503   3,036,413        2,653,321

Current assets
Stocks                                           1,603,388       1,426,229           0                0
Debtors falling due within 1 year                  651,504       2,171,007     776,773          997,993
Cash at bank and in hand                           578,443         247,174     328,759                0

                                                 2,833,335       3,844,410   1,105,532          997,993

Creditors: amounts falling due within one
year                                           (1,444,685)     (2,315,019)   (245,272)        (186,053)

Net current assets                               1,388,650       1,529,391     860,260          811,940

Total assets less current liabilities            2,774,319       2,391,894   3,896,673        3,465,261

Creditors: amounts falling due after more
than  one year                                   (341,336)       (264,165)   (341,336)        (264,165)

Provisions for liabilities and charges                   0               0           0                0

Net assets                                       2,432,983       2,127,729   3,555,337        3,201,096

Capital and reserves
Called up share capital                          1,761,250       1,666,250   1,761,250        1,666,250
Share premium account                            1,622,799       1,302,559   1,622,799        1,302,559
Capital redemption reserve                          27,000          27,000      27,000           27,000
Revaluation reserve                                 27,000          27,000      27,000           27,000
Profit and loss account                        (1,005,066)       (895,080)     117,288          178,287

Equity Shareholders' funds                       2,432,983       2,127,729   3,555,337        3,201,096

                          CALDWELL INVESTMENTS P.L.C.

                            ENDED  28 FEBRUARY 2005

                                                                   Period ended 28      Year ended
                                                                     February 2005     31 December
                                                                                 £               £

Net cash inflow/(outflow) from operating activities                      1,450,284       (243,769)

Returns on investments and servicing of finance
Interest received                                                           37,896          11,918
Interest paid                                                             (77,607)        (79,151)
Finance lease interest paid                                                (2,480)        _(1,240)
Net cash outflow from returns on investments and servicing of
finance                                                                   (42,191)        (68,473)

Tax paid                                                                 (141,910)        (80,086)

Capital expenditure and financial investment
Purchase of intangible fixed assets                                      (330,368)        (23,872)
Purchase of tangible fixed assets                                        (330,659)       (331,410)
Receipt from sale of fixed assets                                           45,006          23,258

Net cash outflow from capital expenditure                                (616,021)       (332,024)

Net cash inflow /(outflow) before financing                                650,162       (724,352)

Issue of Shares                                                            423,000         232,500
Share issuing expenses                                                     (7,760)        (11,696)
New loans                                                                  135,000         252,000
Repayment of bank loans                                                   (12,658)         (5,448)
Repayment of other loans                                                  (90,000)        (30,000)
Capital element of finance lease payments                                 (19,455)         (8,333)

Net cash inflow from financing                                             428,127         429,023

Increase/(decrease) in cash in the year                                  1,078,289       (295,329)


This preliminary statement of annual results which covers the fourteen months to
28 February 2005 has been agreed by the Group's auditors and is consistent with
the full financial statements.

The abridged preliminary Group accounts for the fourteen months ended 28
February 2005 are not statutory accounts and have been extracted from the full
statutory accounts for the fourteen months ended 28 February 2005.   The full
statutory accounts for the period on which the auditor's report is unqualified
will be delivered to the Registrar of Companies in due course.

The comparative figures for the year to 31 December 2003 are abridged from the
accounts for that year and do not constitute full accounts within the meaning of
Section 240 of the Companies Act 1985 (as amended).   Statutory accounts for
that year on which the auditors gave an unqualified opinion have been delivered
to the Registrar of Companies.


The calculation of basic loss per share is based on losses attributable to
ordinary shareholders divided by the weighted average number of shares in issue
during the period.   The calculation of diluted earnings per share is based on
the basic loss per share adjusted to allow for the assumed conversion of all
dilutive options.  As the impact of issuing potential ordinary shares is
anti-dilutive, the diluted loss per share in 2005 is equivalent to the basic
loss per share.


The annual report will be mailed to shareholders in the first week of July 2005.
   Copies will be available after that date from:  The Secretary, Caldwell
Investments P.L.C., 647 Roundhay Road, Leeds, West Yorkshire LS8  4BA.


The Annual General Meeting will be held at Nina House, Unit 9, Prospect Place,
East Pimbo Industrial Estate, Skelmersdale, Lancashire. WN8 9QD on Wednesday
27th July 2005 at 4.00 p.m.

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

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