AGM Statement

Swallowfield PLC
15 July 2002

             Swallowfield plc: AGM announcement and trading update



As expected and previously announced, trading for the group overall during the
last six months has been relatively slow and our expectations for the 18 month
period to 30th June are towards the lower end of current market expectations.
However, current trading gives us continued cause for optimism for the next six
months and further justifies our decision to change the fiscal year to commence
July 1st on account of the very seasonal nature of our trading, with the major
thrust being shortly before Christmas each year.



Turnover in the Cosmetics division for the period to 30th June was 16% below the
equivalent period last year and margins have been under pressure in part due to
the product mix. Volumes in this division have recently increased significantly
and we are employing additional staff to cope with these rising production
levels.



In the Aerosols business, turnover increased 10% in value and 21% in unit terms
over the same period last year.  We are experiencing a record order book, which
is significantly higher than the same period last year.  This order intake has
taken us near the limit of our current capacity.  This further endorses the
recently announced new factory extension, which is a major part of our expansion
strategy.



Current order book levels and our continuing success in winning new business,
together with our expectations for an improved Autumn/Winter season give us
confidence for the foreseeable future.





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