Change to accounting ref date

Swallowfield PLC
20 December 2001

                               SWALLOWFIELD PLC

                     CHANGE OF ACCOUNTING REFERENCE DATE


Swallowfield plc ('SWL') announces that it is to change its accounting
reference date from 31 December to 30 June with immediate effect. This will be
accomplished by extending the current accounting reference period by six
months to 30 June 2002.

The change is being made to better align the financial reporting year with the
company's trading cycle. As stated in recent announcements, a greater
proportion of the company's profits are now made in the second half of the
calendar year. The Directors believe that changing the accounting reference
date from 31 December to 30 June will enable improved shareholder
communications and provide greater transparency of profit expectations.

To ensure continued comparability of results, SWL will issue an interim report
for the period from 30 June 2001 to 31 December 2001, and this interim report
will, in addition to complying with normal interim accounting rules, include
full year comparatives for the year ended 31 December 2001. It is anticipated
that this interim report will be published in February 2002.

Looking further ahead, SWL will pay a second interim dividend to shareholders
in May 2002, as the Directors feel appropriate. This second interim dividend
will be paid based on the results for the 12-month period to 31 December 2001
as if it would have been a final dividend for that period. It is anticipated
that the full report and accounts for the 18-month period to 30 June 2002 will
be published in September 2002.

To comply with the provisions of the Companies Act 1985 the Annual General
Meeting for 2002 will be held in July 2002 to reappoint directors and auditors
and undertake any special business. An Extraordinary General Meeting will be
held in late September / early October to approve the annual report and
accounts and declare any dividend.



Enquiries to      Ian Mackinnon
                  Group Finance Director
                  [phone]