Trading Statement

Swallowfield PLC
07 January 2004

Trading Update



Swallowfield plc announces that several significant customers have delayed
orders from December 2003 into the first quarter of this calendar year.  This,
together with relatively weak background trading across toiletries and cosmetics
in the run up to Christmas, will result in a trading performance in our first
half weaker than at the same point last year. Importantly, we expect our trading
performance for the full year to be broadly in line with current market
expectations as we anticipate making up the delayed volumes in the second half.



Although sales are below last year's levels, we have achieved an improvement in
gross margins. Net debt levels are lower following reductions in working capital
and expenditure on fixed assets and net debt will be below current market
expectations at the end of the first half.



Enquiries:



Tony Wardell, Chief Executive, 01823 662241

Barrie Newton, Rowan Dartington & Co. Limited, 0117 933 0000


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