Final Results

Chamberlin & Hill PLC
17 May 2001


CHAMBERLIN & HILL PLC

PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 31 MARCH 2001

                                                                              
  Financial Highlights                   2001     2000
                                         £000     £000

  Turnover                             32,521   31,531
  Operating profit before               2,965    3,308
  exceptional item                                    
  Profit before tax                     2,593    3,301
  Headline earnings per share          28.20p   30.88p
  (before exceptional item)                           
  Dividend per share                   11.50p   11.00p


Chairman's Statement

Turnover for the year rose by 3% from £31.5 million to £32.5 million. Whilst
first half sales rose by 9% the second half saw a significant decline and
this, together with higher operating costs, led to a fall in margin from an
average of 10.5% to 9.1% year on year. Operating profit for the year was down
10% at £2.96 million and headline earnings per share fell from 30.88p to
28.20p.

Operating cash flow was strong, financing gross capital expenditure of nearly
one and a half times depreciation, and leaving us with net borrowings of
£326,000 (2% geared).

The Directors are recommending a final dividend of 7.75p (7.45p) making a
total for the year of 11.50p (11.00p), an increase of 4.5%. The dividend will
be covered 2.2 times.

We have taken the opportunity to complete restructuring programmes in Walsall
foundry and at PFP. We have also integrated Webb Lloyd into the Fred Duncombe
site at Cannock and unified the two managements. This programme gives rise to
an exceptional charge of £340,000 and reduces basic earnings per share to
24.92p. It will prove to be good value for money.

After six years of progress we have had a more difficult year. Yet we have
achieved a return on operating capital employed of 21.8%, and with a strong
balance sheet are ready to take any opportunities which emerge from the
present uncertainties. We can continue both capital expenditure and product
development without cash constraints.

After more than 17 years as a Director, Alf Edwards will retire from the
Board at the Annual General Meeting, and we wish him well in his retirement.

At the start of the new year markets remain volatile, but there are signs of
better levels of activity. We view the future with confidence, knowing that
the Company is in good shape.

John Eccles
Chairman

                                                             
Summarised Group Profit And Loss Account  
 
                                                        2001      2000
                                                        £000      £000

          Turnover                                    32,521    31,531
          Operating profit before exceptional item     2,965     3,308
          Exceptional item - restructuring costs       (340)         -
          Operating profit after exceptional item      2,625     3,308
          Interest (payable)/receivable                 (32)       (7)
          Profit before taxation                       2,593     3,301
          Taxation                                     (781)   (1,017)
          Profit after taxation                        1,812     2,284
          Dividend                                     (836)     (800)
          Retained profit                                976     1,484

          Basic earnings per share                    24.92p    30.88p
          Adjusted for exceptional costs              28.20p    30.88p
          Fully diluted earnings per share            24.83p    30.74p

          Dividend per share:                                         
          proposed final                               7.75p     7.45p
          interim already paid                         3.75p     3.55p
                                                                              

  Summarised Group Balance Sheet                                              
                                               As at                     As at
                                       31 March 2001             31 March 2000
                                £000            £000      £000            £000

  Fixed assets                                 9,567                     9,014
  Current assets                                                              
  Stock                        3,323                     3,336                
  Debtors                      6,922                     6,635                
  Cash at bank and in hand       177                     1,091                
                              10,422                    11,062                
  Creditors - under one      (6,292)                   (7,355)                
  year                                                                        
  Net current assets                           4,130                     3,707
  Provisions for liabilities &                  (78)                      (78)
  charges                                                                     
  Net assets                                  13,619                    12,643
  Capital and reserves                                                        
  Called up share capital                      1,818                     1,818
  Share premium account                          625                       625
  Reserves                                    11,176                    10,200
                                              13,619                    12,643


  Reconciliation of Movement in Shareholders' Funds                           

                                                2001      2000                
                                                £000      £000                

  Profit for the year                          1,812     2,284                
  Dividends                                    (836)     (800)                
  Arising on purchase of own shares                -     (908)                
  Goodwill on acquisition eliminated               -        96                
  Net movement in the year                       976       672                
  Opening shareholders' funds                 12,643    11,971                
  Closing shareholders' funds                 13,619    12,643                
                                                                              

  Summarised Cash Flow Statement                                              
                                                                2001      2000
                                                                £000      £000

  Net cash inflow from operating activities                    3,548     4,442
  Return on investments and servicing of finance                (32)       (7)
  Taxation paid                                              (1,016)   (1,173)
  Net capital expenditure and financial investment           (1,945)   (1,040)
  Dividends paid                                               (814)     (810)
  Net cash flow before financing                               (259)     1,412
  Financing:     redemption of loan notes                      (654)         -
                 repurchase of shares                             -       (908)
  Increase in cash and bank balances                           (913)       504


  Reconciliation of operating profit to net cashflow from operating activities  
                                                               
                                                                2001      2000
                                                                £000      £000

  Operating profit                                             2,965     3,308
  Exceptional item - restructuring costs                       (217)         -
  Depreciation                                                 1,474     1,448
  Profit on disposals                                            (9)      (25)
  Government grants credited                                    (10)      (10)
  Decrease/(Increase) in stocks                                   13     (217)
  (Increase) in debtors                                        (303)     (677)
  (Decrease)/Increase in creditors                             (365)       615
                                                               3,548     4,442

Notes: 
 
1. The results for the year to 31 March 2001 have been extracted from the
   financial statements for the year which have been audited and will be filed
   with the Registrar of Companies. The results for the year to 31 March 2000
   are an abridged version of the Company's full accounts for that year which
   received an unqualified report by the auditors and have been filed with the
   Registrar of Companies.

2. The calculation of basic earnings per share is based on a profit of
   £1,812,000 (2000: £2,284,000) and a weighted average of 7,272,158 shares
   (2000: 7,396,398) in issue during the period. Adjusted earnings per share is
   after adding back the effect of the exceptional item which was £238,000 (net
   of tax).

3. A copy of the Annual Report and Accounts for the year ended 31 March 2001
   will be posted to shareholders in the week commencing 25 June 2001. The
   Annual General Meeting will be held on Friday, 27 July 2001.

4. The dividend will be paid to ordinary shareholders registered at the close
   of business on Friday, 6 July 2001 and will be posted immediately after the
   Annual General Meeting.