Final Results

Chamberlin & Hill PLC
21 May 2003

CHAMBERLIN & HILL PLC



PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED
31 MARCH 2003



Chairman's Statement


This time last year we were looking for an improvement in trading conditions. In
the event we were disappointed. Indeed, with slow trading, combined with
pressure for lower selling prices and significant upward pressure on costs, we
made no overall progress.


With both turnover and margins down, operating profit fell to £1,373,000 (2002:
£2,545,000) and adjusted earnings per share (before restructuring costs) to
13.3p (2002: 24.0p). The balance sheet remains strong with net cash of £692,000
at the year end. The Directors are recommending a maintained final dividend of
8.00p making a total for the year of 11.85p (2002: 11.85p).


In a year when trading is tough it is tempting to avoid difficult decisions in
order to protect short term results. Cutting costs, particularly reducing the
number of employees, is both unwelcome and expensive as our restructuring charge
demonstrates. Continued capital expenditure and vigorous product development
also limit short term results but, as we see it, we have no alternative but to
maintain an aggressive policy of improvement.


We cannot report a significant upturn and the pressure on costs and prices
remains. We are winning new business but schedules are not yet sufficiently
buoyant. There will come a day when the cycle turns and when it does I am
confident that we will break new ground. We have a good team, well led and, with
a strong balance sheet to back sound market positions, we have every prospect of
resuming progress.


John Eccles
Chairman



Consolidated profit and loss account for the year ended 31 March 2003

                                                                              2003            2002
                                                                              £000            £000

Turnover                                                                    27,027          30,548

Operating profit                                                             1,373           2,545
Exceptional item - restructuring costs                                        (451)              -
Operating profit after exceptional item                                        922           2,545
Interest (payable)/receivable                                                  (14)            (19)
Profit on ordinary activities before taxation                                  908           2,526
Taxation                                                                      (250)           (778)
Profit after taxation                                                          658           1,748
Dividend                                                                      (871)           (866)
Retained (loss)/profit                                                        (213)            882

Earnings per share        - basic                                              9.0p           24.0p
                          - adjusted                                          13.3p           24.0p
                          - diluted                                            9.0p           24.0p

Dividend per share:       proposed final                                      8.00p           8.00p
                          interim already paid                                3.85p           3.85p



Statement of total recognised gains and losses for the year ended 31 March 2003


                                                                              2003            2002
                                                                              £000            £000

Profit after taxation                                                          658           1,748
Prior year adjustment -
            adoption of FRS 19 'Deferred Taxation'                               -            (752)

Total recognised gain                                                          658             996



Consolidated balance sheet as at 31 March 2003


                                                                      As at                     As at
                                                                  31 March 2003             31 March 2002
                                                                  £000         £000          £000           £000
Fixed assets
       Tangible assets                                           9,045                      8,892
       Intangible assets                                           215        9,260           229          9,121

Current assets
       Stock                                                     3,282                      3,362
       Debtors                                                   5,623                      6,634
       Cash at bank and in hand                                    692                        626
                                                                 9,597                     10,622
Creditors - under one year                                      (4,449)                    (5,124)
Net current assets                                                            5,148                        5,498

Provisions                                                                     (762)                        (790)
Net assets                                                                   13,646                       13,829


Capital and reserves

       Called up share capital                                                1,835                        1,830
       Share premium account                                                    718                          693
       Reserves                                                              11,093                       11,306

Shareholders' funds                                                          13,646                       13,829





Reconciliation of movement in shareholders' funds


                                                                               2003            2002
                                                                               £000            £000

Profit for the year                                                             658           1,748
Dividends                                                                      (871)           (866)
Issue of share capital                                                           30              80
Net movement in the year                                                       (183)            962
Opening shareholders' funds                                                  13,829          12,867
Closing shareholders' funds                                                  13,646          13,829



Consolidated cash flow statement for the year ended 31 March 2003


                                                                               2003            2002
                                                                               £000            £000

Net cash inflow from operating activities                                     3,218           3,586
Return on investments and servicing of finance                                  (14)            (19)
Taxation paid                                                                  (679)           (778)
Net capital expenditure and financial investment                             (1,619)         (1,073)
Dividends paid                                                                 (870)           (844)
Net cash flow before financing                                                   36             872
Financing: redemption of loan notes                                               -            (504)
                  issue of shares (including premium)                            30              80
Increase in cash and bank balances                                               66             448



Reconciliation of operating profit to net cash flow from operating activities


                                                                               2003            2002
                                                                               £000            £000
Operating profit                                                              1,373           2,545
Exceptional item - restructuring costs                                         (451)              -
Depreciation                                                                  1,542           1,527
Amortisation of goodwill                                                         14              14
Profit on disposals                                                             (76)            (95)
Government grants credited                                                       (5)            (10)
Decrease/(increase) in stocks                                                    80             (40)
Decrease in debtors                                                           1,011             288
(Decrease) in creditors                                                        (270)           (643)
                                                                              3,218           3,586



Notes:

 1. The results for the year to 31 March 2003 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 2002
    are an abridged version of the Company's full accounts for that year which
    have been filed with the Registrar of Companies.  The auditors' opinion on
    those accounts was unqualified and did not include a statement under Section
    237(2) or (3) of the Companies Act.


 2. The calculation of basic earnings per share is based on a profit of £658,000
    (2002: £1,748,000) and a weighted average of 7,336,439 shares (2002:
    7,274,281) in issue during the period.  Adjusted earnings per share is after
    adding back the effect of the exceptional item which was £316,000 (net of
    tax).


 3. The full published accounts will again include the transitional provisions of
    FRS17 (Retirement Benefits) and this will consequently not impact on the
    2002/2003 figures. If FRS17 had been fully adopted during the year, the
    Group would have recorded an increased net liability in its balance sheet of
    £2.97 million, up from £0.8 million last year.


 4. A copy of the Annual Report and Accounts for the year ended 31 March 2003
    will be posted to shareholders in the week commencing 23 June 2003.  The
    Annual General Meeting will be held on Friday, 25 July 2003.


 5. Subject to shareholders' approval at the Annual General Meeting, the dividend
    will be paid on 25 July 2003 to ordinary shareholders registered at the
    close of business on Friday, 4 July 2003.



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