Interim Results

Chamberlin & Hill PLC
06 November 2003


CHAMBERLIN & HILL PLC


INTERIM RESULTS - SIX MONTHS ENDED 30 SEPTEMBER 2003


Chairman's Statement

In the six months to 30 September 2003 we continued to operate below capacity
with a turnover of £13.23 million.  Profit before tax was £0.59 million (2002:
£0.70 million) with net cash in the bank of £0.35 million (2002: net debt of
£0.45 million).  The board has decided to pay an unchanged interim dividend of
3.85p per share payable on 19 December 2003 to all shareholders registered on 21
November 2003.



We are not alone in experiencing slow markets, and recent developments confirm
that there will be further concentration, at least within the foundry sector,
from which we expect to benefit.



Steps are being taken to ensure board and management succession.  Tom Brown,
chairman of Dyson Group plc, who joined the board as a non-executive director in
September of this year has agreed to become non-executive chairman early in
2004.  Peter Bell, finance director, has indicated his wish to retire, and we
have agreed to recruit his successor.  Adam Vicary is completing a realignment
of the foundry management team to provide greater flexibility in our response to
customer needs.



Following the successful introduction of further Exidor emergency exit hardware
products and a widening of the range of heavy duty lighting, current thinking
suggests that, whilst our foundries will continue to make the best of the
opportunities available to them, our strategic direction will move towards
growing security and safety markets.



John Eccles
Chairman

6 November 2003


Group Profit and Loss Account
                                                            Unaudited         Unaudited
                                                          6 months to       6 months to      Year ended
                                                         30 September      30 September        31 March
                                                                 2003              2002            2003
                                                                 £000              £000            £000

Turnover                                                       13,234            13,806          27,027
Operating profit                                                  587               715           1,373
Exceptional item- restructuring costs                               -                 -            (451)
Profit before interest & taxation                                 587               715             922
Interest receivable/(payable)                                       5               (11)            (14)
Profit before taxation                                            592               704             908
Taxation                                                         (178)             (211)           (250)
Profit after taxation                                             414               493             658
Dividend                                                         (283)             (282)           (871)
Retained profit                                                   131               211            (213)

Earnings per share - basic                                       5.64p             6.72p          9.00p
                                     -    adjusted                   -                 -         13.30p
                                     - fully diluted             5.64p             6.70p          9.00p


Dividend per share                                               3.85p              3.85p        11.85p



Summarised Group Balance Sheet
                                                                 As at            As at           As at
                                                          30 September     30 September        31 March 
                                                                  2003             2002            2003
                                                                  £000             £000            £000
Fixed assets
    Tangible assets                                              8,559            9,528           9,045
    Intangible assets                                              209              223             215

Current assets
    Stock                                                        3,351            3,305           3,282
    Debtors                                                      6,329            6,783           5,623
    Cash at bank                                                   345                -             692
                                                                10,025           10,088           9,597
Creditors - under one year
    Bank overdraft                                                   -             (449)              -
    Other                                                       (4,269)          (4,559)         (4,449)
Net current assets                                               5,756            5,080           5,148
Provisions for liabilities and charges                            (747)            (761)           (762)
                                                                13,777           14,070          13,646
Capital and reserves
    Called up share capital                                      1,835            1,835           1,835
    Share premium account                                          718              718             718
    Capital redemption reserve                                     109              109             109
    Revaluation reserve                                            587              595             591
    Profit & loss account                                       10,528           10,813          10,393
                                                                13,777           14,070          13,646

Consolidated Cash Flow Statement
                                                        Six months        Six months           Year
                                                             ended             ended          ended
                                                      30 September      30 September       31 March
                                                              2003              2002           2003
                                                              £000              £000           £000
Net cash inflow from operating activities
Operating profit                                               587               715          1,373
Exceptional item - restructuring costs                           -                 -           (451)
Non cash items - depreciation                                  738               770          1,542
                              - goodwill amortisation            6                 6             14
                              - other                            -                 -            (81)
Changes in working capital                                    (749)             (188)           821
                                                               582             1,303          3,218

Returns on investments and servicing of finance
Interest received                                                9                 5             10
Interest paid                                                   (4)              (16)           (24)
                                                                 5               (11)           (14)
Corporation tax paid                                           (95)             (405)          (679)

Investing activities
Purchase of tangible fixed assets                             (291)           (1,424)        (1,710)
Proceeds from sale of tangible fixed assets                     39                18             91
                                                              (252)           (1,406)        (1,619)
Equity dividends paid                                         (587)             (586)          (870)
Net cash (outflow)/inflow before financing                    (347)           (1,105)            36

Financing
Issue of shares (incl. premium)                                  -                30             30
                                                              ______            ______        _____
(Decrease)/increase in cash                                   (347)           (1,075)            66

Reconciliation of net cash flow to movement in net funds

(Decrease)/increase in cash in the period                     (347)           (1,075)            66
Opening net funds                                              692               626            626
Closing net funds                                              345              (449)           692


Notes:



1.  Preparation of interim accounts

This interim statement has been prepared on the basis of the accounting policies
set out in the 2003 Annual Report and Accounts.



The results for the year to 31 March 2003 are an abridged version of the full
accounts which have been filed with the Registrar of Companies.  The report of
the auditors was unqualified and did not contain a statement under section 237
(2) or (3) of the Companies Act 1985.  The figures for the six months ended 30
September 2002 and 30 September 2003 have not been audited.



2.  Dividend

The interim dividend of 3.85p per share will be paid on 19 December 2003 to all
shareholders registered at the close of business on 21 November 2003.



3.  Earnings per share

The calculation of basic earnings per share is based on the profit after tax of
£414,000 (2002: £493,000) and the weighted average of ordinary shares in issue
and ranking for dividend of 7,340,908 shares (2002: 7,331,994).



Diluted earnings per share is based on 7,340,908 shares (2002: 7,362,681) after
adjusting for the dilutive effect of the potential exercise of share options
where the prices at which they are exercisable are below the weighted average
share price during the year.



4.  Reconciliation of movement in shareholders' funds

                                                     30 September       30 September    31 March
                                                             2003               2002        2003
                                                             £000               £000        £000

Profit after tax                                              414                493         658
Dividends                                                    (283)              (282)       (871)
Issue of share capital                                          -                 30          30
                                                              131                241        (183)
Opening shareholders' funds                                13,646             13,829      13,829
Closing shareholders' funds                                13,777             14,070      13,646


A copy of the interim results will be sent to shareholders and further copies
will be available from the Company's registered office: Chuckery Foundry,
Walsall WS1 2DU.




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