Interim Results

Lawrence PLC
3 December 2002

                             Lawrence plc
      Interim Results for the six months to 30 September 2002

Highlights

* Profit before tax and exceptional item rises 71% to £1.82 million
* Sales grow 5.4% to £17.5 million
* Dividend lifted 11.3% to 1.15 pence
* Over £4.1 million cash generated from operations
* ECO Animal Health continues to make good progress
* Interpet demerger discussions taking place

Peter Lawrence, Chairman of Lawrence plc, commented: 

'This has been a very satisfactory trading period and shows significant improvement over the same period last year.
The second half has started well and we look forward with optimism, to delivering further growth and that we will
continue to achieve value for our shareholders'. 

Contacts: 

Lawrence plc 
Peter Lawrence                   020 8336 2900 

Charles Stanley & Co. Ltd. 
Philip Davies                    020 7739 8200      

Spiro Financial 
Anthony Spiro                    020 8949 0428 

Lawrence plc is a leader in the development, manufacture and distribution of principally specialist chemical and
pharmaceutical products for the animal health, farming, fish and domestic pet markets worldwide. Our products for
these growth markets incorporate natural ingredients to promote well-being and sustainability. We achieve our
financial goals through the careful and responsible application of science to generate value for our shareholders.  

CHAIRMAN'S STATEMENT
I am pleased to report that in the six months to 30 September 2002 the Group increased sales by over 5% compared to
the same period last year. Our results in local currency, particularly the US Dollar and South African Rand, showed
stronger growth but the effect of translating the results into Sterling for reporting purposes, masks the strength of
the underlying performance. Profit before tax and exceptional item was £1.82m (£1.06m last year) and earnings per
share before exceptional item, amortisation of goodwill and adjusted for the recent bonus issue and the share placing
last March, were 4.6 pence compared with 3.6 pence last year. Our tight financial controls contributed to a strong
cash inflow, we generated over £4.1m from operations, well ahead of the equivalent period last year. The Board has
declared an interim dividend of 1.15 pence (net) per share, over 11% above the same period last year. In February
2002, we announced that we were considering demerging Interpet, this would allow Lawrence plc to focus more strongly
on its farmed animal feed additive businesses. Discussions are taking place and I hope to be able to report to you in
the coming months.  

ECO GROUP: In September I reported that important drug registrations had been received from the US Food and Drug
Administration and we are encouraged by the resulting level of recent opening orders for ECOMECTIN Cattle Pour-on
(de-wormer and parasite controller). This is being marketed in the US under two brands; one by a national distributor
and the other through a multinational pharmaceutical company. These sales are not reflected in the interim results.
Furthermore, ECO Animal Health has appointed a distributor in China for its recently registered AIVLOSIN product
range (antibiotics) and also for ECOMECTIN injections for both pigs and cattle. A year ago, we had expected that we
would receive the European registration for AIVLOSIN by summer 2002; subsequently the authorities requested an
unprecedented level of environmental safety tests, which are now close to a successful completion. We now expect
significant sales of AIVLOSIN in Europe to be delayed until towards the end of next year (unless there is further
slippage), and registration in the US in the following year. The reason for the delays is related solely to the
registration procedures and not the product itself. We are delighted to announce the signing of an exclusive
technology transfer agreement with the Japanese manufacturers and patent holders of AIVLOSIN, enabling us to own this
important new molecule and to enjoy worldwide exclusivity for both manufacture and sales. This is a significant step
in the evolution of ECO Animal Health and will secure future supplies of this unique drug. Our drug registration
department now totals nine highly qualified and competent scientists and this investment in people reflects our
confidence in, and commitment to, this exciting business. Our worldwide successes achieved to date in drug
registration have attracted the attention of top multinational animal health companies who have expressed keen
interest in distributing our products. The economic uncertainty in Latin America and our fear of bad debts and
delayed payments there, forced us to withhold significant volumes of sales from that territory since the beginning of
2002; this was an area in which we had enjoyed buoyant sales from AIVLOSIN in particular. It appears that an
improvement in that region has begun and we are slowly regaining sales, albeit at a cautiously reduced level.
Overall, ECO Animal Health is making exciting progress and we remain confident that it will be the principal growth
driver in our Group for many years.  

AGIL: Agil's worldwide spread of sales continues to counter the effect of economic contraction which is generally
affecting the meat producing industries of Europe and North America. Nevertheless, sales were ahead of the same
period last year and in its home market have improved as more companies seek an alternative to growth promoting
antibiotics, either because they are moving into organic production, or are under pressure from their supermarket
customers. There is a growing awareness in Europe that we are fast approaching 2006 the year when all remaining
antibiotic based growth promoters will be banned. These trends emphasise the Agil concept of utilising natural means
of providing bio-security and growth performance for the farmed animal sector and this is being reflected in the
number of producers starting to use our Prefect product range. Asia remains our powerhouse of growth and now accounts
for some 40% of turnover with the Philippines and Thailand growing strongly. Sales to Japan are also improving
following the appointment of a new distributor. The Middle East contributed more than 20% of turnover despite a more
restricted product range. The outlook is very encouraging due to increasing coverage from our new products,
especially MiteX, our non-chemical pesticide and from continuing developments in Latin and South America where the
distribution network is building once again, particularly in Mexico and Brazil. 

INTERPET: The pond season in spring 2002 started well with sunny weather early in the season leading to buoyant sales
of our treatments; this trend continued well into September giving a strong first half with sales showing an increase
of 11% over the same period last year. Export sales were also strong and are close to returning to historic levels
with a 16% increase over the same period last year. The combined Gardening and Leisure and PetIndex Trade
Exhibitions, held at the National Exhibition Centre in September, provided an excellent platform for the launch of
more than 50 new products from both the Pet and Aquatic sides of the business. The three-day show attracted a record
number of trade visitors and Interpet's stand was one of the busiest. New product launches included a range of
multi-use fountain pumps (Hydra-Tech Multi), a unique range of pressurised pond filters (Cylcone) and a powerful new
waterfall pump (Torrent); each gave early indications of supporting a very strong pre-season sell-in. The Ringpress
Publishing acquisition has made a good start and is on schedule to achieve its first year targets and 60 new titles
are in the process of being added to the range. Our publishing business continues to expand with sales over 20% up on
last year. Internationally we are becoming increasingly well known and currently are engaged in co-edition
translations and rights agreements in over 30 countries across all five continents. Sales at Aquarium Products, in
the US, are slightly ahead of the same period last year. New book titles there have been well received and at the end
of the period we were launching our new goldfish line of medications. General market conditions in North America
remain soft and the level of attendance at trade shows is also lower. We continue to enjoy a strong customer base
from which to expand our sales through the gradual addition of new products from Interpet in England.  

BLACKFAST CHEMICALS: Blackfast's export sales remain strong despite a weak European market and poor performance from
some Asian distributors, which has been largely offset by better than expected sales from our mainland China
distributor. China is becoming the preferred source for many manufacturers of metal goods for both European and the
more developed Asian markets. Blackfast has launched a chemical surface preparation treatment for both aluminium and
metal prior to painting, which involves a new technology based on biodegradable ingredients. As well as being
environmentally favourable, it is both chemically and energy efficient. The UK market for the equivalent traditional
products is £10m and we are confident that this new addition to our range will contribute to further sales and profit
growth. 

DIRECTORS: J W 'Ian' Dick, who has served as a non executive director for the past 13 years, will retire on 10
December 2002 having reached the age of 64. I would like to record the Board's appreciation of Ian's valuable
contribution to the Company during his years of service. In June we announced the appointment of Gavin Casey FCA as a
non executive director, and an appropriate replacement for Ian will be sought in due course. 

OUTLOOK: The second half has started well; the receipt of the registration certificate of ECOMECTIN in the US is
particularly encouraging. We look forward with optimism, quietly confident that our growth rate will accelerate and
that we will continue to deliver value to our shareholders and generate cash from operations. 

3 December 2002                                             Peter A Lawrence

                                                                                                     
                    CONSOLIDATED PROFIT AND LOSS ACCOUNT                                             
                                                              Six months     Six months         Year 
                                                                   ended          ended        ended 
                                                                30.09.02       30.09.01     31.03.02 
                                                             (unaudited)    (unaudited)    (audited) 
                                                                    £000           £000         £000 
                    TURNOVER                                                                         
                    Continuing operations                         17,455         16,554       34,037 
                    Cost of sales                               (10,948)       (10,351)     (20,841) 

                    GROSS PROFIT                                   6,507          6,203       13,196 
                    Administrative expenses                      (4,509)        (4,971)      (9,417) 
                    Goodwill amortisation                           (68)           (26)         (65) 

                    OPERATING PROFIT                               1,930          1,206        3,714 
                    Income from investments                            -             10           39 
                                                                   1,930          1,216        3,753 

                    EXCEPTIONAL ITEM                                                                 
                    Provision for diminution in                                                      
                    value of investments                             146        (2,656)      (2,641) 
                    Interest payable                               (113)          (158)        (351) 

                    PROFIT/(LOSS) ON ORDINARY                      1,963        (1,598)          761 
                    ACTIVITIES BEFORE TAXATION                                                       
                    Taxation                                       (561)             55        (670) 

                    PROFIT/(LOSS) AFTER TAX                        1,402        (1,543)           91 
                    Minority interest                              (200)           (11)        (287) 

                    PROFIT/(LOSS) FOR PERIOD                       1,202        (1,554)        (196) 
                    Dividends                                      (386)          (222)      (1,183) 

                    RETAINED PROFIT/(LOSS)                                                           
                    TRANSFERRED TO RESERVES                          816        (1,776)      (1,379) 

                    EARNINGS PER SHARE PRIOR                                                         
                    TO GOODWILL AMORTISATION                                                         
                    AND EXCEPTIONAL ITEM                           4.63p          3.60p        9.66p 

                    BASIC EARNINGS PER SHARE                       4.66p        (7.23)p      (0.90)p 

                    FULLY DILUTED EARNINGS                                                           
                    PER SHARE                                      4.36p        (7.13)p      (0.90)p 
                                                                                                         


                CONSOLIDATED BALANCE SHEET                                                               
                                                             Six months        Six months     Year ended 
                                                          ended 30.09.02    ended 30.09.01      31.03.02 
                                                             (unaudited)       (unaudited)     (audited) 
                                                                    £000              £000          £000 
                FIXED ASSETS                                                                             
                Intangible Assets                                  6,169             3,172         5,636 
                Tangible Assets                                    1,505             1,646         1,566 
                Investments                                          864             1,077         1,108 
                                                                   8,538             5,895         8,310 

                CURRENT ASSETS                                                                           
                Stock                                              7,711             8,112         7,590 
                Debtors                                           10,169             9,690        12,422 
                Cash at Bank and in Hand                           1,419               476         1,464 
                                                                  19,299            18,278        21,476 

                CREDITORS                                                                                
                Amounts falling due within one year              (8,653)          (10,957)      (11,478) 

                NET CURRENT ASSETS                                10,646             7,321         9,998 

                TOTAL ASSETS LESS                                 19,184            13,216        18,308 
                CURRENT LIABILITIES                                                                      

                CREDITORS                                                                                
                Amounts falling due after more than                                                      
                one year                                         (1,092)           (1,076)       (1,310) 
                Provision for liabilities and charges              (571)                 -         (570) 
                NET ASSETS                                        17,521            12,140        16,428 

                CAPITAL AND RESERVES                                                                     
                Called up share capital                              859               717           854 
                Share Premium                                      7,333             3,261         7,252 
                Capital Redemption Reserve                           106               106           106 
                Profit and Loss Account                            8,764             8,000         7,951 
                Minority Interest                                    459                56           265 

                SHAREHOLDERS' FUNDS                               17,521            12,140        16,428 
                                                                                                                     


  CONSOLIDATED CASH FLOW STATEMENT                                                                                   
                                                                       Six months ended     Year ended               
                                                               Note             30.09.02      31.03.02               
                                                                             (unaudited)     (audited)               
                                                                                    £000          £000               
  NET CASH INFLOW FROM OPERATING ACTIVITIES                     (1)                4,146         4,588               

  RETURNS ON INVESTMENT AND SERVICING OF FINANCE                                                                     
  Interest Received                                                                   36            29               
  Interest Paid                                                                    (149)         (380)               
  Dividends Received                                                                                39               

  NET CASH OUTFLOW FROM RETURNS ON INVESTMENT AND                                                                    
  SERVICING OF FINANCE                                                             (113)         (312)               

  TAXATION                                                                         (504)         (695)               

  CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT                                                                       
  Purchase of Intangible Fixed Assets                                              (886)       (1,403)               
  Purchase of Tangible Fixed Assets                                                 (89)         (258)               
  Purchase of Investments                                                              -       (1,048)               
  Sale of Investments                                                                391             -               
  Sale of Tangible Fixed Assets                                                        2            41               
  NET CASH (OUTFLOW) FROM CAPITAL EXPENDITURE                                                                        
  AND FINANCIAL INVESTMENT                                                         (582)       (2,668)               

  EQUITY DIVIDENDS PAID                                                            (222)         (895)               

  FINANCING                                                                                                          
  Issue of shares                                                                     86         4,144               
  Increase/(repayment) of borrowing                                                (218)         (411)               
  NET CASH INFLOW (OUTFLOW) FROM FINANCING                                         (132)         3,733               

  INCREASE/(DECREASE) IN CASH                                   (2)                2,593       (2,275)               
  Notes                                                                                                              
  (1) RECONCILIATION OF OPERATING PROFIT TO NET                                                                      
  CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES                                                                    
  Operating Profit                                                                 1,930         3,714               
  Exchange losses                                                                    (9)         (226)               
  Depreciation charge                                                                147           304               
  Amortisation charge                                                                354           426               
  Profit/Loss on disposal of fixed assets                                              -             8               
  Increase in stocks.                                                               (121           796               
  Decrease/(Increase) in debtors                                                   2,253       (1,394)               
  Increase/(Decrease) in creditors                                                 (408)           960               
  Net Cash Inflow from operating activities                                        4,146         4,588               

  (2) RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN                                                                 
  NET DEBT                                                                                                           
  (Decrease)/Increase in cash in the period                                        2,593         2,275               
  Decrease/(Increase) in debt                                                        200           410               
  Change in net debt resulting from cash flows                                     2,793         2,685               
  Effect of foreign exchange gains/(losses)                                           18         (119)               
  Movement of net debt in the period                                               2,811         2,566               
  Net Debt at 1st April 2002                                                     (2,484)       (5,050)               
  Net Debt at 30th September 2002                                                    327       (2,484)               


  (3) RECONCILIATION ANALYSIS OF CHANGES IN NET DEBT                                                                 
                                                          At 1.4.02            Cash flow      Exchange    At 30.9.02 
                                                                                             movements               
                                                               £000                 £000          £000          £000 
  Cash at Bank and in Hand                                    1,464                 (45)             -         1,419 
  Overdrafts                                                (2,538)                2,638             -             - 
                                                            (1,174)                2,593             -         1,419 
  Debt                                                      (1,310)                  200            18       (1,092) 
                                                            (2,484)                2,793            18           327 

NOTES TO THE INTERIM REPORT 

The summarised results of the half year to 30th September 2002, which are unaudited, have been prepared in accordance
with the accounting policies in the Accounts for the period ended 31st March 2002.

The results for the first half of the 2002/03 financial year have not been audited. The summary of results for the
year ended 31st March 2002 does not constitute full financial statements within the meaning of Section 240 of the
Companies Act 1985. The full financial statements for that year have been reported on by the company's auditors and
delivered to the Registrar of Companies. The audit report was unqualified and did not contain a statement under
Section 237 (2) or Section 237 (3) of the Companies Act 1985.

The directors have declared an interim dividend of 1.15p per share (2001: 1.03p), payable on 7th April 2003 to
shareholders on the register on 14th March 2003.

Following the bonus issue and share split in October, there are now 25,763,952 issued ordinary shares. As a result,
all references to shares in issue and per share information have been adjusted to reflect this.

The calculation of basic earnings per ordinary share is based on the profit for the period and 25,683,630 ordinary
shares (2001: 21,499,320) being the weighted average number of shares in issue during the half year. The weighted
average number of shares in issue during the year ended 31st March 2002 was 21,751,194.

The audited accounts of the Company for the year ended 31 March 2002 restated the basis of the tax effect of the
exceptional item on which the calculation of adjusted earnings per share prior to goodwill amortisation and
exceptional item was made. As a result the Company has restated the earnings per share prior to goodwill amortisation
and exceptional item for the six months ended 30 September 2001 to reflect the adjustment in the audited accounts. 

The interim report was issued to the Stock Exchange and the press on 3rd December 2002 and will be posted to
shareholders. Further copies of the interim report are available at the Company's Registered Office.




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