Final Results

Heath(Samuel) & Sons PLC
4 July 2002

Samuel Heath & Sons PLC

Preliminary Results for the year ended 31 March 2002

CHAIRMAN'S STATEMENT

We had a very successful second six months and the profit for the year ending
March 31st 2002 was £1,252,000, a significant increase over budget.  This was
achieved in far from ideal circumstances, and is a credit to all concerned.  We
managed to maintain or increase our market share in most of the areas in which
we operate.

We continue to be interested in buying companies in similar fields to ourselves.
We have had a look at a number in the last year, but none have proved
attractive.

It may be of interest to shareholders to know that over the last three years, we
have spent in excess of £1,000,000 on new plant and equipment.  The factory
looks very different than it did a few years ago.  We continue to re-equip and
have sufficient funds available to do so.

The Group continues to have a strong balance sheet, and your Directors believe
that a purchase of the Company's shares at the right price level could benefit
the Company, and thereby its shareholders.  Accordingly, your Directors are
seeking your approval for the purchase of up to 15% of the issued share capital,
397,906 shares, between Annual General Meetings.


During the last year the Company bought back 25,000 shares.

Now we have to look at the current year.  I may be accused of being
over-cautious in previous years, but we have to look at business prospects as we
see them.  Our budget shows that we will not make the same profit, and in fact
it is likely to be down considerably.  I also have to report that we have not
been reaching this budget in the first three months' trading.  At the present
time, there is no sign of an uplift.

As a footnote to these accounts, you will see our situation with regard to
disclosures under the FRS17 accounting directive for our final salary pension
schemes.  While all the rest of the accounts show a long term balanced picture
of the Company, this shows a snap shot of where these schemes are at one date in
time. We are in our current position, we understand, for various reasons,
including the recent indifferent performance of those insurers operating our
schemes, the plundering of all pension schemes by the government, and because we
have not had wholesale 'reorganisations' of our Company, with the accompanying
redundancies, and hence many deferred pensions.  Rather we have been rewarding
our successful staff at all levels of the Company, above the forecast rates for
the schemes, for producing such satisfactory trading results.  You will remember
that both these schemes have been closed to new entrants since November 2000.

Even as I write this, full implementation of FRS17 has been postponed, and it
appears likely that the eventual way pension disclosures are dealt with, will be
the one decided by the International Accountancy Standards Board.

Your Board is recommending a final dividend of 8 pence per share, making a total
of 13 pence for the year, as against 12 pence last time.


Profit and Loss Account
                                                          2002                            2001
                                                          -----                           ------
                                                  £'000               £'000             £'000      £'000

TURNOVER                                                             12,832                       11,879
                                                                      =====                        =====

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION                                                       1,252                        1,166

TAXATION
  Corporation Tax based thereon                     315                                   255
  Deferred Taxation                                (61)                 254                 9        264
                                                  -----            --------             -----    -------

PROFIT FOR THE FINANCIAL YEAR                                           998                          902

DIVIDENDS

  Interim                                           133                                   134
  Final                                             212                 345               186        320

ADDED TO RESERVES                                                       653                          582
                                                                        ===                          ===

DIVIDEND PER SHARE                                               13.0 pence                   12.0 pence

EARNINGS PER SHARE                                               37.6 pence                   33.5 pence



Notes



1.    Earnings per share are derived from the profit after taxation, £998,000
(2001 : £902,000) related to 2,655,917 Ordinary Shares, being the average number
in issue during the financial year (2001 : 2,693,061).

2.    The Annual General Meeting has been fixed for Friday 23rd August 2002 at
12.00 noon.  The Final Ordinary Share dividend of 8.0 pence will be declared
payable on Friday 23rd August 2002 and the record date for this dividend is
Friday 26th July 2002.




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