Final Results

Heath(Samuel) & Sons PLC
03 July 2003

SAMUEL HEATH & SONS PLC

PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2003

CHAIRMAN'S STATEMENT

Once we had realised, during the first six months of the year, that trading was
going to be even tougher than we had anticipated, measures were taken to cut
back.  This produced finally a very creditable profit of £1,062,000 for the full
year.  It is an interesting feature of our type of business that you can supply
a non-budgeted upturn from stock, but there is no such easy remedy for a
downturn.

At the end of the year, purely for personal reasons, Mr. David Legge resigned
from the Board.  His contribution, both as Director and Consultant, has been
immense.  Anyone, however untechnical, would only have to glance at the factory
now, as against when he first came in to advise us, to see an enormous
difference.  I would like to thank him for all the hard work.  It was not just
what he did, but the way that he did it.

It is only correct and sensible that the person chosen to replace him is the
person with whom he worked hand-in-hand on all the changes and updating, our
Manufacturing Director, Neil Bosworth.  This takes the balance of our Board into
'incorrect territory' with regard to the balance of Executive and non-Executive
Directors, according to the Higgs Report.  No doubt I will be referring to this
document endlessly in the future.  Let me just say at this stage that Sir Adrian
Cadbury was a Midlands manufacturer -  and it showed.

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,
382,023 shares, between Annual General Meetings.

During the last year the Company bought back 101,644 shares.

Now I will try to talk of this year's prospects.  It seems that every year, when
I write this, business is depressed.  This is not a seasonal factor.  If it was,
we would allow for it in our budget.  Spring and summer should be an excellent
time to sell our products all over the world, but in most markets, including the
U.K., things are far from easy at the moment.  Although we are always striving
to increase efficiency, further cutbacks in our size would seriously damage our
infrastructure.  I am therefore very cautious.

Your Board is recommending a final dividend of 8.5 pence per share, making a
total of 13.5 pence for the year, as against 13 pence last time.   However, you
will see that because of our share buyback programme, the actual amount paid in
dividend has not increased.



Sam Heath
Chairman


PROFIT & LOSS ACCOUNT
                                                             2003                       2002
                                                     £'000         £'000        £'000         £'000

Turnover                                                          12,738                     12,832

                                                                  ======                     ======
Profit on ordinary activities before
taxation                                                           1,062                      1,252

Taxation

     Corporation Tax based thereon                     260                        315
     Deferred Taxation                                (25)           235         (61)           254
                                                   -------       -------      -------       -------

Profit For The Financial Year                                        827                        998


Dividends

     Interim                                           128                        133
     Final                                             216           344          212           345
                                                   -------       -------      -------       -------
Added to Reserves                                                    483                        653
                                                                  ======                     ======
Dividend per share                                           13.5  pence                 13.0 pence

Earnings per share                                            31.5 pence                 37.6 pence




Notes:



1. Earnings per share are derived from the profit after taxation, £827,000 (2002
   : £998,000) related to 2,624,904 Ordinary Shares, being the average number
   in issue during the financial year (2002 : 2,655,917).



2. The Annual General Meeting has been fixed for Friday 8th August 2003 at 12.00
   noon.  The Final Ordinary Share dividend of 8.5 pence will be declared
   payable on Friday 8th  August 2003 and the record date for this dividend is
   Friday 18th July 2003.



END




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