Interim Results

Heath(Samuel) & Sons PLC
6 December 2001

SAMUEL HEATH & SONS PLC

INTERIM STATEMENT

CHAIRMAN'S STATEMENT

As I predicted in the statement accompanying the annual results, it has not
been possible to keep up with last year's figures in the first six months'
trading period. They are nevertheless I believe satisfactory in the current
business climate.


It is fashionable to blame everything to do with commerce on the dreadful
events of September 11th. However, since we do not supply trades directly
affected by this catastrophe, we have not yet felt any immediate impact but
have rather suffered from the general down-turn in most, but not all, of our
markets.


We are therefore treating the balance of this year with even more caution than
usual, although the first two months of the period are again up to budget.
However, as can be seen from the half-year, we are going to find it difficult
to achieve last year's result.


The results of the group for the half year ended 30th September 2001 which
have been neither audited nor reviewed by our external auditors were as
follows:-

                                         Half-year     Half-year          Year
                                        ended 30th    ended 30th    ended 31st
                                         September     September         March
                                              2001          2000          2001
                                            £000's        £000's        £000's

TURNOVER
Export                                       2,288         2,030         4,459
Home                                         4,093         3,673         7,420
                                            ------        ------      --------
                                             6,381         5,703        11,879
                                              ====          ====         =====

GROUP PROFIT before taxation                   548           595         1,166
Deduct: Estimated corporation tax              164           179          2,64
                                              ----          ----        ------

GROUP PROFIT after taxation                    384           416           902
Deduct: Dividends 5.0 pence per share          133           135           320
(2000 : 5.0 pence)                            ----          ----          ----
                                               251           281           582
                                              ====          ====          ====
* EARNINGS per 10p SHARE (in pence)          14.4p         15.4p         33.5p
 
                                             ====          ====          ====

RECONCILIATION OF MOVEMENTS IN SHAREHOLDER'S FUNDS

Profit for the Period                           384           416           902
Dividends                                     (133)         (135)         (320)
Purchase of Own Shares                         (64)             -          (49)
                                            -------       -------       -------
                                                187           281           533
Opening Shareholders' Funds                   6,316         5,783         5,783
                                            -------       -------       -------
Closing Shareholders' Funds                   6,503         6,064         6,316
                                              =====          ====          ====


        *     Earnings per share are based upon 2,659,242 ordinary shares
        being the average number of ordinary shares in issue during this half
        year (2000 : £416,000 related to 2,700,212 ordinary shares).


An interim dividend of 5.0 pence per share is proposed and will be payable on
29th March 2002 with a record date of 1st March 2002.


GROUP BALANCE SHEET
                                                   Unaudited            Audited
                                        at 30 September 2001   At 31 March 2001
                                                      £000's             £000's

Tangible Fixed Assets                                  2,797              2,634

Current Assets                                         5,967              6,049
Creditors                                            (1,971)            (2,085)
                                                     -------            -------
Net Current Assets                                     3,996              3,964
                                                        ====              =====

Total Assets Less Current Liabilities                  6,793              6,598
Provision for Liabilities and Charges                  (290)              (282)
                                                      ------             ------
                                                       6,503              6,316
                                                        ====               ====

CAPITAL AND RESERVES
Called Up Share Capital                                  265                268
Other Reserves                                         6,238              6,048
                                                      ------             ------
                                                       6,503              6,316
                                                        ====              =====

The results for the year ended 31st March 2001 are an abridged version of the
group's full accounts for that year which received an unqualified auditors'
report and have been filed with the Registrar of Companies.


A copy of this announcement will be sent to all ordinary Shareholders. Further
copies are available to members of the public from the Company's registered
office.


The interim financial statements have been prepared in accordance with
applicable accounting standards. The accounting policies are those set out in
the Annual Report and Accounts for the year ended 31st March 2001.


On behalf of the Board


S.B. Heath

Chairman