Interim Results

Heath(Samuel) & Sons PLC
08 December 2003



SAMUEL HEATH & SONS PLC

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2003

CHAIRMAN'S STATEMENT.



As I warned in July in my Annual Statement, we were budgeting for a decrease in
profit for the six months' trading ending September 30th.  In the event, at
£340,000, we did not quite achieve  this  budgeted  figure  on  sales  of
£5,919,000,  down from £6,315,000 last time.



Since then, we have experienced a slightly better October and a worse  November.
  However, I feel I must warn that last year's annual result was brought about
by quite exceptional early spring sales, and there is absolutely no guarantee
that we can repeat that particular performance.



We are finding difficult business conditions in all our main markets, but we
still remain profitable.



The results of the group for the half year ended 30th September 2003 which have
been neither audited nor reviewed by our external auditors were as follows:



GROUP PROFIT & LOSS ACCOUNT


                                                                Half-year                  Year                  Year
                                                                    ended                 Ended                 Ended
                                                             30 September              31 March              31 March
                                                                     2003                  2003                  2003
                                                                    £'000                 £'000                 £'000

TURNOVER                                                            5,919                 6,315                12,738
                                                                    =====                 =====                 =====

GROUP PROFIT before taxation                                          340                   391                 1,062
Deduct: Estimated corporation tax                                     102                   117                   235
                                                                 --------              --------              --------

GROUP PROFIT after taxation                                           238                   274                   827
Deduct: Dividends 5.0 pence per share                                 127                   131                   344
                                                                 --------              --------              --------
                    (2002: 5.0 pence)                                 111                   143                   483
                                                                    =====                 =====                 =====

* EARNINGS per 10p SHARE (in pence)                                  9.3p                 10.3p                 31.5p
                                                                    =====                 =====                 =====




RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS.



Profit for Period                                                   238                274                827
Dividends                                                         (127)              (131)              (344)
Purchase of Own Shares                                             (13)               (70)              (311)
                                                               --------           --------           --------
                                                                     98                 73                172
Opening Shareholders' Funds                                       6,961             6,789,              6,789
                                                               --------           --------           --------
                                                                  7,059              6,862              6,961
                                                                  =====              =====              =====




*  Earnings per share are based upon 2,547,166 ordinary shares, being the
average number of    ordinary shares in issue during this half year (2002:
£274,000 related to 2,650,416 ordinary shares).



An interim dividend of 5.0 pence per share is proposed and will be payable on
31st March 2004 with a record date of 27th February 2004.



GROUP BALANCE SHEET


                                                                     Unaudited at                   At
                                                                     30 September             31 March
                                                                             2003                 2003
                                                                            £'000                £'000

Tangible Fixed Assets                                                       3,111                3,069
                                                                            =====                =====
Current Assets                                                              6,266                6,350
Creditors                                                                 (1,915)              (2,052)
                                                                         --------             --------
Net Current Assets                                                          4,351                4,298


Total Assets Less Current Liabilities                                       7,462                7,367
Provision for Liabilities and Charges                                       (403)                (406)
                                                                         --------             --------
                                                                            7,059                6,691
                                                                            =====                =====
CAPITAL AND RESERVES
      Called up Share Capital                                                 255                  255
      Other Reserves                                                        6,804                6,706
                                                                         --------             --------
                                                                            7,059                6,961
                                                                            =====                =====




The results for the year ended 31st March 2003 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 applied are those set
out in the Annual Report and Accounts for the year ended 31st March 2003.



On behalf of the Board

S B Heath

Chairman





END




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