Interim Results

Heath(Samuel) & Sons PLC
06 December 2004


                             Samuel Heath & Sons plc


                                 Interim Report
                  for the half year ended 30th September 2004.



                                                               6th December 2004

CHAIRMAN'S STATEMENT.

As forecast clearly in my Annual Statement, the profit for the first six months'
trading to September 30th was down on last year, at £301,000.

During this trading period, steps were taken to cut our costs at all levels of
the Company, but it has to be said that some of these savings will not come
through to the bottom line for some time.

Business has been better than forecast over the last two months, but we are now
left with the last four, which have always appeared as the problem ones within
our budget.

We have recently launched a number of new products, amongst them the Perko -
Powermatic(R) door closer, which was the result of many years' research and
development.

However, we remain very cautious, and we have little doubt that we will not
reach last year's annual profit.



                         GROUP PROFIT AND LOSS ACCOUNT

The results of the group for the half year ended 30th September 2004 which have
been neither audited nor reviewed by our external auditors were as follows :-


                                      Half-year        Half-year          Year
                                     ended 30th       ended 30th         Ended
                                      September        September    31st March
                                           2004             2003          2004
                                         £000's           £000's        £000's

TURNOVER                                  5,752            5,919        12,131
                                          =====            =====        ======

GROUP PROFIT before taxation                301              340           852
Deduct : Estimated corporation tax           80              102           139
                                          -----            -----        ------

GROUP PROFIT after taxation                 221              238           713
Deduct : Dividends 5.0 pence per share      127              127           344
                                          -----            -----        ------ 
(2003: 5.0 pence)                            94              111           369
                                          =====            =====        ====== 

* EARNINGS per 10p SHARE (in pence)         8.7p             9.3p         28.0p
                                          =====            =====        ======






              RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

Profit for the Period                221              238                  713
Dividends                           (127)            (127)                (344)
Purchase of Own Shares                 -              (13)                 (13)
                                   -----            -----                -----
                                      94               98                  356
Opening Shareholders' Funds        7,317            6,961                6,961
                                   -----            -----                -----
Closing Shareholders' Funds        7,411            7,059                7,317
                                   =====            =====                =====

* Earnings per share are based upon 2,546,818 ordinary shares, being the average
number of ordinary shares in issue during this half year (2003: £238,000 related
to 2,547,166 ordinary shares).

An interim dividend of 5.0 pence per share is proposed and will be payable on
31st March 2005 with a record date of 4th March 2005.



                              GROUP BALANCE SHEET



                                             30.9.04                   31.3.04
                                              £000's                   £000's

Tangible Fixed Assets                          2,900                     2,954
                                              ======                    ======
Current Assets                                 6,513                     6,383
Creditors                                     (1,612)                   (1,630)
                                              ------                    ------
Net Current Assets                             4,901                     4,753
                                              ======                    ======

Total Assets Less Current                      7,801                     7,707
Liabilities
Provision for Liabilities and Charges           (390)                     (390)
                                              ------                     -----
                                               7,411                     7,317
                                              ======                     =====
CAPITAL AND RESERVES
Called up Share Capital                          255                       255
Other Reserves                                 7,156                     7,062
                                              ------                     -----
                                               7,411                     7,317
                                              ======                     =====




                           GROUP CASH FLOW STATEMENT

                                   Half-year ended              Year ended
                                 30th September 2004         31st March 2004
                                 £000's       £000's       £000's       £000's

Operating profit                                 257                       792
Depreciation charges
and loss/surplus on disposals                    220                       447
Pension scheme charge                              6                        12
Decrease in stocks                               190                       124
Decrease/(increase) in debtors                    90                      (131)
Decrease in creditors                             (9)                     (373)
                                               -----                     -----
Net cash inflow from operating
activities                                       754                       871

Returns on investments and
servicing of finance                 
Interest received                    44                        60
                                   ----                      ----

Net cash inflow from returns
on investments and servicing
of finance                                        44                        60

Taxation
U.K. Corporation Tax paid                          -                      (204)

Capital expenditure
Purchase of tangible fixed assets  (191)                     (407)
Sale of tangible fixed assets        25                        75
                                   ----                      ----

Net cash outflow for capital
expenditure                                     (166)                     (332)

Management of liquid resources
Increase in short-term deposits                 (256)                     (297)

Financing
Purchase of own
shares                                -                       (13)

Net cash outflow for financing                     -                       (13)

Equity dividends paid                           (216)                     (344)
                                               -----                     -----

Increase/(decrease) in cash                      160                      (259)
                                               =====                     =====

Analysis of net funds

                     At 31st      Cash      At 31st     Cash       At 30th
                    March 2003    Flow    March 2004    Flow    September 2004
                      £000's     £000's     £000's     £000's       £000's

Bank balances             52      (259)       (207)       160          (47)
Short-term deposits    2,001       297       2,298        256        2,554
                       -----     -----       -----      -----       ------
Cash at bank per
balance sheet          2,053        38       2,091        416        2,507
                       =====     =====       =====      =====       ======






The results for the year ended 31st March 2004 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 2004.

On behalf of the Board

S.B. Heath

Chairman.




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