Final Results

Holders Technology PLC
26 February 2002



                              Holders Technology plc


Providers of specialised materials, equipment and services for the electronics
and telecommunications industries.


                           Year ended 30 November 2001

In the year to 30 November 2001, turnover decreased by 11% to £11.8m (2000:
£13.3m).  Pre-tax profits amounted to £0.3m (2000: £0.9m).  Earnings per share
were 6.22p (2000 15.00p).  Your directors are recommending a final dividend of
2.50p (2000: 5.50p), which will be payable on 21 May 2002 to shareholders on the
register at the close of business on 26 April 2002.  A more detailed analysis of
the year is contained within the Operating and Financial Review.

In the chairman's statement accompanying the interim results I commented on the
very significant decline in business levels, particularly in the
telecommunications sector, which occurred in the second quarter of the year.  I
also stated that whilst the reduction in activity had levelled off, it was too
early to predict when recovery would occur.  In the event the subdued level of
demand in all of our geographical markets continued throughout the balance of
the year.

The speed of the downturn in demand led to a position at the interim stage where
the group was overstocked in relation to this reduced demand.  Borrowings were
at an historically high level.  During the second half of the year we have, in
all of our European subsidiary companies, concentrated on maintaining market
share with our customers whilst seeking, with assistance from certain key
suppliers, to mitigate the consequent pressure on margins.  The benefit of this
policy can be seen in the reduction in net debt from £0.9m at the half year to
nil at 30 November 2001.

A further factor which adversely affected the results of our distribution
activities for the year was the impact of bad debts of £0.1m; principally these
related to the demise of Via Systems and Signum in the UK.  Since the year end
both of these businesses have resumed trading with us having been acquired by
new owners.  Justfone, our 81% owned subsidiary, contributed modestly to
revenues towards the end of the year but recorded a pre tax loss of £0.2m.

In the light of the much reduced profit earned in the year and in order to avoid
an uncovered dividend, we are recommending a final dividend of 2.50p per share
making a total dividend of 4.50p for the year to 30 November 2001.


The current year

Whilst the overall tenor of this statement is necessarily cautious there are a
number of specialist areas where we are experiencing growth.  However the first
half sales performance of the group in the current year is likely to be at a
similar level to that which we experienced in the second half of last year.  We
will continue closely to monitor Justfone; as yet it is too early to judge the
extent to which it will be able successfully to build on its recently
established market positions and move towards profitability.

The position for the second half of the year will, in large part, depend on the
extent to which the larger customers in the markets which we serve experience an
upturn in demand for their products.  Given the strength of our product range
and our successful retention of market share the short lead times in this market
will lead to any such pick up in demand being quickly reflected positively in
our trading.

Our strong balance sheet will enable us to seize any suitable acquisition
opportunity which may arise.

We have further progressed our plans to extend our geographical coverage to the
Far East.  We hope to be able to announce full details of these arrangements in
due course.

In summary while the markets which we supply are likely to take some time fully
to recover our strong financial position and strict control of costs will, we
believe, leave us much better placed than our competitors to benefit when the
cycle turns and demand recovers.


R W Weinreich
Chairman and Chief Executive


25 February 2002


CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the year ended 30 November 2001


                                                                               Audited year         Audited year
                                                                                      ended                ended
                                                               Note                30/11/01             30/11/00
                                                                                      £'000                £'000

Turnover - continuing operations                                                     11,780               13,256
Cost of sales                                                                       (8,914)              (9,790)

Gross profit                                                                          2,866                3,466
Distribution costs                                                                    (165)                (178)
Administrative expenses                                                             (2,280)              (2,255)
Research and development expenses                                                      (87)                 (58)
Other operating income                                                                   32                   21

Operating profit - continuing operations                                                366                  996
Interest receivable                                                                       4                   14
Interest payable and similar charges                                                   (52)                (145)

Profit on ordinary activities before taxation                                           318                  865
Tax on profit on ordinary activities                            1                      (95)                (275)

Profit on ordinary activities after taxation                                            223                  590
Minority interests - equity                                                              28                   15

Profit for the financial year                                                           251                  605

Dividends (all equity)                                          2                     (182)                (303)

Retained profit for the year                                                             69                  302

Earnings per share - basic and diluted                          3                     6.22p               15.00p




CONSOLIDATED BALANCE SHEET
at 30 November 2001
                                                                                 Audited year        Audited year
                                                                                        ended               ended
                                                                                     30/11/01            30/11/00
                                                                                        £'000               £'000
Fixed assets
Tangible assets                                                                         1,103               1,222

Current assets
Stocks                                                                                  2,367               2,533
Debtors                                                                                 2,280               3,051
Cash at bank and in hand                                                                  294                 387


                                                                                        4,941               5,971
Creditors: Amounts falling due within one year                                        (1,578)             (2,763)


Net current assets                                                                      3,363               3,208


Total assets less current liabilities                                                   4,466               4,430

Creditors: Amounts falling due after one year                                           (107)                (60)

Provision for liabilities and charges                                                    (80)                (98)


                                                                                        4,279               4,272

Capital and reserves
Called up share capital                                                                   403                 403
Share premium account                                                                   1,486               1,486
Capital redemption reserve                                                                  1                   1
Profit and loss account                                                                 2,430               2,395


Equity shareholders' funds                                                              4,320               4,285

Minority interests - equity                                                              (41)                (13)


                                                                                        4,279               4,272


CONSOLIDATED CASH FLOW STATEMENT
for the year ended 30 November 2001


                                                                                 Audited year         Audited year
                                                                                        ended                ended
                                                                                     30/11/01             30/11/00
                                                                                         2001                 2000
                                                                                        £'000                £'000

Net cash inflow from operating activities                                                 585                  394

Returns on investment and servicing of finance
Interest received                                                                           4                   14
Interest paid                                                                            (42)                 (53)
Finance lease interest                                                                   (10)                  (4)

Net cash inflow from returns on investment and
servicing of finance                                                                     (48)                 (43)

Taxation
Corporation tax paid                                                                    (239)                (198)

Capital expenditure
Payments to acquire tangible fixed assets                                                (31)                (123)
Receipts from sales of tangible fixed assets                                               29                   35


                                                                                          (2)                 (88)


Equity dividends paid                                                                   (303)                (293)


Cashflow before financing                                                                 (7)                (228)



Financing
Capital element of finance leases                                                        (35)                 (13)


                                                                                         (35)                 (13)


Decrease in cash                                                                         (42)                (241)


Notes


1.       Taxation comprises United Kingdom corporation tax of £21,000 (2000:
£36,000), foreign tax of £88,000 (2000: £226,000) and deferred taxation of £
(14,000) (2000: £13,000).

2.       The directors have recommended a final dividend of 2.5p (2000: 5.5p)
per share payable on 21 May 2002 to shareholders on the register at close of
business on 26 April 2002.  The total dividend for the year, including the
interim dividend of 2.0p (2000: 2.0p) per share paid on 14 September 2001,
amounts to £182,000 (2000: £303,000), which is equivalent to 4.5p (2000: 7.5p)
per share.

3.       The basic and diluted earnings per share are based on the profit for
the financial year of £251,000 (2000: £605,000) and on 4,034,498 ordinary shares
(2000: 4,034,498 ordinary shares), the weighted average number of shares in
issue during the year.

4.       This preliminary statement which has been approved by the Board on 25
February 2002 is not the Company's statutory accounts.  The statutory accounts
for each of the two years to 30 November 2000 and 30 November 2001 received
audit reports, which were unqualified and did not contain statements under
section 237 (2) or (3) of the Companies Act 1985.  The 2000 accounts have been
filed with the Registrar of Companies but the 2001 accounts are not yet filed.


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