Final Results

Caldwell Investments PLC
26 April 2002



CHAIRMAN'S STATEMENT

for the year ended 31 December 2001


Second half profits helped to produce an operating profit for the year of
£51,741 (2000: loss £273,017).   The final result of a reduced loss for the year
of £65,566 (2000: £676,373) before tax reflected the positive action taken over
the last few years.



UNDERWEAR BUSINESS

Germany:

Despite another year of difficult trading conditions in Germany, our subsidiary
managed a further  year of positive contribution to the Group's results.

United Kingdom:

This business continued to improve and contributed to the Group's second half
profits.

Both businesses have sound and competent management and we look forward to
future progress.



NINACLIP

Ninaclip parasols enjoyed a year of increased turnover, with a sales improvement
of about 19%.   We hope for a further growth in turnover in the current year.

Unfortunately, Ninaclip profitability at the beginning of the year was held back
by the rump of the problems we had a year earlier with our previous Taiwanese
sub-contractor.

Those problems are now behind us and we look forward to a profitable 2002.


REVIEW

In my half year statement last year, I expressed the belief that we would make a
small pre-tax profit in the year under review.   Unfortunately, that hope was
not realised, essentially due to more difficult trading conditions than
anticipated.

The capital reconstruction enabling the company to pay future dividends and
purchase its own shares, which I mentioned in my circular to shareholders of the
7th September 2001 was successfully completed in December.


PROSPECTS

Following three years of consolidation and the undoubted success of the Ninaclip
parasol, we have decided to re-visit some of the other Ninaclip developments
that we had put on hold.   We hope to be able to make a further announcement
regarding the first new product in the autumn.

With a strong balance sheet, good liquidity, excellent products, quality
customer base,  and the reinstatement of our development programme for new
Ninaclip products, we feel quietly confident for 2002.


GENERAL

2001 was the third year of continued progress and consolidation.   I would like
to thank my colleagues and all Caldwell employees, without whom these
achievements would not have been possible.


CALDWELL INVESTMENTS P.L.C.

CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2001


                                                                           Total             Total
                                                                           2001              2000

                                                                                £                 £
Turnover

- continuing operations                                                 6,235,894         6,959,989

- discontinued                                                                  0            15,141


                                                                        6,235,894         6,975,130

Cost of sales                                                           (4,975,578)       (5,966,953)



Gross Profit                                                            1,260,316         1,008,177

Distribution costs                                                      (143,442)          (154,979)



Administrative  expenses before exceptional items                       (1,129,360)      (1,327,615)

Exceptional items                                                                0          134,400



Total administrative expenses                                           (1,129,360)       (1,193,215)

Other operating income                                                      64,227            67,000



Operating profit/(loss)

- continuing operations                                                     51,741          (217,240)

- discontinued operations                                                        0          (55,777)

                                                                            51,741          (273,017)

Share of associates' operating loss                                              0            (2,859)

Loss on disposal of fixed assets                                                 0          (181,599)

Net interest payable                                                      (117,307)         (218,898)



Loss on ordinary activities before taxation                                (65,566)          (676,373)

Tax on loss on ordinary activities                                         (29,871)           (12,365)



Loss on ordinary activities after taxation                                 (95,437)          (688,738)

Equity minority interest                                                         0             (3,279)



Loss for the financial year                                                (95,437)          (692,017)

Equity dividends paid and proposed                                               0                  0



Retained loss for the financial year                                       (95,437)          (692,017)
                                                                         


Loss per share

Basic                                                                        (0.69)p           (5.02)p




CALDWELL INVESTMENTS P.L.C.


CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2001




                                                              GROUP                  COMPANY
                                                           2001          2000          2001        2000
                                                              £             £             £           £
Fixed assets

Intangible assets                                       309,011       344,642             0           0

Tangible assets                                         306,542       323,828        25,553           0

Investments                                                   0             0     2,382,906   2,445,407

                                                        615,553       668,470     2,408,459   2,445,407



Current assets

Stocks                                                1,513,266     1,802,676             0           0

Debtors                                               1,375,164       945,531       512,630     425,432

Cash at bank and in hand                                316,248       425,556            41      12,052

                                                      3,204,678     3,173,763       512,671     437,484



Creditors: amounts falling due within one year       (1,920,754)   (1,720,861)     (172,061)   (103,475)


Net current assets                                    1,283,924     1,452,902       340,610     334,009



Total assets less current liabilities                 1,899,477     2,121,372             0           0



Creditors: amounts falling due after more than
one year                                              (120,000)     (240,000)             0           0


Provisions for liabilities and charges                  (9,574)      (14,198)             0           0



Net assets                                            1,769,903     1,867,174     2,749,069   2,779,416





Capital and reserves

Called up share capital                               1,378,750     1,378,750     1,378,750   1,378,750

Share premium account                                 1,239,255     1,620,302     1,239,255   1,620,302

Capital redemption reserve                               27,000        27,000        27,000      27,000

Profit and loss account                               (875,102)   (1,158,878)       104,064   (246,636)

Equity shareholders' funds                            1,769,903     1,867,174     2,749,069   2,779,416




CALDWELL INVESTMENTS P.L.C.

CONSOLIDATED CASH FLOW STATEMENT AT 31 DECEMBER 2001





                                                                              2001            2000
                                                                                 £               £

Net cash inflow/(outflow) from operating activities                        371,418       (345,639)

Returns on investments and servicing of finance
Interest received                                                            5,746          27,609
Interest paid                                                             (123,053)       (246,507)

Net cash outflow                                                          (117,307)       (218,898)

Taxation
Tax paid                                                                   (24,237)        (51,420)


Capital expenditure and financial investment
Purchase of intangible fixed assets                                        (8,542)        (37,518)
Purchase of tangible fixed assets                                         (41,748)        (92,185)
Purchase of minority interest                                                   0         (37,500)
Receipt from sale of fixed assets                                               2         775,180

                                                                          (50,288)        607,977

Net cash inflow/(outflow) before financing                                179,586         (7,980)

Financing
Repayment of other loans                                                 (120,000)       (657,744)
Capital element of finance lease payments                                  (3,166)        (28,157)

                                                                         (123,166)       (685,901)

Increase/(decrease) in cash in the year                                     56,420       (693,881)




BASIS OF PREPARATION



The financial information set out above does not constitute the company's
statutory accounts for the years ended 31 December 2001 or 2000, but is derived
from those accounts.   Statutory accounts for 2000 have been delivered to the
Registrar of Companies and those for 2001 will be delivered following the
company's Annual General Meeting.   The Auditors have reported on these
accounts; their reports were unqualified and did not contain statements under
s.237(2) or (3) of the Companies Act 1981.



LOSS PER SHARE



The calculation of basis loss per share is based on earnings attributable to
ordinary shareholders divided by the weighted average number of shares in issue
during the year.   Options are anti-dilutive.



ANNUAL REPORT



The annual report will be mailed to shareholders on or around 7 May 2002.
Copies will be available after that date from:  The Secretary, Caldwell
Investments P.L.C., 647 Roundhay Road, Leeds, West Yorkshire LS8   4BA.



ANNUAL GENERAL MEETING



The Annual General Meeting will be held at the registered office, 647 Roundhay
Road, Leeds, West Yorkshire, LS8  4BA on Friday 28 June 2002 at 9 a.m.


26.04.02

sjw/gh/cah


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