Final Results

Caldwell Investments PLC
25 April 2003


                              Chairman's statement


Positive action taken over the last few years has finally started to show
through. The result for the year is a small pre-tax profit of £72,084 (2001:
loss £65,566).

UNDERWEAR BUSINESSES.

Germany

Despite continuing difficult trading conditions in Germany our Nissel subsidiary
managed a further year of improvement and once again made a positive
contribution to the Group's result.

United Kingdom

Underwear in the UK continues to be a highly competitive activity. We have
therefore taken the decision to focus totally on the importing side of our
business. Regrettably, this will lead to the closure of our manufacturing
activity in Bolton at the end of June 2003. Following the closure, we intend to
relocate to premises more appropriate to an importing, sales and distribution
business. There will be some small redundancy and relocation costs. The above
action will strengthen our business and enable us to give more competitive
prices to our customers.


NINACLIP

Parasols

The 2002 summer season turned out to be less buoyant than we had hoped. A wet
summer throughout Europe affected our sales. However, the Ninaclip parasols made
a positive contribution to Group profits.

Sun canopies

Since the successful showing of the NinaSun suncanopy at the SPOGA show in
Cologne, much time, effort and money has been spent on it's development.

We hope to commence commercial trials at the end of June 2003 and subject to
these being successful, delivery to customers will start November/December 2003.

REVIEW

2002 was a further year of improvement. Germany did well, especially against an
exceptionally poor economic background.

The underwear business in the UK was stable and Nina Parasols had a profitable,
if a somewhat disappointing year.

The NinaSun canopy project is progressing well but is taking longer than we had
hoped, postponing the time when we will reap the benefits of the time, effort
and money invested.

PROSPECTS

The traditional activities of the Group produced a small pre-tax profit in 2002,
and we hope to improve on this performance in the coming year.

The NinaSun canopy will not make any material contribution to Group profits in
2003, but we are hoping for a significant contribution in 2004.

With highly competent executives, motivated employees, excellent products,
quality customer base and strong balance sheet, we look forward to 2003 with
quiet confidence.

GENERAL

2002 was the fourth year of continued progress. I would like to thank my
colleagues and all Caldwell employees, without whom these achievements would not
have been possible.

                                                                   S.J. Wootliff
                                                                 25th April 2003


CALDWELL INVESTMENTS P.L.C.

CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2002
                                                                                       2002              2001
                                                                                          £                 £
Turnover
- continuing operations                                                           7,315,792         6,235,894

Cost of sales                                                                   (5,957,712)       (4,975,578)

Gross Profit                                                                      1,358,080         1,260,316

Distribution costs                                                                (154,293)         (143,442)
Administrative expenses                                                         (1,105,707)       (1,129,360)
Other operating income                                                               52,141            64,227

Operating profit - continuing operations                                            150,221            51,741

Net interest payable                                                               (78,137)         (117,307)

Profit/(loss) on ordinary activities before taxation                                 72,084          (65,566)
Tax on profit/(loss) on ordinary activities                                        (62,673)          (29,871)

Profit/(loss) for the financial year                                                  9,411          (95,437)
Equity dividends paid and proposed                                                        0                 0

Retained Profit/(loss) for the financial year                                         9,411          (95,437)

Earnings/(loss) per share
Basic                                                                                 0.07p           (0.69)p
Diluted                                                                               0.06p                 0



CALDWELL INVESTMENTS P.L.C.

CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2002
GROUP COMPANY
                                                             2002            2001           2002            2001
                                                                £               £              £               £
Fixed assets
Intangible assets                                         288,896         309,011              0               0
Tangible assets                                           300,884         306,542         22,506          25,553
Investments                                                     0               0      2,382,906       2,382,906
                                                          589,780         615,553      2,405,412       2,408,459

Current assets
Stocks                                                  1,450,489       1,513,266              0               0
Debtors falling due within 1 year                       1,553,538       1,375,164        889,511         512,630
Cash at bank and in hand                                  554,577         316,248              0              41
                                                        3,558,604       3,204,678        889,511         512,671

Creditors: amounts falling due within one year        (2,232,556)     (1,920,754)      (346,715)       (172,061)
                                                   

Net current assets                                      1,326,048       1,283,924        542,796         340,610

Total assets less current liabilities                   1,915,828       1,899,477      2,984,208       2,749,069

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

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

Net assets                                              1,915,828       1,769,903      2,948,208       2,749,069


Capital and reserves
Called up share capital                                 1,508,750       1,378,750      1,508,750       1,378,750
Share premium account                                   1,239,255       1,239,255      1,239,255       1,239,255
Capital redemption reserve                                 27,000          27,000         27,000          27,000
Profit and loss account                                 (859,177)       (875,102)        173,203         104,064
Shareholders' funds                                     1,915,828       1,769,903      2,948,208       2,749,069



CALDWELL INVESTMENTS P.L.C.

CONSOLIDATED CASH FLOW STATEMENT AT 31 DECEMBER 2002


                                                                                  2002              2001
                                                                                     £                 £
Net cash inflow from operating activities                                      156,608           371,418

Returns on investments and servicing of finance
Interest received                                                                7,198             5,746
Interest paid                                                                 (85,335)         (123,053)

Net cash outflow                                                              (78,137)         (117,307)

Taxation
Tax paid                                                                         (697)          (24,237)


Capital expenditure and financial investment
Purchase of intangible fixed assets                                           (17,211)           (8,542)
Purchase of tangible fixed assets                                             (65,702)          (41,748)
Receipt from sale of fixed assets                                               11,812                 2

                                                                              (71,101)          (50,288)

Net cash inflow before financing                                                 6,673           179,586

Financing
Issue of Shares                                                                130,000                 0
Repayment of other loans                                                     (120,000)         (120,000)
Capital element of finance lease payments                                            0           (3,166)
                                                                                10,000         (123,166)

Increase in cash in the year                                                    16,673            56,420


BASIS OF PREPARATION

This preliminary statement of annual results which covers the year to 31
December 2002 has been agreed by the Group's auditors and is consistent with the
full financial statements.

The abridged preliminary Group accounts for the year ended 31 December 2002 are
not statutory accounts and have been extracted from the full statutory accounts
for the year ended 31 December 2002. The full statutory accounts for the year on
which the auditor's report is unqualified will be delivered to the Registrar of
Companies in due course.

The comparative figures for the year to 31 December 2001 are abridged from the
accounts for that year and do not constitute full accounts within the meaning of
Section 240 of the Companies Act 1985 (as amended). Statutory accounts for that
year on which the auditors gave an unqualified opinion have been delivered to
the Registrar of Companies.

EARNINGS/(LOSS) PER SHARE

The calculation of basic earnings/(loss) per share is based on earnings (losses)
attributable to ordinary shareholders divided by the weighted average number of
shares in issue during the year. The calculation of diluted earnings per share
is based on the basic earnings/(loss) per share adjusted to allow for the
assumed conversion of all dilutive options.

ANNUAL REPORT

The annual report will be mailed to shareholders on or around 2 May 2003. 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 30 May 2003 at 9 a.m.


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