Final Results

Caldwell Investments PLC 27 May 2005 Caldwell Investments PLC Preliminary results for the fourteen months to 28 February 2005 Financial highlights: • Turnover for 14 month period of £6,849,218 (2003: £8,086,785) • Pre-tax loss £37,843 (2003: profit £6,219) • Continued investment in the NinaSun project • Steady order flow for NinaSun canopies • NinaSun project fully on track • NinaSun project to generate significant revenues in financial year commencing March 2006 • Proposed Rights Issue to fund NinaSun marketing investment Chairman, Stanley Wootliff, commenting on the results said: 'The fourteen month period ended 28 February 2005 was challenging for our traditional business but also one of further progress for our NinaSun project. International patents, including the US were granted. World-wide distribution was established for NinaSun canopies for resin furniture. UK and German e-commerce sites were established and starting to produced steady order flow'. For further information, please contact: Stanley Wootliff, Executive Chairman Graham Haselden, Finance Director Tel: 0113 235 0632 27th May 2005 2005 CHAIRMAN'S STATEMENT The fourteen month period ended 28 February 2005 was challenging for our traditional business but also one of further progress for our NinaSun project. International patents, including US, were granted. World wide distribution established for NinaSun canopies for resin loungers and UK and German e-commerce sites established. Business Performance Group loss on ordinary activities before taxation for the fourteen month period ended 28 February 2005 was £37,843 (12 months ended 31 December 2003 profit £6,219). After provision for tax on overseas profits a retained loss of £81,279 (2003: £115,321) has been transferred from reserves Change of year end In order to relieve the pressure on our various offices for stock taking and accounting purposes in the Christmas period, we have moved our year end from December to February. This resulted in a 14 month accounting period which included the two month period January to February twice. This is a loss making period and if the year had been a 12 month period ended 31st December 2004, the Group would have traded at a small profit, despite continued costs incurred on the NinaSun project. Traditional underwear business The Group's underwear businesses have been steady cash earners for many years and the period ended 28 February 2005 was no different, but currency movements between the euro and the US dollar led to a general erosion of price points and there were many orders where we were not able to obtain a workable margin and from which we decided to walk away. This led to loss of turnover, which is reflected in these Accounts. Since the year end more stable conditions have returned and turnover in the first two months of the new financial year has shown material recovery. NinaClip nursery products Our baby buggy parasols and canopies had a satisfactory period. The start of the period was exceptional, but after Easter the sun decided not to shine. During the period we designed and patented a new parasol clamp to accommodate the increased diameters and new lozenge shapes being used for more fashionable buggies. This unique design has been well received and we hope it will lead to a further increase in our sales of buggy accessories this year. NinaSun canopies for outdoor furniture The fourteen month period ended 28th February 2005 has seen substantial progress in the ongoing development of the NinaSun canopy project. During that time US patents were granted, canopy manufacture in the UK commenced, and worldwide distribution for canopies for resin furniture established. Design of the hardwood range of furniture with integrated canopies started with manufacturing partners in South East Asia. E-commerce sites were established in UK and Germany. Since the beginning of spring they have achieved a steady order flow for hardwood furniture with integrated canopies, this prior to any serious marketing activity, indicating a ready demand for our hardwood furniture with NinaSun canopies. The Board has always anticipated that full realisation of the NinaSun project would take a number of years to materialise. To date, the rate of progress has been fully on track and it is expected that NinaSun canopies will generate significant revenues in the financial year commencing March 2006. Directors In January 2005, we announced that John Hanford, who has been a non-executive director for over 10 years, would be retiring at the AGM. We would like to thank John for all his effort and dedication over those years and to publicly record our appreciation for his strategic and practical thinking on all matters relating to the Group's well being and progress. In that same announcement, we announced that Keith Robinson, an experienced city solicitor, joined the board on 4th January 2005. We are pleased to welcome him and feel sure he will make a very positive contribution to the future progress and development of the Group. Future prospects Traditional business: As already stated, our traditional underwear business has started the year well and we will be looking for an improved performance in year ended February 2006. Baby products: This is a steady niche market business where we expect to achieve steady annual growth at acceptable margins. It is inevitably weather related so accordingly we hope for a hot summer. Sun canopies: This is a truly exciting patent protected product in all the right markets at the right time. Outdoor furniture, Sun shade, E-commerce, Ageing population: As already mentioned, full realisation of the NinaSun canopy's potential will take a little more time to materialise. Our progress is on track and in the financial year commencing 1st March 2006, we expect the NinaSun canopies to generate significant revenues. Rights Issue The Board of Caldwell announced on 27th May 2005 that it had resolved to raise money by way of a Rights Issue to fund future NinaSun marketing investment. Further information regarding the proposed Rights Issue will be contained in a circular to Shareholders to be despatched with the Report and Accounts. It is intended that the Report and Accounts with the Rights Issue circular will be posted to Shareholders in the first week in July. Outlook Trading in our underwear business is currently going well and we are hopeful of an improved performance in the current year. Sales of the baby buggy parasols have to date been slow due to lack of sunshine. It is too early to predict the outcome of this part of our business. The Board views the potential for the NinaSun canopies very positively. Although we do not expect to generate significant revenues from this activity until the financial year commencing March 2006, the Board is confident the NinaSun canopy represents an outstanding opportunity for the Group. On a personal note, I would like to thank my colleagues and all Caldwell employees for their contributions, without which these achievements would not have been possible. CALDWELL INVESTMENTS P.L.C. CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE FOURTEEN MONTH PERIOD ENDED 28 FEBRUARY 2005 Period ended Year ended 28 February 31 December 2003 2005 £ £ Turnover - continuing operations 6,849,218 8,086,785 Cost of sales (5,597,741) (6,631,288) Gross Profit 1,251,477 1,455,497 Distribution costs (145,885) (162,715) Administration expenses (1,145,272) (1,275,670) Other operating income 44,028 57,580 Operating profit - continuing operations 4,348 74,692 Net interest payable (42,191) (68,473) (Loss)/profit on ordinary activities before taxation (37,843) 6,219 Tax on (loss)/profit on ordinary activities (43,436) (121,540) Retained loss for the financial year (81,279) (115,321) Loss per share Basic (0.48p) (0.75p) Diluted (0.48p) (0.75p) CALDWELL INVESTMENTS P.L.C. CONSOLIDATED BALANCE SHEETS AT 28 FEBRUARY 2005 GROUP COMPANY 2005 2003 2005 2003 £ £ £ £ Fixed assets Intangible assets 566,203 278,006 276,165 0 Tangible assets 819,466 584,497 377,342 270,415 Investments 0 0 2,382,906 2,382,906 1,385,669 862,503 3,036,413 2,653,321 Current assets Stocks 1,603,388 1,426,229 0 0 Debtors falling due within 1 year 651,504 2,171,007 776,773 997,993 Cash at bank and in hand 578,443 247,174 328,759 0 2,833,335 3,844,410 1,105,532 997,993 Creditors: amounts falling due within one year (1,444,685) (2,315,019) (245,272) (186,053) Net current assets 1,388,650 1,529,391 860,260 811,940 Total assets less current liabilities 2,774,319 2,391,894 3,896,673 3,465,261 Creditors: amounts falling due after more than one year (341,336) (264,165) (341,336) (264,165) Provisions for liabilities and charges 0 0 0 0 Net assets 2,432,983 2,127,729 3,555,337 3,201,096 Capital and reserves Called up share capital 1,761,250 1,666,250 1,761,250 1,666,250 Share premium account 1,622,799 1,302,559 1,622,799 1,302,559 Capital redemption reserve 27,000 27,000 27,000 27,000 Revaluation reserve 27,000 27,000 27,000 27,000 Profit and loss account (1,005,066) (895,080) 117,288 178,287 Equity Shareholders' funds 2,432,983 2,127,729 3,555,337 3,201,096 CALDWELL INVESTMENTS P.L.C. CONSOLIDATED CASH FLOW STATEMENT FOR THE FOURTEEN MONTH PERIOD ENDED 28 FEBRUARY 2005 Period ended 28 Year ended February 2005 31 December 2003 £ £ Net cash inflow/(outflow) from operating activities 1,450,284 (243,769) Returns on investments and servicing of finance Interest received 37,896 11,918 Interest paid (77,607) (79,151) Finance lease interest paid (2,480) _(1,240) Net cash outflow from returns on investments and servicing of finance (42,191) (68,473) Taxation Tax paid (141,910) (80,086) Capital expenditure and financial investment Purchase of intangible fixed assets (330,368) (23,872) Purchase of tangible fixed assets (330,659) (331,410) Receipt from sale of fixed assets 45,006 23,258 Net cash outflow from capital expenditure (616,021) (332,024) Net cash inflow /(outflow) before financing 650,162 (724,352) Financing Issue of Shares 423,000 232,500 Share issuing expenses (7,760) (11,696) New loans 135,000 252,000 Repayment of bank loans (12,658) (5,448) Repayment of other loans (90,000) (30,000) Capital element of finance lease payments (19,455) (8,333) Net cash inflow from financing 428,127 429,023 Increase/(decrease) in cash in the year 1,078,289 (295,329) BASIS OF PREPARATION This preliminary statement of annual results which covers the fourteen months to 28 February 2005 has been agreed by the Group's auditors and is consistent with the full financial statements. The abridged preliminary Group accounts for the fourteen months ended 28 February 2005 are not statutory accounts and have been extracted from the full statutory accounts for the fourteen months ended 28 February 2005. The full statutory accounts for the period 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 2003 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. LOSS PER SHARE The calculation of basic loss per share is based on losses attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period. The calculation of diluted earnings per share is based on the basic loss per share adjusted to allow for the assumed conversion of all dilutive options. As the impact of issuing potential ordinary shares is anti-dilutive, the diluted loss per share in 2005 is equivalent to the basic loss per share. ANNUAL REPORT The annual report will be mailed to shareholders in the first week of July 2005. 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 Nina House, Unit 9, Prospect Place, East Pimbo Industrial Estate, Skelmersdale, Lancashire. WN8 9QD on Wednesday 27th July 2005 at 4.00 p.m. This information is provided by RNS The company news service from the London Stock Exchange

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