Interim Results

Caldwell Investments PLC
20 September 2004

CHAIRMAN'S STATEMENT



First half trading shows an improved pre-tax profit of £157,341 (2003: £11,149).
Turnover was down reflecting our policy of declining to accept  orders at
unsatisfactory margin.


TRADITIONAL BUSINESS


Our traditional underwear business traded steadily under difficult conditions,
especially in Germany.   As always, second half profitability is heavily
dependent on the weather.   This will be even more so this year, as  underlying
conditions for this industry are not encouraging.


NINA PARASOLS


An early Summer helped to achieve improved sales over last year even though the
sunny weather  was over before the end of June.


The business continues to grow and we are optimistic for its prospects


NINASUN CANOPY


NinaSun canopy has had a busy half year.


March      U.S.A. Patents granted.  This in addition to the 58
           NinaSun/Ninaclip Patents, Trade Marks and Registered
           Designs already granted in relevant countries.

           Marriott Hotel in Sao Paulo place a pre-commercial
           production order for NinaSun canopies.

June       The Majestic Hotel in Cannes, a member of the 'Leading
           Hotels of the World Group', place a pre-commercial production order
           for NinaSun canopies.

July       Product development and supply agreement for wooden
           outdoor/leisure furniture established with  Chinese Company.

           A non-exclusive American distributor  appointed.

August     The NinaSun manufacturing operation commissioned and
           production started.

September  The NinaSun canopy was shown at SPOGA for the third year.
           Following the exhibition Caldwell Investments PLC
           announced that agreement had been reached that, commencing season
           2005, Balliu Export S.A. would market the NinaSun canopy for  
           Balliu and Grosfillex resin sunloungers in over 50 countries through 
           their existing international distributor network

           Balliu have been the world's premier producer of resin loungers for 
           over 30 years, manufacturing a prestige product of the highest 
           quality.   Their loungers are to be found internationally on many 
           five star beaches, hotels, cruise ships, golf courses and 
           entertainment complexes.

In November, the NinaSun canopy for resin loungers, will be launched in New York
at the Motel/Hotel Show.


MARKETING CAMPAIGN


NinaSun will run a co-ordinated international marketing campaign in Spring 2005
in consumer and trade press in order to bring the NinaSun canopy to the notice
of a wider public.


PROSPECTS


As mentioned at the beginning of my statement, the underwear business continues
to 'suffer from difficult trading conditions' and is unlikely to do as well in
the second half as it did last year.


The NinaSun canopy continues to show great promise and although it will make
scant contribution to turnover and profits in the current trading period, I have
every confidence it will start to make material contributions next year.



                                                             20th September 2004




                          CALDWELL INVESTMENTS P.L.C.

                 RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2004


Consolidated Profit and Loss Account




                                                    Unaudited             Unaudited               Audited
                                                     6 months              6 months            Year ended
                                                        ended                 ended      31 December 2003
                                                 30 June 2004          30 June 2003
                                                            £                     £                     £
Turnover
Continuing Operations                               2,656,989             3,365,090             8,086,785


Operating profit
Continuing Operations                                 149,461                39,665                74,692


Net interest receivable/(payable)                       7,880              (28,516)              (68,473)
                                                        
Profit on ordinary activities before
taxation                                              157,341                11,149                 6,219
                                                      


Tax on profit on ordinary activities                 (19,436)               (8,900)             (121,540)

                                                     
Profit/(Loss) on ordinary activities
after taxation                                       137,905                  2,249             (115,321)


Equity dividends paid and proposed                         0                      0                     0


Retained profit/(loss) for the period                137,905                  2,249             (115,321)


Earnings/(loss) per share

Basic                                                   0.83p                 0.01p               (0.75p)
Diluted                                                 0.83p                 0.01p               (0.75p)
Dividend per share                                          0                     0                     0




                          CALDWELL INVESTMENTS P.L.C.

                 RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2004


Consolidated Balance Sheet



                                                   Unaudited             Unaudited               Audited
                                                     30 June               30 June           31 December
                                                        2004                  2003                  2003
                                                           £                     £                     £
Fixed assets
Intangible fixed assets                              264,176               278,855               278,006
Tangible fixed assets                                643,299               348,867               584,497

                                                     907,475               627,722               862,503
Current assets
Stocks                                             1,666,435             1,995,204             1,426,229
Debtors                                            1,581,239             1,099,913             2,171,007
Cash at bank and in hand                             425,866               336,624               247,174

                                                   3,673,540             3,431,741             3,844,410

Creditors: due within one Year                   (2,006,740)           (2,047,144)           (2,315,019)


Net current assets                                 1,666,800             1,384,597             1,529,391


Total assets less current liabilities              2,574,275             2,012,319             2,391,894


Creditors: due after one year                      (364,515)              (33,334)             (264,165)

Provisions for liabilities and charges                     0                     0                     0


Net assets                                         2,209,760             1,978,985             2,127,729


Capital and reserves
Called up share capital                            1,666,250             1,508,750             1,666,250
Share premium account                              1,302,559             1,239,255             1,302,559
Capital redemption reserve                            27,000                27,000                27,000
Revaluation reserve                                   27,000                     0                27,000
Profit and loss account                            (813,049)             (796,020)             (895,080)
Equity shareholders' funds                         2,209,760             1,978,985             2,127,729



                          CALDWELL INVESTMENTS P.L.C.

                 RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2004





Consolidated Cash Flow Statement




                                                      Unaudited             Unaudited             Audited
                                                        6 months              6 months          Year ended
                                                           ended                 ended         31 December
                                                    30 June 2004          30 June 2003                2003
                                                              £                     £                   £

Net cash inflow/(outflow) from operating
activities                                              498,278             (134,978)           (243,769)

Returns on investments and servicing of
finance
Interest received                                        30,689                 8,903              11,918
Interest paid                                          (22,809)              (37,419)            (80,391)
                                                          7,880              (28,516)            (68,473)

Taxation
Tax paid                                               (64,400)              (29,000)            (80,086)



Capital expenditure and financial
investment
Purchase of intangible fixed assets                     (4,145)               (6,992)            (23,872)
Purchase of tangible fixed assets                     (124,984)              (82,070)           (331,410)
Sale of tangible fixed assets                            44,944                12,687              23,258

                                                       (84,185)              (76,375)           (332,024)



Net cash inflow/(outflow) before
financing                                               357,573             (268,869)           (724,352)


Financing
Issue of shares                                               0                     0             220,804
Repayment of loans                                    (108,650)                     0            (43,781)
New loan finance                                        135,000               50, 000             252,000

                                                         26,350               50, 000             429,023


Increase/(decrease) in cash in the period               383,923             (218,869)           (295,329)



                          CALDWELL INVESTMENTS P.L.C.

                 RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2004





Notes to the Interim Report



1.    The interim financial information for the six months ended 30 June
2004 and 30 June 2003 is unaudited but has been prepared on the basis of
accounting policies consistent with those set out in the audited accounts for
the year ended 31 December 2003.  Those accounts were audited, carried an
unqualified Auditors Report and have been filed with the Registrar of Companies.
    The information set out in this interim report does not constitute statutory
accounts within the meaning of the Companies Act.



2.    The calculation of basic and diluted earnings per shared is based on
the profit for the period of £137,905 (2003: profit £2,249) and a weighted
average number of ordinary shares of  16,662,500 (2003: 15,087,500)



3.    Reconciliation of operating profit/(loss) to operating cash flows.



                                                   Unaudited           Unaudited                Audited
                                                    6 months            6 months             Year ended
                                                       ended               ended            31 December
                                                30 June 2004        30 June 2003                   2003
                                                           £                   £                      £
Operating profit/(loss)                              149,461              39,665                 74,692
Depreciation                                          21,238              21,400                 64,741
Profit on disposal of fixed assets                         0                   0                (9,642)
Amortisation of goodwill and Intangible
fixed assets                                          17,975              17,033                 34,762
(Increase)/decrease in stocks                      (240,206)           (544,715)                 24,260
Decrease/(increase) in debtors                       589,768             453,625              (617,469)
Increase/(decrease) in creditors                      15,916           (182,894)                 59,029
Foreign exchange movement                           (55,874)              60,908                 79,418
Fixed asset impairment loss                                0                   0                 46,440
Net cash inflow/(outflow) from operating
activities                                           498,278           (134,978)              (243,769)



4.   No interim dividend will be paid.



5.   Copies of these interim results are being despatched to shareholders.
     Further copies can be obtained from:  The Company Secretary, Caldwell
     Investments P.L.C., 647, Roundhay Road, Leeds, LS8  4BA.


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