Interim Results

Caldwell Investments PLC
24 November 2006


                              CHAIRMAN'S STATEMENT
                                 INTERIM REPORT
                               24TH NOVEMBER 2006


Trading during the first half shows a pre-tax loss of £268,986 (H1 2005
£358,017). This loss includes amortisation and depreciation of £100,957 (H1 2005
£110,828) in accordance with the Group's policy of writing down assets over a
ten year period and continued costs of investment in the NinaSun project.


Turnover was £3,264,043 (H1 2005 £2,986,178), an increase of 9%.


Operational review and current trading

NinaSun outdoor furniture

In February 2006 Neil Gow was appointed to the Board to lead the NinaSun
project. He was instrumental in generating initial sales of NinaSun garden
furniture to garden centres across the UK, however the size and volume of orders
were less than we had hoped and Neil left the Group on 2nd October 2006. His
departure has provided us with the opportunity to reconsider our NinaSun sales
strategy and this is currently under review.


NinaClip baby buggy parasols

Parasol and Minisol sales were down slightly against the same period last year
due to the poorer than expected weather in the mid-summer period. Performance
for the full year will therefore be less strong than had been anticipated at the
time of our Annual General Meeting.


Underwear business

The Group's underwear businesses continue to be steady cash generators,
particularly in the German market, and we expect this trend to continue
throughout the remainder of the current financial year.


Outlook

It is the Group's strategy to continue to review all its operations in order to
maximise the return to all its stakeholders.

I would like to take this opportunity to thank all of our employees, whose hard
work and dedication is so important to the continued progress of the Group.


S J Wootliff
Chairman


CALDWELL INVESTMENTS P.L.C.
CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS ENDED
31 AUGUST 2006

                                 Unaudited        Unaudited             Audited
                            6 months ended   6 months ended          Year ended
                            31 August 2006   31 August 2005    28 February 2006
                                         £                £                   £
Turnover
Continuing Operations            3,264,043        2,986,178           6,418,670

Operating loss
Continuing Operations             (236,134)        (333,633)           (525,668)

Net interest payable               (32,852)         (24,384)            (64,126)
                               ------------     ------------        ------------
Loss on ordinary
activities before taxation        (268,986)        (358,017)           (589,794)

Tax on profit on ordinary          (17,700)         (10,000)            (57,412)
activities
                               ------------     ------------      --------------

Retained loss on ordinary
activities after taxation         (286,686)        (368,017)           (647,206)
                               ------------     ------------        ------------
    
Loss per share

Basic                               (1.44p)          (2.03p)             (3.40p)
Diluted                             (1.44p)          (2.03p)             (3.40p)

Dividend per share                       0                0                   0


CALDWELL INVESTMENTS P.L.C.
CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2006

                                 Unaudited        Unaudited         Audited
                            6 months ended   6 months ended      Year ended
                            31 August 2006   31 August 2005     28 February
                                                                       2006
                                         £                £               £
Fixed assets
Intangible fixed assets            455,548          547,043         506,756
Tangible fixed assets              869,050          800,073         799,096
                              -------------    -------------   -------------
                                  1,324,598        1,347,116       1,305,852

Current assets
Stocks                           1,526,851        2,046,399       1,554,300
Debtors                          1,082,391        1,285,821         630,912
Cash at bank and in hand           869,698        1,188,891         917,673
                              -------------   --------------  --------------
                                 3,478,940        4,521,111       3,102,885

Creditors: due within one       (2,405,300)      (2,970,538)     (1,802,164)
year
                             --------------   --------------  --------------

Net current assets               1,073,640        1,550,573       1,300,721
                             --------------   --------------  --------------

Total assets less current
liabilities                      2,398,238        2,897,689       2,606,573

Creditors: due after one          (314,138)        (326,012)       (314,043)
year
                             --------------   --------------  --------------

Net assets                       2,084,100        2,571,677       2,292,530
                             --------------   --------------  --------------

Capital and reserves
Called up share capital          1,991,196        1,991,196       1,991,196
Share premium account            1,906,229        1,906,229       1,906,229
Capital redemption reserve          27,000           27,000          27,000
Revaluation reserve                118,000           27,000          27,000
Profit and loss account         (1,958,325)      (1,379,748)     (1,658,895)
                             --------------   --------------  --------------

Shareholders' funds              2,084,100        2,571,677       2,292,530
                             --------------   --------------  --------------


CALDWELL INVESTMENTS P.L.C.
CONSOLIDATED CASH FLOW STATEMENT FOR THE SIX MONTHS ENDED
31 AUGUST 2006

                                  Unaudited       Unaudited              Audited
                             6 months ended  6 months ended           Year ended
                             31 August 2006  31 August 2005     28 February 2006
                                          £               £                    £

Net cash outflow from
operating activities
                                  (263,944)     (1,242,068)            (605,141)

Returns on investments and
servicing of finance
Interest received                        0               0                1,920
Interest paid                      (32,852)        (24,384)             (66,046)
                             --------------  --------------       --------------

                                   (32,852)        (24,384)             (64,126)

Taxation
Tax paid                           (30,540)        (10,000)             (50,542)
                             --------------  --------------       --------------

Capital expenditure and
financial investment

Purchase of intangible             (10,009)        (36,608)             (57,735)
fixed assets

Purchase of tangible fixed         (18,694)        (35,667)             (72,657)
assets

Sale of tangible fixed                   0               0                2,151
assets
                             --------------  --------------       --------------

                                   (28,703)        (72,275)            (128,241)

Net cash outflow before
financing                         (356,039)     (1,348,727)            (848,050)

Financing
Issue of shares                          0         513,376              513,376
Repayment of loans                 (18,341)        (21,258)             (41,093)
New loan finance                    19,329               0                    0
                             --------------  --------------       --------------

                                       988         492,118              472,283
                             --------------  --------------       --------------

Decrease in cash in the           (355,051)       (856,609)            (375,767)
period
                             --------------  --------------       --------------


CALDWELL INVESTMENTS P.L.C.

Notes to the Interim Report

1.  The interim financial information for the six months ended 31 August
    2006 and 31 August 2005 is unaudited but has been prepared on the basis
    of accounting policies consistent with those set out in the audited
    accounts for the period ended 28 February 2006. 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 loss for the period of £286,686 (2005: loss £368,017) and a
    weighted average number of ordinary shares of 19,911,956 (2005:
    18,124,880).

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

                               Unaudited        Unaudited                Audited
                          6 months ended   6 months ended             Year ended
                          31 August 2006   31 August 2005       28 February 2006
                                       £                £                      £
Operating loss                 (236,134)        (333,633)              (525,668)
Depreciation                     39,740           55,060                 90,815

Amortisation of goodwill
and Intangible fixed
assets                           61,217           55,768                117,182
(Increase)/decrease in           27,449         (443,011)                49,088
stocks
(Increase)/decrease in         (451,479)        (634,317)                20,592
debtors
Increase/(decrease) in          308,007           64,730               (357,150)
creditors
Foreign exchange                (12,744)          (6,665)                     0
movement
                          --------------   --------------         --------------
Net cash outflow from
operating activities           (263,944)      (1,242,068)              (605,141)
                          --------------   --------------         --------------

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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