Interim Results

Caldwell Investments PLC
28 November 2005


28 NOVEMBER 2005

                                     CALDWELL INVESTMENTS PLC
                                     ('Caldwell' or 'the Group')

INTERIM RESULTS
FOR THE SIX MONTHS TO 31 AUGUST 2005

Following the Company's transfer to Aim last Friday, the Board of Caldwell, the
AIM listed creators of the 'Nina' patented range of solar protection products,
is pleased to announce its interim results for the six months to 31 August 2005.


Following the change to the Group's accounting reference date, the half year
being reported on represents the 6 months to 31 August 2005 and the comparative
half year for 2004 represents the 6 months to 30 June 2004.   The period to 28
February 2005 was a 14 month period.


KEY POINTS

•        Transfer from the Full List to AIM on 25 November;

•        Turnover £2,986,178 (1H 2004: £2,656,989);

•        Operating loss £333,633 (1H 2004 profit: £149,461);

•        Pre-tax loss £358,017 (1H 2004 profit:  £157,341);

•        Loss per share 2.03p (1H 2004 profit per share 0.83p);

•        NinaSun project on schedule with market and brand evaluation completed


Commenting on the results, Stanley Wootliff, Chairman of Caldwell  said: 'It is
the Group's strategy to further develop its 'Nina' range of patented products so
that it's low margin underwear businesses become an ever less significant part
of the overall business.



'The Board continues to remain confident that the NinaSun canopy presents an
outstanding opportunity for the Group.   Progress is on schedule but continues
to require all involved to be diligent and patient, prior to it starting to make
a meaningful contribution to Group results.'


Enquiries:

Caldwell Investments plc                                           0113 235 0632
Stanley Wootliff, Chairman

www.caldwellinvestmentsplc.com

Bishopsgate Communications Ltd.                                    020 7430 1600
Dominic Barretto                                                   07930 450 156
Maxine Barnes                                                      07860 489 571

www.bishopsgatecommunications.com


Williams de Broe                                                   0113 243 1619
Joanne Lake

www.wdebroe.com


CHAIRMAN'S STATEMENT



The period under review was one of strategic progress for the Group as it pushed
ahead with the development of its 'Nina' range of patented products.    Trading
in the first half showed a pre-tax loss of £358,000 (H12004: Profit £157,000).
These losses include amortisation and depreciation of £117,000, written-off over
a ten year period, and £171,000 of expenses relating to the ongoing development,
sourcing, promotion and marketing of the NinaSun canopy.



Following the change in the Group's accounting reference date, this 2005 half
year represents the 6 months ended 31 August.   The comparative half year for
2004 represents the 6 months to 30 June.   The period to 28 February 2005 was a
14 month period



OPERATIONAL REVIEW



Nina Products

The range of Nina products currently available from the Group includes: NinaClip
- a range of baby buggy parasols, encompassing the 'MiniSol' and 'FlexiSol' and
NinaSun - a range of garden furniture, incorporating the NinaSun canopy.



NinaSun is a range of outdoor furniture with a unique patented detachable canopy
providing cool comfort and 90% UV protection.   During the period, the Group
continued in its strategy to develop and evaluate this product further, selling
a limited number of deckchairs over the internet and through reader offers in
publications such as Saga Magazine.   This enabled NinaSun to test the price
sensitivity of the product, whilst at the same time having over 800 deckchairs
tested under real life conditions. The results of the trial proved the product
to be robust and of high quality. Although this project generated relatively
small revenues, it was extremely useful in providing essential market and
product performance information.



In Spring 2005, Caldwell commissioned marketing consultants to carry out a
market and brand evaluation and to provide an appropriate programme to  take the
NinaSun products to market. The market research showed that, as a consequence of
the canopy being completely new and unique, potential customers would need to
see, touch and feel the product prior to making a purchase. It was felt that
this would be best achieved by direct selling to the public through garden
centres.



The Group intends to pursue this sales strategy on a trial basis in Spring 2006
and, if successful, roll out a major programme in 2007. The Group is confident
that the potential for NinaSun is substantial, although it recognises that
profitability is not likely to be achieved until the medium-term, following
national rollout.   Since 2004, Caldwell's  NinaSun product has been
successfully trialled at:



•      The Majestic Hotel, Cannes,

•      The Marriott Hotel in Sao Paulo and

•      The Laguna Bay Hotel in San Francisco; and

•      To consumers in both the UK and Germany amongst 800 domestic users.



Although the NinaSun project has moved forward and progress is on schedule, it
continues to require all involved to be diligent and patient prior to it
starting to make a meaningful contribution to Group results.



NinaClip

Forward orders for NinaClip, a range of solar parasols for baby buggies,
encompassing the MiniSol, FlexiSol and NinaClip baby buggy canopy, are looking
promising. Sales of the new patented Jumbo clamp have started to take-off and we
are hopeful of having a satisfactory year although the final outcome, as always,
will be influenced by the weather. Notwithstanding this however, sales, were
down compared with the same period last year.



Nissel Textilien

Trading at Nissel Textilien, Caldwell's German importer and distributor of
non-fashion men's cotton underwear was satisfactory in the first half of the
year and the second half of the year has started well.  It is expected that in
2006, trading will revert to the more normal situation of previous years.
Margins have been under pressure due to the Euro strengthening against the US
Dollar.



Challioner & Walker Ltd

Sales of underwear at Challioner & Walker Ltd, our U.K. importer and distributor
of ladies non-fashion underwear, were down due to a major customer starting to
import direct half of their purchases.   However, this exercise has now been
discontinued and we are pleased that the Group has recovered this lost business.




AIM LISTING ('AIM')

On Friday 25 November 2005, Caldwell transferred to AIM, following approval  by
shareholders at the EGM. The Board believes that AIM is a more appropriate
market for a company of Caldwell's size and resources. Being on AIM will also
enable the Group to react more quickly should acquisition or other development
opportunities arise. On 9 September 2005, the Board appointed Williams de Broe
to act as Nominated Advisor and Broker on it's transfer to Aim.
Pursuant to this, the Board appointed Bishopsgate Communications Ltd as its
Financial & Corporate PR and Investor Relations adviser with the brief of
clearly communicating to the financial markets Caldwell's overall strategy and
the strength of its NinaSun and NinaClip patented brands.




OUTLOOK

I would like to take this opportunity to thank all of our employees, without
whose dedication and hard work our hopes and aspirations would come to nothing.



It is the Group's strategy to further develop its NinaSun and NinaClip
businesses and I look forward to updating you with progress in due course.


S.J. Wootliff

Chairman

                                                       Monday 28th November 2005


                          CALDWELL INVESTMENTS P.L.C.

                RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2005


Consolidated Profit and Loss Account

                                                   Unaudited              Unaudited               Audited
                                                    6 months               6 months          Period ended
                                                       ended                  ended           28 February
                                              31 August 2005           30 June 2004                  2005
                                                           £                      £                     £
Turnover

Continuing Operations                              2,986,178              2,656,989             6,849,218


Operating (loss)/profit

Continuing Operations                              (333,633)                149,461                 4,348


Net interest (payable)/receivable                   (24,384)                                     (42,191)
                                                                              7,880
(Loss)/profit on ordinary activities
before taxation                                    (358,017)         157,341                     (37,843)
                                                   

Tax on profit on ordinary activities                (10,000)               (19,436)              (43,436)

                                                    
(Loss)/profit on ordinary activities
after taxation                                     (368,017)                137,905              (81,279)
                                                   

Equity dividends paid and proposed                         0                      0                     0

                                                           
Retained (loss)/profit for the period              (368,017)                137,905              (81,279)

                                                   
(Loss)/earnings per share

Basic                                                (2.03p)                  0.83p               (0.48p)
Diluted                                              (2.03p)                  0.83p               (0.48p)

Dividend per share                                         0                      0                     0


                                         CALDWELL INVESTMENTS P.L.C.

                               RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2005

Consolidated Balance Sheet

                                                    Unaudited             Unaudited               Audited
                                                     6 months              6 months          Period ended
                                                        ended                 ended           28 February
                                               31 August 2005          30 June 2004                  2005
                                                            £                     £                     £
Fixed assets

Intangible fixed assets                               547,043               264,176               566,203

Tangible fixed assets                                 800,073               643,299               819,466

                                                    1,347,116               907,475             1,385,669


Current assets

Stocks                                              2,046,399             1,666,435             1,603,388

Debtors                                             1,285,821             1,581,239               651,504

Cash at bank and in hand                            1,188,891               425,866               578,443

                                                    4,521,111             3,673,540             2,833,335


Creditors: due within one Year                    (2,970,538)           (2,006,740)           (1,444,685)


Net current assets                                  1,550,573             1,666,800             1,388,650


Total assets less current liabilities               2,897,689             2,574,275             2,774,319

                                                    
Creditors: due after one year                       (326,012)             (364,515)             (341,336)


Provisions for liabilities and charges                      0                     0                     0


Net assets                                          2,571,677             2,209,760             2,432,983


Capital and reserves

Called up share capital                             1,991,196             1,666,250             1,761,250

Share premium account                               1,906,229             1,302,559             1,622,799

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

Revaluation reserve                                    27,000                27,000                27,000

Profit and loss account                           (1,379,748)             (813,049)           (1,005,066)

Equity shareholders' funds                          2,571,677             2,209,760             2,432,983



                                         CALDWELL INVESTMENTS P.L.C.

                               RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2005


Consolidated Cash Flow Statement


                                                      Unaudited             Unaudited             Audited
                                                       6 months              6 months        Period ended
                                                          ended                 ended         28 February
                                                 31 August 2005          30 June 2004                2005
                                                              £                     £                   £

Net cash (outflow)/inflow from operating
activities                                          (1,242,068)               498,278           1,450,284
                                                    

Returns on investments and servicing of
finance
Interest received                                             0                30,689              37,896
Interest paid                                          (24,384)              (22,809)            (80,087)

                                                       (24,384)                 7,880            (42,191)


Taxation

Tax paid                                               (10,000)              (64,400)           (141,910)


Capital expenditure and financial
investment

Purchase of intangible fixed assets                    (36,608)               (4,145)           (330,368)

Purchase of tangible fixed assets                      (35,667)             (124,984)           (330,659)

Sale of tangible fixed assets                                 0                44,944              45,006

                                                       (72,275)              (84,185)           (616,021)


Net cash (outflow)/inflow before
financing                                           (1,348,727)               357,573             650,162
                                                    

Financing

Issue of shares                                         513,376                     0             415,240

Repayment of loans                                     (21,258)             (108,650)           (122,113)

New loan finance                                              0               135,000             135,000

                                                        492,118                26,350             428,127

(Decrease)/increase in cash in the period             (856,609)               383,923           1,078,289


                                  CALDWELL INVESTMENTS P.L.C.

                        RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2005



Notes to the Interim Report



1.  The interim financial information for the six months ended 31 August
2005  and 30 June 2004 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 2005.  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 £368,017 (2004: profit £137,905) and a weighted
average number of ordinary shares of  18,124,880 (2004: 16,662,500)


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



                                                     Unaudited            Unaudited             Audited
                                                      6 months             6 months        Period ended
                                                         ended                ended         28 February
                                                31 August 2005         30 June 2004                2005
                                                             £                    £                   £

Operating (loss)/profit                              (333,633)              149,461               4,348
Depreciation                                            55,060               21,238              50,231

Amortisation of goodwill and Intangible
fixed assets                                            55,768               17,975              42,171
                                                        
(Increase)/decrease in stocks                        (443,011)            (240,206)           (177,159)
(Increase)/decrease in debtors                       (634,317)              589,768           1,519,503
Increase/(decrease) in creditors                        64,730               15,916              39,444
Foreign exchange movement                              (6,665)             (55,874)            (28,254)

Net cash (outflow)/inflow from operating
activities                                         (1,242,068)              498,278           1,450,284
                                                   


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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