Interim Results

Worthington Group PLC
30 November 2004



                                  WORTHINGTON GROUP PLC



                                   Interim Report
                               for the half year ended
                                  30 September 2004



Chairman's Statement



The Group made an operating loss pre-exceptional items of £324,000 which
includes pension costs of £150,000 in the period. In addition there were losses
arising from the closure of the factory at Fence Avenue and the simultaneous
relocation to Lyme Green, Macclesfield, which totalled £672,000 as detailed
below. Interest payable amounted to £53,000 and after crediting £125,000, being
our share of the results of our associated undertakings, the overall loss before
taxation was £924,000.



We reported to you in August at the Annual General Meeting, that further
rationalisation was necessary at our remaining trading subsidiary, Worthington
Manufacturing in Macclesfield, which was still experiencing losses due to market
contraction. Accordingly the business was moved to smaller premises at Lyme
Green accompanied by reduced staffing levels, a smaller cost base and higher
levels of operating efficiency. The reduced sales throughput is now compatible
with current market conditions and the first two months' trading in the new
premises has shown good profits. Sales are in line with budget and we are now
more optimistic as to its future viability and prospects. The rationalisation
however incurred exceptional redundancy costs of £152,000 and a plant write down
of £520,000 for equipment that was not transferable, all totalling £672,000. A
necessary price to pay given the better performance now.



The Fence Avenue site in Macclesfield is now being marketed. We are also in
advanced discussions for the sale of our site at Eccleshill, Bradford. We intend
to put in for planning permission for residential use of our substantial
Keighley site, but this may take some time, if we are to maximise its potential.



The Board remain conscious of the need to generate increased shareholder value,
and opportunities are continually being explored to achieve that objective. In
the meantime we are keeping a tight control on costs and hoping that the current
trading pattern at Worthington Manufacturing will continue.



J C DWEK, CBE
Chairman
30th November 2004




Consolidated Profit and Loss Account

for the six months ended 30 September 2004




                                                                  Unaudited         Unaudited         Audited

                                                             6 months ended    6 months ended      Year ended

                                                               30 September      30 September        31 March

                                                                       2004              2003            2004

                                                                      £'000             £'000           £'000
Turnover:
continuing operations                                                 2,516             4,752           8,656
discontinued operations                                                   -               541             541
                                                                      2,516             5,293           9,197

Continuing operations (before exceptionals)                           (324)             (315)           (933)
Exceptional items                                                     (672)                 -           (422)
Discontinued operations (before exceptionals)                             -              (79)           (211)
Exceptional items                                                         -              (76)           (516)

Operating Loss                                                        (996)             (470)         (2,082)


Share of profits of associated undertakings                             125               100             137
Profit/(loss) on disposal of fixed assets                                 -                 -            (58)

Loss before interest                                                  (871)             (370)         (2,003)


Net interest payable and similar items                                 (53)              (59)           (119)

Loss before taxation                                                  (924)             (429)         (2,122)


Taxation                                                               (37)                 4             (7)

Loss on ordinary activities after taxation                            (961)             (425)         (2,129)


Dividends paid and proposed                                               -                 -               -

Retained loss                                                         (961)             (425)         (2,129)

Loss per share
- before exceptional items and disposals                             (2.4p)            (3.0p)          (9.6p)

- after exceptional items and disposals                              (8.1p)            (3.6p)         (18.0p)



Recognised gains and losses

There are no recognised gains or losses in the half year ended 30 September
2004, other than those shown in the above profit and loss account.



Notes to the Interim Statement

1. The interim accounts have been prepared on the basis of accounting policies
set out in the Group's financial statements for the year ended 31 March 2004.
The interim accounts were approved by the Board on 30 November 2004 and are
unaudited.

Comparative figures for the half year ended 30 September 2003 are extracts from
the interim accounts for that period and are also unaudited.

Comparative figures for the year ended 31 March 2004 have been extracted from
the financial statements, which have been filed with the Registrar of Companies.
These were audited and reported upon without qualification by KPMG Audit Plc and
did not contain any statement under section 237(2) or (3) of the Companies Act
1985.

2. Continuing operations for the half-year include additional contributions of
£150,000 to the Jerome Retirement Benefit Scheme.

3. The taxation charge is calculated by applying the directors' best estimate of
the annual tax rate to the profit for the period.

4. Loss per share is calculated by reference to the average number of shares in
issue in the period, adjusted for the capital re-organisation in August 2004,
amounting to 11,807,016 shares (six months to 30 September 2003: 11,807,016
shares) and on a loss after taxation of £961,000 (six months to 30 September
2003: loss of £425,000).

5. Copies of this report and the last annual report and accounts are available
from The Secretary, Worthington Group plc, 107 Heather Close, Lyme Green Trading
Estate, Macclesfield, Cheshire, SK11 0LR.



Consolidated Balance Sheet
at 30 September 2004




                                                                 Unaudited        Unaudited          Audited
                                                               30 September     30 September         31 March
                                                                       2004             2003             2004
                                                                      £'000            £'000            £'000
Fixed assets

Negative goodwill                                                        -             (24)                -
Tangible assets                                                      4,717            6,562            5.367
Interest in associated undertaking                                     809              798              803
                                                                     5,526            7,336            6,170
Current assets

Stock                                                                  505              886              690
Debtors: amounts falling due within one year                         1,526            2,384            1,775
Debtors: amounts falling due after more than one year                  842              894              946
Cash at bank and in hand                                                 1                2                1
                                                                     2,874            4,166            3,412

Creditors: amounts falling due within one year                     (2,077)          (2,265)          (2,171)

Net current assets                                                     797            1,901            1,241


Total assets less current liabilities                                6,323            9,237            7,411


Creditors: amounts falling due after more than one year            (1,447)          (1,696)          (1,574)

Net assets                                                           4,876            7,541            5,837


Capital and reserves

Called up share capital                                             11,807           11,807           11,807
Share premium accounts                                               9,836            9,836            9,836
Capital reserves                                                       128              128              128
Revaluation reserve                                                    285              285              285
Profit and loss account                                           (17,180)         (14,515)         (16,219)

Shareholders' funds                                                  4,876            7,541            5,837





Consolidated Cash Flow Statement
for the six months ended 30 September 2004


                                                            Unaudited         Unaudited          Audited
                                                        6 months ended    6 months ended       Year ended
                                                          30 September      30 September         31 March
                                                                  2004              2003             2004
                                                                 £'000             £'000            £'000

Net cash (outflow)/inflow from operating activities             (246)             1,010              714
Dividends from associates                                          66                66               66
Returns on investments and servicing of finance                  (37)              (39)             (80)
Taxation                                                            -                40                -
Capital expenditure and financial investment                       19              (75)              266
Acquisitions and disposals                                          -              (35)                -

Net cash (outflow)/inflow before financing                      (198)               967              966

Financing                                                       (145)             (163)            (318)

(Decrease)/increase in cash in the period                       (343)               804              648


Reconciliation of net cashflow to movement in net debt


(Decrease)/increase in cash in the period                       (343)               804              648
Cash outflow from debt and finance leases                         145               163              325

Movement in net debt                                            (198)               967              973

Net debt brought forward                                      (2,132)           (3,105)          (3,105)

Net debt carried forward                                      (2,330)           (2,138)          (2,132)


Reconciliation of operating loss to net cashflow from operating activities


Operating loss                                                  (996)             (470)          (2,082)
Provision against investment                                        -                 -               35
Depreciation/impairment and goodwill amortisation                 631               243              980
Decrease/(Increase) in stocks                                     185               (3)              193
Decrease in debtors                                               353             4,467            5,024
Decrease in creditors                                           (419)           (3,227)          (3,436)

Net cash (outflow)/inflow from operating activities             (246)             1,010              714






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