Final Results

Creightons PLC
25 July 2003




                                 CREIGHTONS PLC

                 ('Creightons' or 'the Company' or 'the Group')

Chairman's statement

Review of the year

This year has seen the Company continue to consolidate its manufacturing
operation on the reduced Storrington site, ensuring that we achieve improved
product costs through increased manufacturing efficiencies.

Towards the end of the year, the Directors became aware of an exceptional
opportunity to expand the Company's operation in line with the policy of
building a successful and profitable business. Nemesis Toiletries Ltd had been
put into administration in February, and the Company made an offer to purchase
some of the Potter and Moore Brands and Intellectual Property Rights that had
therefore become available.

Potter and Moore had been an old and well established business operating in
similar sectors and with complimentary products to Creightons, and shareholders
will recall that under a previous board, Creightons made a costly yet abortive
offer to purchase this business several years ago.

The Company's offer to the Administrator was accepted, and separately, a
subsidiary of the Company has negotiated to take leases on some of the premises
and purchase manufacturing plant and equipment used for the production of Potter
and Moore products in Peterborough. These operations have been brought together
in a new subsidiary of Creightons, Potter & Moore Innovations, which will
operate the acquired business from the Peterborough site.

The two operations, Creightons based at Storrington and Potter & Moore
Innovations based in Peterborough, will continue to operate separately, with
their own marketing, selling and product development and innovation specialists
so that they can continue to provide the highest quality of product and customer
service to their respective clients. Although the Board will seek to achieve
savings through synergies for non-customer facing functions, it is committed to
achieving and maintaining a high standard of customer service and product
quality.

Financial results

Consolidated Group Sales this year were £3,846,000 (2002: £4,421,000), including
a contribution of £366,000 (2002: £nil) sales by the new business of Potter and
Moore Innovations Ltd. The decline in sales through Creightons was almost wholly
due to destocking as a consequence of changes in distribution and purchasing
policies at Bodyshop, one of the Company's largest customers, as they shortened
their supply chain and reduced internal stock holdings. This resulted in a
reduction in sales to Bodyshop in the region of £1m.

The Company has continued to pursue low-cost producer status and limit overheads
to the minimum required to provide customers with the quality of service and
delivery they require. To this end, further additional excess manufacturing and
warehousing capacity has been eliminated, with the facilities made available for
third-party rental, thereby maximising as far as possible the Company's return
on its assets.

The Potter and Moore Innovations trading consolidated into the Group's results
contributed a profit of £71,000 to reduce the otherwise virtually flat Group
operating loss to £23,000 (2002: £78,000 loss).

Current year developments

The Board intends to continue to operate the two businesses separately, whilst
introducing cost saving and efficiency improvement measures similar to those
that we instigated at Creightons when we took over from the previous management
and Board. These proved very successful in reducing the Company's losses,
focusing management and product development efforts into improved performance
through elimination of unprofitable products and practices.

A number of new and potentially exciting business opportunities are currently
being progressed. The Company is also continuing to seek new and innovative
openings for joint ventures in marketing, retailing and manufacturing, such as
the opportunity with Potter & Moore that came along last February. The Group
continues to operate within its agreed funding facility.

The Board would like to thank all its employees for their continued hard work
and dedication over the past year, and extend a warm welcome to the Potter &
Moore Innovations employees based in Peterborough.

William McIlroy

Chairman 24th July 2003



Consolidated profit and loss account

For the year ended 31 March 2003



                           2003         2003         2002         2002

              Note        £'000        £'000        £'000        £'000



Turnover                               3,846                     4,421



Cost of                               (2,203)                   (2,892
sales                                ---------                  --------



Gross                                  1,643                     1,529
Profit



Operating                (1,686)                   (1,682)
expenses

Other                        20                        75
operating             -----------               -----------
income



Total                                 (1,666)                   (1,607)
operating                            ---------                 ---------
expenses



Operating                                (23)                      (78)
Loss



Net interest                             (59)                      (70)
payable                            -----------               -----------



Loss on                                  (82)                     (148)
ordinary
activities
before
taxation



Tax on loss                                -                         -
on ordinary                        -----------               -----------
activities



Loss on                                  (82)                     (148)
ordinary                           -----------                ----------
activities
after
taxation



Retained                                 (82)                     (148)
loss for the                       -----------                ----------
year



Basic loss       1                     (0.15p)                   (0.29p)
per share                            ---------                 ---------



Diluted loss     1                     (0.14p)                   (0.29p)
per share                            ---------                 ---------


The turnover and operating loss arose from continuing operations.

The Group had no gains or losses other than the above results.

There is no difference between the results shown above and their historical
cost.

Note to consolidated profit and loss Account

 1. •Loss per share


The calculation of the basic loss per share is based on the loss after taxation
of £82,000 (2002 - £148,000) and 54,275,876 (2002 - 52,158,719) ordinary shares,
the weighted average number of shares in issue during the period. The
calculation of the diluted loss per share is based on the basic loss per share,
adjusted for the effect of all dilutive options.



Consolidated balance sheet

At 31 March 2003



                               2003       2003        2002        2002

                              £'000      £'000       £'000       £'000



Fixed assets

Tangible assets                          1,813                   1,895

Intangible assets                           13                       -

Goodwill                                   345                       -
                                       ---------              ----------

                                         2,171                   1,895



Current assets

Stocks                          647                    645

Debtors                       1,167                    892

Cash at bank                      9                     16
                             -------              --------       



                              1,823                  1,553



Creditors: amount            (2,585)                (1,953)
falling due within one      ---------              ---------
year


Net current                               (762)                   (400)
liabilities



Total assets less                        1,409                   1,495
current liabilities



Creditors: amount
falling due after more
than one year                                -                      (4)
                                                                --------



Net Assets                               1,409                   1,491
                                         -------                 -------



Capital and Reserves

Called up share                            543                     543
capital

Share premium account                     1229                    1229

Capital redemption                          18                      18
reserve

Capital reserve                              7                       7

Special Reserve                             13                      13

Profit and loss                           (401)                   (319)
account                                  -------                 -------



Equity shareholders                      1,409                   1,491
funds                                    -------                 -------




Consolidated statement of cash flow

For the year ended 31 March 2003

                                 2003       2003     2002         2002

                        Note    £'000      £'000    £'000        £'000



Cash from operating        1                (207)                 (294)
activities



Returns on investments     2                 (59)                  (70)
and servicing of
finance



Taxation                                       -                     -



Capital expenditure        3                (496)                1,190
and financial                              -------               -------
investments



Cash (outflow)/inflow
before management of

Liquid resources and                        (762)                  826
financing

Financing                  4                 726                  (355)
                                          --------              --------

(Decrease)/increase in                       (36)                  471
cash in the year                          --------              --------



Reconciliation of net
cash flow to movement
in net debt



(Decrease)/increase in                       (36)                  471
cash in the year

Cash outflow from                             16                   425
repayment of debt                        ---------               -------



                                             (20)                  896

New loans                                   (742)                    -
                                           -------           -----------



Movement in net debt                        (762)                  896
in the year



Net debt at the start                     (1,038)               (1,934)
of the rear                              ---------             ---------



Net debt at the end of                    (1,800)               (1,038)
the year                                 ---------             ---------



The preliminary statement of results has been agreed with the Company's
auditors, Chantrey Vellacott DFK, who have indicated that they will be giving an
unqualified opinion in their report on the statutory financial statements, which
will be dispatched to shareholders.

The directors are not proposing that a dividend payment be made.



Notes to consolidated statement of cash flow

For the year ended 31 March 2003

 1. •Reconciliation of operating loss to operating cash flow

                                       2003     2003     2002     2002

                                      £'000    £'000    £'000    £'000



    Operating loss                               (23)              (78)

    Depreciation charges                         221               246

    Amortisation of intangible                     2                 -
    assets

    (Profit) on disposal of fixed                 (3)                -
    assets

    (Increase) in stocks                          (2)              (66)

    (Increase) in debtors                       (275)              (96)

    (Decrease) in creditors                     (127)             (300)
                                               -------           -------



    Net cash (outflow) from                     (207)             (294)
    operations                                 -------           -------



 2. •Returns on investments and servicing of finance

                                    2003       2003     2002      2002

                                   £'000      £'000    £'000     £'000



    Interest received                             1                  1

    Interest paid                               (58)               (60)

    Interest element of HP                       (2)               (11)
    payments                                ---------           --------

                                                                     ---

    Net cash (outflow) for                      (59)               (70)
    returns on investments and               --------           --------
    servicing of finance



 3. •Capital expenditure and financial investments

                                  2003       2003     2002        2002

                                 £'000      £'000    £'000       £'000



    Purchase of tangible fixed               (150)                 (53)
    assets

    Purchase of intangible                    (15)                   -
    fixed assets

    Purchased goodwill                       (345)                   -

    Sale of property                            -                 1240

    Sale of other tangible                     14                    3
    fixed assets                          ---------           ----------



    Net cash (outflow)/inflow                (496)                1190
    from capital expenditure                -------              -------
    and financial investments


 4. •Financing

                                   2003       2003     2002       2002

                                  £'000      £'000    £'000      £'000



    Issue of ordinary share                      -                  70
    capital

    Other loans                                742                   -

    Repayments of amounts                        -                (410)
    borrowed

    Capital element of HP                      (16)                (15)
    payments                               ---------           ---------



    Net cash inflow/(outflow)                  726                (355)
    from financing                          --------            --------

 5. •Analysis of changes in net debt

                             At 1 April     Cash flow     At 31 March

                                    2002                          2003

                                   £'000         £'000           £'000



Cash at bank and in hand              16            (7)              9

Overdrafts                        (1,034)          (29)         (1,063)
                                 ---------     ---------       ---------



                                  (1,018)          (36)         (1,054)
                                 ---------    ----------       ---------



Debt due within one year               -          (742)           (742)

HP contracts                         (20)           16              (4)
                               -----------    ----------   -------------



                                     (20)         (726)           (746)
                              ------------    ----------     -----------



Net debt                          (1,038)         (762)         (1,800)
                                 ---------    ----------       ---------








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