Interim Results

Creightons PLC
20 November 2000




                 Creightons plc ('Creightons')
   Interim results for the 6 months ended 30 September 2000
                               
Chairman's statement

I  am  very  pleased to report that in the 6-months  ended  30
September  2000,  the  Group achieved an operating  profit  of
£15,000 (1999: loss £812,000). This is the first profit to  be
reported by Creightons for some years and is in stark contrast
to  the  significant and damaging losses and depletion of  net
assets of previous periods. This turnaround can be attributed,
in no small measure, to the efforts of Mr William McIlroy, our
new management team and our employees since the fundraising in
March 2000.

When  I  wrote to you in September 2000 to report our  results
for  the  year  ended 31 March 2000, I reported  that  William
McIlroy  was  executive vice chairman and Bernard Johnson  was
acting  as  general  manager of the Group.  Creightons  former
management  team had effectively withdrawn from its management
role  after  making a management buy-out proposal in  February
2000.

In  the absence of the former management team, it became clear
that  drastic steps could be taken to reduce head  office  and
general   overheads,  as  well  as  streamlining  the  overall
management of the business. Much has been achieved in  all  of
these  areas.  We  now have only one executive  director,  the
aforementioned   William  McIlroy,  on   the   Board.   As   a
representative  of Oratorio Developments Limited,  Creighton's
largest  shareholder,  Mr McIlroy's interests  are  very  much
aligned to all of our shareholders. Mr McIlroy's primary  task
is  to  manage the implementation of the strategy approved  by
shareholders  at  the  Extraordinary General  Meeting  of  the
Company  in  February  2000. Mr Johnson's  role  has  been  to
streamline  the  production facility,  review  product  profit
margins with a view to shedding unprofitable lines and to  re-
establish  customer  relationships which have  suffered  as  a
result of the long term destabilisation and disruption of  our
manufacturing business.

Whilst  immediate  steps can and have  been  taken  to  reduce
costs,  the  process of improving sales and margins inevitably
takes  a  little  longer. Both sales levels and  margins  have
improved steadily over the last 6-month period and we hope  to
be  able  to report an improvement in the current period.  The
most  dramatic  and obvious improvement is in overhead  costs.
These  were £596,000 compared to £1,049,000 in the same period
in  1999,  a  43% reduction. There were also no  'exceptional'
costs in the period. These costs seem to have become a feature
in  our  accounts in previous periods. The net result  was  an
operating profit of £15,000 (1999: loss £812,000).

The placing and open offer in March 2000 enabled us to pay off
overdue debts and reduce bank borrowing.

The   Board's   strategy  is  clear.  We  will  complete   the
streamlining of the business and, as reported in September, we
are  hoping to announce the sale of part of our freehold  land
at  Storrington  shortly in order to  realise  cash.  At  this
point, it will be operating on a smaller site more appropriate
to its requirements and its production facilities will be more
efficiently  organised. Whilst this process is  continuing  we
will  continue to seek out sound and attractive companies that
might wish to reverse into the Creightons shell.

I  look forward to reporting our progress to you in the coming
months.


Roger Lane-Smith
Chairman


     Independent Review Report to Creightons Plc
     
     Introduction
     We  have  been  instructed by the company to  review  the
     financial information set out on pages 2 to 5 and we have
     read  the  other  information contained  in  the  interim
     report  and  considered whether it contains any  apparent
     misstatements  or  material  inconsistencies   with   the
     financial information.
     
     Directors' responsibilities
     The  interim  report, including the financial information
     contained therein, is the responsibility of, and has been
     approved  by,  the directors.  The Listing Rules  of  the
     Financial  Services Authority require that the accounting
     policies and presentation applied to the interim  figures
     should be consistent with those applied in preparing  the
     preceding annual accounts, except where any changes,  and
     the reasons for them, are disclosed.
     
     Review work performed
     We  conducted  our  review  in accordance  with  guidance
     contained  in  Bulletin  1999/4 issued  by  the  Auditing
     Practices Board.  A review consists principally of making
     enquires of management and applying analytical procedures
     to  the  financial  information and underlying  financial
     data  and based thereon, assessing whether the accounting
     policies and presentation have been consistently applied,
     unless  otherwise  disclosed.  A  review  excludes  audit
     procedures, such as tests of controls and verification of
     assets,    liabilities   and   transactions.     It    is
     substantially  less in scope than an audit  performed  in
     accordance with Auditing Standards and therefore provides
     a lower level of assurance than an audit.  Accordingly we
     do not express an opinion on the financial information.

     Review conclusion
     On  the  basis  of our review, we are not  aware  of  any
     material  modifications  that  should  be  made  to   the
     financial  information as presented for  the  six  months
     ended 30 September 2000.


     Chantrey Vellacott DFK
     
     Chartered Accountants
     Date:  20 November 2000


CONSOLIDATED PROFIT AND LOSS ACCOUNT
For the six months ended 30 September 2000

                           6 months to  6 months to   Year ended
                               30 Sept      30 Sept     31 March
                                  2000         1999         2000
                                 £'000        £'000        £'000
                                                                
Turnover                         2,449        2,646        5,214
Cost of sales                  (1,838)      (1,962)      (4,134)
Exceptional cost of sales            -            -        (273)
                                                                
Gross profit                       611          684          807
                                                                
Operating expenses               (596)      (1,049)      (2,146)
Exceptional     operating            -        (447)        (327)
expenses
                                                                
Operating profit/(loss)             15        (812)      (1,666)
                                                                
Net interest payable              (76)         (62)        (159)
                                                                
Loss      on     ordinary                                       
activities    and    loss         (61)        (874)      (1,825)
sustained for the period
                                                                
Loss per share                  (0.1)p       (4.4)p       (8.5)p
                                                                
Loss per share before                                           
     exceptional items               -       (2.1)p       (5.7)p
                                                                
Loss per share                                                  
     on exceptional items            -       (2.3)p       (2.8)p
                                                                
Fully  diluted  loss  per       (0.1)p       (4.4)p       (8.5)p
share
                                                                



CONSOLIDATED BALANCE SHEET
As at 30 September 2000

                               30 Sept      30 Sept     31 March
                                  2000         1999         2000
                                 £'000        £'000        £'000
                                                                
Fixed assets                                                    
Tangible assets                  3,166        3,368        3,329
                                                                
Current assets                                                  
Stocks                             622          898          806
Debtors                          1,044          877          943
                                                                
                                 1,666        1,775        1,749
                                                                
Creditors                                                       
Amounts    falling    due      (2,860)      (3,340)      (2,959)
within 1 year
                                                                
Net current liabilities        (1,194)      (1,565)      (1,210)
                                                                
Total assets less current        1,972        1,803        2,119
liabilities
                                                                
Creditors                                                       
Amounts falling due after        (365)        (492)        (451)
more than one year
                                                                
Net assets                       1,607        1,311        1,668
                                                                
Capital and Reserves                                            
Called up share capital            517        3,975        4,294
Share premium account            1,185          196        1,185
Other reserves                      38           38           38
Profit and loss account          (133)      (2,898)      (3,849)
                                                                
                                £1,607       £1,311       £1,668

CONSOLIDATED CASH FLOW STATEMENT

                            30 Sept       30 Sept       31 March
                               2000          1999           2000
                              £'000         £'000          £'000
Cash flow from                                                  
operating activities             84         (217)          (845)
                                                                
Returns on                                                      
investments and
servicing of finance
Interest paid                  (71)          (55)          (144)
Interest element of                                             
finance lease                   (5)           (7)           (15)
payments
                               ____          ____          _____
                               (76)          (62)          (159)
                                                                
Taxation                          -             -              -
(paid)/received
                                                                
Capital Expenditure                                             
Purchase of tangible                                            
fixed assets                   (13)           (2)          (156)
Sale of tangible                                                
fixed assets                      -             -             21
                                                                
Cash outflow before             ___         _____       ________
financing                       (5)         (281)        (1,139)
                                                                
Financing                                                       
Repayments of amounts                                           
borrowed                       (67)          (60)          (125)
Capital element of                                              
finance lease                  (25)          (47)           (92)
payments
Issue of share                    -             -          1,308
capital
                               (92)         (107)          1,091
Increase/(Decrease)                                             
in cash                        (97)         (388)           (48)
Decrease in cash               (97)         (388)           (48)
Cash outflow from                                               
repayment of debt                92           107            217
                                (5)         (281)            169
New finance leases                -             -           (54)
Movement in net debt                                            
in period                       (5)         (281)            115
Net debt at start of        (1,876)       (1,991)        (1,991)
period
Net debt at end of          (1,881)       (2,272)        (1,876)
period


Notes to the Interim Report

1.   The  interim  report  has been prepared  using  the  same
     accounting policies as were used for the annual report and
     financial statements for the year ended 31 March 2000.

     The   interim  financial  statements  do  not  constitute
     statutory  accounts and they are unaudited.   They  have,
     however,  been reviewed by the auditors, whose report  is
     included.  Full year figures for the year ended 31  March
     2000  have  been  extracted from the  annual  report  and
     financial  statements  for that year  which  received  an
     unqualified  audit opinion and have been filed  with  the
     Registrar of Companies.
     
2.   The interim financial information has been prepared on  a
     going concern basis. The Directors have prepared projected
     cash flow information for a period of 18 months from the date
     of this interim report .

     On the basis of these projections, the Directors consider
     that  the Company and the Group will continue to  operate
     within the facilities agreed with its bankers, which  are
     repayable on demand, and that the going concern basis  is
     appropriate.
     
3.   Loss per share for the six months ended 30 September 2000
     has  been  calculated  on  51,691,307  shares  being  the
     weighted  average  number of shares in issue  during  the
     period.   The loss per share for the year ended 31  March
     2000  and for the six months ended 30 September 1999  was
     calculated   on   21,441,184   and   19,876,523    shares
     respectively, being the weighted average number of shares
     in issue during the period.
     
     Fully  diluted  earnings  per  share  is  calculated   by
     including  dilutive share options.  Since  the  remaining
     share  option  has an exercise price that is considerably
     higher  than  the  market prices during the  period,  the
     fully  diluted  loss  per  share  is  the  same  as  that
     calculated on an undiluted basis.
     
4.   Following the Capital Reorganisation, the Deferred Shares
     of  19p  each were cancelled by Court Order  on  5  April
     2000.    The  amount  of  share  capital  cancelled   was
     £3,776,539.   This sum was not available  for  return  to
     shareholders, but instead has been credited to the profit
     and  loss  account of the Company in order to reduce  the
     deficit in distributable reserves.
     
5.   No  taxation charge has been included in view of the loss
     sustained   and   the   significant  accumulated   losses
     available from previous periods.

6.   The   interim  report  is  being  sent  to  shareholders.
     Further   copies  can  be  obtained  from  the  Company's
     registered office, Unit 1, Water Lane Industrial  Estate,
     Storrington, Pulborough, West Sussex RH20 3DP.