Interim Results

Creightons PLC
27 December 2002

CREIGHTONS plc

Interim results

for the six months ended

30 September 2002



Chairman's statement

I am pleased to be able to report to you that the Company has recorded a small
operating profit for the half-year to 30 September 2002 of £5,000 (2001: loss of
£34,000). As a consequence of lowered borrowings interest costs of just £34,000
also means that the overall loss of £29,000 for the period is the lowest loss
reported for the Company in over six years.

The last six months has been a very challenging period for all companies and
industries, in the unfavourable economic climate we have experienced. Many major
customers have undertaken de-stocking and rationalisation programmes, which have
significantly reduced our sales.

However, new cutting edge products resulting from investment in R & D has
brought in new higher margin customers and created new opportunities for
developing product ranges with healthcare and lifestyle businesses.

Reduced overheads, improved quality systems and higher gross margins have
increased the Company's future potential to make a profit at much lower sales
levels



William McIlroy

Executive Chairman

27 December 2002



Consolidated Balance Sheet
As at 30 September 2002
                                           30 September                  30 September                  31 March
                                                   2002                          2001                      2002
                                                  £'000                         £'000                     £'000
Fixed assets
Tangible assets                                   1,779                         1,991                     1,895

Current assets
Stocks                                              513                           727                       645
Debtors                                             738                           952                       892
Cash                                                                                                         16
                                                  1,251                         1,679                     1,553
Creditors
Amounts falling due within one year             (1,566)                       (2,160)                   (1,953)
Net current liabilities                           (315)                         (481)                     (400)
Total assets less current liabilities             1,464                         1,510                     1,495

Creditors
Amounts falling due after more than one             (2)                          (15)                       (4)
year

Net assets                                        1,462                         1,495                     1,491

Capital and reserves
Called up share capital                             543                           517                       543
Share premium account                             1,229                         1,185                     1,229
Other reserves                                       38                            38                        38
Profit and loss account                           (348)                         (245)                     (319)
                                                  1,462                         1,495                     1,491


Consolidated Cash Flow Statement
For the six months ended 30 September 2002

                                                    6 months to                6 months to                Year ended
                                                   30 September                30 September                31 March
                                                 2002         2002          2001          2001         2002         2002
                                                £'000         £'000         £'000        £'000        £'000        £'000
Cash flow from
operating activities                                             29                      (103)                     (294)

Returns on
investments and
servicing of finance
Interest received                                   -                           -                         1
Interest paid                                    (34)                        (38)                      (60)
Interest element of
hire purchase
payments                                            -                         (2)                      (11)
                                                               (34)                       (40)                      (70)
Taxation
(paid)/received                                                   -                          -                         -

Capital expenditure
Purchase of tangible                              (9)                        (22)                      (53)
fixed assets
Sale of tangible
fixed assets                                       15                       1,243                     1,243
                                                                  6                      1,221                     1,190
Cash outflow before
financing                                                         1                      1,078                       826
Financing
Repayments of
amounts borrowed                              -                             (410)                     (410)
Capital element of
hire purchase payments                            (6)                         (8)                      (15)
Issue of share capital                                                                                   70
                                                                (6)                      (418)                     (355)
Increase/(decrease)
in cash                                                         (5)                        660                       471


Consolidated Profit and Loss Account
For the six months ended 30 September 2002

                                                        6 months to                6 months to                Year ended
                                                       30 September               30 September                  31 March
                                                               2002                       2001                      2002
                                                              £'000                      £'000                     £'000
Turnover                                                      1,983                      2,172                     4,421
Cost of sales                                               (1,252)                    (1,363)                   (2,892)
Gross profit                                                    731                        809                     1,529
Operating expenses                                            (747)                      (880)                   (1,682)
Other operating income                                           21                         37                        75
Operating profit/(loss)                                           5                       (34)                      (78)
Net interest payable                                           (34)                       (40)                      (70)
Profit/(Loss) on ordinary activities and loss
sustained for the period                                       (29)                       (74)                     (148)
Loss per share                                              (.053)p                    (0.14)p                   (0.29)p
Fully diluted loss per share                                (.053)p                    (0.14)p                   (0.29)p





Independent Review Report to Creightons plc

Introduction

We have been instructed by the company to review the financial information set
out the attached P&L, Balance Sheet and Cash Flow, 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 2002.

Chantrey Vellacott DFK

Chartered Accountants

27 December 2002



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 2002.

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 2002 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 Group has been meeting its day to day working capital requirements through
an overdraft facility which was due for renewal on 31 May 2002. The facility
previously in place was not formally renewed, but the directors have agreed with
their bankers that this is an appropriate time to restructure the core overdraft
facilities into longer-term debt and a reduced overdraft or comparable trading
facility. This action is considered necessary by the directors in order to
improve the financial and commercial stability of the company. It coincides with
the fact that a further 12,000 sq ft of freehold warehousing space has been
released for letting by continuing rationalisation of the warehousing and
manufacturing processes. It is anticipated that the rental income from a
long-term lease of this excess space would more than cover the projected
interest costs of a commercial mortgage which would be used to make a
significant contribution towards repaying the existing overdraft. The directors
are confident that adequate re-financing arrangements will be successfully
negotiated with their bankers and on this basis they consider it appropriate to
prepare the accounts on a going concern basis.

3. Loss per share for the six months ended 30 September 2002 has been calculated
on 54,275,876 shares being the weighted average number of shares in issue during
the period. The loss per share for the year ended 31 March 2002 was calculated
on 52,158,719 being the weighted average number of shares in issue during the
period, and for the six months ended 30 September 2001 it was calculated on
51,691,387.

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. No taxation charge has been included in view of the loss sustained and the
significant accumulated losses available from previous periods.

5. 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.






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