Final Results - Year Ended 31 December 1999

Caldwell Investments PLC
2 May 2000
                                                                                
                                                      
                                                                  
                                      
             CALDWELL TAKES THE PAIN AND MOVES ON FROM PROBLEMS
                  OF MANUFACTURING FOR 'OWN BRAND' CUSTOMER


    Resultant Exceptional Costs Create A £635,623 Loss

    Ninaclip Plc Fastening System Subsidiary To Be Floated Separately

    Shareholders To Receive Preferential Treatment

    New Opportunities Being Reviewed By Group

    Sound Balance Sheet And Cash At Year End


Caldwell Investments Plc hopes to float separately - 'on a preferential basis
to existing shareholders' - its promising Ninaclip Plc subsidiary, developers
of the patented fastening system which is looking beyond the nursery products
market, says chairman Mr Stanley Wootliff.

Reporting  today  on calendar 1999 results he states that  Caldwell  suffered
from  the  problems  affecting some High Street stores groups  and  took  the
'difficult  and  costly' decision to withdraw from the  manufacture  of  'own
brand'  products for a major retailer.   The losses incurred in discontinuing
production at two units, together with their ancillary services, fixed assets
and  stock  losses  associated  with withdrawal  from  major  product  areas,
amounted  to £741,732.   'These losses more than account for our  total  loss
for the year', he says.

Caldwell's  pre-tax loss for 1999 was £635,623 after total exceptional  items
of  £744,188.   The  figure  compares to a £87,131  pre-tax  loss  (including
exceptionals of £220,988) in 1998.

'The benefit for the future is that we have now extricated ourselves from  an
unprofitable major retailer and more than replaced the lost sales with new UK
and  overseas  customers and retaken control and ownership  of  the  Ninaclip
brand.'

NEW OPPORTUNITIES BEING REVIEWED

Mr. Wootliff says that with Ninaclip floated: 'In going forward, Caldwell has
a strong balance sheet, a good cash position and two sound and profitable non-
fashion  underwear  businesses. Your Board continues to review  a  number  of
opportunities  which  have  been  brought to  its  attention  and  will  keep
shareholders informed appropriately'.
                                                                           /2


CALDWELL INVESTMENTS 2



A  separate  listing should enable Ninaclip to broaden its present  range  of
nursery  accessories as well as developing a variety of new applications  for
the company's unique fastening device.

Mr.  Wootliff comments: 'The Board continues to regard the Ninaclip as having
considerable potential.   However, despite the funds raised by the Group last
year,  it  is  clear  that further exploitation of the product  will  require
greater  resources  than  Caldwell will have  available  in  the  foreseeable
future.   Accordingly, it has been decided that this young technology company
should  have a separate market quote and most appropriately one that attracts
EIS (Enterprise Investment Scheme) tax relief.

'It  is  therefore our intention to explore the possibilities  of  separately
floating  Ninaclip  Plc  in  the  summer, retaining  a  substantial  minority
interest  and  giving  existing  Caldwell  shareholders  the  opportunity  to
participate  on a preferential basis.   The development and marketing  budget
has been prepared, appropriate to the scale of potential business.'

RESULTS ALSO HIT BY STRENGTH OF STERLING

Caldwell's  financial results for 1999 were also adversely  affected  by  the
strength of the pound.   Caldwell's German subsidiary 'produced record  sales
and  good  profits locally,' but these were cut substantially when translated
into sterling after an effective 13.5p.c. devaluation of the Deutschmark.

Withdrawal  from  the  High Street customer and subsequent  closures  enabled
Caldwell to put up for sale its manufacturing facility at Oldham, Lancashire.
Mr   Wootliff  says  this  should  generate  about  £250,000  net  cash   and
substantially reduce the group's gearing.

Turnover from continuing operations last year was £7.2m (1998: £8.1m).  As
indicated  at  the  time of the October rights issue  no  final  dividend  is
recommended (1998: 0.8p).  Equity shareholders' net assets fell from  24.8p
to 18.4p per share.

The annual report will be posted next week.

Annual General Meeting - Leeds, Monday 5th June.



Further information:

Stanley Wootliff, Chairman,             Caldwell Investments Plc
0113 235 0632
John Greenhalgh,                            City of London PR Ltd
020 7628 5518


                         CALDWELL INVESTMENTS P.L.C.
                           PROFIT AND LOSS ACCOUNT
                     FOR THE YEAR ENDED 31 DECEMBER 1999

         Contin      Discont    Total       Contin      Discont     Total
          uing        inued      1999        uing        inued       1998
          1999        1999                   1998        1998
             £           £          £           £           £           £
Turnover 7,210,786   2,659,430  9,870,216   8,097,354   4,241,342   12,338,696
                                            
Cost of                                                             
sales   (5,729,899) (2,335,097)(8,064,996) (6,495,933) (3,793,471) (10,289,404)
         1,480,887     324,333  1,805,220   1,601,421     447,871    2,049,292
                                                 
Gross                                    
Profit 
                                                            
Dist-
ribution
costs     (171,792)    (76,110)  (247,902)   (245,135)   (121,226)    (366,361) 
      
                                                             
Adminis-
tration                                                 
expenses  (979,568)   (324,853)(1,304,421) (1,106,262)   (331,677)  (1,437,939)
  
Other                                                        
operating    
income                                    
            60,150           -     60,150     145,291           -      145,291  
                                                 
Except-
ional      
items            -    (630,763)  (630,763)          -    (220,988)    (220,988)
                                                             
Operating    
profit/
(loss)     389,677    (707,393)  (317,716)    395,315    (226,020)     169,295

Share of                                                 
associates'                   
operating                          
loss                               (1,765)                             (12,384)
                                                             
Loss on                                                 
disposal of
fixed assets
-continuing                   
operations                        (79,086)          -           -            -
                                                            
-discontinued                  
operations                        (34,339)          -           -            -
                                                             
Net interest                  
payable                          (202,717)                            (244,042) 
                   
                                                             
Loss on                                                 
ordinary                      
activities                       
before
taxation                         (635,623)                             (87,131)
                                                             
Tax on loss                                                 
on ordinary                  
activities                        (40,133)                              40,540
                                                             
Loss on                                                 
ordinary                      
activities                       
after
taxation                         (675,756)                             (46,591)
                                                             
Equity                                                       
minority                       
interest                                                    
                                    4,877                               (5,880) 
                            
Loss for 
the                                                 
financial                     
year                             (670,879)                             (52,471) 
                     
Equity                                                       
dividends                     
paid and                      
proposed                          (46,878)                            (135,118)
                                                             
Retained                                                     
loss for 
the                  
financial                        
year                             (717,757)                            (187,589)
                                                             
Earnings 
per                                                 
share
-Basic and                  
diuted                             (5.53p)                              (0.46)p 
                             
                                                             

No  consolidated note of historical cost profits and losses is  presented  as
there  is no material difference between the loss for the financial  year  as
stated and the loss for the financial year on a historical cost basis.


                         CALDWELL INVESTMENTS P.L.C.
                       GROUP AND COMPANY BALANCE SHEET
                           AS AT 31 DECEMBER 1999
                                      

                                   GROUP                           COMPANY
                         1999             1998           1999          1998
                            £                £              £             £
Fixed assets                                 
Intangible assets     344,327          302,073        216,369       143,820
Tangible assets     1,286,407        1,353,879        974,340       991,549
Investments                 -           79,086      1,786,152     1,865,238
                    1,630,734        1,735,038      2,976,861     3,000,607
                                    
Current assets                                          
Stocks              2,137,232        2,971,368              -             -
Debtors falling  
due within one                    
year                1,425,675        2,065,512         87,824       440,116
Debtors falling                                          
due after more         
than one year               -                -        460,834       460,834
Cash at bank and  
in hand             1,169,128          584,765        573,090        30,818
                    4,732,035        5,621,645      1,121,748       931,768
                                     
Creditors:                                          
amounts falling  
due within one         
year               (2,921,405)      (3,519,803)      (156,899)     (535,228)    
                       
Net current  
assets              1,810,630        2,101,842        964,849       396,540     
       
Total assets                                           
less current  
liabilities         3,441,364        3,836,880      3,941,710     3,397,147     
           
Creditors:                                          
amounts falling  
due after more                  
than one year        (843,402)      (1,023,786)      (479,379)     (534,361)
                                                           
Provisions for                                          
liabilities and    
charges                (7,765)         (25,150)             -       (16,902)
                                                           
Net assets          2,590,197        2,787,944      3,462,331     2,845,884
                                     
Capital and                                          
reserves
Called up share  
capital             1,378,750        1,103,000      1,378,750     1,103,000    
Share premium  
accoun              1,620,302        1,272,871      1,620,302     1,272,871    
Revaluation    
reserve               191,734          196,873        191,734       196,873
Capital     
redemption
reserve                27,000           27,000         27,000        27,000
Profit and  
loss account         (675,881)         135,031        244,545       246,140
Equity 
shareholders'                    
funds               2,541,905        2,734,775      3,462,331     2,845,884
Equity minority                          
interest               48,292           53,169              -             -
Total capital  
and reserves        2,590,197        2,787,944      3,462,331     2,845,884     
           
                                                  

                         CALDWELL INVESTMENTS P.L.C.
                      CONSOLIDATED CASH FLOW STATEMENT
                           AS AT 31 DECEMBER 1999


                                                         1999          1998
                                                              £             £
Net cash inflow /(outflow) from operating activities 
                                                        526,074      (192,006)  
  
Returns on investments and servicing of finance                  

Interest received                                        15,386        27,926
Interest paid                                          (218,102)     (271,968)
                                      
Net cash outflow                                       (202,716)     (244,042)
                                        
Taxation                   
Tax paid                                                (39,775)      (82,777)
                                         
Net cash outflow                                        (39,775)      (82,777)
                                         
Capital expenditure and financial investment
Purchase of intangible fixed assets                     (86,042)      (54,231)
Purchase of tangible fixed assets                      (127,363)     (238,456)
                                        
Sale of tangible fixed assets                                 -        30,771
                                        
Net cash outflow                                       (213,405)     (261,916)
                                        
Acquisitions and disposals                   
Purchase of subsidiary undertakings and associates            -       (18,305)
Sale of subsidiary undertaking                                -       232,852
Net cash disposed of with subsidiary undertaking              -       (83,563)
                   
Net cash inflow                                               -       130,984
                                                    
Equity dividends paid                                  (135,118)     (135,118)
                                        
Net cash outflow before financing                       (64,940)     (784,875)
                                         
Financing                   
Issue of shares                                         623,181             -
New loan finance                                              -        25,000
Repayment of loans                                     (172,564)      (49,899)
Capital element of finance lease payments               (12,803)      (15,031)
                                
Net cash inflow/outflow                                 437,814       (39,930)
                                                    
Increase/(Decrease) in cash in the year                 372,874      (824,805)
                         
                                                    
Notes:
1.   The financial information set out above does not comprise the company's
     statutory accounts.  The auditors have not reported on the accounts for    
    the year ended 31 December 1999 nor have any such accounts been delivered   
   to the Registrar of Companies.  Statutory accounts for 1998 have been        
  delivered to the Registrar of Companies.

2.   The calculation of basic and diluted earnings per share is based on the
     loss for the financial year of £670,879 (1998: £52,471) and a weighted     
    average number of ordinary shares of 12,120,912 (1998: 11,471,200).

     The calculations of basic and diluted earnings per share for 1998 have
     been restated in order to reflect the effect of the rights issue in        
    October 1999.

4.   The 1999 Report and Accounts will be posted to shareholders on 9th May
     2000.

2nd May 2000