Interim Results

Caldwell Investments PLC
7 September 2001

                          CHAIRMAN'S STATEMENT


First half trading has shown a small loss as mentioned in my Chairman's
statement in the last year end Accounts.



UNDERWEAR BUSINESS


Both in the U.K. and Germany, underwear businesses have struggled with a
difficult six months.   The first half of the year is always slow.   Hopefully
we will have seasonal weather in the autumn, which should result in better
trading.



NINACLIP


Sales of Ninaclip parasols continued to grow.   Trading of this division was
profitable, but unfortunately we had to absorb the final costs of rectifying
the previous years problems.



REDUCTION OF SHARE PREMIUM ACCOUNT



Included with these Accounts is a circular dealing  with a special resolution
proposing that, the amount standing to the credit of the Share Premium Account
of the Company be reduced by the amount of the deficit on the Profit and Loss
Account shown in the unaudited balance sheet of the Company as at 30 June
2001.



While the balance on the Profit and Loss account remains in deficit, it is not
legally possible for the Company to purchase its own shares or declare a
dividend.   The proposed reduction of the share premium account will enable
the Company to cancel the deficit and so bring closer the prospective date
when such share purchases and/or dividend payment can be made.



PROSPECTS



We believe the Group will trade profitably in the second half and should end
the year with a small profit.





                                                                  S.J. Wootliff
                                                                       Chairman



                                                                 September 2001
   






                         CALDWELL INVESTMENTS P.L.C.

                RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2001





Consolidated Profit and Loss Account




                                       Unaudited     Unaudited          Audited
                                        6 months      6 months       Year ended
                                           ended         ended 31 December 2000
                                    30 June 2001  30 June 2000
                                               £             £                £
Turnover

Continuing Operations                  2,575,167     2,916,666        6,959,989

Discontinued Operations                        0        26,857           15,141

                                       2,575,167     2,943,523        6,975,130
Operating loss

Continuing Operations                   (56,048)     (396,232)        (217,240)

Discontinued Operations                  (1,940)     (210,420)         (55,777)

                                        (57,988)     (606,652)        (273,017)

Share of associates' operating           (5,907)       (9,183)          (2,859)
loss

Loss on disposal of fixed assets               0             0        (181,599)

Net interest payable                    (50,395)     (102,752)        (218,898)

Loss on ordinary activities
before taxation                        (114,290)     (718,587)        (676,373)



Tax on loss on ordinary activities      (10,000)       (6,900)         (12,365)

Loss on ordinary activities
after taxation                         (124,290)     (725,487)        (688,738)


Equity minority interest                       0       (3,279)          (3,279)



Loss for the period                    (124,290)     (728,766)        (692,017)



Equity dividends paid and proposed            0             0                0


Retained loss for the period           (124,290)     (728,766)        (692,017)


Earnings per share

Basic and diluted                        (0.90)p       (5.29)p          (5.02)p


Dividend per share                             0             0                0






                         CALDWELL INVESTMENTS P.L.C.

                RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2001




Consolidated Balance Sheet



                                           Unaudited    Unaudited      Audited
                                             30 June      30 June  31 December
                                                2001         2000         2000
                                                   £            £            £
Fixed assets

Intangible fixed assets                      320,844      361,849      344,642

Tangible fixed assets                        299,945    1,232,075      323,828

Investments                                        0            0            0

                                             620,789    1,593,924      668,470



Current assets

Stocks                                     2,169,197    2,197,129   1,802,,676

Debtors due within one year                1,055,284    1,224,659      945,531

Cash at bank and in hand                     318,113      758,176      425,556

                                           3,542,594    4,179,964    3,173,763



Creditors: due within one Year           (2,320,113)  (3,194,160)  (1,720,861)



Net current assets                         1,222,481      985,804    1,452,902



Total assets less current liabilities      1,843,270    2,579,728    2,121,372


Creditors: due after one year              (120,000)    (699,559)    (240,000)



Provisions for Liabilities and charges      (14,198)     (16,949)     (14,198)


Net assets                                 1,709,072    1,863,220    1,867,174



Capital and reserves

Called up share capital                    1,378,750    1,378,750    1,378,750

Share premium account                      1,620,302    1,620,302    1,620,302

Revaluation reserve                                0      189,677            0

Capital redemption reserve                    27,000       27,000       27,000

Profit and loss account                  (1,316,980)  (1,394,080)  (1,158,878)

Equity shareholders' funds                 1,709,072    1,821,649    1,867,174

Equity minority interest                           0       41,571            0

Total capital and reserves                 1,709,072    1,863,220    1,867,174





                         CALDWELL INVESTMENTS P.L.C.

                RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2001





Consolidated Cash Flow Statement




                                              Unaudited   Unaudited    Audited
                                               6 months    6 months Year ended
                                                  ended       ended         31
                                                                      December
                                                30 June     30 June
                                                   2001        2000       2000
                                                      £           £          £

Net cash outflow from operating activities    (248,972)   (745,967)  (345,639)

Returns on investments and servicing of
finance
Interest received                                 2,589      10,316     27,609

Interest paid                                  (52,984)   (113,068)  (246,507)

Net cash outflow                               (50,395)   (102,752)  (218,898)


Taxation

Tax paid                                              0    (22,647)   (51,420)



Net cash outflow                                      0    (22,647)   (51,420)



Capital expenditure and financial
investment

Purchase of intangible fixed assets                   0    (37,989)   (37,518)

Purchase of tangible fixed assets               (4,579)    (24,706)   (92,185)

Purchase of minority interest                         0           0   (37,500)

Sale of tangible fixed assets                         0      21,000    775,180





Net cash (outflow)/inflow                       (4,579)    (41,695)    607,977



Equity dividends paid                                 0           0          0



Net cash outflow before financing             (303,946)   (913,061)    (7,980)



Financing

Issue of shares                                       0           0          0

Repayment of loans                            (120,000)   (144,581)  (657,744)

Capital element of finance lease payments       (3,165)     (6,992)   (28,157)

Net cash outflow                              (123,165)   (151,573)  (685,901)



Decrease in cash in the period                (427,111) (1,064,634)  (693,881)






CALDWELL INVESTMENTS P.L.C.

RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2001



Notes to the Interim Report



1.         The accounts for the six months ended 30 June 2001 and 30 June 2000
are unaudited but have been prepared on the basis of accounting policies
consistent with those set out in the audited accounts for the year ended 31
December 2000.  Those accounts were audited, carried an unqualified Auditors
Report and have been filed with the Registrar of Companies.    The information
set out in this interim report does not constitute statutory accounts within
the meaning of  the Companies Act.



2.         The calculation of basic and diluted earnings per shared is based
on the loss for the period of £124,290  (2000: £728,766) and a weighted
average number of ordinary shares of 13,787,500 (2000: 13,787,500).



3.            Reconciliation of operating loss to operating cash flows






                                                Unaudited   Unaudited   Audited
                                                 6 months    6 months      Year
                                                                          ended
                                                    ended       ended        31
                                                  30 June     30 June  December
                                                     2001        2000      2000
                                                        £           £         £

Operating loss                                   (57,988)   (606,652) (273,017)

Depreciation                                       28,462      58,038    97,985

Amortisation of goodwill and Intangible fixed
assets                                             23,798      20,467    40,437

(Increase)/decrease in stocks                   (366,521)    (59,897)   334,556

(Increase)/decrease in debtors                  (109,753)     201,016   480,144

Increase/(decrease) in creditors                  233,030   (358,939)  (636,601)

Exceptional Items                                       0           0  (389,143)

Net cash outflow from operating activities       (248,972)   (745,967) (345,639)





4.         No interim dividend will be paid.



5.         Copies of these interim results are being despatched to
shareholders.   Further copies can be obtained from:  The Company Secretary.
Caldwell Investments P.L.C., Princes House, 635, Roundhay Road, Leeds.   LS8
4BA.