Interim Results

Worthington Group PLC
26 November 2001

                              WORTHINGTON GROUP

                             CHAIRMAN'S STATEMENT



The Group made an operating profit of approximately £90,000 but after allowing
for redundancies at Keighley and additional costs at Macclesfield caused
primarily by the return back to Fence Avenue, and the opening of the newly
built factory, the final outcome was a small loss of £77,000.

Our corporate strategy has obviously been deflected somewhat by the need to
address the funding problems caused by the demise of the Independent Insurance
Company. Non-performing assets, downsizing and the persistent search for cost
reduction has been the driving force behind much of our corporate decisions.
The Board consider that a totally ungeared Group with some cash generation has
to be the eventual outcome in order to achieve the ultimate objectives of a
new corporate profile. To this end we are pleased to confirm that the sale of
our Shipley site in September generated the £3.5million as expected.

The business of Gardiner of Selkirk, which has always been somewhat
precarious, has now been sold for a nominal amount, leaving us to wind up the
assets and liabilities. This realisation programme is currently being
completed and is expected to give a cash generation in the region of £900,000.
The losses at Gardiners in the half year amount to some £124,000. Although
this has been a seasonal business with profits coming through only in the
latter half of the financial year, the prognosis was never going to be
comfortable and the decision to close became inevitable.

There has been no significant change in the trading position of the other
subsidiaries since I reported to you last in the recent Annual Statement. It
is too early to say whether there will be any trading impact on our
subsidiaries following the horrific incidents in America on 11 September.

There is much talk of doom and gloom and suggestions of a forthcoming
recession, but the Group currently is not finding a problem with trading and
this may possibly be due to our niche markets and our strong position therein.
However, your Directors have to continue the work of restructuring this Group
and to this extent the unaudited results should be seen in that context alone.

The corporate profile of the Group has to change dramatically through
diversification but in the meantime we have to get the remaining assets to
perform.





Joe Dwek CBE

Chairman

26 November 2001





Consolidated Profit and Loss Account

for the six months ended 30 September 2001


                                                Unaudited    Unaudited  Audited
                                                 6 months     6 months     Year
                                                    ended        ended    ended
                                                       30           30       31
                                                September    September    March
.                                                    2001         2000     2001
                                                    £'000        £'000    £'000

Turnover:     continuing operations                 9,895        9,097   18,268
          discontinued operations                     611        2,017    3,103
                                                   10,506       11,114   21,371
Trading (loss)/profit
Existing operations (before exceptionals)            (77)          419      969
Exceptional items                                       -            -  (1,059)
Discontinued operations                             (124)         (64)  (1,350)
Operating (loss)/profit                             (201)          355  (1,440)
Share of profits of associated undertaking             77           91      201
Profit on disposal of fixed assets                     55            -    3,796
Losses on disposal of discontinued operations       (247)        (697)    (245)
(Loss)/profit before interest                       (316)        (251)    2,312
Net interest payable and similar items              (229)        (240)     746)
(Loss)/profit before taxation                       (545)        (491)    1,566
Taxation                                                -            -     (66)
(Loss)/profit on ordinary activities after          (545)        (491)    1,500
taxation
Dividends paid and proposed                             -            -     (59)
Retained (loss) /profit                             (545)        (491)    1,441
(Loss)/earnings per share
-before exceptional items and disposals            (0.3p)         0.2p   (0.2p)
-after exceptional items                           (0.5p)       (0.4p)     1.3p



Recognised gains and losses

There are no recognised gains or losses in half year ended 30 September 2001,
other than those shown in the above profit and loss account.



Notes to the Interim Statement


                1.      The interim accounts have been prepared on the basis
                of accounting policies set out in the Group's financial
                statements for the year ended 31 March 2001. The interim
                Accounts were approved by the Board on 26 November 2001 and
                are unaudited.

                     Comparative figures for the half year ended 30 September
                2000 are extracts from the interim accounts For that period
                and are also unaudited.

                     Comparative figures for the year ended 31 March 2001 have
                been extracted from the financial statements, which have been
                filed with the Registrar of Companies. These were audited and
                reported Upon without qualification by KPMG Audit Plc and did
                not contain any statement under section 237 of the Companies
                Act 1985.




                2.      The taxation charge is calculated by applying the
                director's best estimate of the annual tax rate to the profit
                for the period.




                3.      Earnings/(loss) per share is calculated by reference
                to the average number of shares in issue in the Period,
                amounting to 118,070,163 shares (six months to 30 September
                2000: 118,070,163 shares) and on a loss after taxation of £
                545,000 (six months to 30 September 2000: loss of £491,000).




                4.      Copies of this report and the last annual report and
                accounts are available from The Secretary, Worthington Group
                plc, Chatsworth Works, Dalton Lane, Keighley, BD21 4HR.





        Consolidated Balance Sheet

        at 30 September 2001

                                                Unaudited   Unaudited   Audited
                                                       30          30  31 March
                                                September   September
                                                     2001        2000      2001
                                                    £'000       £'000     £'000
Fixed assets
Negative goodwill                                    (64)        (72)      (64)
Tangible assets                                     9,588       9,738     7,934
Unlisted investments                                   27          27        27
Interest in associated undertaking                    639         589       563
                                                   10,190      10,282     8,460
Current assets
Stock                                               2,397       2,902     2,637
Debtors: amounts falling due after more than          812       1,061       850
one year
Debtors: amounts falling due within one year        5,498       7,445     9,932
Cash                                                    6           6         6
                                                    8,713      11,414    13,425

Creditors: amounts falling due within one year   (10,832)    (14,906)  (13,239)
Net current liabilities                           (2,119)     (3,492)       186
Total assets less current liabilities               8,071       6,790     8,646
Creditors: amounts falling due after more than      (220)       (452)     (250)
one year
Net assets                                          7,851       6,338     8,396

Capital and reserves
Called up share capital                            11,807      11,807    11,807
Share premium account                               9,836       9,836     9,836
Capital reserves                                      128         128       128
Revaluation reserve                                   737         737       737
Merger reserve                                          -       (713)         -
Profit and loss account                          (14,657)    (15,457)  (14,112)
Shareholders' funds                                 7,851       6,338     8,396



Consolidated Cash Flow Statement

for the six months ended 30 September 2001
                                              Unaudited     Unaudited   Audited
                                               6 months      6 months      Year
                                                  ended         ended     ended
                                           30 September  30 September  31 March
                                                   2001          2000      2001
                                                  £'000         £'000     £'000

Net cash inflow from operating activities           571         2,449     1,463
Returns on investments and servicing of           (229)         (240)     (671)
finance
Taxation                                              -             -         -
Capital expenditure and financial                 2,582           207       803
investment
Acquisitions and disposals                           72             -       988
Equity dividends paid                                 -             -     (118)

Net cash inflow before financing                  2,996         2,416     2,465

Financing                                         (587)       (3,609)   (3,611)

Increase/(decrease) in cash in the period         2,409       (1,193)   (1,146)


Reconciliation of net cash flow to movement in net debt

Increase/(decrease) in cash in the period         2,409       (1,193)   (1,146)
Cash inflow from debt and finance leases            587         3,609     3,611
Change in net debt resulting from cash            2,996         2,416     2,465
flows

Movement in net debt                              2,996         2,416     2,449
Net debt 1 April                                (8,100)      (10,549)  (10,549)
Net debt 30 Sept/31 March                       (5,104)       (8,133)   (8,100)


Reconciliation of operating (loss)/profit to net cash flow from operating
activities

Operating (loss)/profit                           (201)           355   (1,440)
Closure costs on termination of trading           (247)         (697)         -
activities
Depreciation and amortisation                       375           456       869
Decrease in stocks                                  240         1,966     2,171
(Increase)/decrease in debtors                    (451)         2,906     4,182
Increase/(decrease) in creditors                    855       (2,537)   (4,319)

Net cash inflow from operating activities           571         2,449     1,463