Interim Results

Worthington Group PLC
28 November 2002



WORTHINGTON GROUP PLC

INTERIM RESULTS - 6 MONTHS ENDED 30 SEPTEMBER 2002


Chairman's Statement

As explained in the Annual Report, the Group now derives its income from two
trading subsidiaries, rents from the Keighley site and dividends from our
shareholding in Trimmings by Design. All these spheres of activity traded
according to our expectations and would have produced a small trading profit had
it not been for the pension scheme costs referred to below. The exceptional loss
of £189,000 relates to the closure of our manufacturing operations at Keighley,
to which I referred in my Annual Report.

The group has two final salary pension schemes. The S Jerome & Sons scheme was
discontinued on 1 April 2001 and a provision of £193,000 is still carried in the
balance sheet against any eventual shortfall in the funding of the scheme. The
Jerome Retirement Benefit scheme continues to operate and this statement
includes a cost of £96,000 paid in respect of the estimated under-funding of the
scheme. A minimum funding requirement valuation is currently being completed in
respect of both schemes when the future levels of contributions will be
reviewed.

The Worthington group head office is now located at Macclesfield. The group
operations have been rationalised and considerable savings made both in the
number of staff and other costs. We are pleased to announce that Mr Tim Roberts
FCA has been appointed Financial Director on 21 November 2002.

Worthington Manufacturing in Macclesfield is now the largest single contributor
to Group profits and despite difficult trading conditions has maintained a
successful profit contribution. Notwithstanding the continuing migration of
customers to low cost countries, they have continued to maintain their customer
base and increase market share. Direct exports now account for 50% of all sales
and the expectation is that these are likely to increase steadily going forward.
The investment in colour, lamination etc., with a wide sales catchment area,
accompanied by new products for both lingerie and menswear markets has resulted
in promoting excellent supplier customer relationships. Recognising the
importance of this subsidiary we are pleased to announce the appointment of John
Smith, the Managing Director, to the Board of Worthington Group on 21 November
2002.

We have made significant progress in the first half of the year and expect
further progress in the second half providing trade is maintained at the current
levels. This will give a good operating base for the following year to advance
the corporate policy.



J C DWEK, CBE
Chairman
27 November, 2002



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


                                                                Unaudited                Unaudited              Audited
                                                           6 months ended           6 months ended           Year ended
                                                             30 September             30 September             31 March
                                                                     2002                     2001                 2002
                                                                    £'000                    £'000                £'000


Turnover: continuing operations                                     6,501                    7,887               17,988
discontinued operations                                             1,168                    2,619                2,607

                                                                    7,669                   10,506               20,595


Trading Loss
Existing operations (before exceptionals)                            (87)                     (81)                   75
Exceptional items                                                       -                        -                    -
Discontinued operations                                             (189)                    (120)              (1,326)


Operating loss                                                      (276)                    (201)              (1,251)

Share of profits of associated undertaking                             66                       77                  237
Profit/(loss) on disposal of fixed assets                               -                       55                 (39)
Diminution in value of fixed assets                                     -                        -                (400)
Losses on disposal of discontinued operations                        (79)                    (247)                    -

Loss before interest                                                (289)                    (316)              (1,453)

Net interest receivable/(payable) and similar                          57                    (229)                (385)
items

Loss before taxation                                                (232)                    (545)              (1,838)
Taxation                                                                -                        -                  865

Loss on ordinary activities after taxation                          (232)                    (545)                (973)

Dividends paid and proposed                                             -                        -                    -

Retained loss                                                       (232)                    (545)                (973)

(Loss)/earnings per share

- before exceptional items and disposals                           (0.1p)                   (0.3p)                 0.3p

- after exceptional items                                          (0.2p)                   (0.5p)               (0.8p)

Recognised gains and losses

There are no recognised gains or losses in the half year ended 30 September
2002, other than those shown in the above profit and loss account.





Consolidated Balance Sheet
at 30 September 2002




                                                                Unaudited                Unaudited              Audited
                                                             30 September             30 September             31 March
                                                                     2002                     2001                 2002
                                                                    £'000                    £'000                £'000

Fixed assets
Negative goodwill                                                    (52)                     (64)                 (56)
Tangible assets                                                     7,322                    9,588                7,912
Unlisted investments                                                   27                       27                   27
Interest in associated undertaking                                    720                      639                  698

                                                                    8,017                   10,190                8,581

Current assets
Stock                                                               1,423                    2,397                1,812
Debtors: amounts falling due after more than one                      893                      812                  833
year
Debtors: amounts falling due within one year                        2,959                    5,498                4,132
Cash at bank and in hand                                                1                        6                  743

                                                                    5,276                    8,713                7,520



Creditors: amounts falling due within one year                    (6,102)                 (10,832)              (8,544)

Net current liabilities                                             (826)                  (2,119)              (1,024)

Total assets less current liabilities                               7,191                    8,071                7,557

Creditors: amounts falling due after more than one                      -                    (220)                (134)
year

Net assets                                                          7,191                    7,851                7,423
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                                                   285                      737                  285
Profit and loss account                                          (14,865)                 (14,657)             (14,633)

Shareholders' funds                                                 7,191                    7,851                7,423



Consolidated Cash Flow Statement
for the six months ended 30 September 2002
                                                                Unaudited                Unaudited              Audited
                                                           6 months ended           6 months ended           Year ended
                                                             30 September             30 September             31 March
                                                                     2002                     2001                 2002

                                                                    £'000                    £'000                £'000
Net cash (outflow)/inflow from operating                            (902)                      571                6,835
activities
Returns on investments and servicing of finance                        57                    (229)                (328)
Taxation                                                              199                        -                   46
Capital expenditure and financial investment                        (286)                    2,582              (1,593)
Acquisitions and disposals                                            560                       72                    -
Equity dividends received/(paid)                                       44                        -                 (59)
Net cash (outflow)/inflow before financing                          (328)                    2,996                4,901
Financing                                                           (151)                    (587)                (195)
(Decrease)/increase in cash in the period                           (479)                    2,409                4,706


Reconciliation of net cash flow to movement in net debt
(Decrease)/increase in cash in the period                           (479)                    2,409                4,706
Cash inflow from debt and finance leases                              151                      587                  195
Change in net debt resulting from cash flows                        (328)                    2,996                4,901
New finance leases                                                      -                        -                (111)
Movement in net debt                                                (328)                    2,996                4,790
Net debt 1 April                                                  (3,310)                   (8,100)              (8,100)
Net debt 30 September/3l March                                    (3,638)                   (5,104)              (3,310)

Reconciliation of operating loss to net cash flow from operating activities

Operating loss                                                      (276)                    (201)              (1,251)
Closure costs on termination of trading activities                   (79)                    (247)                    -
Depreciation and amortisation                                         312                      375                1,435
Diminution in value of fixed assets                                     -                        -                (400)
Decrease in stocks                                                    389                      240                  825
Decrease/(increase) in debtors                                        914                    (451)                5,972
(Decrease)/increase in creditors                                  (2,162)                      855                  254

Net cash (outflow)/inflow from operating                            (902)                      571                6,835
activities









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 2002.
The interim accounts were approved by the Board on 27 November 2002 and are
unaudited.

Comparative figures for the half year ended 30 September 2001 are extracts from
the interim accounts for that period, are also unaudited and have been restated
to reflect discontinued activities in the current period.

Comparative figures for the year ended 31 March 2002 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.(Loss)/earnings 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 2001: 118,070,163 shares) and on a loss after taxation of £232,000
(six months to 30 September 2001: loss of £545,000).

4. Copies of this report and the last annual report and accounts are available
from The Secretary, Worthington Group plc, Fence Avenue, Macclesfield, Cheshire,
SK10 1LW.






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