Interim Results

Worthington Group PLC
28 November 2003


WORTHINGTON GROUP PLC

INTERIM RESULTS  - 6 MONTHS ENDED 30 SEPTEMBER 2003


Chairman's Statement

Little has changed since we reported to you last with the Annual Report, the
Group is now in a transitional period pending a merger or acquisition. The
unaudited results now reported are below our expectations.

Worthington Manufacturing in Macclesfield, our only remaining trading
subsidiary, achieved a break-even although this was less than budget. However we
expect a modest improvement in their fortunes in the second half of the year.
This activity is under review because the capital employed in the business
requires a better return than we are currently experiencing, and discussions are
underway as to how to improve their future profitability. In common with most
remaining textile operations in the UK, there is a need to become more
competitive so as to preserve the home market. We therefore have to identify
overseas partners to provide a strategic link-up to maintain market share at
competitive prices.

Overall, the Group made a trading loss of £165,000, in addition to which there
is £155,000 of losses arising from the closure and merger of Armitage Finishing
plus further pension costs of £150,000. Conversely, there is a net credit of
£100,000 being our share of the results of associated undertakings, according to
the application of FRS9. These results also make provision for certain arguable
items of expenditure incurred in previous years.

Our cash position has significantly improved with the only real borrowings
associated with the newly built property at Macclesfield.

Contracts are being exchanged for the sale of the property at Selkirk for
£350,000. The majority of the Keighley site still remains vacant but we are
currently receiving enquiries from prospective tenants and when fully let the
site will provide a valuable source of income for the Group.

We are still actively pursuing ideas and propositions to change the direction of
the Group but so far, very little has been appealing and we can afford to take
our time so as to be certain to add shareholder value.


J C DWEK, CBE
Chairman
27 November, 2003



Enquiries:

Worthington Group plc
J.C. Dwek                       Tel: [phone]
T.R. Roberts                    Tel: [phone]




Consolidated Profit and Loss Account
for the six months ended 30 September 2003

                                                            Unaudited             Unaudited           Audited
                                                       6 months ended        6 months ended        Year ended
                                                         30 September          30 September          31 March
                                                                 2003                  2002              2003
                                                                £'000                 £'000             £'000

Turnover:  continuing operations                                4,750                 5,782            10,943
           discontinued operations                                543                 1,887             2,580

                                                                5,293                 7,669            13,523

Trading Loss
Continuing operations (before exceptionals)                     (315)                  (64)             (506)
Exceptional items                                                   -                     -             1,688
Discontinued operations (before exceptionals)                    (79)                 (212)             (405)
Exceptional items                                                (76)                     -             (334)

Operating (loss)/profit                                         (470)                 (276)               443

Share of profits of associated undertakings                       100                    66               238
Profit/(loss) on disposal of fixed assets                           -                     -               (7)
Losses on disposal of discontinued operations                       -                  (79)                 -

(Loss)/profit before interest                                   (370)                 (289)               674

Net interest (payable)/receivable and similar
items                                                            (59)                    57              (68)

(Loss)/profit before taxation                                   (429)                 (232)               606

Taxation                                                            4                     -              (63)

(Loss)/profit on ordinary activities after
taxation                                                        (425)                 (232)               543

Dividends paid and proposed                                         -                     -                 -

Retained (loss)/profit                                          (425)                 (232)               543

(Loss)/earnings per share
- before exceptional items and disposals                       (0.3p)                (0.1p)            (0.7p)
- after exceptional items and disposals                        (0.4p)                (0.2p)              0.5p



Recognised gains and losses

There are no recognised gains or losses in the half year ended 30 September
2003, other than those shown in the above profit and loss account.




Consolidated Balance Sheet
at 30 September 2003
                                                            Unaudited             Unaudited           Audited
                                                         30 September          30 September          31 March
                                                                 2003                  2002              2003
                                                                £'000                 £'000             £'000

Fixed assets
Negative goodwill                                                (24)                  (52)              (48)
Tangible assets                                                 6,562                 7,322             6,754
Unlisted investments                                                -                    27                 -
Interest in associated undertaking                                798                   720               785

                                                                7,336                 8,017             7,491

Current assets
Stock                                                             886                 1,423               883
Debtors: amounts falling due within one year                    2,384                 2,959             6,810
Debtors: amounts falling due after more than one
year                                                              894                   893               935
Cash at bank and in hand                                            2                     1                 2

                                                                4,166                 5,276             8,630

Creditors: amounts falling due within one year                (2,265)               (6,102)           (6,297)

Net current assets/(liabilities)                                1,901                 (826)             2,333

Total assets less current liabilities                           9,237                 7,191             9,824

Creditors: amounts falling due after more than
one year                                                      (1,696)                     -           (1,858)

Net assets                                                      7,541                 7,191             7,966


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                   285               285
Profit and loss account                                      (14,515)              (14,865)          (14,090)

Shareholders' funds                                             7,541                 7,191             7,966




Consolidated Cash Flow Statement
for the six months ended 30 September 2003
                                                            Unaudited             Unaudited           Audited
                                                       6 months ended        6 months ended        Year ended
                                                         30 September          30 September          31 March
                                                                 2003                  2002              2003
                                                                £'000                 £'000             £'000

Net cash inflow/(outflow) from operating
activities                                                      1,010                 (902)             (341)
Dividends from associates                                          66                    44                44
Returns on investments and servicing of finance                  (39)                    57              (24)
Taxation                                                           40                   199               199
Capital expenditure and financial investment                     (75)                 (286)               327
Acquisitions and disposals                                       (35)                  *560                 -

Net cash inflow/(outflow) before financing                        967                 (328)               205

Financing                                                       (163)                 (151)             1,197

Increase/(decrease) in cash in the period                         804                 (479)             1,402



Reconciliation of net cash flow to movement in net debt

Increase/(decrease) in cash in the period                         804                 (479)             1,402
Cash outflow/(inflow) from debt and finance
leases                                                            163                   151           (1,197)

Movement in net debt                                              967                 (328)               205

Net debt 1 April                                              (3,105)               (3,310)           (3,310)

Net debt 30 September/3l March                                (2,138)               (3,638)           (3,105)



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

Operating (loss)/profit                                         (470)                 (276)               443
Closure costs on termination of trading
activities                                                          -                  (79)                 -
Depreciation and amortisation                                     243                   312               843
(Increase)/decrease in stocks                                     (3)                   389               929
Decrease/(increase) in debtors                                  4,467                   914           (2,979)
(Decrease)/increase in creditors                              (3,227)               (2,162)               423

Net cash inflow/(outflow) from operating
activities                                                      1,010                 (902)             (341)



* This amount in respect of fixed asset disposals was included within capital
expenditure at the year end.




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 2003.
   The interim accounts were approved by the Board on 27 November 2003 and are
   unaudited.

   Comparative figures for the half year ended 30 September 2002 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 2003 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. They have been restated to reflect discontinued 
   activities in the current period.


2. Continuing operations for the half-year include additional contributions of
   £150,000 to the Jerome Retirement Benefit Scheme.


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


4. (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 2002: 118,070,163 shares) and on a loss after taxation of 
   £425,000 (six months to 30 September 2002: loss of £232,000).


5. 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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