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Swallowfield PLC (BAR)

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Monday 04 August, 2003

Swallowfield PLC

Trading Statement

Swallowfield PLC
04 August 2003

                                Swallowfield plc
                                 Trading Update

Further to the last statement issued on 22 May 2003, Swallowfield plc today is
pleased to confirm that sales during the last eight weeks of the financial year
ended 30th June 2003 were higher than expected and sales for the second half, as
a whole, will therefore be in the range of £21.6m to £22.0m. Although the
slowdown in retail sales and weak economic sentiment are each still evident,
recent new product launches and shipments of summer gifts have been better than
expected. We now expect our results for the year ended 30 June 2003 to be ahead
of current market expectations, but not to the levels anticipated earlier in the
year. This increase in sales has also beneficially affected stock and net debt
levels compared with current expectations.

As anticipated, sales have been slow during the first four weeks of the new
financial year, a trend which the Directors believe is likely to continue until
the second quarter. Looking forward, there are tentative and early signs that
the longer-term measures which we have taken involving overhead reductions and
production efficiencies are beginning to have an impact.

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