FDN Ft Fdn

RNS Number:2132M
Fieldens PLC
26 October 2001

Final Results for the Year Ended 30th June 2001

Chairman's Statement

The financial results which accompany this statement show that for the year to
30 June 2001 there was a loss after tax of #48,773 (2000: #52,723 profit) on
sales of #3.17m (2000: #3.53m).

The overall loss reported by the company arises after charging costs
associated with our acquisition search activity, including #26,000 relating to
the prolonged exploration of the matter that I reported with the interim
accounts but which ultimately did not bear fruit. After excluding such costs
and the expenses relating to the maintenance of our AIM quotation, the core
operating business returned a profit for the year, albeit at a lower level
than last year.

The working capital involved in the core business did not change significantly
and at the end of the year there was a net cash balance of #0.42m.

The past year twice saw interesting situations emerge for the future
development of the company.  However on both occasions the opportunities faded
without a successful outcome - on the second occasion the prospects were
seriously affected by the consequences flowing from events in the United
States on 11 September.

The search continues for a suitable strategic opportunity to enhance
shareholder value.  Our publicly quoted status and clean balance sheet may
attract interesting acquisition opportunities given the difficult stock market
conditions for new flotations.  The Board is open to opportunities which will
benefit from our input and meet the growth criteria to which we aspire.

We continue to benefit from the modest profit of our Stowmarket based
operation and efforts to improve those returns continue to receive attention.
On behalf of the shareholders I would like to thank the workforce for their
continued efforts.

As it is still our plan to use existing resources to fund significant growth
when the climate improves and an appropriate opportunity arises, the directors
do not recommend the payment of a dividend on the ordinary shares.


D C Bonham


Review of Operations

While overall demand remained weak, the second half saw a smaller relative
reduction in sales than that reported in the first half.  For the year as a
whole, sales were 10% lower than last year.

The market for agricultural wheels and tyres continued to weaken in the first
half.  Changes to our materials handling facilities improved the efficiency of
our manufacturing section.  However, the foot-and-mouth outbreak struck just
at the start of the seasonally busier Spring period.  Low demand led to strong
price competition; the consequent impact on margins more than offset the
effect of improved manufacturing efficiencies and the wheel and tyre division
margins gave up some of the improvements seen in recent years.

In contrast, the all terrain vehicle (ATV), garden machinery and power
equipment division enjoyed another successful year.  With its regional rather
than national customer base, the sales of this division were less affected by
the outbreak of foot-and-mouth disease in the West and North of the United
Kingdom.  In view of our expanding customer base in this division we stepped
up our capacity in anticipation of more servicing work and this proved a
successful move.  Record annual sales were achieved while maintaining margins.

The market for bead seating tools has matured over the last 5 years.
Competing products manufactured overseas have eaten into both the sales and
margins of the Cheetah tool that we assemble and sell.  The continuing
strength of sterling has prompted us to undertake re-pricing and re-sourcing
actions with a view to recovering some of the unit sales and margins lost in
recent months.  These will take effect by the end of calendar 2001.

For the future, we are concentrating on selling wheels and tyres where
specification requirements and bespoke wheel assembly are important elements
of the transaction.  We have identified new niches that we can serve well, and
these may go some way to offsetting the broader decline in demand for wheels
and tyres in the agricultural after-market.  Further development of the ATV,
garden machinery and power equipment division will also be undertaken wherever
possible.  We remain alert to the possibility of other tyre fitting bay
equipment that would sit well alongside the Cheetah bead seating tool.


D P Morley




Profit and Loss Account for the year ended 30th June 2001


                                                            2001           2000
                                                               #              #
Turnover                                               3,173,530      3,534,864

Cost of Sales                                        (2,657,662)    (2,905,419)

Gross Profit                                             515,868        629,445


Selling and distribution costs                         (239,148)      (263,758)
Administrative expenses                                (350,153)      (313,300)

Operating (Loss)/Profit                                 (73,433)         52,387


Interest receivable and similar income                    18,006         14,321
Interest payable and similar charges                           -           (59)

(Loss)/Profit on ordinary activities before             (55,427)         66,649
taxation
Tax on (loss)/profit on ordinary activities                6,654       (13,926)
(Loss)/Profit on ordinary activities after              (48,773)         52,723
taxation
Dividends                                                   (25)           (25)

Retained (Loss)/profit transferred to reserves          (48,798)         52,698

Earnings per ordinary share

Undiluted                                                (0.98)p          1.05p
Diluted                                                  (0.98)p          0.80p


The company has no recognised gains or losses other than the loss for the
year.

All amounts relate to continuing operations.

The retained loss for the year is equivalent to the historical cost loss.

Notes:

1)                  Earnings per ordinary share is calculated by dividing the
(loss)/profit, after charging tax and preference dividends, of (#48,798)
(2000: #52,698 profit), by the weighted average number of ordinary shares in
issue during the period of 5,000,000 (2000: 5,000,000).

2)                  The adjustment for fully diluted earnings per share in
2001 is ignored as it results in a reduced loss per share.  In 2000 the
diluted number of ordinary shares is calculated at 6,588,583 and is based on
the weighted average number of ordinary shares in issue after allowing for
full exercise of conversion rights and options.

Balance Sheet as at 30th June 2001

                                         2001                    2000
                                         #           #           #           #

Fixed assets
Tangible assets                                531,627                 553,707

Current assets
Stocks                             706,642                 643,459
Debtors                            489,361                 506,820
Cash at bank and in hand           421,996                 407,280
                                 1,617,999               1,557,559

Creditors
Amounts falling due within one   (619,719)               (532,561)
year
Net current assets                             998,280               1,024,998
Total assets less current
liabilities
                                             1,529,907               1,578,705

Creditors
Amounts falling due after                            -                       -
more than one year
Provision for liabilities and                        -                       -
charges
                                             1,529,907               1,578,705

Capital and Reserves
Called up share capital                        252,500                 252,500
Share premium account                          799,195                 799,195
Profit and loss account                        430,712                 479,510
Capital redemption reserve                      47,500                  47,500

Shareholders' Funds (including               1,529,907               1,578,705
non-equity interests)

Notes:

1)                  The above figures do not constitute statutory accounts.
The figures for both years are extracted from the statutory accounts of the
company which carry an unqualified audit report.  The report and accounts for
the year ended 30th June 2001 will be posted to shareholders in due course.

2)                  The dividends shown for 2001 and 2000 are preference
dividends.  No ordinary dividend for 2001 has been recommended.

3)                  Copies of this announcement are available from the company
at Starhouse, Onehouse, Stowmarket, Suffolk IP14 3EL.

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