BOWLER METCALF LIMITED - UNAUDITED RESULTS

BOWLER METCALF LIMITED
(REG NO : 72/05921/06)

UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE 1999

                            30/06/99   30/06/98   CHANGE   31/12/98

INCOME STATEMENT            R000'S     R000'S     %        R000'S

TURNOVER                    33,012     31,664     +4       64,971

TRADING INCOME              10,743     9,654      +11      22,228

DEPRECIATION                (2,918)    (2,331)    +25      (4,581)

NET INCOME BEFORE TAX       6,908      6,588      +5       15,589

NET FINANCE CHARGES         (917)      (735)               (2,058)

TAXATION                    (1,428)    (1,872)             (5,182)

ATTRIBUTABLE INCOME         5,480      4,716      +16      10,407

EARNINGS/SHARE (CENTS)      6.31       5.48       +15      12.04

DIVIDEND/SHARE (CENTS)      1.85       1.75       +6       4.00

DIVIDEND COVER              3.41       3.13                3.01
BALANCE SHEET

CAPITAL                     10,585     10,585              10,585

RESERVES                    35,269     27,659              31,397

SHAREHOLDERS' FUNDS         45,854     38,244              41,982

DEFERRED TAX                4,406      3,215               4,587

LONG TERM LIABILITIES       6,729      8,964               8,498

                            56,989     50,423              55,067
REPRESENTED BY:

FIXED ASSETS                45,575     40,025              48,490

NET CURRENT ASSETS          11,414     10,398              6,577

CURRENT ASSETS              22,701     21,190              17,556

CURRENT LIABILITIES         11,287     10,792              10,979

                            56,989     50,423              55,067
COMMENT

THE GLOOM OF THE PACKAGING SECTOR SHOULD BE THE YARDSTICK FOR JUDGING THE 15%
INCREASE IN EARNINGS PER SHARE FOR THE HALF YEAR, AGAINST OUR INCREASES OF 24%
AND 20% OVER 2 YEARS AND 5 YEARS RESPECTIVELY.   WE BENEFITED FROM A 24%
DECREASE IN TAXATION, RESULTING FROM THE RATE CUT WHILE DEPRECIATION INCREASED
BY 25% BECAUSE OF 1998 CAPITAL EXPENDITURE. HAVING ENDURED THE ONSLAUGHT OF
DECREASED CONSUMER SPENDING, STATIC PRICES, INCREASED COSTS AND REDUCED MARGINS
OVER THE LAST 12 MONTHS, I BELIEVE WE ARE NEAR THE BOTTOM OF THE WORST CYCLE IN
25 YEARS.

WE RESPONDED BY FURTHER IMPROVEMENTS TO OUR EFFICIENCIES, CHANGING OUR
FACTORIES' OPERATIONS TO A THREE SHIFT SYSTEM TO YIELD A POTENTIAL 21% GREATER
CAPACITY AND ACTIVELY PURSUING EXPORT OPPORTUNITIES WHICH SHOULD MATURE IN
2000.  ORDER INTAKE FOR THE THIRD QUARTER IS IMPROVED AND THE INDUSTRY
EVENTUALLY OBTAINED A PRICE INCREASE IN JULY, THE FIRST IN 18 MONTHS.  CASH
FROM OPERATIONS WILL FUND CAPITAL COMMITMENTS OF R3,5M TO YEAR END, BEING PET
EQUIPMENT.  PET COMPETITION REMAINS FIERCE, WITH SOME SEEMINGLY RECKLESS
INVESTMENTS BEING MADE.  OUR CO-EXTRUDED TUBE LINE IS OPERATING WELL AND WILL
BENEFIT THE FULL YEAR RESULTS.  IF INTEREST RATE CUTS STIMULATE VOLUME GROWTH,
THE SECOND HALF WILL BE AN IMPROVEMENT ON THE FIRST.  WE ARE WELL POSITIONED
AND POSITIVE.

DIVIDEND:  AN INTERIM DIVIDEND OF 1.85C PER SHARE HAS BEEN DECLARED (1998 :
1.75C) WHICH IS COVERED 3.4 TIMES, AND IS PAYABLE TO SHAREHOLDERS REGISTERED ON
13 AUGUST 1999. CHEQUES WILL BE POSTED TO SHAREHOLDERS ON 27 AUGUST 1999.
H.W. SASS                   M. BRAIN
(CHAIRMAN)                  (MANAGING)
CAPE TOWN                   29 JULY 1999