BOWLER METCALF LTD - AUDITED RESULTS

BOWLER METCALF LIMITED
(REG NO :  72/5921/6)

AUDITED  RESULTS  FOR  THE  YEAR  ENDED  31  DECEMBER  1999

                                      1999          1998   CHANGE

                                    R000'S        R000'S   %
BALANCE SHEET

CAPITAL                             10,585        10,585

RESERVES                            40,742        31,397

SHAREHOLDERS' FUNDS                 51,327        41,982

DEFERRED TAX                         4,928         4,587

LONG TERM LIABILITIES                4,666         8,498

                                    60,921        55,067
REPRESENTED BY:

FIXED ASSETS                        51,184        48,490

NET CURR. ASSETS                     9,737         6,577

CURRENT ASSETS                      21,463        17,556

CURRENT LIABILITIES                 11,726        10,979

                                    60,921        55,067
INCOME STATEMENT

TURNOVER                            73,489        64,971   +13

TRADING INCOME                      24,384        22,228

DEPRECIATION                        -5,060        -4,581

INTEREST AND FIN. CHARGES           -1,254        -2,058

PRE-TAX INCOME                      18,070        15,589

TAXATION                             4,555         5,182

ATTRIBUTABLE INCOME                 13,515         10,407   +30

NO OF SHARES                        86,454M       86,454M

EARNINGS/SHARE                      15.63 C       12.04 C  +30

HEADLINE EARNINGS/SHARE             15.63 C       12.04 C  +30

DIVIDEND/SHARE                       4.80 C        4.00 C  +20
COMMENT

THE QUIET START TO THE 1999 YEAR WAS COUNTERBALANCED BY AN EXCELLENT SECOND
HALF, REFLECTING THE LONG AWAITED UPTURN IN THE PACKAGING SECTOR. AFTER THREE
YEARS OF DOWNTURN, THE CORNER APPEARS TO HAVE FINALLY BEEN TURNED. OUR 30%
INCREASE IN E.P.S. IS CONSISTENT WITH OUR TEN YEAR GROWTH FIGURE AND I AM PROUD
TO SAY THAT THERE WILL BE VERY FEW COMPANIES THAT CAN MAKE A SIMILAR CLAIM. THE
13% TURNOVER GROWTH WAS ACHIEVED ON A WEIGHTED PRICE INCREASE OF 3,5%,
REPRESENTING A REAL GROWTH OF NEARLY 10% AND AN INCREASED MARKET SHARE.  WE ARE
ACHIEVING OUR OBJECTIVES OF SELECTIVELY CAPTURING A GREATER SHARE OF THE MARKET
AND UTILIZING OUR PROVEN MANUFACTURING EFFICIENCIES TO TURN THIS TO PROFIT.
THE GROUP NOW HAS A COMPREHENSIVE BASE OF NATIONAL CUSTOMERS IN THE RIGID
PLASTIC PACKAGING  FIELD, PRODUCING A RANGE OF BRANDED PRODUCTS. CAPITAL
EXPENDITURE WAS R7,8M AND WE HAVE COMMITTED R17M FOR 2000, INCLUDING THE
BUILDING OF A NEW FACTORY FOR OUR PET DIVISION AT R10M.  EXPORT OPPORTUNITIES
ARE RECEIVING HIGH PRIORITY FOR THOSE PRODUCTS WHICH TRAVEL WELL.  INITIAL
ORDER LEVELS FOR 2000 ARE ROBUST AND INDICATIONS ARE THAT THE FIRST SIX MONTHS
WILL BE ON BUDGET.  SELECTED GROWTH OPPORTUNITIES ARE BEING INVESTIGATED, BUT
ACQUISITIONS REMAIN LESS ATTRACTIVE BECAUSE OF OUR RELUCTANCE TO ISSUE SCRIPT
AT THE CURRENT LOW VALUE. CONSISTENT WITH CURRENT NEGATIVE N-SHARE SENTIMENT,
ARRANGEMENTS WILL BE MADE TO CONVERT THIS CLASS OF SHARE TO ORDINARY SHARES AS
SOON AS THE SITUATION PERMITS.

DIVIDEND DECLARATION THE BOARD OF DIRECTORS HAVE DECLARED A FINAL DIVIDEND OF
2.95 CENTS PER SHARE PAYABLE TO SHAREHOLDERS, OF BOTH ORDINARY AND "N" ORDINARY
SHARES, REGISTERED IN THE BOOKS OF THE COMPANY AT THE CLOSE OF BUSINESS ON
FRIDAY, 31 MARCH 2000 FOR PAYMENT ON 18 APRIL 2000.

H.W. SASS (CHAIRMAN)                      CAPE TOWN, 29 FEB 2000