BOWLER METCALF LIMITED - UNAUDITED RESULTS

BOWLER METCALF LIMITED

UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2000

                         30/06/00    30/06/99    CHANGE   31/12/99

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

TURNOVER                 43,695      33,012      +32      73,489

TRADING INCOME           13,693      10,742      +27      24,379

DEPRECIATION             (3,887)     (3,264)              (5,739)

NET FINANCE CHARGES      (245)       (917)                (1,262)

NET INCOME BEFORE TAX    9,561       6,561       +46      17,378

TAXATION                 (3,168)     (1,471)              (4,234)

ATTRIBUTABLE INCOME      6,393       5,090       +26      13,144

EARNINGS/SHARE (CENTS    7.36        5.86        +26      15.13

DIVIDEND/SHARE (CENTS    2.30        1.85        +24      4.80

DIVIDEND COVER           3.20        3 17                 3.15
BALANCE SHEET

CAPITAL                  10,585      10,585               10,585

RESERVES                 43,912      36,731               40,082

SHAREHOLDERS' FUNDS      54,497      47,316               50,667

DEFERRED TAX             5,401       4,406                4,928

LONG TERM LIABILITIES    2,714       6,729                4,666

                         62,612      58,451               60,261
REPRESENTED BY:

FIXED ASSETS             47,831      45,229               47,641

NET CURR.ASSETS          14,781      13,222               12,620

CURRENT ASSETS           25,585      22,891               21,462

CURR. LIABILITIES        10,804      9,669                8,842

                         62,612      58,451               60,261
COMMENT

THE 1999 PACKAGING UPTURN CONTINUED INTO 2000, AS CAN BE SEEN BY OUR 46%
INCREASE IN PRE-TAX INCOME. WE ACHIEVED A 10 YEAR E.P.S. GROWTH RATE OF 33%, AN
ANNUALIZED RETURN ON SHAREHOLDER'S FUNDS OF 31%, AND AN EARNINGS AND A DIVIDEND
YIELD OF 21% AND 6,6% ON OUR END JULY SHARE PRICE.

ALL DIVISIONS OPERATED AT A HIGH PRODUCTION EFFICIENCY TO RECORD GROWTH,
DESPITE LARGE EXCHANGE RATE DRIVEN RAW MATERIAL PRICE HIKES AND INTENSE
COMPETITIVE PRICING PRESSURES. WE CONTINUED TO BENEFIT FROM POLICIES AND
DECISIONS MADE IN THE PAST AND TO GROW THE BUSINESS ORGANICALLY.

FOUR HECTARES OF LAND AT R4,5M WAS ACQUIRED AND R6,7M CONTRACTED FOR A NEW
FACTORY EXPANSION IN CAPE TOWN. R5,65M IS COMMITTED TO NEW MACHINERY FOR
DELIVERY IN 2000 AND R6,9M FOR DELIVERY IN 2001, ALL FOR EXPANSION .FUNDING
WILL BE FROM A COMBINATION OF OUR OWN RESOURCES AND BANK FINANCE.

COMPLYING WITH GAAP, BUILDINGS ARE NOW DEPRECIATED, WHILE DIVIDENDS AND STC
WILL ONLY BE ACCOUNTED FOR AT THE DATE OF DECLARATION. THE 1999 FIGURES HAVE
BEEN RESTATED ACCORDINGLY.

THIS IS MY 27TH CONSECUTIVE REPORTED PROFIT GROWTH.  I HAVE NO REASON TO
BELIEVE THAT THE SECOND HALF OF 2000 WILL BE ANY DIFFERENT.

AN INTERIM DIVIDEND OF 2.3C PER SHARE HAS BEEN DECLARED (1999 : 1.85C) AND IS
PAYABLE TO SHAREHOLDERS REGISTERED ON 11 AUGUST 2000 ON OR ABOUT 23 AUGUST 2000
H.W. SASS (CHAIRMAN)
CAPE TOWN, 27 JULY 2000
COMPANY REG NO.1972/005921/06