BOWLER METCALF LIMITED - UNAUDITED INTERIM RESULTS

BOWLER METCALF LIMITED - UNAUDITED INTERIM RESULTS                              
Bowler Metcalf Limited                                                          
REG NO: 1972/005921/06                                                          
ALPHA CODE:  BCF                                                                
ISIN CODE:   ZAE000030799                                                       
ABRIDGED UNAUDITED RESULTS FOR THE HALF YEAR ENDED 30 JUNE 2003                 
                                                                  Audited       
30/06/03      30/06/02      %      31/12/02      

                               R000"s        R000"s               R000"s        
INCOME STATEMENT                                                                
Revenue                        80,633        67,320        +20    142,598       
Other income                   537           556                  1,963         
Operating costs                (56,255)      (47,045)             (95,328)      
Depreciation                   (6,767)       (5,720)              (10,330)      
Net interest                   500           (241)                (179)         
Net profit before tax          18,648        14,870        +25    38,724        
Income tax expense             (6,250)       (4,668)              (10,544)      
Net profit after tax           12,398        10,202        +22    28,180        
Assoc. Co. Income              161           164                  439           
Atributable Profit             12,559        10,366               28,619        
Earnings/share (c)             14            12            +21    33            
Headline earn/share (c)        14            12                   33            
Dividends/share paid (c)       6             5             +31    8             
Div/share proposed (c)         4             4                    8             
Dividend cover (times)         3             3                    4             
Shares in issue (mil)          86,861        86,861               86,861        
CHANGES IN EQUITY                                                               
Opening balance                90,991        69,203               69,625        
Net profit                     12,559        10,366               28,619        
Dividends paid                 (5,385)       (4,126)              (7,253)       
Distributable Reserve          98,165        75,443               90,991        
Share Capital                  10,585        10,585               10,585        
Non. Dist. Reserve             280           702                  280           
Total Equity                   109,030       86,730               101,856       
BALANCE SHEET                                                                   
Fixed Assets                   79,663        73,036               75,875        
Associated Company             3,100         2,664                2,939         
Current Assets                 53,747        39,910               40,446        
Total Assets                   136,510       115,610              119,260       
Total Equity                   109,030       86,730               101,856       
Deferred Tax                   7,506         4,896                7,275         
Long Term Liabilities          -             -                    -             
Current Liabilities            19,974        23,984               10,129        
Tot. Equity & Liabilities      136,510       115,610              119,260       
CASH FLOW                                                                       
Operating Activities           9,591         13,502               29,804        
Investing Activities           (10,556)      (11,034)             (18,483)      
Financing Activities           -             (217)                (217)         
Net Cash Flow                  (965)         2,251                11,104        
Opening balance                3,228         (7,876)              (7,876)       
Closing balance                2,263         (5,625)              3,228         
DIVIDEND DECLARATION                                                            
An interim dividend of 4.30c per share has been declared (2002: 3.60c) and is   
payable to shareholders on 1 September 2003. The last day to trade will be 22   
August 2003. "Ex" dividend trading begins on 25 August 2003 and the record date 
will be 29 August 2003. Share certificates may not be dematerialised or re-     
materialised between 25 August 2003 and 29 August 2003, both days inclusive.    
COMMENT                                                                         
Our hard fought 20% revenue increase was achieved despite certain selling price 
reductions, driven by the rand"s strength. Concomitant lower raw material prices
helped our pre-tax profit increase to 25%, but a 34% rise in taxation restricted
attributable profit gain to 22%. Tax increases emanate from the end of previous 
tax concessions. All divisions performed strongly but the currency"s strength   
restricted our export initiative. Interest rate cuts should stimulate the       
economy and drive volume growth over the next six months. Further price         
increases are improbable but margins will be retained. The company does not     
manufacture plastic bags. Our cash position is strong and we will selectively   
pursue further business opportunities in the near future.                       
This report has been prepared in conformity with South African Statements of    
Generally Accepted Accounting Practice and on a basis consistent with the       
previous year.                                                                  
H.W. SASS (Chairman)                                                            
M. BRAIN (Managing Director)                                                    
Cape Town, 28 July 2003                                                         
Date: 28/07/2003 05:05:07 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department