RNS Number:5854W
Wellington Holdings PLC
29 May 2002



For Immediate Release                            29 May 2002



                              Wellington Holdings plc

Chairman's AGM Statement


•        Chairman's Review at AGM


With operating profit before goodwill amortisation up 10% on last year to reach
a new high of £4.7m, and profit before tax up 13%, we have delivered an 11%
increase in e.p.s. to 10.4p (9.4p).


Sales volume was up by 8% to £33.1m, a new record, and, with margins maintained
at over 14%, this is a remarkable achievement.


The first three quarters of the year were outstanding and, whilst the last
quarter undoubtedly suffered from the erratic oil price and its effect on
exploration, we absorbed these shocks well, as the overall results now show.


Once again our geographical distribution of sales has proved to be an advantage,
with 53% of the total arising in USA and Canada, 35% in Europe, and the
remaining 12% largely in the Asia/Pacific Region.


The after-market for our products forms a good base, which, in difficult times,
strengthens our defensive qualities.



•        Financial


Capital expenditure was maintained at a similar level to last year, £1.7m, and
operational cash flow grew by 11% to a healthy £5.5m.


Interest cover grew to 5.8 times (from 5.2 times) and, as most of our debt is in
US dollars, exchange rate changes have produced a notional £246k translation
increase in Balance Sheet debt.



•        Future


We had a somewhat lower order book entering this year than last, but some
indicators in our chosen market sectors are encouraging.  The actual order input
in Q1 2002 is 5% up on the quarterly average input last year and the buoyant
world oil price and rising oil field activity augur well for our energy-related
activities.


Trading to date is in line with our expectations and the robust order input so
far, in both general industrial and construction, gives us continued confidence.


Much will depend on the continuing recovery of the oil and gas markets to ensure
a strong performance throughout the rest of the year.



B.H. Kent
Chairman




Notes to Editor:

Wellington Holdings is a highly focused global manufacturer and distributor of
specialist seals used in new equipment and the aftermarket.  Main markets
include mining equipment, construction machinery, aerospace, materials and fluid
handling, and especially strong in oil and gas.  Wellington trades under four
brands, Hallite Seals, Dynamic Seals, CDI Seals and Hallite Polytek.




For further information contact:

Brian Kent, Chairman                  020 8941 3774
Mick Paver, Group Finance Director    020 8941 3774
David Hardy, Binns & Co.              020 7786 9600

or visit the Wellington website:- www.wellingtonholdings.com









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