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FY TO 31/08/2001 $.415M ($3.574M) -88.4% DIV 2CPS

12:00AM, 18 Oct 2001 | FLLYR

CONSOLIDATED OPERATING STATEMENT FOR THE FULL YEAR 31/08/2001

Audited (NZ$`000)
                                                     Current        Previous
                                                      Period   Corresponding
                                                                      Period
OPERATING REVENUE
 Sales revenue                                       18,629          30,673
 Other revenue                                            -               -
Total Operating Revenue                              16,629          30,673
OPERATING SURPLUS (DEFICIT)
 BEFORE UNUSUAL ITEMS AND TAX                           814           5,320
Unusual items
 for separate disclosure                               (168)              -
OPERATING SURPLUS (DEFICIT)
 BEFORE TAX                                             646           5,320
Less tax on operating surplus                           231           1,746
Operating surplus (deficit)
 after tax but before minority
interest                                                415           3,574
Less minority interests                                   -               -
Equity earnings                                           -               -
OPERATING SURPLUS (DEFICIT)
 AFTER TAX ATTRIBUTABLE
 TO MEMBERS OF LISTED ISSUER                            415           3,574
Extraordinary items after tax                             -               -
Less minority interests                                   -               -
Extraordinary items after tax
 attributable to members of the
 Listed Issuer                                          415           3,574
TOTAL OPERATING SURPLUS
 (DEFICIT) AND
 EXTRAORDINARY ITEMS
 AFTER TAX                                              415           3,574
Operating Surplus (Deficit)
 and Extraordinary Items after
 Tax attributable to Minority
 Interest                                                 -               -
Operating Surplus (Deficit)
 and  Extraordinary  Items after
 Tax attributable  to Members
 of the Listed Issuer                                   415           3,574
EPS                                                     2.1            18.3
SHAREHOLDERS' EQUITY
  ATTRIBUTABLE TO MEMBERS
 OF THE HOLDING COMPANY                              12,026          11,905

The Directors of Scott Technology have declared a final dividend of 2cps and
brings the total dividend for the year to 3.5cps.  This compares with a total
dividend of 11cps paid in respect of the previous year.  The dividend will be
fully imputed and a supplementary dividend will apply to overseas
shareholders.  The record date is 30/11/2001 and payable date is 06/12/2001.

The Directors advise that the company's audited financial result for the year
ended 31 August 2001 was an operating surplus before tax of $646,000 after
deducting abnormal costs of $168,000.  The net profit after tax of $415,000
compares to a net profit after tax of $3.574m in the previous year.  Scott
Technology group sales for the year were $16.6m, compared to $30.7m in the
previous corresponding full year.

The operating surplus before tax for the second half of this year was
$614,000, representing a positive turn-around from the surplus of $32,000 in
the first half of the year.

Total shareholders' equity as at 31/08/2001 was $12.0m, compared with $11.9m
at 31/08/2000.  The net working capital position improved over the year and
was $4.3 million at 31 August 2001, compared to $3.7m in the previous year.
Net positive operating cash inflows for the year of $2.4m reflects the
release of capital committed to contract work in progress at the end of the
previous year.  The balance sheet remains strong, with no debt and $2.0m of
cash on hand at year end.

The second half of the current year has seen a significant improvement over
the first half, when the company was affected by the reduction in capital
investment activities experienced world-wide.  This earlier downturn led the
company to undertake a strategic review which encompassed cost reduction
initiatives and a return to staff levels in line with our current
requirements.  This action resulted in an abnormal charge for redundancy of
$168,000 at the time of our half-year profit announcement.

Our forward contract position is much higher than at the same time last year
and quotes currently being worked on indicate a progressive return to more
acceptable levels of trading.

During the past two years, Scott Technology has built additional facilities
to expand the company's manufacturing and design capability in Christchurch.
This expansion enables all major work for the appliance industry to be
completed at the one complex.  Scott Technology is a global leader in
designing and building appliance manufacturing systems for world class
customers.  By working together to understand the needs of these customers,
Scott Technology creates smart manufacturing techniques and systems that
achieve high levels of process reliability and product quality at reduced
unit cost.  The added value provided is extremely important to our customers
who produce millions of appliances each year.   In the year 2000, our  major
customers manufactured in excess of 80 million large kitchen appliances.

The United States market has slowed in the past year, however Scott
Technology continues to work with our customers who recognise the need to
introduce new products to remain competitive.  In addition, the company is
pursuing the wider international market with success in China, Mexico, Canada
and Europe.  Scott Technology has recently installed its first major
automated production system for an independent Chinese manufacturer.  The
Directors believe that considerable market opportunities exist in Asia and is
currently working on its plan to build Asia as a substantial future market
for the company.

As part of the company's strategic plan, the Dunedin operations have been
incorporated into Scott Automation Limited, a wholly owned subsidiary of
Scott Technology Limited and this will leverage the company's intellectual
knowledge and experience into non-appliance industries with potential for
Scott-type automated applications.  Scott Automation has its own Board of
Directors, chaired by Mr Graham Batts, former Managing Director of Scott
Technology Limited and a highly respected business man.

Scott Automation Limited has already undertaken considerable development work
for specific primary industries within New Zealand.  The company is
developing expertise in robotics to apply to automation for industry and has
recently secured its first significant order, worth approximately $5 million,
for a robotic production system for an Australian customer.

Following a world-wide review of robotic automation, Scott Automation has
entered into a systems partnership with KUKA Robots of Germany. This
relationship will further enhance the company's international expertise.

The Directors are pleased with current levels of contracts being secured and
are confident of the company's ability to capitalise on its world-wide
reputation and experience and anticipates a return to appropriate profit
levels in the medium term.