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FY to 31/08/2002 $2,433m ($415m) +486.3% Div 8cps

12:00AM, 10 Oct 2002 | FLLYR

CONSOLIDATED OPERATING STATEMENT FOR THE FULL YEAR ENDED 31/08/2002

Audited (NZ$000)
                                                     Current        Previous
                                                      Period   Corresponding
                                                                      Period
OPERATING REVENUE
 Sales revenue                                       29,192          16,629
 Other revenue                                            -               -
Total Operating Revenue                              29,192          16,629
OPERATING SURPLUS (DEFICIT)
 BEFORE UNUSUAL ITEMS AND TAX                         3,671             814
Unusual items
 for separate disclosure                                  -            -168
OPERATING SURPLUS (DEFICIT)
 BEFORE TAX                                           3,671             646
Less tax on operating surplus                         1,238             231
Operating surplus (deficit)
 after tax but before minority
interest                                              2,433             415
Less minority interests                                   -               -
Equity earnings                                           -               -
OPERATING SURPLUS (DEFICIT)
 AFTER TAX ATTRIBUTABLE
 TO MEMBERS OF LISTED ISSUER                          2,433             415
Extraordinary items after tax                             -               -
Less minority interests                                   -               -
Extraordinary items after tax
 attributable to members of the
 Listed Issuer                                            -               -
TOTAL OPERATING SURPLUS
 (DEFICIT) AND
 EXTRAORDINARY ITEMS
 AFTER TAX                                            2,433             415
Operating Surplus (Deficit)
 and Extraordinary Items after
 Tax attributable to Minority
 Interests                                                -               -
Operating Surplus (Deficit)
 and  Extraordinary  Items after
 Tax attributable  to Members
 of the Listed Issuer                                 2,433             415
EPS                                                    12.4             2.1
SHAREHOLDERS' EQUITY
  ATTRIBUTABLE TO MEMBERS
 OF THE HOLDING COMPANY                              13,480          12,026

The Directors of Scott Technology have declared a final dividend of 8.0
cents per share bringing the total dividend for the year to 11.0 cents per
share.  Record Date:  29/11/2002.  Payment Date:  05/12/2002.

This compares with a total dividend of 5.5 cents per share paid in respect
of the 2001 year, however is in line with the dividend of 11 cents per
share paid in respect of the 2000 and 1999 years.  The dividend will be
fully imputed and a supplementary dividend will apply to overseas
shareholders.

The company's audited financial result for the year ended 31 August 2002
was an operating surplus before tax of $3,671,000.  The net profit after
tax of $2,433,000 compared to a net profit after tax of $415,000 in the
previous year.  Scott Technology group sales for the year were $29.2
million, compared to $16.6 million in the previous corresponding full year.
 The profit for the second half of the year was at near record levels for
the company with an operating surplus before tax for the six months of
$2,658,000, representing a significant improvement on the second half of
last year of $614,000.

Total shareholders' equity as at 31 August 2002 was $13.8 million, compared
to $12.0 million at 31 August 2001.  The net working capital position
improved over the year and was $5.8 million at 31 August 2002, compared to
$4.3 million for the previous year.  Net operating cash inflows for the
year of $7.2 million reflects both the performance achieved during the year
and the receipt of advance payments from customers for projects to be
completed after the year end.  The balance sheet shows significant
strength, with no debt and $6.6 million of cash on hand at year-end.

The present level of forward contract orders together with strong current
sales enquiries provides Scott Technology with a solid base to build on the
results of the past year. As an indication of the Directors confidence in
the future performance of the company the Directors have declared a one for
eight non-taxable bonus issue of shares. This bonus issue will be made
immediately following payment of the final dividend.  This also
acknowledges shareholders' commitment to Scott Technology over the past two
years when the company's performance was affected by a downturn in its
market.

The Scott Technology Ltd depreciation charge covers most of the plant
replacement programme and Directors intend to utilise a high proportion of
future tax paid profits for the payment of dividends.  At this time it is
the intention to at least maintain the dividend on the increased capital.
This will be subject to profitability forecasts being met and no unforeseen
factors affecting our markets.

The company's new management team is now firmly in place, with the
company's strategic plan continuing to be implemented and further
developed.  This includes diversification in both the geographical market
to continue the success in the appliance industry and also expansion into
other industries through Scott Automation Ltd, which has the objective of
leveraging the company's intellectual knowledge and experience into
non-appliance industries.  This diversification was boosted during the year
by the purchase of the CBS Engineering Auckland business to compliment
Scott Automation's Dunedin base. Of particular value is the team of
experienced technically skilled staff and strong history of automation in
the package handling industry, which provides an attractive addition to the
Scott Automation business plan.

With substantial orders received for new production lines, the management
team has sought new innovative ways to expand existing capacity.  This has
been achieved by the introduction of shift work, particularly in the design
and the machining of components, where the full and efficient utilisation
of the company's assets is critical to increase in-house manufacturing
capacity. The company has utilised significant sub-contract resources and
the company's new base in Auckland will assist to access a wider range of
sub-contractors within the Auckland industrial area.

The year has been one of considerable advancement for Scott Technology.
The Directors believe that the company is in a very strong position, with
record levels of orders received and their diversification into
non-appliance industries.  Scott Automation's developing expertise in
robotics enables it to undertake complex automation projects which keep it
at the forefront of technology.  There are few companies who offer this
level of integration and the company is looking to expand the market beyond
Australasia for such automation expertise.

Scott Automation has undertaken a major research and development project in
the primary industry which has resulted in an order for sophisticated
robotic equipment for a major customer.

The Directors are very pleased with the current outlook and international
acceptance of Scott products and have confidence that the company will
continue to improve the rewards to all stakeholders.