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HY to 29/02/2004 $1.868m ($2.498m) -25.2% Div 6cps

12:00AM, 2 Apr 2004 | HALFYR

CONSOLIDATED OPERATING STATEMENT FOR THE HALF YEAR ENDED 29/02/2004

Unaudited (NZ$000)
        Current Previous
        Period  Corresponding
                Period
OPERATING REVENUE
 Sales revenue  16,877  23,351
 Other revenue  -       -
Total Operating Revenue 16,877  23,351
OPERATING SURPLUS (DEFICIT)
 BEFORE UNUSUAL ITEMS AND TAX   2,815   3,746
Unusual items
 for separate disclosure        -       -
OPERATING SURPLUS (DEFICIT)
 BEFORE TAX     2,815   3,746
Less tax on operating surplus   947     1,248
Operating surplus (deficit)
 after tax but before minority
interest        1,868   2,498
Less minority interests -       -
Equity earnings -       -
OPERATING SURPLUS (DEFICIT)
 AFTER TAX ATTRIBUTABLE
 TO MEMBERS OF LISTED ISSUER    1,868   2,498
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      1,868   2,498
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   1,868   2,498
EPS     7.5     11.3
SHAREHOLDERS' EQUITY
  ATTRIBUTABLE TO MEMBERS
 OF THE HOLDING COMPANY 16,803  14,601

Dividend is 6cps. Fully imputed. Record Date: 30/04/2004. Payment Date:
06/05/2004.

SCOTT TECHNOLOGY LIMITED - 29 FEBRUARY 2004 HALF YEAR RESULT
The Directors of Scott Technology Limited are pleased to advise that the
unaudited result for the six months ended 29 February 2004 was an operating
surplus before tax of $2,815,000 and a tax paid profit of $1,868,000. This
compares to an unaudited operating surplus before tax of $3,746,000 and an
after tax profit of $2,498,000 for the six months ended 28 February 2003.

The group sales for the six months were $16.9 million, compared to $23.4
million in the previous half year.

Total shareholders equity at 29 February 2004 was $16.8 million, up from
$14.6 million at 28 February 2003. The company is in a very sound financial
position, with the balance sheet showing $3.5 million of cash and net working
capital of $7.5 million at 29 February 2004. Net positive operating cash flow
of $4.5 million highlights effective working capital management in a cash
generating business.

The Directors have declared an interim dividend of 6.0 cents per share, which
is the same rate as last year, but is payable on a share capital increased by
the one for eight bonus issue made in December 2003. This effectively equates
to a 12.5% increase in the dividend paid to shareholders, compared to the
same period last year. The dividend will be payable on 6 May 2004 and will be
fully imputed with a supplementary dividend being applied to overseas
shareholders.

Scott Technology's core business is the design, manufacture and installation
of sophisticated production lines for the global appliance industry and the
first half of the financial year was challenging as a result of the strong NZ
dollar and the uncertainty in global markets. Our Christchurch appliance
division had several major contracts in progress from China and the USA and
significant work in Australia and all staff remained fully committed. The
company is currently finalising negotiations on two substantial contracts for
clients in the USA and Mexico valued at over $8 million and there is evidence
of a growing level of enquiry from our international customers.

Scott's marketing office in Shanghai made considerable progress and a
significant appliance project for a Chinese customer is currently under
manufacture. Scott's appliance division will be exhibiting at the forthcoming
China Appliance Fair in Beijing.

The Dunedin Automation division has its principal focus on the continuing
development of robotic applications for the meat industry in conjunction with
PPCS. The first robotic line for boning lamb hindquarters is operating on a
double shift basis and research and development is continuing on the phase
two primal cuts project.

Your Directors see this technology development as very exciting and believe
it will have international potential when fully developed. To further assist
this primary industry technology a Technology for Business grant from the New
Zealand Government has been received and a funding grant from Meat &
Livestock Australia to assist Australian meat companies to install similar
robotic applications is being negotiated. These grants are tangible evidence
of the perceived potential of Scott's automation within the meat industry.

Like all major technology developments Scott's are making a substantial
investment now with expectation of significant returns in the future.

Scott Automation Auckland division manufacturing sales showed a substantial
increase by over 50% in the first half with several new projects secured for
customers in the food and beverage industries in both New Zealand and
Australia.

The principal challenge facing Scott Technology and other exporters is the
very high value of the NZ dollar when the economic outlook is uncertain.
Scott's will meet this challenge by continuing to secure contracts in the
global market, albeit sometimes at lower margins.

Scott Technology continues to generate very positive cash flow and with a
strong balance sheet notable for the absence of debt and with several million
in cash, your Directors view the current challenges as temporary, and the
future with restrained optimism.