Preliminary Results

Teather & Greenwood Holdings PLC
28 June 2000


              Teather & Greenwood Holdings plc
  Preliminary results for the year ended 30 April 2000

                         HIGHLIGHTS

Turnover £30.9 million (1999: £12.3 million)

Profit  before  taxation £9.7  million  (1999:
£1.9 million)

Earnings per share 74.4 pence per share (1999:
16.9 pence per share)

Diluted earnings per share 69.7 pence per share
(1999:13.8 pence per share)

Dividend  per share 4.0 pence (1999: 1.5  pence
per share)

Excellent progress in all business areas

Board changes

Application will be made for move to the Official
Listof The London Stock Exchange


Two-for-one bonus share issue

Jeremy Delmar-Morgan, Chairman of Teather &
Greenwood Holdings plc, comments:

'The Group continues to develop into a rounded
financial services organisation capable of
accommodating the variety
of requirements of its corporate, institutional
and private clients.  In parallel, the Directors
seek to develop a complementary mix of revenue
streams in order to reduce risk and potential
earnings volatility

'The  current  year  has  started well,
building  upon  the success  of the past two
years.  Whilst Teather &  Greenwood Limited  is
not  immune  to  any unforeseen  down-turns  in
corporate  activity  or stockmarket volumes,
the  Directors believe  that based upon the
current outlook and  spread  of activities, the
Group is well placed for the future'.

The full statement and results are attached.



For further information, please contact:

Teather  & Greenwood Holdings plc       020  7426 9000
Jeremy Delmar-Morgan, Chairman
Ken Ford, Chief Executive
Brian Rowbotham, Finance Director
Tim Davis, Director of Corporate Affairs

For  more information on Teather & Greenwood
Limited and its services,    please    visit
the    company's    website: www.teathers.com.


Note to Editors:

Teather  &  Greenwood  Limited is one of  the
UK's  leading independent stockbrokers,
providing institutional sales  and research
coverage  of  significant  UK  and
international equities.  It  also  has  teams
specialising  in  closed-end funds, contracts
for difference and bonds and fixed-interest
instruments.

In  addition,  it provides corporate finance,
institutional sales, research and market making
services for an increasing number of growing
smaller and mid-cap public companies.

Private  clients  are  offered discretionary,
advisory  and execution-only broking services
and a range of tax-efficient products.

Teather  &  Geenwood  Limited  is  the
principal  operating company of Teather &
Geenwood Holdings plc, which is  listed on the
Alternative Investment Market.



CHAIRMAN'S STATEMENT


Introduction

The  results  for the year ended 30 April 2000
show  further excellent   progress  by  the
Group's  principal  operating company,  Teather
& Greenwood Limited.   This  follows  the
announcement in April that the outcome for the
year would be significantly ahead of market
expectations.

The  announcement in April also covered a number
of  changes to  the Group Board, which are
detailed below together  with some  additional
changes; and the Board's intention to  move the
Group  to the Official List  which is confirmed
today. In  addition, the Board announces today a
two-for-one  share bonus issue.

All  of these developments are happening as
planned and  are testament to the continued and
profitable evolution  of  the Group  as  it
grows into a broadly-based financial  services
organisation.


Financial highlights

Profit  before taxation increased almost five-
fold  to  £9.7 million  (1999: £1.9 million).
All of the company's incomeearning   business
areas  improved   their   contributions
substantially,  maintaining a balanced  growth
in  profits. The  results  also  reflect the
disposal  of  the  remaining properties from the
former NRP plc property portfolio.   The
cash  proceeds of £1.05 million have been
reinvested in  the expansion of Teather &
Greenwood Limited.

Earnings per share rose to 74.4 pence per share
(1999:  16.9 pence per share). Diluted earnings
per share were 69.7 pence per  share  (1999:
13.8 pence per  share).   The  Board  is
recommending  a net dividend of 4.0 pence per
share  (1999: 1.5  pence  per  share),  payable
on  11  August  2000   to shareholders on the
register at 11 July 2000.


Strategy

The  Group  continues  to develop into a
rounded  financial services  organisation
capable of accommodating the  variety of
requirements of its corporate, institutional and
private clients.   In  parallel, the Directors
seek  to  develop  a complementary mix of
revenue streams in order to reduce risk and
potential earnings volatility.

To  facilitate  further growth, Teather &
Greenwood  Limited continues  with  its  planned
programme of  recruiting  high calibre
individuals, the majority of whom are either
direct, or indirect revenue earners who
specialise in areas that the Board  believe
have  excellent growth prospects.   Equally,
investment  has been made in improving other key
operational areas,  such  as financial controls,
information  technology and support services.

Whilst  the  Board  will  evaluate  appropriate
acquisition opportunities,  it continues to
research  possible  new  and complementary
business  areas, including  fund  management,
agency  broking  of fixed-interest instruments
and  on-line trading,  with  a  view to
recruiting the best  people  from those
industries to grow new areas of business and
revenue streams.


Move to the Official List

Application will be made for the existing
ordinary shares to be  admitted  to  the
Official List  of  the  London  Stock Exchange.
The  Board  believe that  a  full  listing  will
further enhance the Group's reputation in all
business areas and  assist with the process of
attracting and retaining key staff.  It is
anticipated that dealings on the Official List
will commence on 12 July 2000.


Bonus Issue

To  improve the marketability of the Group's
shares,  it  is proposed that each shareholder
is issued with two additional bonus  shares for
each ordinary share held as  at  4  August 2000.
The bonus issue is subject to shareholder
approval at the  forthcoming  Annual General
Meeting.  Dealings  in  the bonus shares are
expected to commence on 7 August 2000.


Directors and staff

In  April,  the following changes to the Teather
& Greenwood Holdings  plc board were announced,
effective  1  May  2000: Derek  Boothman,
formerly Non-executive Chairman, has become Non-
executive  Deputy Chairman.  He has  been
succeeded  as Executive Chairman by myself, the
former Chief Executive and
Ken  Ford,  previously Managing Director, has
become  Chief Executive.   On behalf of the
Board, I would like  to  thank Derek Boothman
for his leadership and wise counsel during  a
period of significant transformation for the
Group.  We  are delighted  that  we  shall
continue  to  benefit  from  his contribution.
More  recently, Peter Grice, who has worked for
the  company since  1961, as a partner since
1982 and as a Director since 1998,  and John
Reeve, a Non-executive Director since  1996,
have indicated their intentions to retire at the
forthcoming Annual  General Meeting.  We all
thank them both  for  their considerable
contributions over many years.
I  am  delighted to report the proposed
appointment of  Nick Stagg as a non-executive
director.  He is the Group Managing Director  of
Lambert Smith Hampton plc,  one  of  the  UK's
leading property consultants.
On  behalf of the Board, I have great pride in
thanking each and  every  member of staff for
their commitment, enthusiasm and  contributions
to Teather & Greenwood Limited's success.
Everybody can be justifiably proud of their
achievements and the reputation that the firm is
developing.


Outlook

The current year has started well, building upon
the success of  the  past two years.  Whilst
Teather & Greenwood Limited is  not  immune  to
any unforeseen down-turns  in  corporate
activity or stockmarket volumes, the Directors
believe  that based upon the current outlook and
spread of activities, the Group is well placed
for the future.


Jeremy Delmar-Morgan
Chairman

27 June 2000




            CHIEF EXECUTIVE'S REVIEW
                        
Trading overview

Teather & Greenwood Limited's three main areas
of operations - institutional (institutional
sales and equities research), corporate  finance
and private clients  -  have  all  shown
excellent  growth  during  the  year,  both  in
terms   of contribution   to  the  financial
results,   new   business generated and their
overall development as businesses.

Our  emphasis remains on organic growth,
principally through recruiting  the  best
personnel who  are  highly  respected within
their  areas of expertise and who can  directly,
or indirectly,  generate revenues from  an
early  stage.   The success  of the company in recent 
years, the growth  of  its reputation  and  its clear areas
of specialisation  has  and continues  to  assist
this process of  attracting  talented
individuals.
In  parallel, further progress has been made in
pursuit  of our  policy of introducing new,
complementary services and
to  managing  risk  in  all areas of  the
business.   Close attention is also paid to
containing operating costs and  to improving
efficiency.


Institutional Department

Institutional sales

The 19-strong institutional sales team, supported
by dealers and sales traders, had a very
successful year, producing  an increased
contribution to the financial results and  making
good  progress in developing the institutional
client  base, both in the UK and overseas.

The  department  also  benefited from  the
recruitment  of several  high quality individuals
and new specialist  teams. In  each  case,  the
individuals concerned  have  excellent
reputations and demonstrable track-records of
profitability.

The  existing  closed-end fund team was expanded
to  seven, with the addition of specialists in
split capital investment trusts  and  corporate
finance.  A team of four specialising in
contracts for difference, or margin trading  on
stocks, also joined.

During  the  period, Teather & Greenwood  Limited
became  a member  of  the  European Securities
Network.   This  is  an affiliation of European
investment banks and stockbrokers cooperating  in
the  development  and  distribution  of  pan
European research and sales.  Although it is
early  days  in the  relationship, it is believed
that it will,  over  time, generate worthwhile
new business across the company.


Equities Research

The  22  analysts and a production team of  four
cover  the following industry sectors and sub-
sectors: banks and  other financials,
biotechnology and pharmaceuticals, construction
and  building  materials, closed-end  funds  and
investment trusts,  electronics and electrical
equipment,  engineering, fine  art  dealers,
general retailers  and  food  and  drug
retailers, insurance and life insurance, media,
oil and gas, real  estate,  restaurants,  pubs,
breweries  and  leisure, smaller   companies,
technical  analysis,  technology and
telecommunications.  Appointments are currently
being sought for analysts to cover additional
sectors.

The  research team is to be complimented on the
quality  of its  product  that  not only covers
corporate  clients,  but also, increasingly, non-
corporate clients.  The department's policy  is
to  develop coverage in medium size  and  larger
companies,  which  is  proving very  fruitful  in
terms  of widening Teather & Greenwood Limited's
institutional  client base.   For  the  second
year running, the  quality  of  its smaller
company coverage has been recognised with the
1999 AIM Awards Best Research award.


Corporate Finance Department

This  department  had a very successful and
profitable  year and    won  a  number  of
important new  corporate  clients, bringing  the
total  to  73.  The  department  retains  its
specialisation  of  advising  growing  smaller
and  mid-cap companies,  which  remains  a
buoyant  area  in  terms of
corporate activity and flow of transactions.  To
put a scale on  their  success, in the year
under review, the department advised  on  35
transactions and raised approximately  £340
million  on  behalf  of clients.  It  acted  as
sponsor  or nominated adviser in seven
flotations and as stockbroker  in ten
flotations.

Its  resources were boosted in January with the
recruitment of a team of three specialising in
mergers and acquisitions. Their focus is upon
developing private company advisory  and merger,
acquisition  and  disposal  business,  areas the
Directors have pinpointed as offering
significant potential, both within the existing
client base and elsewhere.

The  smaller companies sales team increased its
numbers  to ten, whilst the three-strong market
making team expanded its coverage  to 55 stocks,
a number that will increase  in  the current
year.


Private Client Department

This department expanded its numbers to 35 to
cater both for new  clients  won and to improve
service levels to  existing clients. Earlier
this month, the appointments were announced of
two  senior recruits who have strengthened
significantly the management team.  The
department advises a wide range of individuals,
families, private and  charitable  trusts  and
pension  funds  on  an  advisory  and
increasingly,  on   a discretionary basis.
Funds on which the company advises  or manages
stood at £3.4 billion (1999: £2.2 billion)

The tax-efficient solutions team had an
outstanding year. As well  as  attracting
substantial  new  investment  into  TG
Portfolios,  Teather  &  Greenwood  Limited's
tax   relief portfolio  service,  the department
acted  as  Promoter  or Sponsor  to  four  new
issues, raising  in  excess  of  £50 million.


Support services

Further  investment has been made in information
technology, ensuring  that  the company's
systems are  of  the  required standards and
capacity to accommodate the existing  workload
and planned growth.  Recruitment has  been made
in the areas of  finance and compliance,
administration, human resources, corporate
communications  and  corporate  client
investor relations.


Premises

In  November of last year, Teather & Greenwood
Limited moved to  much  larger and more modern
offices within the City  of London.  This was a
necessary investment to accommodate  the needs
of a growing business and to provide more
appropriate facilities for employees and
clients.

Summary
Teather  & Greenwood Limited has enjoyed strong
growth.   It has  established an excellent
reputation within  its  target markets  and
plenty  of  potential for  further  growth  is
evident.  The Directors believe that with a
clear and proven strategy and  a spread of
income streams, the Group is  well positioned to
make further progress towards its objective of
developing a broadly-based financial services
business.

Ken Ford
Chief Executive

27 June 2000


            FINANCE DIRECTOR'S REPORT
                        
In   the  year  ended  30  April  2000,  the
business  grew substantially,  with  turnover  
almost  trebling to   £30.9 million  (1999:  £12.3  million),
whilst  operating  profit increased  more than
five-fold to £9.6 million  (1999:  £1.8 million).

The  planned increase in costs was driven by the
significant growth which occurred in all revenue
generating areas.  This was  matched  by
appropriate investment in the  information
technology  infrastructure  and  in  the
implementation  of financial  and  regulatory
controls across the complementary business areas
introduced during the period.  Investment  in
both   continues.   Given  Teather  &  Greenwood
Limited's expansion into new markets and the
growth of the three  main business areas, the
Directors believe that the company is no longer
overly dependent upon any one profit centre.

On  the  balance  sheet, the value of the
trading  positions increased almost three-fold
and the growth in the volume  of business
experienced in the latter part of  the  period
is reflected in increases in trade debtors and
creditors.   The day-to-day cash position varied
considerably, dependent upon the movement of
client settlement monies.

Shareholders' funds increased to £12.3 million
(1999:  £4.4 million) and earnings per share
rose to 74.4 pence per share (1999: 16.9  pence per
share). Diluted earnings  per  share
were  69.7  pence  per share (1999: 13.8 pence
per  share), after  taking into account the
dilutive effect of the  share option schemes.
The Board is recommending a net dividend of 4.0
pence per share (1999: 1.5 pence per share)
payable  on 11  August 2000 to shareholders on
the register at  11  July 2000.

On  29 October 1999 the Group announced a
placing of 440,300 new  10p  ordinary  shares
at a price  of  366p  which  was completed in
November and raised £1,611,500. The shares were
placed  with  two institutional investors and
the  proceeds used  to  finance the increased
working capital requirements of the  company's
established  business  areas  and   the
expansion  of  the  newer areas such as  market
making  and closed-end funds operations.  The
return on capital from the latter two has
exceeded the Board's expectations.

The average return on shareholders' funds for
the period was 80%   and  reflects  the
Directors'  focus  upon  the   key objectives
of  maximising returns  to  shareholders  whilst
building a broadly-based financial services
company,  aiming for balanced and controlled growth.

Brian Rowbotham
Finance Director

27 June 2000



GROUP PROFIT & LOSS ACCOUNT
For the year ended 30 April 2000


                              Year ended          Year ended
                              30.04.00            30.04.99
                              £'000               £'000

Turnover                      30,904               12,312

Operating costs              (21,274)             (10,477)

Operating profit               9,630                1,835

Loss arising from the disposal
of subsidiary                   ----                  (55)
Profit/(loss) on disposal of
investment properties              7                   (2)

Profit on ordinary activities
before interest                    9,637            1,778
Net interest receivable               96              141

Profit on ordinary activities
before taxation                    9,733            1,919
Taxation on profit on ordinary
activities                        (3,030)            (656)

Profit for the year                6,703            1,263
Equity dividend                    (370)             (112)

Profit transferred to reserves     6,333             1,151

Earnings per share                 74.4p             16.9p
Diluted earnings per share         69.7p             13.8p


STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES


                              Year ended          Year ended
                              30.04.00            30.04.99
                              £'000               £'000

Profit for the year           6,703               1,263
Unrealised deficit on
revaluation of
investment properties              -              (54)

Total recognised gains and
losses for the year           6,703               1,209

BALANCE SHEETS
For the year ended 30 April 2000
                    Group          Group          Company        Company
                    Year ended     Year ended     Year ended     Year ended
                    30.04.00       30.04.99       30.04.00       30.04.99
                    £'000           £'000          £'000         £'000


Fixed assets
Tangible assets       972          1,233              -            823
Investments           100            100          9,111          6,141
                    1,072          1,333          9,111          6,964

Current assets
Trading positions   3,073            969              -              -
Debtors             181,166      118,194            469            684
Cash                9,622          4,886             82             57

                    193,861      124,049            551            741

Creditors: amounts 
falling due within 
one year            182,601      120,994           1,826          1,474

Net current assets/
(liabilities)       11,260    3,055               (1,275)        (733)

Total assets less
current liabilities 12,332    4,388               7,836         6,231



Capital and reserves
Called up share
capital             925         747                 925          747
Share premium
  account         4,049        1,683              4,049         1683
Revaluation reserves  -           63                  -           43
Other reserves       14          947              2,606        3,539
Profit and loss
account           7,344          948                256          219

Equity shareholders'
 funds            12,332        4,388              7,836         6,231


Approved by the Board of Directors on 27 June 2000

J H Delmar - Morgan      E K Ford
Chairman                 Chief Executive


GROUP CASH FLOW STATEMENT
For the year ended 30 April 2000


                    Year ended     Year ended     Year ended   Year ended
                    30.04.00         30.04.00       30.04.99     30.04.99
                       £'000          £'000          £'000         £'000

Net cash outflow
From operating activities              (262)                      (834)
Returns on investments and
Servicing of finance

Interest received        97                           196
Interest paid            (1)                          (55)

Net cash inflow from returns
On investments and servicing
Of finance                               96                        141

Taxation

Corporation tax (paid)/
recovered                            (1,229)                        15

Capital expenditure

Receipts from sales of
Tangible fixed assets    1,048                        565
Payments to acquire
Tangible fixed assets   (1,022)                      (252)
Payments of disposal of
Leased property                                       (55)
Net cash inflow from capital
Expenditure                             26                        258

Equity dividend paid                  (112)                        -


Financing
Issue of ordinary share capital      1,611

Increase/(decrease) in cash            130                       (420)

NOTES

1.   TURNOVER AND SEGMENTAL ANALYSIS

                                        2000
                                   
                                   Turnover           Operating
                                                      Profit
                                   £'000              £'000

Financial services                 30,897             9,774
Other income                       7                  (144)

                                   30,904             9,630

the net gain on trading in financial instruments
was £4,348,565  (1999: £655,000) and is included
in the turnover for financial services

                                        1999
                                                      Operating
                                   Turnover           profit
                                   £'000              £'000

Financial services                 12,195             1,834
Other income                       117                1
                                   12,312             1,835
2.   EARNINGS PER SHARE

The earnings and number of shares in issue or
to be issued in calculating the earnings and
diluted earnings per share were as follows:

                    30.04.00     30.04.00     30.04.99     30.04.99
                    Diluted                   Diluted
                    Earnings     Earnings     Earnings     Earnings
                    £'000        £'000        £'000        £'000

Earnings            6,703          6,703          1,263    1,263

Number of shares    9,621,809  9,014,235      9,155,448    7,472,782

Earnings per share  69.7p          74.4p          13.8p    16.9p

3.  RECONCILIATION OF OPERATING PROFIT TO NET
    CASH OUTFLOW FROM OPERATING ACTIVITIES
       
                                   Year      Year
                                   Ended     ended
                                   30.04.0   30.04.99

Operating profit                   9,630     1,835
Depreciation                       242       274
Increase in debtors               (62,979)   (61,046)
Increase in creditors              54,873    58,985
Increase in trading positions      (2,028)   (882)

Net cash (outflow) from operating
activities                         (262)     (834)



4.   BANK BALANCES

                    Group          Group          Company     Company
                    30.04.00       30.04.99       30.04.00   30.04.99 
                    £'000          £'000          £'000       £'000

Sterling at banks   9,161          4,723          82          57
Foreign currency at
banks                 461            163           -          -
Total bank balances 9,622          4,886          82          57


4.   The financial information shown for the year ended 30
     April 2000 does not constitute statutory accounts as defined in  Section   
    240 of the Companies Act 1985.  Statutory accounts for the year ended 30    
   April 2000 will be delivered to the Registrar of Companies.  These           
  statutory accounts were audited by Deloitte & Touche and their report         
 thereon was unqualified.  A copy of this preliminary statement will
     be  posted  to shareholders shortly.  Copies  of  the preliminary results  
    are available, free of charge to the public on any week day (excluding      
   Saturdays), at  the registered office of the Company (Beaufort House, 15     
  St Botolph Street, London EC3A 7QR) from the date of this
     announcement and for a period of 14 days thereafter.