Final Results

Walker,Crips,Weddle,Beck PLC
08 June 2004

                                                                    NEWS RELEASE

For immediate release: 8 June 2004


PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2004

Strong recovery from Walker, Crips, Weddle, Beck plc



Walker, Crips, Weddle, Beck plc (WCWB), the fully listed stock and share broker,
announces results for the year ended 31 March 2004

  • A strong performance in the second half of the financial year has been
    assisted by improvements in stock markets combined with a continuing global
    economic recovery
  • A pre-tax profit of £1,071,000 allows the Board to recommend a final
    dividend of 3p per share, a rise from 2.25p per share in 2003. An interim
    dividend of 2.25p (2003 - 2.25p) was paid during the year
  • Funds under management in WCWB's three internally-managed unit trusts rose
    213% to £18.6 million (£8.7 million in 2003). Further expansion planned both
    by acquisition and organic growth. New initiative created to establish
    distribution channels to institutions and IFAs
  • Turnover rose by 26.5% to £11.5 million, with gross stockbroking
    commission also increasing by 26.2% from £6.5 million in 2003 to £8.2
    million in 2004
  • Fund management team in top quartile of their sectors - WCWB UK Growth
    Fund awarded 5 Star rating by Standard & Poor's
  • Corporate restructure complete, providing a more accountable and efficient
    management structure for expanding business model
  • Graham Kennedy, Chairman, said: 'We are confident the company is ideally
    placed to benefit from the continuing evolution and consolidation in the
    financial services industry.'

CHAIRMAN'S STATEMENT

Review of the Year

Since publication of the interim statement, I am happy to report a continuation
of the turnaround in profitability for the year to 31 March 2004. Improving
stockmarkets coupled with the global economic recovery have underpinned a
particularly strong performance in the second half.

The increased trading levels resulted in significantly higher turnover and a
pre-tax profit for the year of £1,071,000 (2003 - loss of £618,000), whilst
continuing to maintain costs at an appropriate level. These profits have been
augmented by the realisation of gains after tax of £390,000 on our revalued
shareholding in the London Stock Exchange.

Dividend

In view of these results and our confidence in the future, the board is
recommending a final dividend of 3p per share (2003 - 2.25p per share). Subject
to the dividend now proposed being approved at the Annual General Meeting,
payment will be made on 12 July 2004 to shareholders on the register at the
close of business on 18 June 2004. This increased dividend payment also reflects
both your company's inherent financial strength and the growth in shareholders'
funds witnessed in the past year.



Progress

Your company has now completed the corporate restructuring of which you were
advised in the previous year. This will ensure a more efficient management
structure with greater identity and accountability for all parts of our diverse
and expanding business model. Your board remains committed to further developing
the business, through our strategy of diversifying into general financial
services, through key recruitments to support this growth and, where appropriate
opportunities can be identified, to making further acquisitions to increase
earnings, complement our existing activities and bring added value to the
business.

In addition, I am pleased to report the expansion of our unit trust business,
with funds under management growing by 213% throughout the financial year. At
the year end, funds under management stood at £18.6 million compared to £8.7
million a year earlier. The fund management team have continued to be amongst
the top quartile of their respective sectors, and the WCWB UK Growth Fund has
been awarded the coveted 5 Star performance rating by Standard & Poor's. Further
expansion is planned in the current year for attracting further inflows of funds
by both acquisition and organic growth.

Our financial services division produced excellent returns for the year whilst
the corporate finance team performed creditably in difficult conditions. The
stockbroking division has produced commission income levels not seen for some
years, with our London associates' business performing especially well.



Board changes

The re-organisation saw the transfer of directorships from the holding plc
company to the new stockbroking subsidiary for Glenn Cooper, Stephen Simper and
Nigel Simmonds; we thank them for their contribution and support in previous
years.



Executive Directors, Associates and Staff

On behalf of the board I thank all associates and staff for their continued
effort and commitment. We welcome all new associates and account executives who
have joined us in our quest for diversified growth. Our commitment to training
has also never been higher, as we look to broaden our expertise in all areas of
financial services and investment advice.

Future Outlook

We approach the current financial year optimistically, with your company well
placed to benefit from the recent corporate restructuring thus enabling the
group to capitalise upon the inherent strength of its key divisions. Over the
previous few years the organisation has evolved from a stockbroking-based
business, being highly dependent on trading volumes, into a well-diversified
financial services group. The success of our branded unit trust products should
ensure our participation on a competitive basis with our peer group. We firmly
believe that the marketplace holds ample opportunities for those financial
management groups that can deliver consistent returns to their investors.

Despite fluctuating daily volumes for our stockbroking division we are confident
that your company is well placed to benefit from the continuing evolution and
consolidation within the financial services industry. The growing diversity of
your company's business interests should ensure excellent prospects for its
future.

Annual General Meeting

The Annual General Meeting will take place at 12 noon on the 9th July 2004. This
will be held at Armourers' Hall, 81 Coleman Street, London EC2R 5BJ. If you wish
to attend please return the enclosed card. Light refreshments will be served
afterwards and we look forward to meeting shareholders.



G.N. Kennedy CVO
Chairman

CHIEF EXECUTIVE'S OPERATING AND FINANCIAL REVIEW

It is refreshing after what seems to be a long and drawn-out period of three
years to be able to deliver to shareholders a good set of figures that more
properly reflects the endeavour and commitment of so many in your business.
Whilst the group continues to build and consolidate its strong stockbroking
business, during the last twelve months, we have taken further steps forward in
our ambition to be identified as a diversified financial services group with its
emphasis on fund/asset management as opposed to simply a stockbroking operation.

Stockbroking Division

A more favourable economic climate at home and abroad engendered greater
interest in markets with the result that average daily bargain levels rose to
489 from 428 a year earlier. Gross stockbroking commission totalled £8.2m from
£6.5m previously (increase of 26.2%) and at the net level (after shared
commission) £5.2m from £4.2m (increase of 23.8%) in 2003. This reflects a
positive contribution from our associates in London's Sophia House and the
branches which the board is pleased to acknowledge.

Our Investorlink execution-only division had a busier year sharing in greater
market interest with commission revenue up 21.8% at £861,000. Average commission
remained at an encouraging £26 per bargain. The on-line dealing facility,
INVESTeLINK, more than doubled its revenue from the previous year with many
clients taking advantage of the credit facility offered.

Since the year end two further associates have joined the stockbroking division
and we anticipate expanding the number of advisers further as the year
progresses.

The facility of trading Contracts for Differences has been taken up by a growing
number of clients with a resulting worthwhile level of income.

The enhanced revenue stream was achieved against a background of good control of
costs reflected in a marginal increase in operating expenses of 2.6% from £6.85m
to £7.03m. Our tangible assets have been written down to a modest £268,000 which
takes little account of the real value of technology systems available to the
business.

UNIT TRUST MANAGEMENT

This has now firmly established itself as the driving force behind WCWB emerging
as a Fund & Asset Management group rather than a volume-driven stockbroking
organisation. The outstanding performance from our investment team has enabled
us to reach our target of £20m funds under management by April 2004 with £30m in
range within 12 months. In addition to the fast growing UK Growth, Corporate
Bond and Equity Income funds we expect to launch new Specialist funds in the
future and extend the focus of the investor base outside purely existing WCSB
clientele to Institutions and IFAs.

CASH MANAGEMENT

This has established itself as a valuable service to clients and contribution to
revenue and, with over £68m of client and internal deposits under management,
net interest and deposit management receipts totalled a significant £960,000.

Peps / Isas

New year ISA subscriptions totalled a creditable £7.6m and we now have £182m of
funds under administration with an increasing element invested in our in-house
range of unit trusts. The effective Dividend Reinvestment plan introduced during
the year has been identified as highly attractive to a growing number of
investors. We plan to participate in the government's new initiative, Child
Trust funds, which is scheduled to start in April 2005 and is seen as a tax
efficient vehicle for families to prepare for future demanding educational fees.

NOMINEE / CUSTODY

The integration of the Keith, Bayley, Rogers and Southard Gilbey, McNish
clientele coupled with the outrageous increase in some Registrar costs for
services such as indemnity fees has added relevance and impetus for clients
choosing to use a broker's nominee for portfolio holdings. We now have 4,428
clients using our facility and benefiting from the provision of composite tax
certificates to complete tax returns. Revenues of £319,000 were achieved with
the likelihood this will grow in the future.

CORPORATE FINANCE

Our Corporate Finance department had a good year, during which they have brought
companies to the AIM and OFEX markets and advised on a number of off-market
transactions. The department expanded during the year and there are now seven
associates/account executives engaged in Corporate Finance activities. Although
the new year has started quietly, we believe the results for the year 2004/2005
will be satisfactory.

FINANCIAL SERVICES

The sharp level of financial services revenue growth was attributed to a change
of emphasis to group pension arrangements. Our marketing continues to target
small to medium size companies where we can bring experience and expertise
resulting in cost savings while maintaining the benefits expected by the
members.

In addition, the improvement in the global economy and the return of greater
investor confidence has encouraged clients to seek out other investment areas
using tax efficient insurance bonds and similar investment vehicles.

CURRENT YEAR

Business levels have tended to fluctuate since the beginning of the year but
with costs well under control and a broadly based revenue stream we are quietly
confident about the future. A worthwhile dividend of £165,000 on the London
Stock Exchange investment of 300,000 shares, valued at £1.05m at 31 March 2004,
will be received during the first half of the new year.





M.J. Sunderland
Chief Executive

CONSOLIDATED PROFIT AND LOSS ACCCOUNT 
Year ended 31 March 2004 

                                                                    
                                              Unaudited           
                                                   2004      2003 
                                                  £'000     £'000 
  TURNOVER                                                          
  Continuing operations                        11,492       9,088   
  Commission payable                          (3,501)      (2,647) 
  Gross profit                                 7,991        6,441   
  Operating expenses                          (7,031)      (6,856) 
  Operating expenses - amortisation of          (156)        (128)   
  goodwill                                                          
  Operating expenses - exceptional items         (52)         (70)    
  Total operating expenses                    (7,239)      (7,054) 
  OPERATING PROFIT/(LOSS)                        752         (613)   
  Continuing operations                                             
  Net investment income                          156          135     
  Profit/(loss) on disposal of fixed asset       163         (140)   
  investments                                                       
                                               1,071         (618)   
  PROFIT/(LOSS) ON ORDINARY ACTIVITIES                              
  BEFORE TAXATION                                                   
  Tax (charge)/credit on profit/(loss) on      (328)          145     
  ordinary activities                                               
  PROFIT/(LOSS) ON ORDINARY ACTIVITIES AFTER    743          (473)   
  TAXATION                                                          
  Dividends paid and proposed                  (559)         (457)   
  Retained profit/(loss) for the year           184          (930)   
  Realised gain on sale of revalued             390           604     
  investment                                                        
  Repurchase of ordinary shares                 -            (129)   
  Retained profit brought forward              2,228         2,683   
  Retained profit carried forward              2,802         2,228   
  Earnings/(loss) per share                                         
  Basic                                         7.2p         (4.6p)  
  Diluted                                       6.9p         (4.6p)  

The results above arise from continuing operations.

CONSOLIDATED GROUP AND COMPANY BALANCE SHEETS 
31 March 2004 

                                                                    
                      Unaudited    Unaudited                        
                          Group      Company      Group    Company  
                           2004         2004       2003        2003 
                          £'000        £'000      £'000       £'000 
  FIXED ASSETS                                                      
  Intangible             2,274            53      2,342          67        
  Tangible                 268           268        444         444       
  Investments            1,126         3,973      1,469       4,024     
                         3,668         4,294      4,255       4,535     
  CURRENT ASSETS                                                    
  Investments              168           168          -          -         
  Debtors               52,360        52,305     31,322      31,285    
  Cash at bank and       3,207         1,764      3,395       2,774     
  in hand                                                           
                        55,735        54,237     34,717      34,059    
  CREDITORS:           (50,504)      (50,224)   (30,443)    (30,267)  
  amounts falling                                                   
  due                                                               
  within one                                                   
  year                                                              
  
 NET CURRENT            5,231         4,013       4,274       3,792     
  ASSETS                                                            
  TOTAL ASSETS          8,899         8,307       8,529       8,327     
  LESS CURRENT                                                      
  LIABILITIES                                                       
  CAPITAL AND                                                       
  RESERVES                                                          
  Called up share       2,141         2,141       2,018       2,018     
  capital                                                           
  Shares to be             -            -           552         552       
  issued                                                            
  Share premium         1,265         1,265       1,214       1,214     
  account                                                           
  Profit and loss       2,802         2,210       2,228       2,026     
  account                                                           
  Revaluation           1,051         1,051       1,394       1,394     
  reserve                                                           
  Other reserves        1,640         1,640       1,123       1,123     
  EQUITY                8,899         8,307       8,529       8,327     
  SHAREHOLDERS'                                                     
  FUNDS                                                             
 
 
 
 
 
CONSOLIDATED CASH FLOW STATEMENT 
Year ended 31 March 2004 

                                                                    
                                                 Unaudited          
                                                      2004     2003 
                                                     £'000    £'000 
  Net cash outflow from operating activities          (326)    (223)  
  Returns on investments and servicing of              156      135    
  finance                                                           
  Taxation                                            (141)     (13)   
  Capital expenditure and financial investment         442      671    
  Acquisition of business of subsidiary                  -      (10)   
  Equity dividends paid                               (465)    (640)  
  Cash outflow before management of liquid            (334)     (80)   
  resources and financing                                           
  Management of liquid resources                       288      650    
  Financing                                             71     (126)  
  Increase in cash in the year                          25      444    





Note

The financial information set out in this preliminary announcement does not
constitute the company's statutory accounts for the years ended 31 March 2004 or
2003. The financial information for the year ended 31 March 2003 is derived from
the statutory accounts for that year which have been delivered to the Registrar
of Companies. The auditors reported on those accounts; their report was
unqualified and did not contain a statement under s237 (2) or (3) Companies Act
1985. The financial information for the year ended 31 March 2004 has been
prepared on the basis of the accounting policies as stated in the statutory
accounts for the year ended 31 March 2003. The statutory accounts for the year
ended 31 March 2004 will be finalised on the basis of the financial information
presented by the directors in this preliminary announcement and will be
delivered to the Registrar of Companies following the company's annual general
meeting. This preliminary announcement was approved by the Board of Directors on
8 June 2004.


                      This information is provided by RNS
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