Final Results

Walker,Crips,Weddle,Beck PLC
07 June 2005


              PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2005

Walker, Crips, Weddle, Beck plc (Code: WCW), the financial services group whose
activities cover stockbroking, fund and pension management and corporate
finance, today announces preliminary results for the year ended 31 March 2005,
the highlights of which are:

 •  Profit before tax of £1,653,000 (2004: £1,071,000), an increase of 54.3%

 •  Turnover of £13,132,000 (2004: £11,492,000), an increase of 14.3%

 •  Non-broking revenue of £4.4m, or 33.5% of group revenue (2004: £3.4m, or
    29.6% of group revenue)

 •  Earnings per share of 11p (2004: 7.2p), an increase of 52.8%

 •  Final dividend increased to 4p per share (2004: 3p per share), making
    6.35p for the year (2004: 5.25p), an increase of 21.0%

 •  Continued excellent performance from unit trust division with funds under
    management rising to £52.6m at 31 March 2005 from £18.6m a year before, an
    increase of 182.8%

 •  Current year started strongly with unit trust funds under management
    currently totalling £77m, an increase of 46.4% since 31 March 2005

 •  Acquisition of the London York Group completed on 11 April 2005

Graham Kennedy, Chairman, said: 'The current year has started strongly with unit
trust funds under management currently totalling £77m, including £12m of London
York funds, an increase of 46.4% since 31 March 2005, and we are confident of
further growth during the year. Daily volumes for our stockbroking activities
show an improvement over last year and our corporate finance and financial
services activities also remain strong.

The integration of London York is now proceeding and we look forward to
benefiting from its first contribution to the group. While it is still early in
our year, we believe there are solid grounds for optimism.'

Michael Sunderland, Chief Executive, said: 'The encouraging business levels in
the January to March quarter have continued into April and we have a number of
exciting initiatives to develop in the year ahead. In particular we look forward
to working with David Hetherton and his team at London York. Solid fund
management performances from London York and both our Walker Crips UK Growth and
Equity Income Funds leave us well placed to introduce and develop further funds
under management. The earnings mix for our business during the current year
should prove far wider ranging with a continuing shift in emphasis towards fee
based revenues.'

7 June 2005


For further information, please contact:

Walker, Crips, Weddle, Beck plc               [phone]
Michael Sunderland, Chief Executive
Rodney FitzGerald, Finance Director
Steve Bailey, Investment Director

Liz Vaughan-Adams (Perception Partners)       [phone],
                                              [phone]

Further information on Walker, Crips, Weddle, Beck plc is available on the
Company's website at www.wcwb.co.uk.


CHAIRMAN'S STATEMENT

Review of the Year

I am delighted to report that your Company has recorded the second highest
annual pre-tax profit in its history of £1,653,000 for the year ended 31 March
2005 which also represents an increase of 54.3% over the previous year.

This excellent result has been achieved in conjunction with our decision to
restructure the business and refocus our strategy on building a broadly based
financial services group encompassing stockbroking, fund and pension management
and corporate finance. I am pleased to report that non-broking revenues have
risen to £4.4m, representing 33.5% of group revenue (2004: £3.4m, or 29.6% of
group revenue), demonstrating our move towards fee based revenues.

The strong performances from all of the Group's trading activities that we saw
in the first half of the year continued into the second half with another
particularly impressive contribution from our fund management operations.

Progress

Unit trust funds under management stood at £52.6m at the year end, an increase
of 75.3% from six months ago and an increase of 182.8% from the £18.6m recorded
a year before. This far exceeded our internal expectations for the year and was
boosted by both retail and institutional interest. In recognition of the strong
performance from our fund management division, I am pleased to announce that the
highly rated CF Walker Crips UK Growth Fund has been nominated for this year's
Investment Week Fund Manager of the Year award.

The corporate finance division has also had an exceptional year and is now
broker to 25 companies compared with 15 a year before. Our financial services
arm continued to make a material contribution to group profitability while our
stockbroking activities also increased over the prior year.

We have continued to keep a tight grip on costs while placing emphasis on
maintaining a strong balance sheet and cash position. This underpins the
security we offer our customers while maintaining a significant regulatory
capital surplus and enabling us to consider suitable acquisitions.

Our remaining investment in the London Stock Exchange yielded a tax-free special
dividend of £165,000 which is included in net investment income.

Dividend

In view of these results and our confidence in the future, the board is
recommending a final dividend of 4p per share (2004 - 3p per share). Subject to
the dividend now proposed being approved at the Annual General Meeting, payment
will be made on 11 July 2005 to shareholders on the register at the close of
business on 24 June 2005.

Acquisition

On 11 April 2005, your Company strengthened its financial services operations by
completing the acquisition of G & E Investment Services Limited, known as the
London York Group, which offers a broad range of financial services including
investment and pension advisory services to both individuals and corporate
customers.

In addition to its core business, there is also a successful fund of funds
division which currently has total assets of £12m. These unit trusts complement
our existing fund management operations and take total group funds currently
under management from £65m to £77m.

One of the main reasons for this acquisition was the expected increase in both
the value and range of recurring revenue - in line with our stated aim of
becoming less reliant on volume-sensitive income. Since the acquisition was
completed in the current year, the financial impact is not reflected in this set
of results. In the financial year to 30 September 2004, the London York Group
recorded a pre-tax profit of £287,638 on turnover of approximately £2.134m.

Board changes

On completion of the acquisition of G&E Investment Services Ltd in April, we
welcomed David Hetherton and Robert Elliott to the board, respectively as
executive and non-executive directors.

Executive Directors, Associates and Staff

On behalf of the board I thank all of our directors, 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.

Annual General Meeting

The Annual General Meeting will take place at 12 noon on the 8th July 2005. The
meeting will be held at Armourers' Hall, 81 Coleman Street, London EC2R 5BJ.

Outlook

The current year has started strongly with unit trust funds under management
currently totalling £77m, including £12m of London York funds, an increase of
46.4% since 31 March 2005, and we are confident of further growth during the
year. Daily volumes for our stockbroking activities show an improvement over
last year and our corporate finance and financial services activities also
remain strong.

The integration of London York is now proceeding and we look forward to
benefiting from its first contribution to the group. While it is still early in
our year, we believe there are solid grounds for optimism.

G.N. Kennedy CVO
Chairman


CHIEF EXECUTIVE'S REPORT

The year just ended has proved to be a landmark in terms of the Walker Crips
Group establishing itself as a broadly integrated financial services operation.
We were particularly pleased to announce the completion of the London York
acquisition which significantly increases our presence in the pensions market
and extends our fund management activities in unit trusts and wealth management.

Stockbroking Division

The final three months of the year were particularly busy and contributed in
large part to average annual daily bargain volumes increasing to 519 compared
with 506 in 2004. Gross stockbroking commission totalled £9.1m for the year, a
useful 10.9% increase on last year's £8.2m, this in spite of three trading days
lost to bank holidays, reflecting a strong contribution from our associates and
branches, all of whom have coped valiantly with the heavy burden of regulatory
paperwork now a feature of the financial services industry. I must extend our
warmest gratitude to our account executives for their efforts and commitment.

Gross profit (after shared commission paid) was 8.8% ahead at £8.7m against
£8.0m previously. InvestorLink and our on-line dealing operation INVESTeLINK had
another creditable year generating additional revenues outside purely brokerage.
Our private clients department was expanded in preparation for client base
absorption of certain of our long standing associates who have recently retired.
Our more experienced customers made significantly greater use of our facility
for trading Contracts for Difference, now a well-established derivative product
in UK markets.

We have maintained a close control of costs throughout the year reflected by the
stability of the total value of our administrative overheads relative to net
revenues. We are continually successful in attracting new associates to the
Company and have the infrastructure in place to bring quality business that will
take advantage of the existing operational gearing.

Unit Trust Division

This division had an outstanding year under the stewardship of our Investment
Director, Stephen Bailey, ably supported by Jan Luthman, our Head of Research
and joint Investment Manager. Since my last report in June 2004, unit trust
funds under management have risen from just under £20m to the current impressive
£77m, including £12m as a result of he London York acquisition and, at the time
of writing, the UK Growth Fund had reached £44m due to strong institutional and
retail interest after the fund managers were awarded the prestigious Citywire
AAA rating for consistently good performance in the year.

Corporate Finance Division

Our corporate finance department had an extremely busy year and returned record
gross fees of £1.3m last year, compared to £0.6m previously, driven by the
completion of nineteen new issues and placings, including that of the Islamic
Bank of Britain plc, the first newly created bank to be floated on the London
market for many years. The department now acts as corporate broker retained by
twenty five companies whose shares are traded on the Official List or the AIM
market of the London Stock Exchange.

Treasury Department

Clients and advisers have thought it prudent to retain strong levels of
liquidity throughout the year and with interest rates running at a higher level
than previously, the division gave a strong performance. Total client and
internal deposit balances at the year end stood at £86.2m.

PEPs / ISAs / CTF

Industry statistics indicated a significantly lower number of ISA subscribers
nationally for 2004/2005 but our own experience was more satisfactory with a
further 1,080 accounts being opened during the year. Much work was put in to
accommodate the Government-launched Child Trust Fund ('CTF') scheme and to date
we have processed 547 vouchers and will be exploring further initiatives to
attract the many parents who have not as yet started a CTF.

Financial Services

The division reported further creditable annual profitability and we are now
pleased to have four experienced advisers whose knowledge of the pensions market
will be of increasing value. We will now be working closely with London York
management to develop our position in the pensions market and are presently in
the process of making available our internally administered EBOR Self-Invested 
Personal Pension.

Current Year

The encouraging business levels in the January to March quarter have continued
into April and we have a number of exciting initiatives to develop in the year
ahead. In particular we look forward to working with David Hetherton and his
team at London York. Solid fund management performances from London York and
both our Walker Crips UK Growth and Equity Income Funds leave us well placed to
introduce and develop further funds under management. The earnings mix for your
business during the current year should prove far wider ranging with a
continuing shift in emphasis towards fee based revenues.

M.J. Sunderland
Chief Executive


CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2005

                                                       2005       2004
                                                      £'000      £'000
                                                 (unaudited)
Turnover
Continuing operations                                13,132     11,492
Commission payable                                   (4,416)    (3,501)
                                                     --------   --------
Gross profit                                          8,716      7,991
---------------------                                --------   --------
Operating expenses                                   (7,279)    (7,031)
Operating expenses - amortisation of goodwill          (184)      (156)
Operating expenses - exceptional items                    -        (52)
---------------------                                --------   --------
Total operating expenses                             (7,463)    (7,239)
                                                     --------   --------
Operating profit
Continuing operations                                 1,253        752
Net investment income                                   391        156
Profit on disposal of fixed asset investments             9        163
                                                     --------   --------
Profit on ordinary activities before taxation         1,653      1,071
Tax charge on profit on ordinary activities            (488)      (328)
                                                     --------   --------
Profit on ordinary activities after taxation          1,165        743
Dividends paid and proposed                            (705)      (559)
                                                     --------   --------
Retained profit for the year                            460        184
Realised gain on sale of revalued investment            336        390
Retained profit brought forward                       2,802      2,228
                                                     --------   --------
Retained profit carried forward                       3,598      2,802
                                                     ========   ========
Earnings per share
Basic                                                  11.0p       7.2p
Diluted                                                10.8p       6.9p
                                                     ========   ========

The results above arise from continuing operations.


CONSOLIDATED AND COMPANY BALANCE SHEET
AT 31 MARCH 2005

                                   Group   Company     Group   Company
                                    2005      2005      2004      2004
                                   £'000     £'000     £'000     £'000
                             (unaudited)(unaudited)
Fixed assets
Intangible                         2,145        19     2,274        53
Tangible                             296       132       268       268
Investments                          619     7,886     1,126     3,973
                                  --------  --------  --------  --------
                                   3,060     8,037     3,668     4,294
Current assets
Investments                          276         -       168       168
Debtors                           76,928       367    52,360    52,305
Cash at bank and in hand           5,126     1,307     3,207     1,764
                                  --------  --------  --------  --------
                                  82,330     1,674    55,735    54,237
Creditors: amounts falling due
 within one year                 (75,941)     (872)  (50,504)  (50,224)
                                  --------  --------  --------  --------
Net current assets                 6,389       802     5,231     4,013
                                  --------  --------  --------  --------
Total assets less current
 liabilities                       9,449     8,839     8,899     8,307
Provision for liabilities and
 charges                            (350)        -         -         -
                                  --------  --------  --------  --------
Net assets                         9,099     8,839     8,899     8,307
                                  ========  ========  ========  ========

Capital and reserves
Called up share capital            2,153     2,153     2,141     2,141
Share premium account              1,337     1,337     1,265     1,265
Own shares held                     (173)     (173)        -         -
Profit and loss account            3,598     3,338     2,802     2,210
Revaluation reserve                  544       544     1,051     1,051
Other reserves                     1,640     1,640     1,640     1,640
                                  --------  --------  --------  --------
Equity shareholders' funds         9,099     8,839     8,899     8,307
                                  ========  ========  ========  ========


CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2005

                                                         2005     2004
                                                        £'000    £'000
                                                   (unaudited)

Net cash inflow/(outflow) from operating activities     2,570     (326)
Returns on investments and servicing of finance           391      156
Taxation                                                 (545)    (141)
Capital expenditure and financial investment              186      442
Acquisition of business                                   (55)       -
Equity dividends paid                                    (569)    (465)
                                                        -------  -------
Cash inflow/(outflow) before management of liquid
resources and financing                                 1,978     (334)
Management of liquid resources                         (2,261)     288
Financing                                                 (89)      71
                                                        -------  -------
(Decrease)/increase in cash in the year                  (372)      25
                                                        =======  =======

For the purposes of the cash flow statement in accordance with FRS 1, cash
excludes short term cash deposits held at bank, repayable on demand with
penalty.

Notes

1. On 11 April 2005 the Group completed the acquisition of the entire share
capital of G&E Investment Services Limited, the parent company of six trading
subsidiaries comprising the London York group of companies, which provide a
range of investment, fund management and pension advisory services, for an
initial consideration of £1,200,000 in cash and 800,000 ordinary shares in the
Company. Deferred consideration of a maximum of £1,600,000 may be satisfied by a
further issue of ordinary shares in the Company in April 2008 upon the
achievement of certain profit levels.

2. As a result of a group corporate restructure on 6 April 2004 the stock and
share broking business of the Company was transferred to Walker Crips
Stockbrokers Limited, a new subsidiary of the Company.

3. The financial information set out in the announcement does not constitute the
Company's statutory accounts for the years ended 31 March 2005 or 31 March 2004.
The financial information for the year ended 31 March 2004 is derived from the
statutory accounts for that year which have been delivered to the Registrar of
Companies. The auditors reported on these accounts; their report was unqualified
and did not contain a statement under s237(2) or (3) Companies Act 1985. The
statutory accounts for the year ended 31 March 2005 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.

The preliminary announcement has been prepared using the same accounting
policies as those applied in the accounts for the year ended 31 March 2004.


ENDS







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