Final Results

Walker,Crips,Weddle,Beck PLC
07 June 2007


7 June 2007
Walker, Crips, Weddle, Beck plc

Preliminary results for the year ended 31 March 2007

WALKER, CRIPS, WEDDLE, BECK DELIVERS RECORD PROFITABILITY

Walker, Crips, Weddle, Beck plc ('WCWB', the 'Company' or the 'Group'), the 
integrated financial services group, today announces its unaudited preliminary 
results for the year ended 31 March 2007.

Financial highlights

• Revenues up 6.5% to £17.96 million (2006: £16.86 million)

• Successful growth of non-broking fee income, which represented 46.2% of total 
  revenues (2006: 40.9%)

• Gross profit up 15.8% to £13.71 million (2006: £11.84 million); a gross margin
  of 76% (2006: 70%)

• Operating profit (before exceptional administrative expenses) up 12.0% to 
  £2.41 million (2006: £2.15 million)

• Pre-tax profit before exceptional items and profit on disposal of investments 
  up 10.4% to £2.64 million (2006: £2.39 million)

• Profit after tax up 561% to £1.52m (2006: £0.23m)

• Earnings per share up 560% to 13.2 pence (2006: 2.0 pence); Earnings per share
  (before exceptional items) up 13.2% to 16.36 pence (2006: 14.45 pence)

• Proposed final dividend up 8.3% to 4.55 pence per share (2006: 4.20 pence per 
  share) - total dividend for the year up 8.3% to 7.20 pence per share 
  (2006: 6.65 pence per share)

• Net cash resources remained strong, increasing to £6.1 million at the year end
  (2006: £2.4 million)

Business highlights

• All business units contributed to the record performance over the year and 
  have commenced the current year strongly

• Funds under management at Walker Crips Asset Managers Limited ('WCAM') rose 
  88.6% to £383 million at the year end (2006: £203 million)
     - Important mandate win to manage part of an institutional income fund
     - Launch of UK High Alpha Fund

• Substantial growth in sales of Ebor SIPP plans, our London York subsidiary's 
  flagship pension product

• New office move underway; an important catalyst for further expansion

• Board changes and proposed change of name to Walker Crips Group plc herald new
  era

• Proposed 3 for 1 share split to improve marketability and liquidity of shares

Commenting on the results, David Gelber, Chairman, said:

'We have embarked on the current year with confidence and, assuming that markets
remain healthy, anticipate another successful year in all of our divisions.'

Rodney FitzGerald, Chief Executive Officer, said:

'I am very pleased to note that all of our business units contributed to this 
excellent result, heralding an improvement in the quality of the Group's 
earnings and justifying our strategy of diversifying the Group's revenue base.

The Group is well placed for further expansion under the new management team.'

For further information, please contact:

Walker, Crips, Weddle, Beck plc                         Tel: [phone]
Rodney FitzGerald, Chief Executive
Stephen Bailey, Investment Director

Altium                                                  Tel: [phone]
Ben Thorne
Tim Richardson

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


Chairman's Statement

In early March the Board was informed of the very sad news concerning the death
of Graham Kennedy. Graham served as Chairman of WCWB for seven years and oversaw
a period of considerable change and development within the Group. The Board
benefited greatly from Graham's professionalism and business skills gained
through a highly successful career in the City. I would like to record the
gratitude of the Board for Graham's contribution.

Martin Wright kindly agreed to step in as interim Chairman and I was appointed
to the position on 11 May 2007. I am grateful to him for his assistance during
that time. By way of introduction to myself as your new Chairman, before this
appointment I served as Group Chief Operating Officer of ICAP plc from 1994 to
2005 and previously held the position of Chief Operating Officer of HSBC Global
Markets. I hope the extensive operational experience, knowledge of plc boards
and the range of contacts acquired with these two substantial organisations will
enable me to make a relevant and effective contribution to the Group's ambitious
plans for growth.

Results overview

I have great pleasure in announcing another excellent performance by the Group,
reflected by a record pre-tax profit of £2.12 million, compared to £0.37 million
last year. Pre-tax profit before exceptional costs and profit on sale of
investments was £2.64 million (2006: £2.39 million) an increase of 10.4%.

Whilst Group revenue increased by 6.5% to £17,959,000, our efforts to increase
the proportion of revenues derived from non-sharing asset-driven fees resulted
in a reduction in commission payable and gross profits increasing 15.8% to
£13,706,000, a margin of 76%.

Basic earnings per share increased 560 per cent to 13.2 pence (2006: 2.0 pence)
whilst the figure for earnings per share adjusted for exceptional items was up
13.2% to 16.36 pence (2006: 14.45 pence).

Our net cash resources of £6.1 million at the year end (2006: 2.4 million)
remain healthy and will leave us well placed to take advantage of opportunities
to make suitable acquisitions of complementary businesses or teams as they
arise.

Dividend

I am pleased to announce that the continued growth in pre-tax profit has enabled
your Board to propose an increased final dividend of 4.55 pence per share (2006:
4.20 pence per share) which fully reflects both our confidence in our business
strategy and the future of the Group. This proposed final dividend will be paid
on 23 July 2007 to those shareholders on the register at the close of business
on 15 June 2007 and will give a total dividend for the year of 7.2 pence per
share (2006: 6.65 pence per share), an 8.27% increase.

Business performance overview

Each of the Group's core businesses delivered improved performances over the
previous year.

Despite lower transaction volumes, our stockbroking subsidiary performed
creditably and benefited from a growing proportion of its revenue being
fee-based. Commission and fees totalled £13.11 million (2006: £12.68 million).

Once again our unit trust management subsidiary, Walker Crips Asset Managers Ltd
(WCAM), enjoyed a healthy period with funds under management rising from £203
million to £383 million in the year to 31 March 2007. WCAM successfully launched
a new fund in October 2006, the UK High Alpha, which attracted assets of £45
million in the period from launch to 31 March 2007.

Our financial services division, London York, reported an impressive increase in
operating profit to £517,000 compared with £321,000 a year ago, justifying the
Board's view that the London York group could be integrated successfully into
the Group and contribute strongly to our overall development.

The corporate finance division completed an increased number of assignments
during the year, resulting in a 21% increase in fee income over the previous
year.

Non-broking, recurring revenue in the year increased to £8.4million and equated
to 46.2% of total income (2006: 40.9%). As ever, we remain committed to
developing our recurring revenue stream.

Board changes

Apart from my own appointment mentioned above, with effect from 1 January 2007
Rodney FitzGerald became the Group's Chief Executive Officer. Rodney, who served
as the Group's Finance Director between 1999 and 2006, also retains the finance
mandate. Rodney's predecessor, Michael Sunderland who has been with the Company
since 1972 and was CEO from 1996, remains on the Board as Executive Director
with special responsibility for the expansion of the Private Client Department.

Also with effect from 1 January 2007 and to further enhance the current board
structure, Sean Lam was appointed Group Managing Director.

On 18 January 2007, the Board accepted the resignation of Mr Loh Hoon Sun as a
non-executive director and wish him well.

Proposed change of name

To better reflect the current and expected future range of the Group's revenue
streams and its current corporate structure, the Board announces that a
resolution will be proposed for shareholder approval at the next Annual General
Meeting, to be held on 20 July 2007, to change the Company's name to Walker
Crips Group plc.

Proposed Share split

The Board consider that having a larger number of ordinary shares in issue will
serve to improve the marketability and liquidity of the Company's shares. It is
therefore announcing today the proposed sub division of the Company's share
capital (the 'Share Split').

A resolution to subdivide each issued and unissued ordinary share of 20 pence
each in the capital of the Company into three new ordinary shares of 6 2/3 pence
each will be proposed at the Annual General Meeting.

The Share Split will only become effective if approved by shareholders on 20
July 2007. The final dividend will therefore be paid by reference to the
existing ordinary shares.

Outlook

The current year has started strongly across the Group.

Our soon to be completed move to new, larger and more appropriate office
premises at Finsbury Tower is expected to be a catalyst for ensuring the
continuation of our business development plans. The additional space and modern
surroundings should be of benefit to our existing staff and an attraction to new
personnel.

We have embarked on the current year with confidence and assuming that markets
remain healthy, anticipate another successful year in all our divisions.

D M Gelber

Chairman


Chief Executive's Report

This is my first report as Chief Executive Officer and I am therefore delighted
to inform you that the Company has achieved another record year of
profitability. Despite fluctuating investment conditions, I am very pleased to
note that all of our business units contributed to this excellent result,
demonstrating an improvement in the quality of the Group's earnings and
justifying our strategy of diversifying the Group's revenue base.

The Group is well placed for further expansion under the new management team and
I look forward to reporting on the next phase of its growth over the exciting
period ahead. Our head office relocation to nearby Finsbury Tower after 16 years
at Sophia House will provide a much improved working environment for our staff
and will be an important catalyst for this expansion.

My thanks, on behalf of the Board, go to my predecessor, Michael Sunderland, who
has been the driver of the Company's progress since 1996 and the architect of
the business model which has delivered the successes of recent years. Under his
leadership we have progressed from a traditional private client stockbroker to a
fully-listed integrated securities business with interests in fund management,
corporate finance, stockbroking and wealth management.

The recent changes to the Company's Board, including the appointments of David
Gelber, who brings a wealth of experience, gained at the highest level, as
Chairman and Sean Lam as Group Managing Director, herald a new era and we look
forward with confidence to meeting the many future challenges of our industry on
the strong foundations which have been created.

Walker Crips Asset Managers Limited (WCAM)

The excellent performance of our unit trust management team continued apace.
Funds under management grew from £203 million to £383 million during the year
which also saw the launch of the new CF Walker Crips High Alpha Fund. WCAM now
manages seven unit trusts and also a significant institutional equity mandate.
In recent months our two multi manager funds have been listed on several major
electronic dealing platforms which should improve the product distribution
further.

The division delivered a significant contribution to group profitability and its
fee income underpins the upward progress of one of our key performance
indicators, the percentage of Group income represented by recurring revenues.
WCAM's successful track record provides the platform for further growth in funds
under management and our experienced sales team should ensure effective
distribution into the wealth management community.

The two multi manager funds managed by Andy Tuck in the York office continued
their growth with the Select Income Fund proving particularly popular with funds
under management increasing almost 20% over the year. This is due, in part, to
ongoing top decile performance within its peer group. Wider distribution
channels which are now in place coupled with impressive sector performance
should lead to even stronger inflows of new monies in the second half of 2007.

Walker Crips Stockbrokers Limited

Despite the growing diversification of the Group's revenue stream, traditional
stockbroking prevails as the engine room of our business. Total income from
stockbroking clients in the year was £13.1 million (2006: £12.7 million).

Against a background of increasing regulation, greater competition and more
demands on technology, our account executives generated gross commission of £9.9
million (2006: £10.2 million). The number of commission-sharing associates is
lower now compared to last year, many having retired, but in all cases their
business has been retained by the company under an established succession
policy.

The private client department expanded again during the year, in particular
through the adoption of clients from departing account executives. Revenues in
excess of £1 million were generated by a desk of nine advisers now under the
more focused leadership of Michael Sunderland. The growing demands of today's
more knowledgeable investors has led to further conversions of commission-based
advisory clients into discretionary status, ensuring their portfolios receive a
more dedicated and bespoke service.

Our nominee and custody services, together with our PEP, ISA and Child Trust
Funds investment and administration products, continue to bolster our
non-broking income base. Our managed deposit service, which enables immediate
switching from an interest-bearing account into investment products, contributed
to the increase in total client monies held by the Group to £116 million.
Investorlink and Investelink, our telephone and online execution dealing
services, both repeated their commendable performances of last year and provide
the necessary outlet to the client base for fast and efficient trading in
periods of greater activity.

We intend to more actively look to recruit individuals and teams of account
executives to our new offices or acquire suitable stockbroking businesses in our
drive to preserve our earnings mix.

London York Group - Financial Services

Due in part to the new pensions environment which commenced in April 2006 (A
Day), profitability at our York-based financial services arm, the London York
group, increased dramatically by 61 per cent over the previous year. The Ebor
SIPP product, through which we offer administration and personalised Pension
Portfolio Management services, has completed a successful year with the number
of plans rising from 80 to 161. Total amounts held at the year end within Ebor
SIPPs, now fast becoming the flagship product of our financial services
division, will soon exceed £25 million. Our subsidiary Ebor Trustees Limited
achieved full regulatory status from the FSA ahead of many other providers who
are yet to meet the stringent requirements for approval.

Towards the year end a tax-efficient AIM Portfolio Management Service was
launched and funds under management have already reached £1.2 million. There are
plans to build further on the existing strategy of broadening the package being
offered to the Wealth Management customer by adding an Inheritance Tax planning
service later this year. Our colleagues in Yorkshire, under the leadership of
David Hetherton, have already implemented a number of other successful
initiatives such as joint ventures with large provincial firms of Chartered
Accountants. The London financial services team's systems will be merged with
London York's proven model in the near future.

The present income charging policy of taking modest transactional commissions
and concentrating on growing recurring management fees provides a solid and
sustainable foundation for future growth.

Keith Bayley Rogers & Co Limited - Corporate Finance

After a moderate 2006 by its standards, the corporate finance division bounced
back in the current year with a 194% increase in profitability to £0.24 million.
Operating mainly within the LSE, AIM and Plus Markets, the division has more
than 20 retained clients. With more prestigious office space now available,
greater emphasis is being given this year to recruiting and expanding the
corporate broking services department to support the growing corporate client
base. The division remains busy, under the joint management of Howard Drummon
and Derek Crowhurst, with a significant pipeline of assignments in progress.

Exceptional debt provision

We continue to vigorously pursue the outstanding debts of approximately £2.5
million which we reported as an exceptional item and provided for last year.
Following an adjournment in May 2007, we are now scheduled for trial in mid-June
and we anticipate being awarded judgement and commencing recovery proceedings.
The Board feel it prudent to retain the provision, which also covers legal
costs, in these results.

Directors, account executives and staff

On behalf of the Board, in a very successful year, I would like to thank my
fellow directors, all our account executives and members of staff for their
continued loyalty and commitment in the face of ever-increasing and seemingly
continuous regulatory and technological change. Having successfully adopted the
complex EU Savings Directive in 2006, resources are now directed towards the
changes and systems implementations of MiFID and the Capital Requirements
Directive.

We were proud to see ten members of staff from our group run in this year's
London Marathon. All ten completed the race and they have raised over £14,000
for Leukaemia CARE to date.

Future Outlook

The Board expects that the upgraded office environment will provide not only
much-needed improved accommodation for our staff but also the impetus for the
organisation to project a more professional and modern image, which in turn will
provide a springboard for capitalising on many new business opportunities. The
proposed change of name to Walker Crips Group plc will reflect the diversified
nature of the complementary business units within the corporate group and embody
the start of a new era.

The current year has started well and we look forward with confidence to
reporting further progress in the interim statements later this year.

R.A. FitzGerald FCA

Chief Executive Officer


Consolidated income statement
Year ended 31 March 2007

                                                      Note     2007       2006
                                                              £'000      £'000

Revenue                                                      17,959     16,861
Commission payable                                           (4,253)    (5,022)
                                                            --------   --------
Gross profit                                                 13,706     11,839
Share of after tax profits of joint ventures                     50         50
+------------------------------------------------------------------------------+
|Administrative expenses - other                            (11,347)    (9,736)|
|Administrative expenses - exceptional items            3      (520)    (2,692)|
+------------------------------------------------------------------------------+
Total administrative expenses                               (11,867)   (12,428)
                                                            --------   --------
Operating profit/(loss)                                       1,889       (539)
Investment revenues                                             243        262
Finance costs                                                   (14)       (21)
Profit on disposal of available-for-sale                          -        668
investments
                                                            --------   --------
Profit before tax                                             2,118        370
+------------------------------------------------------------------------------+
|Analysed as:                                          3      2,638      2,394 |
|Profit before tax, exceptional items and profit                               |
| on disposal of investments                                      -        668 |
|                                                                              |
|Profit on disposal of investments                            (520)     (2,692)|
|Administrative expenses                                    --------   --------|
|  - exceptional items                                        2,118        370 |
|Profit before tax                                                             |
+------------------------------------------------------------------------------+
Taxation                                                       (595)      (136)
                                                            --------   --------
Profit for the year attributable to equity
holders of                                                    1,523        234
the company                                                 ========   ========

Earnings per share
Basic                                                          13.2p       2.0p
Diluted                                                        12.8p       1.9p
                                                            ========   ========
Dividends paid
  - Final in respect of previous year                           4.2p      4.00p
  - Interim                                                    2.65p      2.45p
                                                            ========   ========


Consolidated Statement of recognised income and expense
Year ended 31 March 2007

                                                                 2007     2006
                                                                £'000    £'000

Gain on revaluation of available-for-sale investments taken to
equity                                                             43       50
Deferred tax on gains on available-for-sale investments            11      (15)
Deferred tax on share options                                     275        -
                                                              -------- --------
Net income recognised directly in equity                          329       35
Transfers
Transferred to profit or loss on sale of available-for sale
investments                                                         -     (544)
Tax on sale of available-for-sale investments                       -      162
                                                              -------- --------
                                                                    -     (382)
Profit for period                                               1,523      234
                                                              -------- --------

Total recognised income and expense for the year 
attributable to equity holders of the company                   1,852     (113)
                                                              ======== ========


Consolidated balance sheet
31 March 2007  

                                                             2007         2006
                                                            £'000        £'000
Non-current assets
Goodwill                                                    5,152        4,677
Other intangible assets                                       921        1,036
Property, plant and equipment                               1,143          547
Investment in joint ventures                                   74           55
Available for sale investments                                888          845
Deferred tax asset                                            178           20
                                                          --------     --------
                                                            8,356        7,180
Current assets
Trade and other receivables                                64,290       50,659
Trading investments                                           138          135
Cash and cash equivalents                                   6,298        2,549
                                                          --------     --------
                                                           70,726       53,343
                                                          --------     --------
Total assets                                               79,082       60,523
                                                          ========     ========
Current liabilities
Trade and other payables                                  (63,656)     (47,185)
Current tax liabilities                                      (448)        (383)
Bank overdrafts                                              (148)        (165)
Provisions                                                   (649)        (411)
                                                          --------     --------
                                                          (64,901)     (48,144)
                                                          --------     --------
Net current assets                                          5,825        5,199
                                                          --------     --------
Non-current liabilities                                    
Shares to be issued                                        (1,588)      (1,113)
                                                          --------     --------

Net assets                                                 12,593       11,266
                                                          ========     ========
Equity
Share capital                                               2,356        2,326
Share premium account                                       1,547        1,396
Own shares                                                   (173)        (173)
Retained earnings                                           4,387        3,654
Revaluation reserve                                           569          515
Other reserves                                              3,907        3,548
                                                          --------     --------
Equity attributable to equity holders of the company       12,593       11,266
                                                          ========     ========


Consolidated cash flow statement
Year ended 31 March 2007
                                                              2007        2006
                                                             £'000       £'000
Operating activities
Cash generated from / (used in) operations                   5,384      (1,521)
Interest received                                              216         239
Interest paid                                                  (14)        (21)
Tax paid                                                      (435)       (454)
                                                           --------    --------
Net cash generated from / (used in) operating activities     5,151      (1,757)
                                                           --------    --------
Investing activities
Joint venture investment                                       (20)          -
Acquisition of subsidiary                                        -        (740)
Purchase of property, plant and equipment                     (830)       (306)
Proceeds from disposal of available-for-sale investments         -         668
Purchase of investments held for trading                        (3)          -
Disposal of investments held for trading                         -         141
Dividends received                                              77          23
                                                           --------    --------
Net cash used in investing activities                         (776)       (214)
                                                           --------    --------
Financing activities
Proceeds on issue of shares                                    181          72
Dividends paid                                                (790)       (738)
                                                           --------    --------
Net cash used in financing activities                         (609)       (666)
                                                           --------    --------
Net increase/(decrease) in cash and cash equivalents         3,766      (2,637)
Net cash and cash equivalents at beginning of year           2,384       5,021
                                                           --------    --------
Net cash and cash equivalents at end of year                 6,150       2,384
                                                           ========    ========
Cash and cash equivalents                                    6,298       2,549
Bank overdrafts                                               (148)       (165)
                                                           --------    --------
                                                             6,150       2,384
                                                           ========    ========

Notes
For the year ended 31 March 2007

1. The financial information set out in the announcement does not constitute the
Company's statutory accounts for the years ended 31 March 2007 or 2006. The
financial information for the year ended 31 March 2006 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 s. 237(2) or (3) Companies Act 1985. The
statutory accounts for the year ended 31 March 2007 are yet to be signed but
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.

2. Whilst the information as set out in this preliminary announcement is 
prepared in accordance with International Financial Reporting Standards
('IFRS') the announcement itself does not contain sufficient information to
comply with IFRS. The accounting policies are consistent with those applied in
the full financial statements and are consistent with those of the prior year
except for the early adoption of IFRIC 11 in relation to share based
transactions.

3. Exceptional item

During the year, the group secured a lease on new premises to allow the
continued expansion of the business. Until the new premises are fully occupied
and the old lease expires, costs are being incurred with no economic benefits
being received. The directors consider it prudent to provide in full where
necessary for these onerous lease costs. The incremental costs relating to the
new lease premises are included as an exceptional item in the income statement.

Last year, the group made a bad debt provision of £2.5 million relating to the
outstanding settlement of unauthorised transactions of two clients for which
legal proceedings are ongoing. The full value of the debt, reduced by amounts
recovered and collateral held, together with legal costs were included in the
prior year income statement, as an exceptional item.











                      This information is provided by RNS
            The company news service from the London Stock Exchange