Interim Results

Walker,Crips,Weddle,Beck PLC
08 November 2002



                                          For Immediate release: 8 November 2002


                                INTERIM RESULTS

                   FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2002


Walker, Crips, Weddle, Beck plc ('WCWB'), the fully listed stock and share
broker, announces Interim results for the six months ended 30 September 2002.


KEY POINTS


•        Turnover £4.7 million (6 months to 30 September 2001: £4.1 million)

•        Operating loss £175,000 (6 months to 30 September 2001: loss £366,000)

•        Pre-tax loss on ordinary activities of £252,000 (6 months to 30
September 2001: pre-tax loss £296,000)

•        Interim dividend maintained at 2.25 pence per share (6 months to 30
September 2001: 2.25p) demonstrating the importance attributed to shareholder
distributions



•        Shareholders funds of £9.5 million (30 September 2001: £9.3 million)



•        Continued positive contribution to revenues from Corporate Finance and
Financial Services. Fee-based revenues now contribute 23.6% of Turnover



•        Encouraging initial performance of WCWB UK Growth Fund, which earns S&P
4 Star rating.  New WCWB Corporate Bond Fund launched in September 2002



Commenting on the results, Graham Kennedy, Chairman of WCWB, said: 'Having taken
the necessary steps to lower our cost base we will continue to explore
opportunities to grow our agency stockbroking business and extend further the
effort to develop fee based revenues.'



For further information please contact:


Michael Sunderland, Chief Executive                    David Foxman
Rodney Fitzgerald, Finance Director                    Tracy Young
Walker, Crips, Weddle, Beck plc                        Tavistock Communications
Tel: [phone]                                     Tel: [phone]




CHAIRMAN'S STATEMENT

FOR THE PERIOD ENDED 30 SEPTEMBER 2002



During the first half of the year the leading FTSE 100 Index declined from 5029
to 3722 at the end of September, a fall of 26%  - adverse stock markets
contributed to deteriorating investor sentiment with the result that Private
Client activity on the London Stock Exchange remained at a low level.



Results for the 6 months to September 2002 show turnover of £4,736,000 for the
group against £4,127,000 for the comparable period last year, resulting in a
group operating loss of £175,000 against losses of £366,000 for the comparative
period.  The Keith, Bayley, Rogers (KBR) business was acquired in November 2001,
so the results of that business do not appear in the half year period for 2001.
The combined effect of the integration with KBR and implementation of cost
cutting measures towards the end of the last financial year enabled over
£700,000 of annualised cost savings to be made; these savings are all now coming
through and are partly reflected in the current half year's administration
expenses.



Although the significant decrease in the level of losses in the first half
demonstrates important operational progress, we have taken action since the
reporting date to further reduce overheads, primarily in employment costs, which
are expected to produce additional savings in excess of £500,000 on an
annualised basis.  We are also, of course, conscious of the need to maintain our
ability to handle increased business when market conditions improve.  Cost
cutting measures have been tempered accordingly.



The group has realised a gain of £467,000 on the sale of some of its holding in
the London Stock Exchange.  As this investment was revalued at our previous
reporting date at a higher value than the proceeds generated from the sale, a
loss of £72,000 is included in the loss on ordinary activities before taxation.
The remaining realised pre-tax gain of £539,000 less tax of £176,000 results in
£363,000 being transferred from revaluation reserves to the profit and loss
account. At 30 September 2002 our remaining holding of 575,000 LSE shares had a
value of £1.96m.



We are pleased to report that the interim dividend has been maintained at 2.25p
per share as a demonstration of the importance your Board attributes to
Shareholder distributions and also in light of the substantial profits made on
the sales of part of our previously revalued holding of London Stock Exchange
shares.  The dividend will be paid on 16 December 2002 to those shareholders on
the register at the close of business on 6 December 2002.



The group has continued to place an emphasis on growing the fee based revenue
stream, which now represents 23.6% of turnover.  Corporate Finance contributed
well having had a busy first half and the Financial Services Division is now
structured to deliver a wide range of advice on pensions and insurance to our
broad client base - Self Invested Personal Pensions (SIPPs) are now a particular
area of keen interest.  Our two new unit trusts, the UK Growth and Corporate
Bond Funds, referred to at our AGM, have progressed well in terms of performance
and development of funds under management.



Standard & Poors have attributed a 4 star rating to the UK Growth Fund in
recognition of its positive performance.





The Board consider that, in light of the KBR acquisition and our plans for
continued expansion as the market improves, it is appropriate to restructure
management to distinguish between the day to day operation of the business and
the strategic role of the holding company.  This will clarify the roles of those
engaged in the various divisions and enhance the accountability and efficiency
of the management process.  Accordingly, it is our intention to restructure the
Board of Directors before the end of the current year so that a wider divisional
emphasis is given to Stockbroking, Corporate Finance, Financial Services and
Fund Management operating  within a revised corporate organisation structure.
There will be a restricted number of executive directors serving on the Main
Board with the majority of the current executive directors serving on the Board
of the key Stockbroking subsidiary.





Although it is by no means certain that a market recovery is imminent, there
have been signs that a floor has been reached and the New Year paves the way for
the traditionally busier January to April period.  Having taken the necessary
steps to lower our cost base we will continue to explore opportunities to grow
our Agency Stockbroking business and extend further the effort to develop fee
based revenues.




G.N. Kennedy CVO
Chairman                                                   November 2002



Interim unaudited consolidated profit and loss account
For the six months ended 30 September 2002



                                                   Continuing         Continuing         Continuing
                                                   Operations                            Operations
                                                                     Operations
                                                     6 months           6 months               Year
                                                        Ended              Ended              Ended
                                                 30 September       30 September           31 March
                                                         2002               2001               2002
                                                        £'000              £'000              £'000

Turnover                                               4,736              4,127              9,050
Commission payable                                    (1,271)            (1,002)            (2,310)
Gross Profit                                           3,465              3,125              6,740
Administrative expenses - ongoing                     (3,640)            (3,423)            (7,355)
Administrative expenses - exceptional
items                                                      0                (68)              (619)
Total administrative expenses                         (3,640)            (3,491)            (7,974)
Operating loss                                          (175)              (366)            (1,234)
(Loss)/profit on disposal of fixed assets

                                                         (72)                71                301
Interest payable and similar charges                      (5)                (1)                (9)
Loss on ordinary activities before
taxation
                                                        (252)              (296)              (942)
Tax credit on loss on ordinary activities                 52                 86                277
Loss on ordinary activities after
taxation
                                                        (200)              (210)              (665)
Dividends paid and proposed                             (230)              (207)              (618)
Retained loss for the year                              (430)              (417)            (1,283)
Realised gain on sale of revalued
investment
                                                         363                201                604
Retained profit brought forward                        2,683              3,362              3,362
Retained profit carried forward                        2,616              3,146              2,683

Loss per share                     -basic              (2.0p)             (3.2p)             (6.9p)
                                 -diluted              (2.0p)             (3.2p)             (6.9p)

Weighted average number of
shares in issue

                                   -basic         10,238,654          9,190,389          9,613,529
                                 -diluted         10,766,710          9,270,225         10,173,152

Dividends paid and disposed
                                                        2.25p              2.25p              6.25p




Interim unaudited consolidated balance sheet
As at 30 September 2002


                                                     As at                  As at                As at
                                                    30 Sep                 30 Sep             31 March
                                                      2002                   2001                 2002
                                                      £000                   £000                 £000

Fixed Assets
Goodwill                                            2,395                      -                2,687
Tangible                                              614                    897                  817
Investments                                         2,034                  3,117                3,097
                                                    5,043                  4,014                6,601
Current Assets
Debtors                                            28,789                 28,137               41,345
Cash at bank and in hand                            2,925                  4,219                3,749
                                                   31,714                 32,356               45,094
Creditors:amounts falling due within
one year
                                                  (27,221)               (27,052)             (40,796)
Net current assets                                  4,493                  5,304                4,298

Net assets                                          9,536                  9,318               10,899

Capital and reserves
Called-up share capital                             2,048                  1,844                2,048
Shares to be issued                                   609                      -                  842
Share premium account                               2,222                  1,204                2,222
Profit and loss account                             2,616                  3,146                2,683
Revaluation reserve                                 1,959                  3,042                3,022
Other reserves                                         82                     82                   82

Shareholders' funds                                 9,536                  9,318               10,899



Interim unaudited consolidated cash flow statement
For six months ended 30 September 2002


                                           6 months             6 months                  Year
                                              Ended                Ended                 Ended
                                       30 September         30 September              31 March
                                               2002                 2001                  2002
                                              £'000                £'000                 £'000

Net cash (outflow)/inflow from
operating activities
                                              (735)               1,041                 1,061
Returns on investments and
servicing of finance
                                                (5)                  (1)                   (9)
Taxation                                        29                   (6)                 (389)
Capital expenditure and
financial investment
                                               444                  301                   941
Acquisition of subsidiary                        -                    -                  (691)
Equity dividends paid                         (410)                (367)                 (575)


Cash (outflow)/inflow before
management of liquid resources
and financing                                 (677)                 968                   338

Management of liquid resources               1,350                 (950)                 (550)
Financing                                        -                   25                    37

Increase/(decrease) in cash in
the period                                     673                   43                  (175)


Notes to the interim unaudited financial statements


1.      This interim statement has been prepared on the basis of the accounting
policies set out in the most recent set of annual financial statements. In
preparing the interim statement the directors have implemented any new
accounting standards. These do not have a material impact on the financial
statements.



2.      2001 and 2002 half year figures are unaudited. The accounts for the year
to 31 March 2002 are abridged and non-statutory. Full accounts for that year, on
which the auditors of the company made an unqualified report, have been
delivered to the Registrar of Companies. A copy of these statements is available
at the company's registered office at Sophia House, 76/80 City Road, London EC1Y
2EQ or on the website www.wcwb.co.uk. A copy has been posted to all
shareholders.



3.      The acquisition of Keith Bayley Rogers (KBR) in November 2001 has had
the following impact on the amounts shown in the consolidated profit & loss
account, balance sheet and cash flow statement:-

6 months to 30 September 2002                 Full inclusion of KBR results
6 months to 30 September 2001                 No inclusion of KBR results
Year ended 31 March 2002                      Inclusion of 4 months KBR results
                                              from November 2001



4.      The profit and loss account for the 6 months ended 30 September 2001 has
been restated to show the tax credit arising from trading losses, which were
offset against the gains on the prior year disposal of London Stock Exchange
shares. This treatment is consistent with that adopted in the 31 March 2002
audited accounts; the tax attributable to the gain on disposal of the shares was
reflected in the statement of total recognised gains and losses for the year
ended 31 March 2002.



5.      Additional consideration in shares of up to £3,000,000 in value based
upon notional share prices of £1.50 to £2.00 may be payable depending on the
results of the business purchased over the four-year period ending 25 April
2003. Based on information currently available, the directors estimate that the
fair value of this additional consideration is £609,000 calculated using the
share price on 2 November 2001. The directors are adjusting the estimate for
deferred consideration and the resulting impact on goodwill over time in line
with the actual results.



6.      The company owns 575,000 ordinary shares in the London Stock Exchange
plc (LSE), which have been included on the balance sheet at their fair value of
£1,959,000 (March 2002: £3,022,000). During the period, the company disposed of
125,000 shares, realising a pre-tax gain of £467,000, of which £363,000 after
tax (£539,000 pre-tax less tax of £176,000), being the gain attributable to the
period up to 31 March 2002, has been transferred from revaluation reserves to
the profit and loss account.  The format of the profit and loss account has been
expanded to show this transfer and the movement in retained earnings.




7. Reconciliation of shareholders' Funds                           £'000
     Balance at 31 March 2002                                     10,899
     Loss for the period                                           (200)
     Gain on disposal of LSE shares                                  363
     Dividends paid and proposed                                   (230)
     Revaluation                                                 (1,063)
     Shares to be issued                                           (233)
     Balance at 30 September 2002                                  9,536





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