Interim Results - Turnover Up 15.9%
Walker,Crips,Weddle,Beck PLC
12 November 1999
CONTINUED GROWTH AT WCWB
Walker, Crips, Weddle, Beck plc ('WCWB'), the fully listed stock and share
broker, announces Interim results for the six months ended 3 October 1999.
Key points:
* Turnover increased by 15.9% to £5.1 million (6 months to 2 October 1998:
£4.4m)
* Profit before tax up to £528,000 (6 months to 2 October 1998: £527,000)
* Earnings Per Share unchanged at 4.1 pence
* Interim dividend increased to 2.0 pence per share (6 months to 2 October
1998: 1.75 pence)
Commenting on these results, Larry Byford, Chairman, said: 'Trading up to the
3rd October has been at a satisfactory level, whilst continued corporate
take-over activity has helped boost investment support amongst smaller
companies. However, as we approach the end of 1999, there is the prospect of
some dislocation in markets from the effect of the Year 2000 date change. We
take a somewhat cautious view of stock markets generally, although we continue
to seek opportunities to expand our business.
'Since the half-year, business volumes have advanced strongly and the Board
anticipates being able to present a good set of figures for the full year.'
For further information please contact:
Michael Sunderland, Chief Executive Hamish McFall / Tony Rose
Rodney Fitzgerald, Finance Director Tavistock Communications
Walker, Crips, Weddle, Beck plc Telephone: 020 7600 2288
Telephone: 020 7253 7502
Chairman's Statement
The challenging conditions experienced last year were expected to continue well
into 1999 and so I am pleased to report an encouraging performance in the period
under review. Results for the six months ended 3 October 1999 show a turnover
increase from £4.4m to £5.1m (15.9%).
Earnings per share were unchanged at 4.1p.
Reflecting the Board's confidence in the company's growth potential, the interim
dividend has been increased to 2p per share and will be paid on 17th December
1999 to those shareholders on the register at the close of business on 26th
November 1999.
Trading up to the 3rd October has been at a satisfactory level, whilst continued
corporate take-over activity has helped boost investment support amongst smaller
companies. However, as we approach the end of 1999, there is the prospect of
some dislocation in markets from the effect of the Year 2000 date change. We
take a somewhat cautious view of stock markets generally, although we continue
to seek opportunities to expand our business.
Since the half year, business volumes have advanced strongly and your Board
anticipates being able to present a good set of figures for the full year.
In conclusion and on a personal note
In February 2000 I will have completed 50 years with your company having had the
honour of becoming a partner in 1962 and senior partner/chairman in 1972. I
have had the pleasure of seeing the company grow from fourteen people to its
present size and gain the status of a fully listed company quoted on the London
Stock Exchange. After a great deal of consideration, I have decided that this
interim dividend and report will be my last. It is my intention to retire at
the end of March 2000.
I would like to take this opportunity to thank shareholders and clients for the
courtesy and support extended to me over the years and to thank all our
associates and employees for their hard work and continuing commitment to
performance improvement.
I am confident the Board has the blend of expertise and the qualities necessary
to deliver WCWB's strategy for growth and to increase shareholder value in the
new Millennium.
L G Byford
Chairman
Walker, Crips, Weddle, Beck plc
Interim Unaudited Profit and Loss Account
For the 26 weeks ended 3 October 1999
Continuing Continuing Continuing
Operations Operations Operations
26 Weeks 26 Weeks 52 Weeks
Ended Ended Ended
3 Oct 2 Oct 4 Apr
1999 1998 1999
£'000 £'000 £'000
Turnover 5,141 4,365 9,127
Commission payable (1,408) (1,196) (2,562)
------ ------ ------
Gross profit 3,733 3,169 6,565
Administrative
expenses (3,178) (2,638) (5,563)
Exceptional items (24) - (273)
------ ------ ------
Operating profit 531 531 729
Interest payable
and similar charges (3) (4) (6)
------ ------ ------
Profit on ordinary
activities
before taxation 528 527 723
Tax on profit
on ordinary
activities (164) (163) (197)
------ ------ ------
Profit on ordinary activities
after taxation 364 364 526
Dividends paid and
proposed (181) (157) (424)
====== ====== ======
Retained profit
for the period 183 207 102
====== ====== ======
Earnings per share
- basic 4.1p 4.1p 6.0p
====== ====== ======
- diluted 4.0p 4.0p 5.8p
====== ====== ======
Weighted average number
of shares in
issue - basic 8,958,543 8,777,190 8,787,891
========= ========= =========
- diluted 9,449,543 9,002,172 9,384,359
========= ========= =========
Dividends paid and
proposed 2.00p 1.75p 4.75p
====== ====== ======
Notes
* 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 the new
accounting standards. These do not have a material impact on the financial
statements.
* 1998 and 1999 half year figures are unaudited. The accounts for the
period to 4 April 1999 are abridged. 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,
and a copy has been posted to all shareholders.
Walker, Crips, Weddle, Beck plc
Balance Sheet
As At 3 October 1999
As at As at
3 Oct 4 Apr
1999 1999
£'000 £'000
Tangible Fixed Assets 1,010 945
------ ------
Current Assets
Debtors 54,100 32,729
Cash at Bank and in Hand 7,186 3,958
------ ------
61,286 36,687
------ ------
Creditors: Amounts falling due
within one year (56,896) (32,512)
Net Current Assets 4,390 4,175
------ ------
Net Assets 5,400 5,120
======= =======
Capital and Reserves
Called-up share capital 1,806 1,777
Share premium account 1,115 1,048
Profit and loss account 2,397 2,213
Other reserves 82 82
------ ------
5,400 5,120
======= =======
Notes
* Reconciliation of Shareholders' Funds
Balance at 4 April 1999 5,120
Profit for the period 364
Dividends paid and proposed (181)
Exercise of options 79
Issue of shares 18
------
Balance at 3 October 1999 5,400
=======
* The Company's Year 2000 compliance programme has now been concluded. All
reasonable steps have been taken, including testing and confirmations from
business critical suppliers, to ensure that our systems will be Millennium
ready. The activity for the remainder of the year relates to contingency
planning.