Interim Results

Teather & Greenwood Holdings PLC
17 December 2003

For Immediate Release                                           17 December 2003

                        TEATHER & GREENWOOD HOLDINGS PLC
                     ('Teather & Greenwood' or 'the Group')

            INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2003

Teather & Greenwood, one of the UK's leading independent stockbrokers, announces
its interim results for the six months ended 31 October 2003.

Highlights

•    Turnover on continuing operations up 10.1% to £9.8m (2002: £8.9m);

•    Profit before tax £0.6m (2002: loss £2.6m);

•    Earnings per share were 0.8p (2002: loss per share 9.5p);

•    Higher levels of secondary agency commissions earned from improving
     market conditions;

•    Corporate Finance team have closed five transactions in the first
     half and two transactions since 31 October 2003 with an increased pipeline 
     going forward;

•    Research capability broadened in key sectors by the recruitment of
     several highly rated and experienced analysts;

•    Number of market making stocks increased in the first half; the
     Group has become second specialist market maker on OFEX;

•    Investment Funds team have increased the number of new brokerships
     and expanded their market making coverage;

•    Lord Baker of Dorking is to be appointed Chairman at the end of
     this financial year;

•    Commenting on outlook, Ken Ford, Chief Executive said:

'With the markets now in a more positive mode and with some confidence
returning, the Group is well placed to maximise the benefits from these
opportunities in all areas in which it operates. We have excellent people
working in the Group and with a return to profitability, we are confident about
the future.'



Enquiries:

     Ken Ford, Chief Executive
     Nick Stagg, Chief Operating Officer
     Teather & Greenwood                                    020 7426 9000

     Richard Darby, Mark Edwards, James Strong
     Buchanan Communications                                020 7466 5000



Notes to Editors

Teather & Greenwood Limited is the principal operating company of Teather &
Greenwood Holdings plc, which is quoted on the Official List and which is a
Member of the London Stock Exchange. Teather & Greenwood Limited provides a
range of complementary services focused on institutional stockbroking and
corporate finance advisory services and is regulated by the Financial Services
Authority.


For more information on Teather & Greenwood Limited and its services, please
visit the company's website: www.teathers.com.



Chairman's Statement

Trading conditions have improved significantly since the start of the financial
year in May 2003.  In this first half the improving market conditions have
resulted in higher levels of secondary agency commissions.  The reduction in the
Group's cost base and continued focus on cost control into the second half, will
result in a positive effect on earnings. The return of corporate finance
activity has lagged the general improvement in market conditions by some months
as the pipeline of transactions has built up.  Nevertheless, during the first
half our corporate team closed five transactions and has made a promising start
in the second half.



The sale of the majority of our Investment Management business was successfully
completed towards the end of the last financial year.  In this first half
£750,000 was released from escrow as part of that transaction, of which £500,000
was recognised last year, and £250,000 which has been recognised in this half.
We are due up to a further £650,000 towards the end of this financial year
subject to performance criteria of the business sold, none of which has been
recognised to date.



The strategy of the Group focused on institutional stockbroking and corporate
finance advisory services in the mid and small cap sectors.  Management
continues to control costs, whilst carefully developing the core activities to
capitalise on the operational gearing of the Group.



I have chaired the Group through the last two years of very tough trading
conditions and overseen a significant restructuring of the cost base and a
return to profitability.  Having seen this through, I have decided to stand down
at the end of this financial year as both Chairman and Director of the Group
after 23 years with Teather & Greenwood.  My successor will be Lord Baker of
Dorking and the Board will be looking to recruit a third independent
non-executive director in due course.



Financial Highlights

Turnover for the Group for the six months ended 31 October 2003 was £9.8 million
(2002: £8.9 million on continuing operations) producing an operating profit of
£0.4 million (2002: an operating loss of £1.1 million on continuing operations
before re-organisation costs).  Earnings per share were 0.8p (2002: loss per
share 9.5p).



The balance sheet at 31 October 2003 showed net assets of £9.4 million (30 April
2003: £9.0 million).  The Group has generated cash of £1.2 million (six months
to 31 October 2002, used: £4.1 million), alongside an increase in the size of
our trading positions of £0.7 million (six months to 31 October 2002 decrease:
£1.4 million).



The Board is not recommending the payment of an interim dividend (31 October
2002: £ nil).  The future policy will be kept under review.



Business Review

The Group has a sizeable secondary UK agency sales team and a first class
distribution capability for mid and small cap companies.  We act for a large
number of companies as broker and financial advisor and have since 31 October
2003 added two further brokerships to our list, and are actively pursuing
further appointments.



We have broadened our research capability in key sectors by recruiting several
highly rated and experienced analysts. This follows our previously stated aim of
extending our coverage of the mid-cap arena and has resulted in an improvement
in FTSE250 commission flow. In addition, the research department continues to
provide comprehensive coverage of our extensive list of corporate clients as
well as peer comparisons.



As anticipated at the time of the AGM the positive outlook for corporate
activity, fuelled by a steadily rising UK market, has materialised during recent
months.  Market appetite from both institutions and private clients for
secondary fundraisings and IPOs has shown a healthy improvement.  We are pleased
to report that we have raised capital for Bizspace, Mulberry, Ottakars, Emerald
Energy and Coffee Republic, and successfully placed a £14 million stake in
Majestic Wine in June.  The flotations of Monstermob plc and Immedia plc have
completed since 31 October, and our pipeline of corporate work is strong.  This
gives us encouragement for future profits in this area.



In addition, the interest shown by a number of overseas companies in obtaining a
listing in London is expected to result in sponsorship activity for the
International team in the second half of the year. They completed their first
fast-track admission to AIM in November 2003.



We have increased the number of stocks in which we make markets as well as
becoming the second specialist market maker on OFEX.  We intend to grow the
overall number of market making stocks to increase profits from this area.



The Investment Funds team has had a successful first half.  Although new issues
have been quiet, the corporate side has been advisor on a number of deals and
has won new brokerships, which now stand at 30.  The secondary side has expanded
its market making coverage and been particularly successful in the country fund
sector.



Outlook

With the markets now in a more positive mode and with some confidence returning,
the Group is well placed to maximise the benefits from these opportunities in
all the areas in which it operates.  The Group's low cost base will ensure these
revenues continue to translate into profits.  With a return to profitability and
the excellent people within the Group, the Board is confident about the future.

Jeremy Delmar-Morgan
Chairman
16 December 2003



Consolidated Profit and Loss Account
for the 6 months ended 31 October 2003
                                                               6 months         6 months     12 months
                                                                  ended            ended         ended
                                                               31/10/03         31/10/02      30/04/03
                                                  Note           £'000s           £'000s        £'000s
                                                            (unaudited)      (unaudited)     (audited)
Turnover
Continuing operations                              (1)            9,760            8,863        15,182

                                                                  
Discontinued operations                                               -            2,410         3,563

                                                                      
Group turnover                                                    9,760           11,273        18,745
                                                                                                                        
                           

Operating costs                                                 (9,355)         (13,637)       (25,932)
                                                                                
                                                                

Operating profit/(loss)
Continuing operations                                               405          (1,100)        (3,217)
                                                                                 
                                                                    
Discontinued operations                                               -          (1,264)        (3,970)
                                                                      
Group operating profit/(loss)                                       405          (2,364)        (7,187)                 
                                                  
                                                                    

Profit on disposal of fixed asset investments                         1              607           764
Profit on disposal of discontinued operation                        250                -         1,815
                                                                    
Reorganisation costs                                                  -             (753)       (1,870)
                                                                      
Amounts written off investments                                       -              (74)          (74)
                                                                                    
                                                                      

Profit/(loss) on ordinary activities before                         656           (2,584)       (6,552)
interest


Net interest payable                                               (71)             (50)         (209)

Profit/(loss) on ordinary activities before                         585          (2,634)       (6,761)
taxation


Taxation on profit/(loss) on ordinary              (6)             (150)               -             -
activities
                                                                  

Profit/(loss) for the period                                        435          (2,634)       (6,761)


Equity dividend                                                       -                -             -

Profit/(loss) transferred to reserves                               435          (2,634)       (6,761)


Earnings/(loss) per share                          (2)             0.8p           (9.5p)       (21.8p)

Diluted earnings/(loss) per share                  (2)             0.8p           (9.5p)       (21.8p)





Consolidated Balance Sheet
as at 31 October 2003
                                                        31/10/03          31/10/02        30/04/03
                                                          £'000s            £'000s          £'000s
                                                     (unaudited)       (unaudited)       (audited)
Fixed assets

Tangible assets                                            1,132             2,145           1,696
Investments                                                1,415             1,445           1,398
Intangible assets                                            300               400             350

                                                           2,847             3,990           3,444

Current assets
Trading positions                                          4,586             7,161           4,800
Debtors                                                   90,044            65,513          55,327
Cash at bank and in hand                                     877             2,504           1,044

                                                          95,507            75,178          61,171

Creditors: amounts falling due within one year            88,405            68,455          55,118

Net current assets                                         7,102             6,723           6,053

Total assets less current liabilities                      9,949            10,713           9,497

Creditors: amounts falling due after one year                500               500             500

Net assets                                                 9,449            10,213           8,997


Capital & reserves
Called up share capital                                    5,710             2,848           5,703
Share premium account                                      2,418             2,352           2,408
Other reserves                                                14                14              14
Profit and loss account                                    1,307             4,999             872

Equity shareholders' funds                                 9,449            10,213           8,997





Consolidated cash flow statement
for the 6 months ended 31 October 2003

                                      6 months ended             6 months ended            Year ended
                                         31/10/2003                31/10/2002               30/4/2003

                          Note         £'000s        £'000s       £'000s       £'000s     £'000s     £'000s
                                  (unaudited)   (unaudited)  (unaudited)  (unaudited)  (audited)  (audited)

Net cash inflow/(outflow)  (3)                        1,051                   (4,890)               (9,292)
from operating activities

Returns on investment and
servicing of finance
Interest and other                          
investment income
received                                    2                         78                      19
Interest paid                            (46)                      (126)                   (230)

Net cash outflow from                                  (44)                      (48)                 (211)
returns on investments
and servicing of finance

Taxation
Corporation tax credit                                  -                         928                   928
received

Capital expenditure and
financial investment
Receipts from sales of                    -                            -                       -
tangible fixed assets
Payments to acquire                      (22)                      (429)                   (677)
tangible fixed assets
Payments to acquire trade                (17)                        -                      (20)
investments
Receipts from sales of                      1                        667                     824
trade investments
Receipts from sale of                     250                        -                     1,065
part of TGIM

Net cash inflow from                                    212                       238                 1,192
capital expenditure
Equity dividend paid                                    -                       (423)                 (349)

Financing
Issue of ordinary                                        17                        83                 2,994
share capital

Increase/(decrease)        (5)                        1,236                   (4,112)               (4,738)
in cash




Notes

1. TURNOVER & SEGMENTAL ANALYSIS

                   6 Months to 31 October 2003       6 Months to 31 October 2002     12 Months to 30 April 2003
                 Continuing   Discontinued   Total Continuing Discontinued   Total Continuing Discontinued   Total
                 Operations     Operations         Operations   Operations         Operations   Operations
                                                                                                
                     £'000s         £'000s  £'000s     £'000s       £'000s  £'000s     £'000s       £'000s  £'000s
Corporate
Finance               1,491              -   1,491      2,699            -   2,699      4,016            -   4,016

Investment
Management            1,158              -   1,158      1,285        2,188   3,473      1,775        3,180   4,955
                      
Institutional         4,740 -                4,740      3,671            -   3,671      7,368            -   7,368

Investment
Funds                 2,371              -   2,371      1,208          222   1,430      2,023          383   2,406

Total                 9,760              -   9,760      8,863        2,410  11,273     15,182        3,563  18,745



2. EARNINGS PER SHARE
                                 31/10/03                   31/10/02                    30/04/03
                            Diluted                   Diluted                       Diluted
                           Earnings    Earnings      Earnings     Earnings         Earnings     Earnings
                             £'000s      £'000s      £'000s         £'000s           £'000s       £'000s

Earnings                        435         435       (2,622)      (2,622)          (6,761)      (6,761)

                                                                                                
Number of shares         56,891,345  56,235,944    27,522,291   27,522,291       30,982,909   30,982,909                
                                                    

Earnings/(loss) per            0.8p        0.8p        (9.5p)        (9.5p)         (21.8p)      (21.8p)
share                                                  
                                                                                                 


Calculation of number of shares at 31 October 2003

At 1 May                57,034,498     57,034,498    28,213,245   28,213,245     28,213,245   28,213,245
Weighted average            
number of shares
issued in the period        19,957         19,957       117,146      117,146     3,588,175     3,588,175
Dilutive effect            
of share                                                                                              
option schemes             655,401              -             -            -             -            -
Own shares purchased     
and held in EBT          (818,511)      (818,511)     (808,100)    (808,100)     (818,511)     (818,511)


At end of period        56,891,345     56,235,944    27,522,291   27,522,291    30,982,909    30,982,909
                                                                  
                                                                                              

3. RECONCILIATION OF OPERATING PROFIT/(LOSS) TO NET CASH INFLOW/(OUTFLOW) FROM
OPERATING ACTIVITIES
                                                     6 months to      6 months to       12 months to
                                                        31/10/03         31/10/02           30/04/03
                                                          £'000s           £'000s             £'000s

Operating profit/(loss)                                      405          (2,364)            (7,187)
Depreciation and amortisation                                636              735              1,482
Restructuring payments                                         -          (1,171)            (1,568)
(Increase)/decrease in trading positions                   (718)            1,425              1,574
(Increase)/decrease in debtors                          (34,842)           61,605             72,205
Increase/(decrease) in creditors                          35,570         (65,120)           (75,798)

Net cash inflow/(outflow) from operating                   1,051          (4,890)            (9,292)
activities



4. NET FUNDS AT END OF PERIOD

Bank balances                                                877            2,504              1,044
Bank overdrafts                                          (1,392)          (3,629)            (2,795)

                                                           (515)          (1,125)            (1,751)



5.COMBINED RECONCILIATION ON NET CASHFLOW AND ANALYSIS OF MOVEMENTS
IN NET FUNDS
                                                      At 30/4/03        Cash flow        At 31/10/03

                                                          £'000s           £'000s             £'000s
Bank balances                                              1,044            (167)                877
Bank overdrafts                                          (2,795)            1,403            (1,392)
Total net funds                                          (1,751)            1,236              (515)



6.TAXATION ON PROFIT /(LOSS) ON ORDINARY ACTIVITIES

The tax charge for the six months ended 31 October 2003 relates to the writing
off of a prior year deferred tax asset.



7. The interim  figures are unaudited. The accounts for the year to 30 April
2003 are abridged. The periods ended 31 October 2002 and 2003, and the year
ended 30 April 2003 do not constitute statutory accounts as defined in Section
240 of the Companies Act 1985. Statutory accounts for the year ended 30 April
2003 have been delivered to the Registrar of Companies.  These statutory
accounts were audited by Deloitte & Touche LLP and their report thereon was
unqualified. Copies of the interim results are available, free of charge to the
public on any weekday at the registered office of the Company (16 Old Bailey,
London, EC4M 7EG).



INDEPENDENT REVIEW REPORT TO TEATHER & GREENWOOD HOLDINGS PLC

Introduction

We have been instructed by the company to review the financial information for
the six months ended 31 October 2003 which comprises the consolidated profit and
loss account, the consolidated balance sheet, the consolidated cash flow
statement and related notes 1 to 7.  We have read the other information
contained in the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.



This report is made solely to the company in accordance with Bulletin 1999/4
issued by the Auditing Practices Board.  Our work has been undertaken so that we
might state to the company those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than
the company, for our review work, for this report, or for the conclusions we
have formed.



Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures are consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.



Review work performed

We conducted our review in accordance with the guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A
review consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with United Kingdom auditing standards and therefore
provides a lower level of assurance than an audit. Accordingly, we do not
express an audit opinion on the financial information.



Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 October 2003.

Deloitte & Touche LLP
Chartered Accountants
London
16  December 2003


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