Interim Results

Walker,Crips,Weddle,Beck PLC
22 November 2001



For immediate release: 22nd November 2001



                               INTERIM RESULTS

                   for six months ended 30th September 2001


Walker, Crips, Weddle, Beck plc ('WCWB'), the fully listed stock and share
broker, announces Interim results for the six months ended 30 September 2001.


Key points:


*     Acquisition of business of Keith, Bayley, Rogers & Co completed on 5th
      November 2001, resulting in addition of new Corporate Finance and 
      Financial Management divisions.

*     Turnover £4.1 million (6 months to 30 September 2000: £6.3 million)
      reflecting slowdown in stockbroking activity during the period

*     Pre-tax loss on ordinary activities of £295,000 (6 months to 30
      September 2000: pre-tax profits £646,000), excluding realised gain on 
      asset sale of £287,500

*     Action taken to reduce overheads resulting in current levels 25% lower
      than previous peak.

*     Interim dividend maintained at 2.25 pence per share (6 months to 30
      September 2000: 2.25p), demonstrating the Board's confidence in the       
      prospects of the enlarged Group

*     Shareholders funds of £9.3 million (30 September 2000: £9.3 million)


Commenting on these results, Graham Kennedy, Chairman, said: 'With the state
of world economies being so finely balanced and stock markets lacking
direction, the months ahead are likely to remain challenging.  However, we
have completed a programme of substantial investment in technology and are now
in a position to benefit from any increase in market volumes without having to
materially increase our cost base.  This, combined with the benefits flowing
through from the KBR acquisition particularly with the addition of our new
Corporate Finance and Financial Management divisions, gives us a strong base
to take advantage of any improvement in market conditions.'



For further information please contact:


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



CHAIRMAN'S STATEMENT


The last six months were far from easy across our entire industry.  The
slowdown in stockbroking activity referred to in my Annual Statement has
prevailed throughout most of the last half-year. This has had a significant
impact upon dealing volumes for our business which is reflected in the figures
now reported.


Results for the 6 months to September show Turnover of £4,127,000 against last
year's £6,301,000.  This reduction, partially offset by the effects of our
cost reduction programme, has resulted in the company reporting a pre-tax loss
on ordinary activities of £296,000 against profits of £646,000 for the prior
period.


The company realised a gain of £358,000 on the sale of some of its holding in
the London Stock Exchange. As this investment was revalued at our previous
reporting date, only £71,000 of the gain is included in the reported loss, the
remainder being transferred from revaluation reserves.


We have taken action to reduce overheads, primarily in employment costs,
resulting in current levels 25% lower than the previous peak.  Of necessity,
we have had to absorb higher accommodation costs in view of the additional
office space acquired in anticipation of the expansion of our business.


However, in spite of weak trading in the last half-year, 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 as an expression
of confidence in the future of the enlarged operation, following the
acquisition of KBR.  The dividend will be paid on 14 December 2001 to those
shareholders on the register at the close of business on 30 November 2001.


At our AGM in July, we announced that Agreement had been reached to acquire
the business of the long-established stockbroking partnership Keith, Bayley,
Rogers & Co. (KBR). This acquisition was ratified at the recent EGM.  I am
pleased to tell you that most of the Account Executives and Personnel have now
moved across to join us at our Sophia House head office.


During the six months under review a decision was taken on investment grounds
to reduce our London Stock Exchange (LSE) holding through a sale of 100,000
shares realising £358,000.  At the balance sheet date our remaining holding of
900,000 LSE shares had a value of £3.04 million.  We will continue to review
the position of this material investment in the light of developments within
European and US Exchanges.


With the state of world economies being so finely balanced and stock markets
lacking direction, the months ahead are likely to remain challenging.
However, we have completed a programme of substantial investment in technology
and are now in a position to benefit from any increase in market volumes
without having to materially increase our cost base.  This, combined with the
benefits flowing through from the KBR acquisition particularly with the
addition of our new Corporate Finance and Financial Management divisions,
gives us a strong base to take advantage of any improvement in market
conditions.



G.N. Kennedy CVO
Chairman



Interim Unaudited Profit and Loss Account
For the six months ended 30 September 2001

                                          Continuing   Continuing   Continuing
                                          Operations   Operations   Operations

                                            6 months     6 months         Year
                                               Ended        Ended        Ended
                                                  30           30           31
                                           September    September        March
                                                2001         2000         2001
                                               £'000        £'000        £'000

  Turnover                                     4,127        6,301       12,238

  Commission payable                         (1,002)      (1,626)      (3,142)

  Gross profit                                 3,125        4,675        9,096

  Administrative expenses                    (3,490)      (3,974)      (7,822)

  Operating (loss)/profit                      (365)          701        1,274

  Profit on disposal of                           71            -            -
  fixed asset investment                                                      

  Interest payable and                           (1)         (55)         (61)
  similar charges                                                             

  (Loss)/profit on                             (295)          646        1,213
  ordinary activities                                                         
  before taxation                                                             

  Tax on profit on                                 0        (194)        (431)
  ordinary activities                                                         

  (Loss)/profit on                             (295)          452          782
  ordinary activities                                                         
  after taxation                                                              

  Realised gain on sale of                       287            -            -
  revalued investment                                                         

  Dividends paid and                           (207)        (207)        (574)
  proposed                                                                    

  At 1 April 2001                              3,362        3,154        3,154

  At 30 September 2001                         3,146        3,399        3,362

  Earnings per share             - basic      (3.2p)         5.0p         8.6p
                                 - diluted    (3.2p)         4.8p         8.3p
  Weighted average number                                                     
  of shares in issue             - basic   9,190,389    9,115,332    9,147,612
                                 - diluted 9,270,225    9,436,668    9,448,078

  Dividends paid and                           2.25p        2.25p        6.25p
  proposed                                                                    
      
                                                                     
  Balance Sheet                                            
  As at 30 September 2001                                  
                                                     As at      As at
                                              30 September   31 March
                                                      2001       2001
                                                     £'000      £'000

            Fixed Assets                               897      1,102
            Tangible                                 3,117      2,950
            Investments                              4,014      4,052

            Current assets                                           
            Debtors                                 28,137     37,852
            Cash at bank and in hand                 4,219      3,226
                                                    32,356     41,078
            Creditors: amounts falling due                           
            within one year                       (27,052)   (35,789)
            Net current assets                       5,304      5,289

            Net assets                               9,318      9,341

            Capital and reserves                                     
            Called-up share capital                  1,844      1,836
            Share premium account                    1,204      1,186
            Revaluation reserve                      3,042      2,875
            Profit and loss account                  3,146      3,362
            Other reserves                              82         82

            Shareholders' funds                      9,318      9,341
 

                                                  
  Cash flow statement 
  For the six months ended 30 September 2001 
                                                                              
                                                6 months    6 months      Year
                                                   Ended       Ended     Ended
                                                      30          30        31
                                               September   September     March
                                                    2001        2000      2001
                                                   £'000       £'000     £'000

  Net cash inflow from operating activities        1,041       7,722     9,181
  Returns on investments and servicing of            (1)        (55)      (61)
  finance                                                                     
  Taxation                                           (6)          19     (624)
  Capital expenditure and financial                  301       (280)     (544)
  investment                                                                  
  Equity dividends paid                            (367)       (364)     (571)

  Cash inflow before management of liquid                                     
  resources and financing                            968       7,042     7,381
  Management of liquid resources                   (950)     (2,850)   (3,150)
  Financing                                           25          47        54
  Increase in cash in the year                        43       4,239     4,285
 


Notes to the Interim 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) 2000 and 2001 half year figures are unaudited. The accounts for the year
to 31 March 2001 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, and a copy has been posted to all shareholders.


(3) The Company owns 900,000 ordinary shares in the London Stock Exchange plc
(LSE), which have been included on the balance sheet at their fair value of £
3,042,000 (March 2001: £2,875,000). During the period, the company disposed of
100,000 shares, realising a gain of £358,000, of which £287,500 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.


(4) Reconciliation of Shareholders' Funds                                £'000
      Balance at 31 March 2001                                           9,341
      Loss for the period                                                 (295)
      Gain on disposal of LSE shares                                       287
      Dividends paid and proposed                                         (207)
      Exercise of options                                                   25
      Revaluation                                                          167
      Balance at 30 September 2001                                       9,318