BWD Securities PLC

Interim Results

BWD Securities PLC
5 July 2000


BWD Securities PLC (BWD) the investment management and administration services
group announces its interim results for the half year to 31 May 2000

Key Points:

* Basic earnings per share before goodwill amortisation 18.8p (1999 12.9p) -  
   up 46%

* Interim dividend of 6.0p (1999 4.5p) - up 33%

* Turnover at £19.9m (1999 £12.6m) - up 58%

* Group fee income at £9.4m (1999 £6.5m) - up 45%

* BWD Rensburg managed client funds at £3.3bn (1999 £2.2bn) - up 50%

* BWD Rensburg Unit Trusts at £233m (1999 £147m) - up 59% 

Overall, the first half year has been very satisfactory for all Group
businesses and we look forward with confidence to the outcome for the full
year.
                                                             
For further information please contact:

Michael Burns, Chief Executive                              Tel: 0151 227 2030
Michael Dickinson, Group Finance Director                   Tel: 01484 607722
BWD Securities PLC

Keith Hann / Nick Lyon                                      Tel: 020 7796 4133

Hudson Sandler

Interim Statement

The Group's profit before tax and goodwill amortisation for the six months
ended 31 May 2000 was £5,392,000 (1999: £3,416,000) an increase of 58%.  Basic
earnings per share, before goodwill amortisation, increased by 46% to 18.8p
(1999: 12.9p).  

The increase in the effective rate of tax to 32.4% (1999: 29.1%) reflects the
charge for goodwill amortisation which is not allowable for corporation tax
purposes, together with the lowering of the prior year tax charge by an
exceptional tax credit arising from the operation of an employee share scheme.
 

The Directors have declared an interim dividend of 6.0p per share (1999: 4.5p)
payable on 2 October 2000 to shareholders on the register at 25 August 2000.

Total income increased by 58% to £19.9 million (1999: £12.6 million) with
Group fee income increasing by 45% to £9.4 million (1999: £6.5 million). 
Whilst recognising that these increases include the benefit of particularly
active markets during the period, Group companies, which all operate in the
areas of investment management or administration services, have continued to
secure significant new fee based business.

BWD Rensburg increased managed clients' funds, including PEP / ISA schemes, by
50% to £3.3 billion (1999: £2.2 billion).  Fee paying funds included in these
figures increased by 40% to £1.4 billion (1999: £1.0 billion). The integration
into BWD Rensburg of Nicholson Barber, which was acquired late last year,
continues to progress well.

BWD Rensburg Unit Trust Managers increased the value of funds under management
by 59% to £233 million at 31 May 2000 (1999: £147 million).  Additional
resources, particularly personnel, have been allocated to the business to
strengthen its position and stimulate further growth.

Capital for Companies raised an additional £10 million during the period for
BWD Aim VCT plc.  This brings the total value of funds managed by Capital for
Companies to £41 million, including £38 million in respect of two venture
capital trusts (VCT's).  Changes announced in the Budget earlier this year
have increased the attractions of VCT's as an investment vehicle.

Northern Registrars has benefited from the high levels of share transfer and
corporate activity during the period.  Despite these unprecedented levels of
activity, Northern Registrars has maintained the high quality of the services
it provides, whilst continuing to attract a steady flow of new clients.

Northern Administration's services are receiving interest from potential
clients, now that its fully integrated collective investment scheme
administration system is in operation.  


The Stock Exchange has announced that trading in its shares through a matched
bargain facility will commence on 11 July 2000.  BWD Rensburg Limited owns
100,000 shares to which no value has been attributed in the Group's financial
statements and the Directors have not currently established any policy as
regards retention or disposal.

Overall, the first half year has been very satisfactory for all Group
businesses and we look forward with confidence to the outcome for the full
year. 



Alan Bottomley                                                   Michael Burns
Chairman                                                       Chief Executive

5 July 2000



Group Profit and Loss Account
                                                    2000       1999       1999
                                                6 months   6 months  12 months
                                                   ended      ended      ended
                                                  31 May     31 May     30 Nov
                                                   £'000      £'000      £'000


                                  Note                     
_______________________________________________________________________________ 
                        
Turnover                                          19,895     12,662     26,960

                     
Administrative expenses                          (14,975)    (9,769)   (21,293)
                                                 _______    _______    _______

Operating profit before goodwill amortisation      4,920      2,893      5,667

                              
Net interest receivable                              472        523        991
                                                 _______    _______    _______
      
Profit on ordinary activities before taxation                         
and goodwill amortisation                          5,392      3,416      6,658
                     
Goodwill amortisation                               (240)         -        (48)
                                                 _______    _______    _______

Profit on ordinary activities before taxation      5,152      3,416      6,610
                           
Tax on profit on ordinary activities              (1,669)      (993)    (1,527)
                                                 _______    _______    _______

Profit on ordinary activities after taxation       3,483      2,423      5,083
                        
Dividends                                         (1,193)      (848)    (2,853)
                                                 _______    _______    _______

Retained profit for the period                     2,290      1,575      2,230
                                                 =======    =======    =======

                     
Basic earnings per share                  1                     
     -before goodwill amortisation                 18.8p      12.9p      26.9p
     -after goodwill amortisation                  17.6p      12.9p      26.7p
Diluted earnings per share                1                     
     -before goodwill amortisation                 18.3p      12.5p      26.1p
     -after goodwill amortisation                  17.1p      12.5p      25.8p
Dividend per share                                  6.0p       4.5p      14.5p

Statement of Total Recognised Gains and Losses

The Group has no material recognised gains and losses other than those
included in the profits above and therefore no separate statement of total
recognised gains and losses is presented.


Group Balance Sheet
                                                    2000      1999       1999
                                                  31 May    31 May     30 Nov
                                                   £'000     £'000      £'000 
              
_____________________________________________________________________________

Fixed Assets                             
                     
Intangible assets                                  8,911         -      9,151
                     
Tangible assets                                    6,044     6,336      5,606
                     
Investments                                          384       809        514
                                                  ______    ______     ______ 
     
                                                  15,339     7,145     15,271
                                                  ______    ______     ______
Current Assets                     
                     
Debtors                                           36,004    21,605     41,939
                     
Investments                                        1,162         -      1,162
                       
Cash at bank and in hand                          13,162     7,247     12,514
                                                  ______    ______     ______

                                                  50,328    28,852     55,615
Creditors                     
                     
Amounts falling due within one year              (43,733)  (23,006)   (51,253)
                                                  ______    ______     ______ 
                  

Net Current Assets                                 6,595     5,846      4,362
                                                  ______    ______     ______ 
                   

Total Assets less Current Liabilities             21,934    12,991     19,633
                     
Creditors                     
                     
Amounts falling due after more than one year      (3,529)        -     (3,529)
                     
Provisions for Liabilities and Charges              (209)     (282)      (244)
                                                  ______    ______     ______ 
                   

Net Assets                                        18,196    12,709     15,860
                                                  ======    ======     ======
Capital and Reserves                     
                     
Share capital                                      2,032     1,928      2,027
                     
Reserves                                          16,164    10,781     13,833
                                                  ______    ______     ______

Equity Shareholders' Funds                        18,196    12,709     15,860
                                                  ======    ======     ======


Consolidated Cash Flow Statement
                                                   2000        1999       1999
                                               6 months    6 months  12 months
                                                  ended       ended      ended
                                                 31 May      31 May     30 Nov
                                                  £'000       £'000      £'000

                                        Note                     
_______________________________________________________________________________ 
                   
Net cash inflow/(outflow) from                     
operating activities                    (a)       3,879       (477)      7,340
                     
Returns on investment and servicing of finance                     
                     
Net interest received                               522        655       1,052
                     
Taxation paid                                      (318)      (168)     (1,780)
                     
Capital expenditure and financial investment                     
                     
Purchase of tangible fixed assets                (1,053)    (1,125)     (1,824)
                     
Purchase of fixed asset investments                   -       (215)       (204)
                        
Proceeds from sale of tangible fixed assets          50         54          96
                     
Proceed from sale of fixed asset investments          -          -          38
                     
Acquisitions and disposals                     
                                                                       
Purchase of subsidiary undertakings                   -          -      (2,500)
                     
Net cash acquired with subsidiary undertakings        -          -         454
                     
Equity dividends paid                            (1,984)    (1,601)     (2,470)
                                                 ______     ______      ______
                    

Cash inflow/(outflow) before financing            1,096     (2,877)        202
                     
Financing                     
                     
Issue of ordinary share capital                      46         18         432
                     
Decrease in debt                                   (362)         -           -
                                                 ______      ______     ______

Increase/(Decrease) in cash in the period    (b)    780     (2,859)        634
                                                 ======     ======      ======


Notes to the Cash Flow Statement
                     
a.  Reconciliation of operating profit to operating cash flows       
                     
                                                 2000        1999        1999
                                             6 months    6 months   12 months
                                                ended       ended       ended
                                               31 May      31 May      30 Nov
                                                £'000       £'000       £'000
______________________________________________________________________________
                                          
Operating profit*                               4,680       2,893       5,619
                     
Amortisation of goodwill                          240           -          48
                     
Depreciation charges                              610         417         825
                     
Profit on disposal of tangible fixed assets       (45)        (20)        (51)
                     
Profit on disposal of fixed asset investments       -           -         (11)
                     
Shares subject to grant of a nil cost option      130           -         257
                     
Decrease in provisions                            (35)        (38)        (76)
                     
Decrease/(Increase) in debtors                  5,914        (225)    (20,992)
                     
(Decrease)/Increase in creditors               (7,615)     (3,504)     21,721 
                                                ______      ______   ________ 
                                        
Net cash inflow/(outflow)from operating 
activities                                      3,879        (477)      7,340
                                               ======      ======      ====== 
* After charging goodwill amortisation                     
      

b.  Analysis and reconciliation of net funds  
                   
                                           At 1 Dec         Cash    At 31 May
                                               1999         flow         2000
                                              £'000        £'000        £'000
______________________________________________________________________________
                    
Cash in hand, at bank                        12,514          648       13,162
                     
Overdrafts                                   (1,774)         132       (1,642)
                     
Debt due after one year                      (3,529)           -       (3,529)
                     
Debt due within one year                     (1,362)         362       (1,000)
                                             ______       ______       ______ 
                  
Net Funds                                     5,849        1,142        6,991
                                             ======       ======       ======

                          
                     
                                               2000         1999         1999
                                           6 months     6 months    12 months
                                              ended        ended        ended
                                             31 May       31 May       30 Nov
                                              £'000        £'000        £'000
______________________________________________________________________________
                    
Increase/(Decrease) in cash in the period       780       (2,859)         634
                      
Cash outflow from decrease in debt              362            -            -
                     
Loans acquired with subsidiary                    -            -         (362)
                     
Loan notes issued upon acquisition                -            -       (4,529)
                                             ______       ______       ______

Movement in net funds in the period           1,142       (2,859)      (4,257)
                     
Net funds at beginning of period              5,849       10,106       10,106
                                             ______       ______       ______
                     
Net funds at end of period                    6,991        7,247        5,849
                                             ======       ======       ======

                   
Notes

1. Basic earnings per share is calculated with reference to Group profit of
£3,483,000 and 19,842,799 Ordinary Shares in issue during the six months
ended 31 May 2000 (18,845,172 Ordinary Shares for the six months ended 31 May
1999 and 19,046,421 Ordinary Shares for the year ended 30 November 1999). 
Fully diluted earnings per share is the basic earnings per share, adjusted for
the effect of the conversion into fully paid shares of the weighted average
number of all employee share options outstanding during the period.

2. The information contained in the 1999 Group balance sheet, profit and loss
account and consolidated cash flow statement does not constitute full accounts
and has been extracted from the latest published accounts for the year ended
30 November 1999 which have been delivered to the Registrar of Companies.  The
report of the auditors on these accounts was unqualified.  The Group profit
and loss accounts and consolidated cash flow statements for the six-month
periods and the Group balance sheets at 31 May 1999 and 31 May 2000 are
unaudited.

3. To date, the Group's results and operations have not been adversely
affected either by internal Year 2000 compliance failures or the inability of
any third parties to manage the issue.  The Directors recognise the need to
continue to monitor the Year 2000 issue and are confident that the steps being
undertaken will continue to avoid disruption.


NOTES TO EDITORS

BWD Securities PLC is a growing UK financial services group with two principal
business streams:

Investment Management:

BWD Rensburg manages over £3 billion of investments for private clients,
charities and pension funds.  It also undertakes stockbroking and financial
planning for both personal and corporate clients, and has offices across
northern England and in Scotland and Northern Ireland.

BWD Rensburg Unit Trust Managers manages six unit trusts, each with specific
and distinctive investment objectives.

Capital for Companies manages two venture capital trusts, both of which are
listed on the London Stock Exchange.

Administration Services:

Northern Registrars handles share registration services for over 200 UK quoted
companies.

Northern Administration provides administration services for collective
investment schemes such as unit trusts.


BWD Securities aims to build shareholder value through the provision of high
quality professional advice and services to existing and new clients, through
selective acquisitions of complementary businesses and by progressively
increasing its fee income as a proportion of total revenues.