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First London Securities plc (FLSP)

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Wednesday 13 August, 2008

First London Securities plc

Final Results Year ended 31 March 2008

12 August 2008                 FIRST LONDON PLC
                         ("First London" or "The Group")

                 Final Results for the year ended 31 March 2008

First London, the UK investment banking and asset management business is pleased
to announce Final results for the year ended 31 March 2008:

Commenting on the year's events Chief Executive, Guy Saxton said: "Over the last
twelve months we have built a solid business which we will use as a platform to
expand our business both organically and through accretive acquisitions. We are
pleased  to  announce a significant increase in profits  for  the  year  and  a
substantial  uplift  in net assets - the latter being largely  attributable  to
acquisitions made in the year."

He added: "During the current year we will continue to strengthen our knowledge
base  with  additional  senior appointments, increase our geographical  spread,
expand our investment banking offering and build assets under management."

Financial highlights:
·    Profit after tax £27.2 million (2007: £6.9 million)
·    Net assets £61.3 million (2007: £6.9 million)
·    Asset management - $1 billion (2007: N/a)
·    Basic EPS of 43p per share, Fully Diluted 38p per share
·    Basic Assets of 97p per share, Fully Diluted 90p per share

Corporate highlights:
·    IPO - the Group commenced trading on PLUS Markets October 2007
·    Acquisition of Torus IB - a group of investment management companies
·    Appointment of  Andrew Cosentino to the Board

Post period end highlights:
·     Acquisition  of Belgravia Asset Management's fund operations  -  with  $1
billion of assets under management (A portion of the purchase consideration  is
being  held  in  escrow with regards to certain of the funds  acquired  pending
requisite regulatory approval being received from the Jersey Financial Services
Commission)
·     Launch  of  Euro 50 million fund for technology spin-outs as  part  of  a
partnership with Humboldt University - Germany's leading research university
·    Change of name to First London plc - July 2008
·    Joint Ventures in China - agreements with Red Stone Capital Venture Company
and  Yiao  Liang for Sino-British investment opportunities. Following this  the
Company now has offices in Shanghai & Beijing
·    Advisory Board  formed and Nicholas Chance appointed Non-Executive Director

For further information please visit www.firstlondonsecurities.com or contact:

Guy Saxton                                 David Sinclair
First London plc                           Axiom Capital Limited
Tel: 020 7451 2466                         Tel: 020 8455 0011
[email protected]       [email protected]

John West / Paul Young
Tavistock Communications
Tel: 020 7920 3150
[email protected]

The information contained in this announcement has been extracted from audited
information.
The Directors of First London plc accept responsibility for the content of this
announcement.


FIRST LONDON plc
FINANCIAL STATEMENTS

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2008
AND FOR THE COMPARATIVE PERIOD FROM 7 DECEMBER 2005 TO 31 MARCH 2007






                                                     31 March     31 March
                                                       2008         2007
                                                       Group        Group
                                                         £            £


Revenue
Revenues from services                                5,424,492     2,147,848

Change in fair value of equity investments           24,294,744     6,301,348


                                                     29,719,236     8,449,196



Administrative expenses                               1,728,830     1,283,664

Finance costs                                           162,535         -

Profit before taxation                               27,827,871     7,165,532


Taxation expense                                        530,000       260,500

Profit for the year                                  27,297,871     6,905,032




Earnings per share for profit attributable to
the equity shareholders
Basic earnings per ordinary share (p)                  43               12
Diluted earnings per ordinary share (p)                38               12






















FIRST LONDON plc
FINANCIAL STATEMENTS

CONSOLIDATED AND COMPANY BALANCE SHEET
AS AT 31 MARCH 2008


                                           31 March    31 March     31 March
                                             2008        2007         2008
                                            Group        Group       Company
                                              £            £            £
Assets

Non-current assets
Property, plant and equipment                     698       -            -
Investments
     Quoted equity investments             58,119,272   7,591,146        -
     Unquoted equity investments            3,511,879     400,000        -
     Goodwill                                 240,126       -            -
     Investments in subsidiary                 -            -         26,263,459
     undertakings
                                           61,871,975   7,991,146     26,263,459



Current assets
Cash and cash equivalents                       1,215       -            -
Trade and other accounts receivable         2,960,782     640,754        -
Amounts receivable from subsidiary             -            -          1,403,299
undertakings
                                            2,961,997     640,754      1,403,299

Total assets                               64,833,972   8,631,900     27,666,758


Liabilities
Non-current liabilities
Loans and borrowings                        1,152,892   1,391,366         -

                                            1,152,892   1,391,366         -

Current liabilities
Trade and other payables                    1,137,173      75,000        620,606
Provision for corporation tax                 910,500     260,500         -
Amounts payable to subsidiary                  -            -            117,226
undertakings
                                            2,047,673     335,500        737,832
Total liabilities
Net assets                                 61,633,407   6,905,034     26,928,926



Equity
Issued capital                                890,212           2         890,212
Share premium                              26,972,292        -         26,972,292

Retained earnings                          33,770,903   6,905,032        (933,578)

Total shareholders' funds                  61,633,407   6,905,034      26,928,926
















FIRST LONDON plc
FINANCIAL STATEMENTS

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2008
AND FOR THE COMPARATIVE PERIOD FROM 7 DECEMBER 2005 TO 31 MARCH 2007






                                                       31 March   31 March
                                                         2008        2007
                                                        Group       Group
                                                          £           £


Reconciliation of operating profit to net
cash outflow from operating activities

Profit after taxation                                27,297,871    6,905,032

Taxation expense                                        530,000      260,500
Shares issued for services                               10,000       -
Fair value movements in equity investments          (24,294,743)  (6,301,348)

Increase in trade and other receivables              (1,778,396)    (640,752)

Increase in trade and other payables                    319,107       75,000
Net cash outflow from operating activities            2,083,839      298,432


Investing activities
Purchase of equity investments                       (2,525,458)  (1,689,798)

Net cash acquired in acquisitions                        29,717         -
Net cash outflow from investing activities           (2,495,741)  (1,689,798)



Financing activities
Proceeds from borrowings                                413,117    1,391,366

Net cash inflow from financing activities               413,117    1,391,366


Net increase in cash and cash equivalents                 1,215        -
Cash and cash equivalents at the beginning                -            -
of the period
Cash and cash equivalents at the end of the               1,215        -
period






                                 

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