Preliminary Results-Replacemt

Teather & Greenwood Holdings PLC
28 June 2000


The issuer has made the following amendment to the Preliminary Results
announcement released today at 07:30 under RNS No 9409M.

Further to this morning's announcement of preliminary
results for the year ended 30 April 2000, the dividend
record date should be 14 July 2000 and not 11 July 2000 as
originally stated.

All other details remain unchanged.

The full corrected version is shown below.
-------------------------------------------------------------------



TEATHER & GREENWOOD HOLDINGS PLC



                              
              Teather & Greenwood Holdings plc
                              
    Preliminary results for the year ended 30 April 2000
                              
                         HIGHLIGHTS
                              
  Turnover £30.9 million (1999: £12.3 million)

  Profit  before  taxation £9.7  million  (1999: £1.9 million)

  Earnings per share 74.4 pence per share (1999: 16.9 pence per share)

  Diluted earnings per share 69.7 pence per share (1999: 13.8 pence per share)

  Dividend  per share 4.0 pence (1999: 1.5 pence per share)

  Excellent progress in all business areas

  Board changes

  Application will be made for move to the Official List of The London Stock
Exchange

  Two-for-one bonus share issue

Jeremy Delmar-Morgan, Chairman of Teather & Greenwood
Holdings plc, comments:

'The Group continues to develop into a rounded financial
services organisation capable of accommodating the variety
of requirements of its corporate, institutional and private
clients.  In parallel, the Directors seek to develop a
complementary mix of revenue streams in order to reduce risk
and potential earnings volatility

'The  current  year  has  started well,  building  upon  the
success  of the past two years.  Whilst Teather &  Greenwood
Limited  is  not  immune  to  any unforeseen  down-turns  in
corporate  activity  or stockmarket volumes,  the  Directors
believe  that based upon the current outlook and  spread  of
activities, the Group is well placed for the future'.


The full statement and results are attached.



For further information, please contact:

Teather  & Greenwood Holdings plc                  020  7426 9000
Jeremy Delmar-Morgan, Chairman
Ken Ford, Chief Executive
Brian Rowbotham, Finance Director
Tim Davis, Director of Corporate Affairs

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


Note to Editors:

Teather  &  Greenwood  Limited is one of  the  UK's  leading
independent stockbrokers, providing institutional sales  and
research   coverage  of  significant  UK  and  international
equities.  It  also  has  teams specialising  in  closed-end
funds, contracts for difference and bonds and fixed-interest
instruments.

In  addition,  it provides corporate finance,  institutional
sales, research and market making services for an increasing
number of growing smaller and mid-cap public companies.

Private  clients  are  offered discretionary,  advisory  and
execution-only broking services and a range of tax-efficient
products.

Teather  &  Greenwood  Limited is  the  principal  operating
company of Teather & Greenwood Holdings plc, which is listed
on the Alternative Investment Market.





CHAIRMAN'S STATEMENT


Introduction

The  results  for the year ended 30 April 2000 show  further
excellent   progress  by  the  Group's  principal  operating
company,  Teather  & Greenwood Limited.   This  follows  the
announcement in April that the outcome for the year would be
significantly ahead of market expectations.

The  announcement in April also covered a number of  changes
to  the Group Board, which are detailed below together  with
some  additional changes; and the Board's intention to  move
the  Group  to the Official List  which is confirmed  today.
In  addition, the Board announces today a two-for-one  share
bonus issue.

All  of these developments are happening as planned and  are
testament to the continued and profitable evolution  of  the
Group  as  it grows into a broadly-based financial  services
organisation.


Financial highlights

Profit  before taxation increased almost five-fold  to  £9.7
million  (1999: £1.9 million).  All of the company's income-
earning   business   areas  improved   their   contributions
substantially,  maintaining a balanced  growth  in  profits.
The  results  also  reflect the disposal  of  the  remaining
properties from the former NRP plc property portfolio.   The
cash  proceeds of £1.05 million have been reinvested in  the
expansion of Teather & Greenwood Limited.

Earnings per share rose to 74.4 pence per share (1999:  16.9
pence per share). Diluted earnings per share were 69.7 pence
per  share  (1999:  13.8 pence per  share).   The  Board  is
recommending  a net dividend of 4.0 pence per  share  (1999:
1.5  pence  per  share),  payable  on  11  August  2000   to
shareholders on the register at 14 July 2000.


Strategy

The  Group  continues  to develop into a  rounded  financial
services  organisation capable of accommodating the  variety
of  requirements of its corporate, institutional and private
clients.   In  parallel, the Directors  seek  to  develop  a
complementary mix of revenue streams in order to reduce risk
and potential earnings volatility.

To  facilitate  further growth, Teather & Greenwood  Limited
continues  with  its  planned programme of  recruiting  high
calibre individuals, the majority of whom are either direct,
or indirect revenue earners who specialise in areas that the
Board  believe  have  excellent growth prospects.   Equally,
investment  has been made in improving other key operational
areas,  such  as financial controls, information  technology
and support services.

Whilst  the  Board  will  evaluate  appropriate  acquisition
opportunities,  it continues to research  possible  new  and
complementary  business  areas, including  fund  management,
agency  broking  of fixed-interest instruments  and  on-line
trading,  with  a  view to recruiting the best  people  from
those  industries to grow new areas of business and  revenue
streams.


Move to the Official List

Application will be made for the existing ordinary shares to
be  admitted  to  the  Official List  of  the  London  Stock
Exchange.   The  Board  believe that  a  full  listing  will
further enhance the Group's reputation in all business areas
and  assist with the process of attracting and retaining key
staff.  It is anticipated that dealings on the Official List
will commence on 12 July 2000.


Bonus Issue

To  improve the marketability of the Group's shares,  it  is
proposed that each shareholder is issued with two additional
bonus  shares for each ordinary share held as  at  4  August
2000.  The bonus issue is subject to shareholder approval at
the  forthcoming  Annual General Meeting.  Dealings  in  the
bonus shares are expected to commence on 7 August 2000.


Directors and staff

In  April,  the following changes to the Teather & Greenwood
Holdings  plc board were announced, effective  1  May  2000:
Derek  Boothman, formerly Non-executive Chairman, has become
Non-executive  Deputy Chairman.  He has  been  succeeded  as
Executive Chairman by myself, the former Chief Executive and
Ken  Ford,  previously Managing Director, has  become  Chief
Executive.   On behalf of the Board, I would like  to  thank
Derek Boothman for his leadership and wise counsel during  a
period of significant transformation for the Group.  We  are
delighted  that  we  shall  continue  to  benefit  from  his
contribution.

More  recently, Peter Grice, who has worked for the  company
since  1961, as a partner since 1982 and as a Director since
1998,  and John Reeve, a Non-executive Director since  1996,
have indicated their intentions to retire at the forthcoming
Annual  General Meeting.  We all thank them both  for  their
considerable contributions over many years.

I  am  delighted to report the proposed appointment of  Nick
Stagg as a non-executive director.  He is the Group Managing
Director  of  Lambert Smith Hampton plc,  one  of  the  UK's
leading property consultants.

On  behalf of the Board, I have great pride in thanking each
and  every  member of staff for their commitment, enthusiasm
and  contributions to Teather & Greenwood Limited's success.
Everybody can be justifiably proud of their achievements and
the reputation that the firm is developing.






Outlook

The current year has started well, building upon the success
of  the  past two years.  Whilst Teather & Greenwood Limited
is  not  immune  to any unforeseen down-turns  in  corporate
activity or stockmarket volumes, the Directors believe  that
based upon the current outlook and spread of activities, the
Group is well placed for the future.


Jeremy Delmar-Morgan
Chairman

27 June 2000
                              
                              
                              
                              
                              
                              
                              
                  CHIEF EXECUTIVE'S REVIEW


Trading overview

Teather & Greenwood Limited's three main areas of operations
- institutional (institutional sales and equities research),
corporate  finance  and private clients  -  have  all  shown
excellent  growth  during  the  year,  both  in   terms   of
contribution   to  the  financial  results,   new   business
generated and their overall development as businesses.

Our  emphasis remains on organic growth, principally through
recruiting  the  best  personnel who  are  highly  respected
within  their  areas of expertise and who can  directly,  or
indirectly,  generate revenues from  an  early  stage.   The
success  of the company in recent years, the growth  of  its
reputation  and  its clear areas of specialisation  has  and
continues  to  assist  this process of  attracting  talented
individuals.

In  parallel, further progress has been made in  pursuit  of
our  policy of introducing new, complementary services   and
to  managing  risk  in  all areas of  the  business.   Close
attention is also paid to containing operating costs and  to
improving efficiency.


Institutional Department

Institutional sales

The 19-strong institutional sales team, supported by dealers
and sales traders, had a very successful year, producing  an
increased  contribution to the financial results and  making
good  progress in developing the institutional client  base,
both in the UK and overseas.

The  department  also  benefited from  the   recruitment  of
several  high quality individuals and new specialist  teams.
In  each  case,  the  individuals concerned  have  excellent
reputations and demonstrable track-records of profitability.

The  existing  closed-end fund team was expanded  to  seven,
with the addition of specialists in split capital investment
trusts  and  corporate finance.  A team of four specialising
in  contracts for difference, or margin trading  on  stocks,
also joined.

During  the  period, Teather & Greenwood  Limited  became  a
member  of  the  European Securities Network.   This  is  an
affiliation of European investment banks and stockbrokers co-
operating  in  the  development  and  distribution  of  pan-
European research and sales.  Although it is early  days  in
the  relationship, it is believed that it will,  over  time,
generate worthwhile new business across the company.


Equities Research

The  22  analysts and a production team of  four  cover  the
following industry sectors and sub-sectors: banks and  other
financials,  biotechnology and pharmaceuticals, construction
and  building  materials, closed-end  funds  and  investment
trusts,  electronics and electrical equipment,  engineering,
fine  art  dealers,  general retailers  and  food  and  drug
retailers, insurance and life insurance, media, oil and gas,
real  estate,  restaurants,  pubs,  breweries  and  leisure,
smaller   companies,  technical  analysis,  technology   and
telecommunications.  Appointments are currently being sought
for analysts to cover additional sectors.

The  research team is to be complimented on the  quality  of
its  product  that  not only covers corporate  clients,  but
also, increasingly, non-corporate clients.  The department's
policy  is  to  develop coverage in medium size  and  larger
companies,  which  is  proving very  fruitful  in  terms  of
widening Teather & Greenwood Limited's institutional  client
base.   For  the  second year running, the  quality  of  its
smaller  company coverage has been recognised with the  1999
AIM Awards Best Research award.


Corporate Finance Department

This  department  had a very successful and profitable  year
and    won  a  number  of important new  corporate  clients,
bringing  the  total  to  73.  The  department  retains  its
specialisation  of  advising  growing  smaller  and  mid-cap
companies,  which  remains  a  buoyant  area  in  terms   of
corporate activity and flow of transactions.  To put a scale
on  their  success, in the year under review, the department
advised  on  35  transactions and raised approximately  £340
million  on  behalf  of clients.  It  acted  as  sponsor  or
nominated adviser in seven flotations and as stockbroker  in
ten flotations.

Its  resources were boosted in January with the  recruitment
of a team of three specialising in mergers and acquisitions.
Their focus is upon developing private company advisory  and
merger,   acquisition  and  disposal  business,  areas   the
Directors have pinpointed as offering significant potential,
both within the existing client base and elsewhere.

The  smaller companies sales team increased its  numbers  to
ten, whilst the three-strong market making team expanded its
coverage  to 55 stocks, a number that will increase  in  the
current year.


Private Client Department

This department expanded its numbers to 35 to cater both for
new  clients  won and to improve service levels to  existing
clients. Earlier this month, the appointments were announced
of  two  senior recruits who have strengthened significantly
the management team.  The department advises a wide range of
individuals,  families, private and  charitable  trusts  and
pension  funds  on  an  advisory  and  increasingly,  on   a
discretionary basis.  Funds on which the company advises  or
manages stood at £3.4 billion (1999: £2.2 billion)

The tax-efficient solutions team had an outstanding year. As
well  as  attracting  substantial  new  investment  into  TG
Portfolios,  Teather  &  Greenwood  Limited's   tax   relief
portfolio  service,  the department  acted  as  Promoter  or
Sponsor  to  four  new  issues, raising  in  excess  of  £50
million.


Support services

Further  investment has been made in information technology,
ensuring  that  the company's systems are  of  the  required
standards and capacity to accommodate the existing  workload
and planned growth.  Recruitment has  been made in the areas
of  finance and compliance, administration, human resources,
corporate  communications  and  corporate  client   investor
relations.


Premises

In  November of last year, Teather & Greenwood Limited moved
to  much  larger and more modern offices within the City  of
London.  This was a necessary investment to accommodate  the
needs  of a growing business and to provide more appropriate
facilities for employees and clients.


Summary

Teather  & Greenwood Limited has enjoyed strong growth.   It
has  established an excellent reputation within  its  target
markets  and  plenty  of  potential for  further  growth  is
evident.  The Directors believe that with a clear and proven
strategy and  a spread of income streams, the Group is  well
positioned to make further progress towards its objective of
developing a broadly-based financial services business.

Ken Ford
Chief Executive

27 June 2000

                  FINANCE DIRECTOR'S REPORT

In   the  year  ended  30  April  2000,  the  business  grew
substantially,  with  turnover  almost  trebling  to   £30.9
million  (1999:  £12.3  million),  whilst  operating  profit
increased  more than five-fold to £9.6 million  (1999:  £1.8
million).

The  planned increase in costs was driven by the significant
growth which occurred in all revenue generating areas.  This
was  matched  by  appropriate investment in the  information
technology  infrastructure  and  in  the  implementation  of
financial  and  regulatory controls across the complementary
business areas introduced during the period.  Investment  in
both   continues.   Given  Teather  &  Greenwood   Limited's
expansion into new markets and the growth of the three  main
business areas, the Directors believe that the company is no
longer overly dependent upon any one profit centre.

On  the  balance  sheet, the value of the trading  positions
increased almost three-fold and the growth in the volume  of
business  experienced in the latter part of  the  period  is
reflected in increases in trade debtors and creditors.   The
day-to-day cash position varied considerably, dependent upon
the movement of client settlement monies.

Shareholders' funds increased to £12.3 million  (1999:  £4.4
million) and earnings per share rose to 74.4 pence per share
(1999:  16.9  pence per share). Diluted earnings  per  share
were  69.7  pence  per share (1999: 13.8 pence  per  share),
after  taking into account the dilutive effect of the  share
option schemes.  The Board is recommending a net dividend of
4.0  pence per share (1999: 1.5 pence per share) payable  on
11  August 2000 to shareholders on the register at  14  July
2000.

On  29 October 1999 the Group announced a placing of 440,300
new  10p  ordinary  shares  at a price  of  366p  which  was
completed in November and raised £1,611,500. The shares were
placed  with  two institutional investors and  the  proceeds
used  to  finance the increased working capital requirements
of   the  company's  established  business  areas  and   the
expansion  of  the  newer areas such as  market  making  and
closed-end funds operations.  The return on capital from the
latter two has exceeded the Board's expectations.

The average return on shareholders' funds for the period was
80%   and  reflects  the  Directors'  focus  upon  the   key
objectives  of  maximising returns  to  shareholders  whilst
building a broadly-based financial services company,  aiming
for balanced and controlled growth.

Brian Rowbotham
Finance Director

27 June 2000






GROUP PROFIT & LOSS ACCOUNT
For the year ended 30 April 2000


                              Year ended          Year ended
                              30.04.00            30.04.99
                              £'000               £'000


Turnover                      30,904         12,312

Operating costs              (21,274)       (10,477)

Operating profit               9,630          1,835

Loss arising from the disposal
of subsidiary                  ----             (55)
Profit/(loss) on disposal of
investment
properties                        7              (2)

Profit on ordinary activities
before interest                9,637          1,778
Net interest receivable           96            141

Profit on ordinary activities
before taxation                9,733          1,919
Taxation on profit on ordinary
activities                    (3,030)          (656)

Profit for the year           6,703            1,263
Equity dividend                (370)            (112)

Profit transferred to 
 reserves                     6,333            1,151

Earnings per share            74.4p            16.9p
Diluted earnings per share    69.7p            13.8p


STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES


                              Year ended          Year ended
                              30.04.00            30.04.99
                              £'000               £'000

Profit for the year           6,703               1,263
Unrealised deficit on revaluation
of investment properties        -                   (54)

Total recognised gains and losses
for the year                  6,703               1,209

BALANCE SHEETS
For the year ended 30 April 2000


                    Group          Group          Company          Company
                    Year ended     Year ended     Year ended       Year ended
                    30.04.00       30.04.99       30.04.00         30.04.99     
                    £'000          £'000          £'000            £'000


Fixed assets
Tangible assets          972       1,233           -                 823
Investments              100         100          9,111            6,141

                       1,072       1,333          9,111            6,964

Current assets
Trading positions      3,073         969            -                -
Debtors              181,166     118,194            469              684
Cash                   9,622       4,886             82               57

                     193,861     124,049            551              741

Creditors: amounts falling
due within one year  182,601     120,994          1,826            1,474

Net current assets/
(liabilities)         11,260       3,055         (1,275)            (733)

Total assets less current
liabilities           12,332       4,388          7,836            6,231



Capital and reserves
Called up share capital  925         747            925              747
Share premium account  4,049       1,683          4,049             1683
Revaluation reserves      -           63            -                 43
Other reserves            14         947          2,606            3,539
Profit and loss 
account                7,344         948            256              219

Equity shareholders'
 funds                12,332       4,388          7,836            6,231

Approved by the Board of Directors on 27 June 2000

J H Delmar - Morgan           E K Ford
Chairman                 Chief Executive

GROUP CASH FLOW STATEMENT
For the year ended 30 April 2000


                    Year ended     Year ended     Year ended     Year ended
                    30.04.00       30.04.00       30.04.99       30.04.99
                    £'000          £'000          £'000          £'000

Net cash outflow
From operating activities          (262)                          (834)
Returns on investments and
Servicing of finance

Interest received        97                      196
Interest paid            (1)                     (55)

Net cash inflow from returns
On investments and servicing
Of finance                           96                            141

Taxation

Corporation tax (paid)/recovered   (1,229)                          15

Capital expenditure

Receipts from sales of
Tangible fixed assets    1,048                    565
Payments to acquire
Tangible fixed assets   (1,022)                  (252)
Payments of disposal of
Leased property                                   (55)
Net cash inflow from capital
Expenditure                          26                          258

Equity dividend paid               (112)                           -


Financing
Issue of ordinary share capital    1,611

Increase/(decrease) in cash        130                          (420)

NOTES

1.   TURNOVER AND SEGMENTAL ANALYSIS

                                        2000
                                                  Operating
                                   Turnover       Profit
                                   £'000          £'000

Financial services                 30,897         9,774
Other income                       7               (144)

                                   30,904         9,630

the net gain on trading in financial instruments was
£4,348,565  (1999: £655,000) and is included in the turnover
for financial services

                                        1999
                                                  Operating
                                   Turnover       profit
                                   £'000          £'000

Financial services                 12,195         1,834
Other income                       117            1

                                   12,312         1,835


2.   EARNINGS PER SHARE

The earnings and number of shares in issue or to be issued
in calculating the earnings and diluted earnings per share
were as follows:

               30.04.00       30.0400   30.0499   30.04.99
               Diluted                  Diluted
               Earnings       Earnings  Earnings  Earnings
               £'000          £'000     £'000     £'000

Earnings       6,703          6,703     1,263     1,263

Number of 
shares     9,621,809      9,014,235 9,155,448 7,472,782

Earnings per 
share          69.7p          74.4p     13.8p      16.9p
  
3.
       RECONCILIATION OF OPERATING PROFIT TO NET CASH OUTFLOW
       FROM OPERATING ACTIVITIES

                              Year      Year
                              Ended     ended
                              30.04.0   30.04.99
                              
Operating profit              9,630     1,835
Depreciation                    242       274
Increase in debtors         (62,979)  (61,046)
Increase in creditors        54,873    58,985
Increase in trading positions 2,028)     (882)

Net cash (outflow) from operating
activities                     (262)     (834)



4.   BANK BALANCES

                    Group     Group     Company   Company
                    30.04.00  30.04.99  30.04.00  30.04.99
                    £'000     £'000     £'000     £'000

Sterling at banks   9,161     4,723        82        57
Foreign currency at
banks                 461       163        -         -
Total bank balances 9,622     4,886        82        57


  4.   The financial information shown for the year ended 30
       April 2000 does not constitute statutory accounts as defined
       in  Section 240 of the Companies Act 1985.  Statutory
       accounts for the year ended 30 April 2000 will be delivered
       to the Registrar of Companies.  These statutory accounts
       were audited by Deloitte & Touche and their report thereon
       was unqualified.  A copy of this preliminary statement will
       be  posted  to shareholders shortly.  Copies  of  the
       preliminary results are available, free of charge to the
       public on any week day (excluding Saturdays), at  the
       registered office of the Company (Beaufort House, 15 St
       Botolph Street, London EC3A 7QR) from the date of this
       announcement and for a period of 14 days thereafter.