Final Results

Walker,Crips,Weddle,Beck PLC
10 June 2002


NEWS RELEASE

                                             For Immediate release: 10 June 2002


                              PRELIMINARY RESULTS

                       FOR THE YEAR ENDED 31 MARCH 2002


Walker, Crips, Weddle, Beck plc ('WCWB'), the fully listed stock and share
broker, announces Preliminary results for the year ended 31 March 2002.



KEY POINTS



•        Turnover £9,050,000 (2001: £12,238,000) including 5 months'
contribution of £1,111,000 from acquisition (KBR)



•        Gross profits £6,740,000 (2001: £9,096,000)



•        Operating loss of £1,234,000 (2001 profit: £1,274,000) owing to lower
trading levels and non-recurring costs



•        Realised gain on sale of investment in London Stock Exchange shares of
£1,164,000 (2001: nil)



•        Final dividend maintained at 4.00p, combined with an interim dividend
of 2.25p, making a total of 6.25p (2001: 6.25p) for the year, due to healthy
distributable reserves and historic growth in Shareholders Funds



•        Shareholders' funds increased to £10.9 million (2001: £9.3 million)



•        Positive contribution to revenues from new Corporate Finance and
Financial Management activities



•        Successful launch and performance from new WCWB UK Growth Unit Trust



•        Cost reduction programme implemented



Graham Kennedy, Chairman of WCWB, commented: 'The last financial year has been
extremely challenging for the securities industry with the combined effect of
September 11th and prevailing economic uncertainties impacting adversely upon
trading volumes.  Further rationalisation within our sector is likely to provide
us with opportunities to continue our acquisitive growth.  In the event of a
wholesale recovery in markets, we will be ready to capitalise on our wider
product base and leaner infrastructure.'



For further information please contact:


Michael Sunderland, Chief Executive             David Foxman
Rodney FitzGerald, Finance Director             Tracy Young
Walker, Crips, Weddle, Beck plc                 Tavistock Communications Limited
Tel: [phone]                              Tel: [phone]



Chairman's statement

For the year ended 31 March 2002



Review of the Year



The last financial year has been extremely challenging for the securities
industry with the combined effect of September 11th and prevailing economic
uncertainties impacting adversely upon trading volumes. Notwithstanding the
positive contribution to revenue arising from the company's acquisition of the
Keith, Bayley, Rogers (KBR) business, the lower level of activity resulted in a
drop in turnover to £9,050,000 (2001 - £12,238,000). The company also incurred
non-recurring costs of £619,000 relating to the integration of the KBR business
and redundancies as cost cutting measures were implemented in response to
deteriorating market conditions. The lower trading levels and non-recurring
costs have resulted in the company reporting an operating loss of £1,234,000 (
2001 - operating profit £1,274,000). These losses have been offset by the
realisation of gains amounting to £1,164,000 before tax on the sale of London
Stock Exchange (LSE) shares. The remaining shareholding, valued at £3,022,000 at
31 March 2002 has also exceeded the value of the entire holding at the prior
year end of £2,875,000 as a result of a stronger share price.



The board is recommending maintaining a final dividend of 4p per share (2001 -
4p per share).  This decision has been taken after careful consideration and due
account being given to the following matters:

•        The trading picture has been weak for over two years but there is a
reasonable prospect of a change in sentiment before the end of the current year.

•        The company's earnings mix is now much improved with less reliance
being placed on pure stockbroking commission.



•        The company maintains a healthy level of financial resources and
distributable reserves.



•        The London Stock Exchange investment has contributed to growth in
shareholders funds in recent years.



•        The board wishes to acknowledge the importance it attributes to making
distributions to shareholders and that dividend policy should take consideration
of the longer-term picture rather than a single year's results.



Subject to the dividend now proposed being approved at the Annual General
Meeting, payment will be made on 15 July 2002 to shareholders on the register at
the close of business on 21 June 2002.



Board changes



Ray Field retired from the board on 31 July 2001; we thank him for his hard work
and support since joining the board in 1988 and are pleased he is continuing as
a consultant.  We were also very happy to welcome Howard Saunders as Private
Clients director on 2 November 2001, having served his entire working life with
KBR, latterly as the senior partner.





Progress



Your company has now completed the smooth integration of its first significant
acquisition of the KBR business. Our growth strategy through diversification has
continued with the introduction of a unit trust fund management team, the
development of a margin lending facility for online-trading Investelink clients
as well as now providing the ability for customers to trade in Contracts for
Differences. The back office has also benefited from the growing usage of an
internally developed straight through order processing system via the internet.
In response to changes in the regulatory framework, considerable time and
expense has also been devoted by management and staff to ensure compliance with
the new FSA regulations (N2).



Executive Directors, Associates and Staff

On behalf of the board I thank my fellow directors, associates and staff for
their continued effort and commitment in difficult times especially when tough
decisions have been made to ensure the future prosperity of the Company.



Future Outlook

Further rationalisation within our sector is likely to provide us with
opportunities to growth. The strengthening of our newly acquired Financial
Management and Corporate Finance activities is another step towards achieving
greater diversification of our range of financial products. In the event of a
wholesale recovery in global markets, we will be ready to capitalise on our
wider income base and leaner infrastructure.



Annual General Meeting

The Annual General Meeting will take place at 12 noon on the 12th July 2002.
This will be held at The Olof Lundberg Conference Room, 99 City Road, London
EC1Y 1AX.

G N KENNEDY

Chairman





Chief Executive Officer's Operating and Financial Review



For the year ended 31 March 2002



Last year was an extremely tough and demanding year for the Company and all in
the stockbroking industry. Following the collapse in the TMT sectors, the market
was particularly fragile but the tragic events of September 11th destroyed any
prospect of a market recovery with the result that business levels remained low
throughout the usually busy period from January to March.



The most positive feature of the year for our Company was completion of the
acquisition of Keith Bayley Rogers (KBR) in November 2001. The integration of
the two businesses took some months to achieve and has, we believe, gone well.
The figures in these financial statements include an inevitable element of
duplicated overheads and additional costs incurred whilst the integration of the
businesses and transition across to single premises were achieved. Within
non-recurring expenses we have written off all remaining obligations up to
termination of the Ebbark House lease.



The generally dull conditions and low trading volumes have required a close
scrutiny of overheads and adoption of some remedial action. Worthwhile savings
were achieved over a broad front, not least in communications and market price
services, but the hardest decisions had to be taken on staffing levels. Cutbacks
took place on two occasions during the year with staff numbers being reduced by
21%, excluding KBR. The new year has started with a significantly reduced cost
base and with a greater emphasis of resources being concentrated on revenue
generating areas.



Current Developments

The Corporate Finance advisory team has, in its first five months since
acquisition, brought two new issues to the market, extended the number of
companies for whom we act as broker and is presently engaged on a number of
exciting and innovative projects.



The Financial Management service has recently been strengthened with the
addition of two experienced Pensions/Insurance Consultants which will enable us
to broaden the depth of service in this new area. The ability we now have to
advise on pensions and insurance matters clearly complements the existing WCWB
range of activities and products.



Our new in-house managed Unit Trust, the CF Walker Crips UK Growth Fund, was
successfully launched in March and now has a fund value of £3.1m.  Many WCWB
shareholders subscribed at the initial offer price of 83.9p and through the
skilful stock selection criteria adopted by our newly created Fund Management
team we have seen an impressive outperformance of 7% against the FTSE 350 Index.
We anticipate formation of a further unit trust, the Walker Crips Corporate Bond
Fund, in the weeks ahead and by the end of the current year have a target of
£10m unit trust funds under our management.



Our on-line electronic dealing service, InvesteLink, is fully operational and is
now utilised by a growing client base. This is an essential product for the
future and through our website will enable us to market a growing number of
investment and financial products. A material by-product benefit of the
InvesteLink development has been greater back office efficiencies through our
ability to increase our own straight-through processing.



The PEP/ISA Department had a satisfactory year up to March 2002, in line with
general industry trends. In the new year month of April we have recorded a 30%
increase in the number of ISA's started, reflecting the benefit of the enlarged
client base.



Prospects

The measures taken to reduce overheads, referred to earlier, have enabled us to
start the year with a substantially reduced cost base and there will be further
savings flowing through in the months ahead. Our investment in technology gives
us the platform to respond well to increased market activity and we now have a
much broader base of operations, with a more diversified revenue stream. We
continue to actively look for additional account executives and also businesses

which we can acquire to maintain our growth strategy. Last year was a good one
to put behind us but the company has a strong balance sheet with sufficient
resources to leave us well positioned to meet future challenges and an ability
to further expand the business.

M J SUNDERLAND

Chief Executive









Consolidated Profit and Loss account
For the year ended 31 March 2002

                                                                         Group  Company and group
                                                                          2002               2001
                                                                         £'000              £'000
Turnover
Existing operations                                                      7,939             12,238
Acquisitions                                                             1,111                  -

                                                                         9,050             12,238
Commission payable                                                     (2,310)            (3,142)

Gross profit                                                             6,740              9,096
Administrative expenses - ongoing                                      (7,355)            (7,722)
Administrative expenses - exceptional items                              (619)              (100)
Total administration expenses                                          (7,974)            (7,822)

Operating (loss)/profit                                                (1,234)              1,274
Profit on disposal of fixed asset investments                              301                  -
Interest payable and similar charges                                       (9)               (61)

(Loss)/profit on ordinary activities before taxation                     (942)              1,213
Tax on (loss)/profit on ordinary activities                                277              (431)

(Loss)/profit on ordinary activities after taxation                      (665)                782

Dividends paid and proposed                                              (618)              (574)

Retained (loss)/profit for the year                                    (1,283)                208
Realised gain on sale of revalued investment                               604                  -
Retained profit brought forward                                          3,362              3,154

Retained profit carried forward                                          2,683              3,362
(Loss)/ Earnings per share
Basic                                                                   (6.9p)               8.6p
Diluted                                                                 (6.9p)               8.3p
Excluding exceptional items and sale of LSE shares                      (4.6p)               9.3p




The results above arise from continuing operations.



Consolidated statement of total recognised gains and losses
For the year ended 31 March 2002
                                                                                      Group      Company and
                                                                                                       group
                                                                                       2002             2001
                                                                                      £'000            £'000

(Loss)/profit for financial year                                                      (665)              782
Revaluation of fixed asset investment                                                 1,010            2,875
Tax on realised revaluation gain                                                      (259)                -

Total recognised gains and losses relating to the year                                   86            3,657






Consolidated note of historical cost profits and losses
For the year ended 31 March 2002
                                                                                       Group      Company and
                                                                                                        group
                                                                                        2002             2001
                                                                                       £'000            £'000

Reported (loss)/profit on ordinary activities before tax                               (942)            1,213
Realisation of fixed asset investment revaluation gain                                   863                -

Historical cost (loss)/profit on ordinary activities before taxation                    (79)            1,213
                                                                                       
Historical cost (loss)/profit on ordinary activities after the provision for
taxation and dividends                                                                 (679)              208







Consolidated balance sheet
31 March 2002
                                                                         Group         Company     Company and
                                                                                                      group
                                                                          2002            2002            2001
                                                                         £'000           £'000           £'000

Fixed assets
Goodwill                                                                 2,687               -               -
Tangible                                                                   817             817           1,102
Investments                                                              3,097           5,942           2,950

                                                                         6,601           6,759           4,052
Current assets
Debtors                                                                 41,345          41,402          37,852
Cash at bank and in hand                                                 3,749           3,366           3,226

                                                                        45,094          44,768          41,078
Creditors: Amounts falling due within one year                        (40,796)        (40,731)        (35,789)

Net current assets                                                       4,298           4,037           5,289

Net assets                                                              10,899          10,796           9,341

Capital and reserves
Called-up share capital                                                  2,048           2,048           1,836
Shares to be issued                                                        842             842               -
Share premium account                                                    2,222           2,222           1,186
Profit and loss account                                                  2,683           2,580           3,362
Revaluation reserve                                                      3,022           3,022           2,875
Other reserves                                                              82              82              82

Equity shareholders' funds                                              10,899          10,796           9,341




Consolidated Cash flow statement
For the year ended 31 March 2002

                                                                          Group               Company and
                                                                                                    group
                                                                                     2002            2001
                                                                                    £'000           £'000

Net cash inflow from operating activities                                           1,061           9,181
Returns on investments and servicing of finance                                       (9)            (61)
Taxation                                                                            (389)           (624)
Capital expenditure                                                                 (223)           (544)
Sale of fixed asset investment                                                      1,164               -
Acquisition of subsidiary                                                           (691)               -
Equity dividends paid                                                               (575)           (571)

Cash inflow before management of liquid resources and financing                       338           7,381

Management of liquid resources                                                      (550)         (3,150)
Financing                                                                              37              54

(Decrease) increase in cash in the year                                             (175)           4,285




Notes

This announcement does not constitute full accounts within the meaning of
section 240, Companies Act 1985.  The 31 March 2001 accounts for Walker, Crips,
Weddle, Beck plc, have been delivered to the registrar of companies.  The 31
March 2002 accounts are currently being audited and have not yet been delivered
to the registrar of companies.



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