Final Results

Walker,Crips,Weddle,Beck PLC
10 June 2003

                                                                    NEWS RELEASE

For Immediate release: 10 June 2003


PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2003

Walker, Crips, Weddle, Beck Plc ('WCWB'), the fully listed stock and share
broker, announces Preliminary results for the year ended 31 March 2003.

KEY POINTS

  • Turnover increased to £9.088 million (2002: £8.833 million)

  • Gross profits £6.441 million (2002: £6.523 million)

  • Operating loss more than halved to £613,000 (2002: £1.451 million) -
    despite a prolonged bear market and negative investor sentiment created by
    the war in the Middle East - before net investment income of £135,000 (2002:
    £208,000)

  • Reduction in operating expenses before goodwill amortisation and
    exceptional items to £6.856 million (2002: £7.298 million), reflecting the
    successful implementation of a cost reduction programme

  • Realised pre-tax gain on sale of investment in London Stock Exchange
    shares of £723,000 (2002: £1.164 million)

  • Final dividend of 2.25p per share (2002: 4p), in addition to an interim
    dividend of 2.25p, making a total of 4.5p (2002: 6.25p)

  • Agency stockbroking partnership Southard Gilbey, McNish & Co successfully
    integrated following acquisition on 23 December 2002

  • Successful development of the CF Walker Crips UK Growth Fund and the CF
    Walker Crips Corporate Bond Fund

  • Overall market share of the UK agency stockbroking sector has been
    maintained despite increasing competition

Graham Kennedy, Chairman of WCWB, commented:

'There have been signs that the bear market may be coming to an end, reflected
by an improvement in our trading levels in recent weeks. Your board maintains
its conviction and confidence of a return to worthwhile profitability if greater
market activity is sustained.'

G.N. Kennedy
Chairman


                              Chairman's Statement

                            Year ended 31 March 2003

Review of the Year

The group achieved an increase in turnover to £9,088,000 (2002 - £8,833,000),
partly due to the acquisition of the business of the agency stockbroking
partnership Southard Gilbey, McNish & Co (SGM) on 23 December 2002 and a full
year's contribution from Keith, Bayley, Rogers & Co. Limited (KBR). A reduction
in the level of total operating expenses to £7,054,000 (2002 - £7,974,000) is a
reflection of the cost-cutting measures implemented during the year.
Nevertheless, the combination of a prolonged bear market, negative investor
sentiment and the war in the Middle East has contributed to both reduced trading
activity and falling stockmarket values of UK quoted companies. These market
conditions persisted for longer than anticipated and consequently have had an
impact on the group's overall profitability.

Despite depressed trading levels experienced during the year, a reduced
operating loss of £613,000 (2002- £1,451,000), before net investment income of
£135,000 (2002 - £208,000), was incurred. These losses have been offset by the
pre-tax realisation of gains amounting to £723,000 on the sale of London Stock
Exchange shares. As this investment was revalued at our previous reporting date
at a higher value than the proceeds generated from the sale, a loss of £140,000
is included in the loss on ordinary activities before taxation in accordance
with standard accounting convention. The remaining realised pre-tax gain of
£863,000 less tax of £259,000 results in £604,000 being transferred from
revaluation reserves to the profit and loss account.

Purchase of the Company's own shares

Subsequent to the Annual General Meeting on 12 July 2002, at which shareholders
granted authority to purchase a maximum of 10% of the issued share capital, we
have made market purchases of 155,000 ordinary shares during the year,
representing 1.5% of the company's issued share capital at a cost of £129,200,
to give the company a more efficient capital structure whilst remaining amply
resourced to invest in future growth opportunities.

Dividend

In the light of our inherently strong balance sheet and to acknowledge the
loyalty of our shareholders, the board is recommending a final dividend of 2.25p
per share (2002 - 4p per share). Subject to the dividend now proposed being
approved at the Annual General Meeting, payment will be made on 14 July 2003 to
shareholders on the register at the close of business on 20 June 2003.

Board changes

Howard Saunders retired as an executive director on 30 April 2003; we thank him
for his hard work and support since joining the board as Private Clients
director in November 2001, having served his entire working life with KBR,
latterly as senior partner. We are very pleased that he has accepted our
invitation to continue on the board as a non-executive director.

Progress

Your company has now completed the integration of its acquisition of the SGM
business. Your board remains committed to making further acquisitions to
increase earnings. However, central to our growth strategy is our determination
to select only those businesses that can be effectively integrated into our
overhead structure and give added value to the business.

Our in-house unit trust fund management team has continued to build funds under
management within the UK Growth and Corporate Bonds umbrellas. Customers' funds
held under the Managed Deposit service have reached record levels. Our overall
market share of the UK agency stockbroking sector has been maintained over the
last two years despite increasing competition from larger execution-only
securities houses.



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. Conditions have
remained extremely tough for over two years and their loyalty to the firm
deserves the highest accolade.

Future Outlook

We will continue to monitor overheads and make further savings where possible.
There have been signs that the bear market may be coming to an end, reflected by
an improvement in our trading levels in recent weeks. Your board maintains its
conviction and confidence of a return to worthwhile profitability if greater
market activity is sustained.

Annual General Meeting

The Annual General Meeting will take place at 12 noon on the 11th July 2003.
This will be held at The Constellation Conference Suite, Inmarsat Limited, 99
City Road, London EC1Y 1AX. If you wish to attend please return the enclosed
card. Light refreshments will be served afterwards and we look forward to
meeting shareholders.







G.N. Kennedy CVO
Chairman



                Chief Executive's Operating and Financial Review

                            Year ended 31 March 2003

Last year was another tough one for the savings and investment industry with
stockbroking volumes continuing at a low level. For a large part of the year to
31 March 2003, management attention has had to focus on cost reduction but
efforts have also been given to seeking out alternative sources of revenue.
Whilst it is disappointing to announce a further year of losses, these are
sharply lower than the previous year. Our operation going into the next year is
now that much leaner and better structured to deal with the current levels of
trading which are lower than might reasonably have been anticipated after three
consecutive years of unprecedented bear markets. Meanwhile, we retain key people
and effective technology to respond positively when greater interest in the
market returns. Apart from core stockbroking activity, the corporate finance and
unit trust management teams delivered pleasing results.

Agency Broking

Bargain volumes totalled 106,810 for the year (2002 - 124,274) creating a daily
average of 422. This was the first full year's contribution from former account
executives of Keith, Bayley, Rogers & Co. and a little over three months since
Southard Gilbey, McNish & Co joined the group in December 2002. Our account
executives both within Sophia House and at the branches contributed strongly
with their commission accounting for a commendable 43% of net revenue. Our
execution-only division Investorlink and our on-line dealing operation
INVESTeLINK handled 28,372 bargains or 27% of the total and generated £718,000
of brokerage income.

Our increasing ability to deal directly on line with retail service providers
has enabled a growing proportion of business to be handled with greater
efficiency on a straight-through-processing basis.

One of our fastest growing products, Contracts for Difference, was introduced to
embrace the rapidly-changing environment of share trading and now provides our
more sophisticated clients with an alternative tax-efficient and cash-friendly
way of trading equities.

Corporate Finance

Our Corporate Finance Department has continued to thrive, resulting in increased
activity and revenue of £726,000. During the year they provided advice on the
successful take-over of an AIM company and, against the backdrop of very
difficult market conditions, brought companies on to the Official List, AIM and
OFEX. The department now provides advice to seventeen publicly traded companies.



Unit Trust Management

A major achievement through the year was the development of our two new trusts,
the CF WALKER CRIPS UK GROWTH FUND (March 2002 start) and the CF WALKER CRIPS
CORPORATE BOND FUND (September 2002 start). By the year end combined funds under
management totalled £8.7 million and we have set ourselves a target of growing
this significantly over the next year.

In performance terms it is pleasing to report our UK GROWTH FUND was placed 3rd
out of 284 comparable funds within the Standard & Poors UK All Share sector for
calendar year 2002 thanks in large part to our Investment Director, Stephen
Bailey, and our Head of Research, Jan Luthman. As news of the sound investment
performance reaches a wider audience we anticipate being able to extend the
range of funds and establish fund management as one of our key divisions for the
future.

PEPs / ISAs

The weak stock market and the lack of investor confidence contributed to a poor
year in terms of ISA savings for the industry as a whole, but our established
client base subscribed a further £7.8 million to our ISA products not least due
to the competitive fee structure we operate. We were pleased to see many clients
transferring across to ourselves PEPs previously managed by other groups.
Dealing volume within PEPs and ISAs was high as they remain efficient products
from a capital gains tax perspective.

It is disappointing that in spite of much lobbying by the savings industry, the
Chancellor has failed to extend the tax credit recovery within PEPs / ISAs which
is so essential for those who are struggling to create a sufficient pension or
tax-free fund in advance of retirement.

Nominee / Custody

As we have integrated KBR and more recently SGM, this area of our operations has
grown well with an approximate total of 3,500 clients now using the service and
contributing a worthwhile level of revenue of £280,000 annually. Further growth
is foreseen in the current year from the Nominee Service and also the WCWB
Sponsored Personal Membership which is ideal for the active investor.

Deposit Service

The tendency of clients to retain good levels of liquidity throughout the year
has resulted in total cash deposits under management reaching a record level of
£55 million by the year end and making a valuable contribution to revenues.

Financial Services Department

The acquisition of KBR enabled the group to embark on the foundation of a new
division which provides clients with advice on insurance, pensions, mortgages
and inheritance tax planning. The department has been expanded and we now have
four experienced advisers providing essential professional guidance to the
extensive group clientele.

CORPORATE INVESTMENTS

The review of the year in the Chairman's Statement draws attention to the
disposal of part of the company's shareholding in the London Stock Exchange. At
the end of the year the company retained an interest in 500,000 shares which, at
the price of 278.75p values the holding at £1,394,000. Over the last ten weeks
the LSE share price has risen to a level of 340p giving the holding a value of
£1,700,000. The Board will continue to review the advisability of retaining all
or part of this material shareholding in the light of market conditions and the
LSE share price.

The company also owns 1809 shares in EuroClear plc, (formerly CRESTCo) which are
included in the Balance Sheet at an original cost of £75,000. Whilst revaluation
of the shareholding is not considered appropriate at this time bearing in mind
the limited marketability, the directors are of the opinion that the holding
will in the future command a significant premium to book cost.

Future Prospects

Whilst markets remain fragile and stockbroking volumes are still relatively
subdued, we have in the last few months experienced an increase in market
activity which is welcome. Although the company's progress will still, to a
large extent, be determined by stock market activity and the resilience of
indices, we do now have an extended range of products which we believe will
contribute well in the current year. Further cost savings will flow through in
the coming months and our technology investment leaves us extremely well placed
to capitalise upon an upturn in market interest.







M.J. Sunderland

Chief Executive



UNAUDITED CONSOLIDATED PROFIT & LOSS ACCOUNT

Year Ended 31 March 2003




                                                                                        2003           2002 
                                                                                        £'000          £'000
TURNOVER
Existing operations                                                                     9,004          7,722
Acquisitions                                                                            84             1,111


Continuing operations                                                                   9,088          8,833
Commission payable                                                                      (2,647)        (2,310)

Gross profit                                                                            6,441          6,523
Operating expenses                                                                      (6,856)        (7,298)
Operating expenses - amortisation of goodwill                                           (128)          (57)
Operating expenses - exceptional items                                                  (70)           (619)
Total operating expenses                                                                (7,054)        (7,974)

OPERATING LOSS
                                                                                        (632)          (1,451)
Existing operations
                                                                                        19             -
Acquisitions
                                                                                        (613)          (1,451)
Continuing operations
Net investment income                                                                   135            208
(Loss)/profit on disposal of fixed asset                                                (140)          301
investments

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION                                             (618)          (942)

Tax credit on loss on ordinary activities                                               145            277

LOSS ON ORDINARY ACTIVITIES AFTER TAXATION                                              (473)          (665)

Dividends paid and proposed                                                             (457)          (618)

Retained loss for the year                                                              (930)          (1,283)
Realised gain on sale of revalued investment                                            604            604
Repurchase of ordinary shares                                                           (129)          -
Retained profit brought forward                                                         2,683          3,362

Retained profit carried forward                                                         2,228          2,683

Loss per share
Basic                                                                                   (4.6p)         (6.9p)
Diluted                                                                                 (4.6p)         (6.9p)


The results above arise from continuing operations.









UNAUDITED CONSOLIDATED AND COMPANY BALANCE SHEETS

At 31 March 2003



                                                            Group         Company       Group         Company
                                                            2003          2003          2002          2002              
                                                            £'000         £'000         £'000         £'000

FIXED ASSETS
Goodwill                                                    2,342         67            2,687         -
Tangible assets                                             444           444           817           817
Investments                                                 1,469         4,024         3,097         5,942

                                                            4,255         4,535         6,601         6,759
CURRENT ASSETS
Debtors                                                     31,322        31,285        41,345        41,402
Cash at bank and in hand                                    3,395         2,774         3,749         3,366

                                                            34,717        34,059        45,094        44,768

CREDITORS: amounts falling due
    within one year                                        (30,443)      (30,267)      (40,796)      (40,731)
    
NET CURRENT ASSETS                                          4,274         3,792         4,298         4,037

NET ASSETS                                                  8,529         8,327         10,899        10,796

CAPITAL AND RESERVES
Called up share capital                                     2,018         2,018         2,048         2,048
Shares to be issued                                         552           552           842           842
Share premium account                                       1,214         1,214         1,212         1,212
Profit and loss account                                     2,228         2,026         2,683         2,580
Revaluation reserve                                         1,394         1,394         3,022         3,022
Other reserves                                              1,123         1,123         1,092         1,092

EQUITY SHAREHOLDERS' FUNDS                                  8,529         8,327         10,899        10,796










UNAUDITED CONSOLIDATED CASH FLOW STATEMENT

Year ended 31 March 2003


                                                                                         2003           2002
                                                                                         £'000          £'000

Net cash (outflow)/inflow from operating activities                                      (223)          844
Returns on investments and servicing of finance                                          135            208
Taxation                                                                                 (13)           (389)
Capital expenditure and financial investment                                             671            941
Acquisition of business of subsidiary                                                    (10)           (691)
Equity dividends paid                                                                    (640)          (575)

Cash (outflow)/inflow before management of liquid resources
and financing                                                                            (80)            338

Management of liquid resources                                                           650            (550)
Financing                                                                                (126)          37

Increase/(decrease) in cash in the year                                                  444            (175)






Note

The financial information set out in this preliminary announcement does not
constitute the company's statutory accounts for the years ended 31 March 2003 or
2002. The financial information for the year ended 31 March 2002 is derived from
the statutory accounts for that year which have been delivered to the Registrar
of Companies. The auditors reported on those accounts; their report was
unqualified and did not contain a statement under s237 (2) or (3) Companies Act
1985. The financial information for the year ended 31 March 2003 has been
prepared on the basis of the accounting policies as stated in the statutory
accounts for the year ended 31 March 2002. The statutory accounts for the year
ended 31 March 2003 will be finalised on the basis of the financial information
presented by the directors in this preliminary announcement and will be
delivered to the Registrar of Companies following the company's annual general
meeting. This preliminary announcement was approved by the Board of Directors on
10 June 2003.

For further information contact:

Michael Sunderland, Chief Executive, WCWB               020 7553 9605
Rodney FitzGerald, Financial Director, WCWB             020 7553 9602
Paul Berthold, Leadenhall Communications                020 7329 7420





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