Interim Results

Walker,Crips,Weddle,Beck PLC 9 November 2000 Strong performance Walker, Crips, Weddle, Beck plc ('WCWB'), the fully listed stock and share broker, announces Interim results for the six months ended 30 September 2000. Key points: * Turnover increased by 23% to £6.3 million (6 months to 3 October 1999: £5.1m) * Profit before tax up by 22% to £646,000 (6 months to 3 October 1999: £528,000) * Earnings Per Share increased from 4.1p to 5.0p * Interim dividend increased to 2.25 pence per share (6 months to 3 October 1999: 2.0 pence) * LSE shareholding contributes to increase in shareholders' funds to £9.4 million (£6.2 million) Commenting on these results, G.N. Kennedy CVO, Chairman, said: 'In line with our strategy of reducing the company's dependence upon dealing commissions, I am pleased to announce an increase in fee income from Discretionary Fund Management, PEP/ISA Administration and also net Interest Income. 'Despite the uncertain outlook for global markets, the Board remains committed to delivering returns to shareholders and continues to explore various opportunities through which our overall business can be further enhanced.' For further information please contact: Michael Sunderland, Chief Executive Hamish McFall / Tony Rose Rodney Fitzgerald, Finance Director Tavistock Communications Walker, Crips, Weddle, Beck plc Telephone: 020 7600 2288 Telephone: 020 7253 7502 WALKER, CRIPS,WEDDLE, BECK PLC Chairman's Statement Since my last statement in June, world stockmarkets have behaved in an extremely volatile fashion, with most major indices experiencing wild and erratic movements.The strong rise in the price of crude oil and recent developments in the Middle East have increased most investors' anxieties. Against this background of uncertainty, market activity has recently slowed. However, despite these difficult conditions, I am pleased to report that higher volumes have led to a significantly improved performance over the comparable period last year. Results for the 6 months to September reflect turnover of £6,301,000 (an increase of 23% from £5,141,000). Pre-tax profit for the current half year was £646,000 against £528,000. Despite a higher tax charge earnings per share have improved by 22% to 5p. Reflecting the Board's confidence in the company's growth potential, the interim dividend has been increased to 2.25p per share and will be paid on 15th December 2000 to those shareholders on the register at the close of business on 24th November 2000. In line with our strategy of reducing your company's dependence upon dealing commissions, I am pleased to announce an increase in fee income from Discretionary Fund Management, PEP/ISA Administration and also net Interest Income. Following the demutualisation of the London Stock Exchange (LSE) in June 2000, your company has included its holding of LSE shares in the Balance Sheet at its fair value of £2,910,000.Accordingly, our Shareholders' Funds show an increase of 52% to £9,406,000 since the last year end. Despite the uncertain outlook for global markets, your Board remains committed to delivering returns to shareholders and continues to explore various opportunities through which our overall business can be further enhanced. I look forward to reporting a creditable result at the year end. G.N. Kennedy CVO Chairman Interim Unaudited Profit and Loss Account For the period ended 30 September 2000 Continuing Continuing Continuing Operations Operations Operations 26 weeks 26 weeks 26 weeks ended ended ended 30 September 3 October 31 March 2000 1999 2000 £'000 £'000 £'000 ------ ------ ------ Turnover 6,301 5,141 13,150 Commission payable (1,626) (1,408) (3,758) ------ ------ ------ Gross profit 4,675 3,733 9,392 Administrative expenses (3,974) (3,178) (7,281) Exceptional items - (24) - ------ ------ ------ Operating profit 701 531 2,111 Interest payable and similar charges (55) (3) (33) ------ ------ ------ Profit on ordinary activities before taxation 646 528 2,078 Tax on profit on ordinary activities (194) (164) (592) ------ ------ ------ Profit on ordinary activities after taxation 452 364 1,486 Dividends paid and proposed (207) (181) (545) ------ ------ ------ Retained profit for the Period 245 183 941 ====== ====== ====== Earnings per share - basic 5.0p 4.1p 16.5p ------ ------ ------ - diluted 4.8p 4.0p 15.7p ====== ====== ====== Weighted average number of shares in issue - basic 9,132,154 8,958,543 8,991,543 ------ ------ ------ - diluted 9,885,654 9,449,543 9,634,793 ====== ====== ====== Dividends paid and proposed 2.25p 2.0p 6.0p ====== ====== ====== WALKER, CRIPS, WEDDLE, BECK PLC Balance Sheet As at 30 September 2000 As at As at 30 31 September March 2000 2000 £'000 £'000 ------ ------ Fixed assets Tangible 1,120 1,097 Investments 2,985 75 ------ ------ 4,105 1,172 ====== ====== Current assets Debtors 63,902 129,720 Cash at bank and in hand 6,742 9,002 ------ ------ 70,644 138,722 Creditors: amounts falling due within a year (65,343) (133,690) ------ ------ Net current assets 5,301 5,032 ------ ------ Net assets 9,406 6,204 ====== ====== Capital and reserves Called-up share capital 1,834 1,819 Share premium account 1,181 1,149 Revaluation reserve 2,910 - Profit and loss account 3,399 3,154 Other reserves 82 82 ------ ------ Shareholders' funds 9,406 6,204 ====== ====== WALKER, CRIPS,WEDDLE, BECK PLC Notes to the Interim Financial Statements (1) This interim statement has been prepared on the basis of the accounting policies set out in the most recent set of annual financial statements, except for the fixed asset investments in the London Stock Exchange plc, which has been revalued at fair value as described in Note 3 below. In preparing the interim statement the Directors have implemented any new accounting standards. These do not have a material impact on the financial statements. (2) 1999 and 2000 half year figures are unaudited. The accounts for the period 5th April 1999 to 31 March 2000 are abridged and non-statutory. Full accounts for that period, on which the auditors of the Company made an unqualified report, have been delivered to the Registrar of Companies. A copy of these statements is available at the Company's registered office at Sophia House, 76/80 City Road, London EC1Y 2EQ, and a copy has been posted to all shareholders. (3) Reconciliation of Shareholders' funds Balance at 31 March 2000 6,204 Profit for the period 452 Dividends paid and proposed (207) Exercise of options 47 Revaluation 2,910 ------ Balance at 30 September 2000 9,406 ====== The Company owns 100,000 ordinary shares in the London Stock Exchange plc which have been included on the Balance Sheet at their fair value of £2,910,000 (1999: Nil) for the first time since demutualisation in June 2000.

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