Interim Results - Replacement

Walker,Crips,Weddle,Beck PLC
13 November 2003

This announcement replaces RNS 0381S released at 12:45 today. The previous
release contained elements of draft text and should be disregarded. The full
revised announcement is shown below.

NEWS RELEASE


                                       For immediate release: 13th November 2003



                                INTERIM RESULTS

                    for six months ended 30th September 2003

Walker, Crips, Weddle, Beck plc ('WCWB'), the fully listed stock and share
broker, announces Interim results for the six months ended 30 September 2003.

  • October launch of the CF Walker Crips Equity Income Fund has received
    initial subscriptions of £2million.

  • Turnover increased by 16% to £5.4 million (September 2002: £4.7 million).

  • CF Walker Crips UK Growth Fund continues with top decile performance in
    IMA All Companies sector.

  • More than £15m now under management across the three growing,
    internally-managed unit trusts.

  • World economies are currently showing some evidence of recovery in
    particular the recent strong GDP statistics from the USA are encouraging.

  • Despite prevailing uncertainty, a combination of improving market
    conditions and a lower cost base puts WCWB back in profit for the six months
    to 30 September 2003, £493,000, before tax, compared to a loss of £257,000
    in the previous comparable period.

  • Interim dividend maintained at 2.25p per share to be paid on 28 November.

  • Reduction in holding of London Stock Exchange realises pre-tax gain of
    £445,000.

  • Graham Kennedy,Chairman, said 'We are well placed to continue the
    improvement seen in the first half of our financial year into the second
    half despite considerable volatility in private client share trading
    volumes.'

For further information please contact:

Michael Sunderland, Chief Executive                  Paul Berthold
Rodney Fitzgerald, Finance Director
Walker, Crips, Weddle, Beck plc                      Leadenhall Communications
Tel: [phone]                                   Tel: [phone]





                          Walker Crips Weddle Beck PLC

                              CHAIRMAN'S STATEMENT

                     FOR THE PERIOD ENDED 30 SEPTEMBER 2003


        I am pleased to report a return to profitability for the first half of
        the year, driven by an encouraging recovery in overall activity on the
        London Stock Exchange (LSE). Whilst challenging conditions and some of
        the uncertainties of the previous financial year remain in place I am
        confident that, having reduced our cost base, we are well placed to
        continue the improvement seen in the first half of our financial year
        into the second half despite considerable volatility in private client
        share trading volumes.


        Results for the 6 months to 30 September 2003 show an increase in
        turnover to £5,425,000 against last year's £4,659,000. When combined
        with the effects of a continuing fall in costs, this has resulted in a
        pre-tax profit on ordinary activities of £493,000 compared to a loss of
        £257,000 for the previous comparable period.


        The highly successful CF Walker Crips UK Growth Fund has continued its
        impressive performance and is currently ranked in the top decile of the
        IMA All Companies sector over 1 year, 2 years, 3 years, 4 years and
        since launch in February 1999. In order to complement this Fund and the
        UK Corporate Bond Fund, your company has, at the end of October,
        launched the new CF Walker Crips Equity Income Fund for which I am
        pleased to report initial subscription of approximately £2 million.
        Further expansion of funds under management is confidently expected in
        the near future with over £15 million currently under management across
        all three funds.


        Our commitment to building up fee-based income is bearing fruit,
        demonstrated by the significant contributions to profitability from the
        Financial Services and Corporate Finance divisions in a tough
        environment.


        We have continued to reduce our holding in the LSE through the sale of a
        further 125,000 shares realising a gain of £445,000. As this investment
        was revalued at our previous reporting date a gain of £96,000 is
        included in the profit on ordinary activities before taxation. The
        remaining realised pre-tax gain of £348,000 less tax of £104,000 results
        in £244,000 being transferred from revaluation reserves to the profit
        and loss account.


        We are pleased to report that the interim dividend has been maintained
        at 2.25p per share after a profitable period and also in recognition of
        the loyalty and support of shareholders in the difficult recent past.
        The dividend will be paid on 28 November 2003 to those shareholders on
        the register at the close of business on 21 November 2003 .


        World economies are currently showing some evidence of recovery, in
        particular the recent strong GDP statistics from the USA are
        encouraging. Your Board is confident of capitalising on sustained market
        interest and anticipates delivering a creditable set of results for the
        full financial year.


G.N. Kennedy CVO

Chairman 13 November 2003




                                                                                                                      
                                Interim unaudited consolidated profit and loss account                                
                                      For the six months ended 30 September 2003 
                                     
                               Continuing Operations          Continuing Operations            Continuing Operations 
                                      6 months Ended                 6 months Ended                       Year Ended 
                                   30 September 2003              30 September 2002                    31 March 2003 
                                               £'000                          £'000                            £'000 
  Turnover                                                                                                            
  Existing operations                         5,425                           4,659                            8,940  
  Acquisitions                                    -                               -                               84  
                                              5,425                           4,659                            9,024  
  Commission payable                         (1,671)                         (1,271)                          (2,584) 
                                                                                                                      
  Gross profit                                3,754                           3,388                            6,441  
  Operating expenses                         (3,357)                         (3,529)                          (6,856) 
                                                                                                                      
  Operating expenses - amortisation of          (76)                            (63)                            (128) 
  goodwill                                                                                                            
  Operating expenses - exceptional items           -                            (53)                             (70) 
  Total operating expenses                    (3,433)                        (3,645)                          (7,054)
  Operating profit/(loss)                        321                           (257)                            (613) 
  Net investment income                           76                              72                              135  
  Profit/(loss) on disposal of fixed asset        96                             (72)                            (140) 
  investments                                                                                                         
  Profit/(loss) on ordinary activities           493                            (257)                            (618) 
  before taxation                                                                                                     
  Tax (charge)/credit on profit/(loss) on       (136)                             52                              145 
  ordinary activities                                                                                                 
  Profit/(loss) on ordinary activities           357                            (205)                            (473) 
  after taxation                                                                                                      
  Dividends paid and proposed                   (237)                           (230)                            (457) 
  Retained                                       120                            (435)                            (930) 
  profit/(loss) for                                                                                                   
  the period                                                                                                          
  Realised gain on sale of revalued              244                             363                              604  
  investment                                                                                                          
  Repurchase of                                    -                               -                             (129) 
  ordinary shares                                                                                                     
  Retained profit                              2,228                           2,683                            2,683  
  brought forward                                                                                                     
  Retained profit                              2,592                           2,611                            2,228  
  carried forward                                                                                                     
  Earnings/(loss) per    - basic                3.5p                          (2.0p)                            (4.6p) 
  share                  - diluted              3.3p                          (2.0p)                            (4.6p) 
                                                                                                                      
  Weighted average number of shares in issue                                                                          
                 - basic                 10,094,517                      10,238,654                        10,203,654  
                 - diluted               10,559,068                      10,766,710                        10,995,888 

  Dividends                                    2.25p                           2.25p                              4.5p 
  paid and                                                                                                            
  proposed                                                                                                            
                                                                                                                      


  Interim unaudited consolidated balance sheet                                                                        
  As at 30 September 2003                                                                                             
                                          As at 30 Sep 2003            As at 30 Sep 2002            As at 31 Mar 2003 
                                                      £'000                        £'000                        £'000 
  Fixed Assets                                                                                                        
  Goodwill                                           2,353                        2,390                        2,342  
  Tangible                                             367                          614                          444  
  Investments                                        1,350                        2,034                        1,469  
                                                      4,070                       5,038                        4,255  
  Current assets                                                                                                      
  Debtors                                           49,410                       28,789                       31,322  
  Cash at bank and in hand                           2,984                        2,925                        3,395  
                                                    52,394                       31,714                       34,717  
  Creditors: amounts falling due within one        (47,594)                     (27,221)                     (30,443) 
  year                                                                                                                
  Net current assets                                 4,800                        4,493                        4,274  
  Net assets                                         8,870                        9,531                        8,529  
  Capital and reserves                                                                                                
  Called-up share capital                            2,027                        2,048                        2,018  
  Shares to be issued                                  620                          609                          552  
  Share premium account                              1,233                        1,212                        1,214  
  Profit and loss account                            2,592                        2,611                        2,228  
  Revaluation reserve                                1,275                        1,959                        1,394  
  Other reserves                                     1,123                        1,092                        1,123  
  Shareholders' funds                                8,870                        9,531                        8,529 

 
                                             6 months Ended               6 months Ended                   Year Ended 
                                          30 September 2003            30 September 2002                31 March 2003 
                                                      £'000                        £'000                        £'000 

  Net cash (outflow) from operating activities        (699)                        (812)                        (223) 
  Returns on investments and servicing of               76                           72                          135  
  finance                                                                                                             
  Taxation                                               5                           29                          (13) 
  Capital expenditure and financial investment         354                          444                          671  
  Acquisition of subsidiary                               -                            -                         (10) 
  Equity dividends paid                               (226)                        (410)                        (640) 
  Cash (outflow) before management of liquid                                                                          
  resources and financing                             (490)                        (677)                         (80) 
  Management of liquid                                 450                        1,350                          650  
  resources                                                                                                           
  Financing                                             28                             -                        (126) 

  (Decrease)/increase in cash in the period            (12)                         673                          444  
                                                                                                                      

(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.



(2)

2002 and 2003 half-year figures are unaudited. The accounts for the year to 31
March

2003 are abridged and non-statutory. Full accounts for that year, 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 or on the
website www.wcwb.co.uk. A copy has been posted to all shareholders.


(3)

The following restatements have been made to the profit and loss account for the
six months ended 30 September 2002, the balance sheet as at 30 September 2002,
and the profit and loss account for the year ended 31 March:

The profit and loss account for the six months ended 30 September 2002 has been
restated by £5,000 to show additional amortisation of goodwill, on a basis
consistent with the treatment adopted in the 31 March 2003 audited accounts.
This restatement reflects a revision in the calculation that does not constitute
a change in Accounting Policy.

The balance sheet as at the 30 September 2002 has been restated to show the
share premium of £1,010,000 on the issue of 1,000,000 shares in consideration of
the acquisition of Keith, Bayley, Rogers and Co. Limited in the balance of the
other reserve. This treatment is consistent with the basis adopted in the 31
March 2003 audited accounts.

The profit and loss account for the year ended 31 March 2003 has been restated
to reduce turnover and commission payable equally by an amount of £64,000, being
an overstatement arising from services provided by third parties previously
treated as external agents.


(4)

Additional consideration in shares of up to £3,000,000 in value based upon
notional share prices of £1.50 to £2.00 may be payable depending on the results
of the business purchased over the four-year period ending 25 April 2003. Based
on information currently available, the directors estimate that the fair value
of this additional consideration is £620,000 calculated using the share price on
2 November 2001.


(5)

The company owns 375,000 ordinary shares in the London Stock Exchange plc (LSE),
which have been included on the balance sheet at their fair value of £1,297,500
(March 2003: 500,000 at £1,393,750). During the period, the company disposed of
125,000 shares, realising a pre-tax gain of £445,000, of which £244,000 after
tax (£348,000 pre-tax less tax of £104,000), being the gain attributable to the
period up to 31 March 2003, has been transferred from revaluation reserves to
the profit and loss account. The format of the profit and loss account has been
expanded to show this transfer and the movement in retained earnings.

(6)

Reconciliation of Shareholders' Funds
                                                                          £'000
 Balance at 31 March 2003                                                 8,529  

 Profit for the period                                                      357  

 Gain on disposal of LSE  shares                                            244  

 Dividends paid and proposed                                              (237) 

 Revaluation                                                              (119) 

 Shares to be issued                                                         68 

 Exercise of options over                                                    28  
 ordinary shares of 20p                            

 Balance at 30 September 2003                                             8,870 




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