Interim Results - Turnover Up 15.9%

Walker,Crips,Weddle,Beck PLC 12 November 1999 CONTINUED GROWTH AT WCWB Walker, Crips, Weddle, Beck plc ('WCWB'), the fully listed stock and share broker, announces Interim results for the six months ended 3 October 1999. Key points: * Turnover increased by 15.9% to £5.1 million (6 months to 2 October 1998: £4.4m) * Profit before tax up to £528,000 (6 months to 2 October 1998: £527,000) * Earnings Per Share unchanged at 4.1 pence * Interim dividend increased to 2.0 pence per share (6 months to 2 October 1998: 1.75 pence) Commenting on these results, Larry Byford, Chairman, said: 'Trading up to the 3rd October has been at a satisfactory level, whilst continued corporate take-over activity has helped boost investment support amongst smaller companies. However, as we approach the end of 1999, there is the prospect of some dislocation in markets from the effect of the Year 2000 date change. We take a somewhat cautious view of stock markets generally, although we continue to seek opportunities to expand our business. 'Since the half-year, business volumes have advanced strongly and the Board anticipates being able to present a good set of figures for the full year.' 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 Chairman's Statement The challenging conditions experienced last year were expected to continue well into 1999 and so I am pleased to report an encouraging performance in the period under review. Results for the six months ended 3 October 1999 show a turnover increase from £4.4m to £5.1m (15.9%). Earnings per share were unchanged at 4.1p. Reflecting the Board's confidence in the company's growth potential, the interim dividend has been increased to 2p per share and will be paid on 17th December 1999 to those shareholders on the register at the close of business on 26th November 1999. Trading up to the 3rd October has been at a satisfactory level, whilst continued corporate take-over activity has helped boost investment support amongst smaller companies. However, as we approach the end of 1999, there is the prospect of some dislocation in markets from the effect of the Year 2000 date change. We take a somewhat cautious view of stock markets generally, although we continue to seek opportunities to expand our business. Since the half year, business volumes have advanced strongly and your Board anticipates being able to present a good set of figures for the full year. In conclusion and on a personal note In February 2000 I will have completed 50 years with your company having had the honour of becoming a partner in 1962 and senior partner/chairman in 1972. I have had the pleasure of seeing the company grow from fourteen people to its present size and gain the status of a fully listed company quoted on the London Stock Exchange. After a great deal of consideration, I have decided that this interim dividend and report will be my last. It is my intention to retire at the end of March 2000. I would like to take this opportunity to thank shareholders and clients for the courtesy and support extended to me over the years and to thank all our associates and employees for their hard work and continuing commitment to performance improvement. I am confident the Board has the blend of expertise and the qualities necessary to deliver WCWB's strategy for growth and to increase shareholder value in the new Millennium. L G Byford Chairman Walker, Crips, Weddle, Beck plc Interim Unaudited Profit and Loss Account For the 26 weeks ended 3 October 1999 Continuing Continuing Continuing Operations Operations Operations 26 Weeks 26 Weeks 52 Weeks Ended Ended Ended 3 Oct 2 Oct 4 Apr 1999 1998 1999 £'000 £'000 £'000 Turnover 5,141 4,365 9,127 Commission payable (1,408) (1,196) (2,562) ------ ------ ------ Gross profit 3,733 3,169 6,565 Administrative expenses (3,178) (2,638) (5,563) Exceptional items (24) - (273) ------ ------ ------ Operating profit 531 531 729 Interest payable and similar charges (3) (4) (6) ------ ------ ------ Profit on ordinary activities before taxation 528 527 723 Tax on profit on ordinary activities (164) (163) (197) ------ ------ ------ Profit on ordinary activities after taxation 364 364 526 Dividends paid and proposed (181) (157) (424) ====== ====== ====== Retained profit for the period 183 207 102 ====== ====== ====== Earnings per share - basic 4.1p 4.1p 6.0p ====== ====== ====== - diluted 4.0p 4.0p 5.8p ====== ====== ====== Weighted average number of shares in issue - basic 8,958,543 8,777,190 8,787,891 ========= ========= ========= - diluted 9,449,543 9,002,172 9,384,359 ========= ========= ========= Dividends paid and proposed 2.00p 1.75p 4.75p ====== ====== ====== Notes * This interim statement has been prepared on the basis of the accounting policies set out in the most recent set of annual financial statements. In preparing the interim statement the Directors have implemented the new accounting standards. These do not have a material impact on the financial statements. * 1998 and 1999 half year figures are unaudited. The accounts for the period to 4 April 1999 are abridged. 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, and a copy has been posted to all shareholders. Walker, Crips, Weddle, Beck plc Balance Sheet As At 3 October 1999 As at As at 3 Oct 4 Apr 1999 1999 £'000 £'000 Tangible Fixed Assets 1,010 945 ------ ------ Current Assets Debtors 54,100 32,729 Cash at Bank and in Hand 7,186 3,958 ------ ------ 61,286 36,687 ------ ------ Creditors: Amounts falling due within one year (56,896) (32,512) Net Current Assets 4,390 4,175 ------ ------ Net Assets 5,400 5,120 ======= ======= Capital and Reserves Called-up share capital 1,806 1,777 Share premium account 1,115 1,048 Profit and loss account 2,397 2,213 Other reserves 82 82 ------ ------ 5,400 5,120 ======= ======= Notes * Reconciliation of Shareholders' Funds Balance at 4 April 1999 5,120 Profit for the period 364 Dividends paid and proposed (181) Exercise of options 79 Issue of shares 18 ------ Balance at 3 October 1999 5,400 ======= * The Company's Year 2000 compliance programme has now been concluded. All reasonable steps have been taken, including testing and confirmations from business critical suppliers, to ensure that our systems will be Millennium ready. The activity for the remainder of the year relates to contingency planning.

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