Final Results

Worldsec Ld
15 June 2000


                                Worldsec Limited
                     Preliminary Statement of Annual Results


Worldsec Limited is pleased to release today its preliminary statement of annual
results for the year ended 31 December 1999.

The directors do not recommend the payment of a dividend.

The  Chairman's Statement and extracts from the annual financial statements  are
reproduced  below.   The results have been agreed with the  Company's  auditors,
Deloitte Touche Tohmatsu, Certified Public Accountants, Hong Kong.

Investor Relations

For further information please contact:

In the United Kingdom         In Hong Kong
Mr Alastair Gunn-Forbes       Mr Paul K K Cheng
Director                      Chief Operating Officer and Finance Director
[phone]              [phone]


CHAIRMAN'S STATEMENT

RESULTS

The audited consolidated profit after taxation and minority interests of the
Company was US$1.35m (1998: loss of US$3.73m).

Earnings per share based on the weighted average number of shares in issue
during the year amounted to US 10 cents (1998: loss per share of US 29 cents).


THE YEAR IN REVIEW

Asia  equity  markets  staged a strong recovery as a  result  of  cuts  in  U.S.
interest rates in the autumn of 1998 together with evidence of economic recovery
in  the  regional economies.  At the forefront of recovery were those  countries
that were able to capitalise on stronger export demand, particularly South Korea
and Taiwan whose exports were buoyed by the cyclical recovery in the electronics
sector.   In  other  Asian  economies less exposed to  the  upturn  in  exports,
governments pursued reflationary policies.  Easier liquidity resulting from  low
interest  rates  and  the accumulation of current account surpluses  provided  a
favourable backdrop for Asian equity markets in 1999.

In  the  aftermath of the Asian currency crisis, and particularly following  the
collapse  of one of Asia's largest financial services group in early  1998, the
compliance  department  at many institutional investors declined  to  deal  with
smaller Asian brokerage firms.  As a result we did not benefit from recovery  in
trading   volumes.   In  spite  of  the  above  difficulties  we   returned  to
profitability  last year as a result of a determined policy to  reduce  costs  -
primarily staff costs.


PROSPECTS

Volatility  which  has been a feature of the regional stock  markets  since  the
start  of  the Asian currency crisis has continued into the current year.   This
was  most  notable  in the performance of 'new economy' stocks  which  attracted
significant retail participation.  This euphoria provided a temporary boost  to
our Hong Kong retail business.

The  trend in U.S. interest rates will remain a major influence on the valuation
of  Asian stock markets.  We expect economic growth in the U.S. will moderate to
a  sustainable  level  without  the need for further  significant  increases  in
interest  rates.  We also look for continued recovery in Europe as  its  exports
benefit  from the weakness of the Euro and as its domestic demand improves.   If
Japan  could sustain economic recovery and assuming China's accession  into  the
World   Trade  Organisation  one  could  be  positive  about  Asia's  prospects,
particularly those of Hong Kong.

However, as economic recovery in Asia has been export led we continue to monitor
closely  the  expected slowdown in the U.S. as it affects those industries  that
have  been  at the forefront of the Asian recovery.  Another worry will  be  the
reduction  in  corporate profitability on Wall Street  and  its  effect  on  our
markets.   In  spite of these very real concerns we expect the flows  of  global
liquidity to favour our region towards the end of the year.

We have previously informed shareholders that a number of parties have
approached us with an interest in investing in Worldsec.  Such discussions are
on-going.

                                             David Archibald Evelyn Lyle
                                             Non-Executive Chairman
                                             15 June 2000


CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 1999

                                                 Year ended 31 December
                                     Notes         1999         1998
                                                 US$'000      US$'000

Turnover                               1          15,792       18,539
Fees and commissions payable                     (4,135)      (2,559)
                                               
                                                  11,657       15,980
Other operating income                             2,682        1,326
                                              
                                                  14,339       17,306
Staff costs                                      (8,089)     (12,033)
Provision for doubtful receivables                   -        (1,148)
Provision for offices downsizing                     -          (921)
Other operating costs                            (5,099)      (6,827)
                                               
Operating profit/(loss)                1           1,151      (3,623)
Gain on disposal of a subsidiary                       -          43
Interest receivable and similar income               769       1,341
Interest payable and similar charges               (458)      (1,167)
                                               
Profit/(loss) on ordinary activities
before taxation                                   1,462       (3,406)
Tax on profit on ordinary activities   2           (119)        (260)
                                               
Profit/(loss) for the year before
minority interest                                 1,343       (3,666)
Equity minority interest                              3          (67)
                                               
Profit/(loss) for the financial year              1,346       (3,733)
                                               
Earnings/(loss) per share              3        10 cents   (29) cents
                                               

CONSOLIDATED BALANCE SHEET
FOR THE YEAR ENDED 31 DECEMBER 1999

                                                   1999         1998
                                                 US$'000      US$'000
Fixed assets
Tangible fixed assets                              1,181        1,526
Investments                                        5,203        5,041
Purchased goodwill                                   986        1,183
                                               
                                                   7,370        7,750
                                               
Current assets
Debtors                                           35,728       11,883
Bank deposits and cash                            42,639       47,612
                                               
                                                  78,367       59,495

Creditors: Amounts falling due within
one year                                         (53,298)     (36,213)
                                               
Net current assets                                25,069       23,282
                                               
Total assets less current liabilities             32,439       31,032

Provisions for liabilities and charges              (32)         (30)
Equity minority interest                             (7)         (10)
                                               
Net assets                                        32,400       30,992
                                               

Capital and reserves
Called up share capital                           13,367       13,367
Share premium                                     11,664       11,664
Special reserve                                      625          625
Profit and loss account                            5,323        3,977
Revaluation reserve                                2,206        2,059
Currency translation reserve                        (785)        (700)
                                               
Equity shareholders' funds                        32,400       30,992
                                               

NOTES TO THE PRELIMINARY STATEMENT OF ANNUAL RESULTS
FOR THE YEAR ENDED 31 DECEMBER 1999


1.   ANALYSIS OF TURNOVER, OPERATING PROFIT AND NET ASSETS

     The turnover attributable to the different classes of the Group's business
     is as follows:

                                                 Year ended 31 December
                                                   1999         1998
                                                 US$'000      US$'000
     Analysis by class of business:
       Broking and related services               13,876       17,441
       Corporate finance                           1,916        1,098
                                               
                                                  15,792       18,539
                                               
     Geographical analysis of turnover:
       Hong Kong                                  10,624       14,709
       Thailand                                    3,039        1,441
       Philippines                                   812          388
       Singapore                                     504          251
       Malaysia                                      321          630
       Others                                        492        1,120
                                               
                                                  15,792       18,539
                                               
     The operating profit/(loss) attributable to the different classes
       of the Group's business is as follows:
       Broking and related services                  638      (3,624)
       Corporate finance                             513            1
                                               
                                                   1,151      (3,623)
                                               

     The net assets utilised in the Group relate substantially to broking
     activities.




2.   TAX ON PROFIT ON ORDINARY ACTIVITIES
                                                 Year ended 31 December
                                                   1999         1998
                                                 US$'000      US$'000
     The charge comprises:

     UK Corporation Tax at 30.25% (1998: 31%)
        current year                                  86          144
     Hong Kong Profits Tax at 16% (1998:16%)
        current year                                  17          100
     Other overseas taxation                          16           16
                                               
                                                     119          260
                                               


3.   EARNINGS/(LOSS) PER SHARE

     Calculation of earnings/(loss) per share was based on the
       following:
                                                 Year ended 31 December
                                                   1999         1998

     Profit/(loss) for the financial year         US$1,346,000 US$(3,733,000)
                                      

     Weighted average number of shares in issue     13,367,290    13,021,623
                                      

     Earnings/(loss) per share                        10 cents    (29) cents