WELLINGTON MARKET COMPANY PLC - Final Results

                         Wellington Market Company plc

                        ("Wellington" or "the Company")

          Financial Statements for the year ended 31st December 2012

Chairman's Statement

There have been three main strands to our activities in 2012: increasing our markets' revenues, reducing debt, and seeking new income streams. Dealing with our markets first, against a continuing difficult trading background, our main sites have performed well with Old Spitalfields, Luton, Morley and Wellington up to expectations; at Cornish Market World trading has been more difficult, with further flooding, but trader fall-off has thankfully stabilised. Ideally we would like to increase our portfolio of larger indoor markets but these are few and far between and not easy to acquire. There has been significant progress in our debt reduction programme although this will not become apparent until later in 2013; proceeds from the sale of Clydach and Cleethorpes have been received post year end. Also heads of terms have been agreed for the sale of certain investment properties in Wellington. However while our bank has been and is supportive, and we are operating within all covenants, our constrained financial position is obviously restrictive.

Malcolm Ball and his team have been particularly active in the search for new revenue streams; "events" income is well up at Old Spitalfields particularly from a tier one Olympic sponsor and we are hopeful of signing a new important markets management consultancy agreement very shortly. Encouragingly, our "Kidzworld" attraction adjacent to our Cornish Markets site has seen a year-on-year improvement in top line income.

While overall results for 2012 are disappointing, they fail to reflect the great commitment and efforts of our small team. We are conscious that they and our shareholders deserve better, but sadly there are no easy solutions. We will continue to do everything possible to improve our company's fortunes.

Lord Lee of Trafford DL FCA
Chairman
16 April 2013



Consolidated Profit and Loss Account
at 31 December 2012

                                                             2012          2011

                                                            £'000         £'000

Turnover - continuing operations                            6,932         6,861

Cost of sales                                             (5,729)       (5,626)

                                                    ------------- -------------

Gross profit                                                1,203         1,235

Administrative expenses

- impairment of tangible fixed assets                       (100)         (593)

- other administrative expenses                             (870)         (801)

                                                    ------------- -------------

                                                            (970)       (1,394)

Operating profit

Operating profit before impairment of tangible and            400           434
intangible fixed assets

Impairment of tangible and intangible fixed assets (167) (593)

Operating Profit/(loss)                                       233         (159)

Profit on sale of business                                     27             -

Interest payable                                            (271)         (284)

                                                    ------------- -------------

Loss on ordinary activities before taxation                  (11)         (443)

Tax on loss on ordinary activities                           (29)            17

                                                    ------------- -------------

Loss on ordinary activities after taxation                   (40)         (426)

Minority interests                                           (11)            57

                                                    ------------- -------------

Loss for the financial year                                  (51)         (369)

                                                        =========     =========

Loss per ordinary share                                   (0.67)p       (7.10)p

                                                        =========     =========

Diluted earnings loss per ordinary share                  (0.67)p       (7.10)p

                                                        =========     =========

All of the activities of the Group are classified as continuing.

Consolidated Balance Sheet
at 31 December 2012

                                                             2012          2011

                                                            £'000         £'000

Fixed assets

Intangible assets

- positive goodwill and other intangible assets               151           281

- negative goodwill                                         (112)         (170)

Tangible assets                                             9,378         9,867

                                                      -----------   -----------

                                                            9,417         9,978

                                                      -----------   -----------

Current assets

Stocks                                                          9            43

Debtors: amounts falling due within one year                  640           661

Debtors: amounts falling due after more than one               33
year

Cash at bank and in hand                                       97            19

                                                      -----------   -----------

                                                              779           723

Creditors: amounts falling due within one year            (2,513)       (6,439)

                                                      -----------   -----------

Net current liabilities                                   (1,734)       (5,716)

                                                      -----------   -----------

Total assets less current liabilities                       7,683         4,262

Creditors: amounts falling due after more than one        (4,241)         (509)
year

Provisions for liabilities                                  (231)         (205)

                                                      -----------   -----------

Net assets                                                  3,211         3,548

                                                        =========     =========

Capital and reserves

Called up share capital                                     3,000         3,000

Share premium account                                         250           250

Revaluation reserve                                           920         1,242

Share based payment reserve                                    57            53

Profit and loss account                                   (1,047)       (1,017)

                                                      -----------   -----------

Equity shareholders' funds                                  3,180         3,528

Equity minority interest                                       31            20

                                                      -----------   -----------

Total shareholders' funds                                   3,211         3,548

                                                        =========     =========

NOTES

1. The calculation of earnings per share for the 12 months to 31st December

2012 is based on the weighted average number of shares throughout the

period of 5,999,449 (2011: 5,999,449).

2. A preference share dividend of 1.5875 pence per share was paid on the 30th

June 2012 and the 31st December 2012.

3. In common with the majority of other companies, the current economic

conditions create uncertainty.

The Group has prepared forecasts to 31 March 2014 which show that the Group will be able to operate within its bank facilities, albeit at times cashflow is tight.

The Group is funded by an overdraft facility and bank loans. The overdraft is subject to review every 6 months and the bank have recently confirmed that this will be rolled over to 31 July 2013. At the current date the Group has repaid £ 721k, of the loan which is due for repayment on 1 April 2013, leaving a balance of £279k. The bank has agreed to extend the repayment date of this loan to 30 June 2013, to enable the Group to complete the realisation of certain non core assets which will enable it to repay this balance. Indeed, the Group is currently in discussions to sell another property and heads of terms have been agreed. The Directors therefore, are confident that sufficient funds will be realised to repay the majority of this loan leaving a balance of £75k which will need to be refinanced. Based on discussions with the Group's bankers the Directors believe that they will continue to extend facilities should there be any delay in the timing of these realisations and will provide an additional facility of £75k from 1 July 2013. Directors have concluded that the above factors represent a material uncertainty that may cast significant doubt upon the Group's ability to continue as a going concern.

Nevertheless, after the preparation of forecasts and discussions with the Group's bankers regarding the renewal of the overdraft and extension of the loan facilities, the directors have formed a judgement that, at the time of approving the financial statements, there is a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for a period of at least 12 months following the date the accounts are approved. For this reason, the directors continue to prepare the financial statements on a going concern basis.

4. The financial information set out above does not constitute the Group's nor

    Company's statutory accounts for the years ended 31st December 2011 and
    31st December 2012 but is derived from them. The auditors have reported on
    the statutory accounts for both financial years. Their reports were
    unqualified and did not contain a statement under section 498(1) to (4) of
    the Companies Act 2006.
   

5. The annual report to shareholders will be sent to all shareholders week

during the week commencing 22nd April 2013 and will also be available then

on the Company's website www.wellingtonmarkets.co.uk.

The directors of the issuer (Wellington Market Company plc) accept responsibility for this announcement.

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