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Walker Crips gross profit up 10.4% in six months to end of September

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Walker Crips Group has reported a 10.4% increase in profit to GBP7.4 million (2013: GBP6.7m) for the six months ended 30 September. Revenue for the same oeriod increased 12.4% to GBP10.9 million (2013: GBP9.7 million).

Gross profit (Net Revenue) for the Period increased 10.4% to GBP7.4 million (2013: GBP6.7 million) reflecting considerable progress made in investment and wealth management businesses. Excluding uncontrollable FSCS levy costs and despite volatile markets, Group operating profit of GBP0.28 million in the Period compares with GBP0.36 million in the prior period.

Group operating profit totalled GBP0.13 million in the Period (2013: operating profit of GBP0.26 million) after FSCS levy costs of GBP0.15 million (2013: GBP0.10 million), while administrative expenses of GBP7.3 million (2013: GBP6.4 million) reflect growth costs incurred expanding the number of investment managers whose revenue benefits are expected to accrue in future periods.

The company’s Interim dividend is up 3.9% to 0.53 pence per share (2013: 0.51 pence per share), while Discretionary and Advisory Assets under Management (AUM) at Period end increased 26.1% to GBP1.45 billion year on year (30 September 2013: GBP1.15 billion) and 9.4% over the period (31 March 2014: GBP1.32 billion).
Total Assets under Management and Administration increased 24.9% year on year to GBP2.66 billion  (30 September 2013; GBP2.13 billion) and 6.0% over the period (31 March 2014: GBP2.51 billion), while fees and non-broking income up 23.5% to GBP6.3 million (2013: GBP5.1 million) representing 57% of total income (2013: 52%).

David Gelber, Chairman of Walker Crips, says: “As we approach the end of our centenary year in 2014, the implementation of our strategic plan continues to strengthen the business and evidences our ability and commitment to expand.

“The successful execution of the strategy is becoming increasingly recognised by market participants. We remain committed to increasing shareholder value and to growing the dividend for shareholders not only by focusing on organic growth but also through expansion in London, York and targeted regions through new hires. In each of these earnings enhancing initiatives we are ahead of expectations. We also continue to evaluate target companies and businesses for suitably measured and value-added acquisitions.”

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