Interim Management Statement

RNS Number : 7358Z

Walker Crips Group plc

11 February 2014

 



Interim Management Statement

11 February 2014

Walker Crips Group plc ("WCG" or the "Group" or the "Company"), the integrated financial services group, is issuing an Interim Management Statement covering the period from 1 October 2013 to 31 December 2013 (the "Quarter") which is the third quarter in WCG's current financial year.

 

The Group's turnaround strategy continues to deliver results as like-for-like Revenue has increased by 16.3%, reflecting the underlying growth in our business. Net unadjusted revenue over the Quarter increased by 6.4% to £3.47 million compared with the £3.26 million achieved in the same quarter last year. This was driven by both higher commission and increased investment management fee income in more favourable market conditions.

 

Discretionary and Advisory assets under management at the Period end were up 33% at £1.25bn against prior year (30 September 2013: £1.15bn; 31 December 2012: £0.94bn). The continuing increase is a clear reflection of the Company's strategy and its attraction to incoming new investment managers and advisers and their clients' assets.

 

The Group's proportion of non broking income for the quarter was 55.1%, compared to 53.9% for the same period a year ago on a like-for-like basis.

 

The Group remains in a strong financial position with more than £10 million of net cash on its balance sheet, an important factor in both attracting new revenue generating investment managers and advisers and in pursuing its growth plans organically and through suitable acquisitions.

 

Prevailing trading conditions for the Group have improved, but uncertainty remains in financial markets. Nevertheless, the current quarter has started well and the Board is confident that continued pursuit of its adopted strategy will enable WCG to continue the trend in growth and improved performance of the Group over the medium term.

Enquiries:

Walker Crips Group Plc
Geri Jacks, Group Marketing Manager	Tel: [phone]
Broadgate Mainland Roland Cross, Director Roddi Vaughan-Thomas	Tel:   [phone] Mob: [phone] Mob: [phone]
Cantor FitzGerald Europe
Rishi Zavieri	Tel: [phone]

 

END

 

 

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