Interim Management Statement

RNS Number : 5921A

Walker Crips Group plc

03 February 2011

 



Walker Crips Group Plc 

Interim Management Statement

Walker Crips Group Plc ("WCG" or the "Group"), the integrated financial services group, is today issuing an Interim Management Statement. The statement covers the period from 1 October 2010 to 31 December 2010 (the "Quarter") unless otherwise stated.

The Quarter is the third of WCG's current financial year. Trading levels continued to improve as a degree of confidence returned to financial markets. Group net revenue for the Quarter increased to £3.76m (2009: 3.41m), a 10.2% increase over the same quarter in the prior year.

WCAM, our asset management subsidiary, continued to build upon its growing reputation. Funds under management increased to £753m at 31 December 2010 compared to £750m at 30 September 2010 and £597m at the 31 December 2009.

There have been no significant changes to the balance sheet since the half year end on 30 September 2010 and WCG remains in a strong financial position.

A press release on 20 January 2011 from the Financial Services Compensation Scheme ("FSCS") announced a second interim levy for 2010/11. The Group has recently received invoices showing an allocation of £220,000 in respect of these levies, which was in excess of our expectations. These additional charges have arisen mainly through the failure of Keydata Investment Services Limited and Wills & Co. The Group is not in any way implicated in these failures.

Trading conditions since the end of the Quarter have remained encouraging.  Whilst the second interim levy will have an impact on full year profitability, the Group remains positive about the final quarter.

For further information, please contact:

Walker Crips Group Plc	Tel: [phone]
Rodney FitzGerald, Chief Executive
Stephen Bailey, Investment Director
Altium	Tel: [phone]
Ben Thorne
Tim Richardson

3 February 2011

 

END

 

 

IMSBRGDDIGGBGBD