Walker Crips has continued its return to profit on the back of a 'substantial transformation' of its investment management business.
For the 12 months to 31 March 2014, Walker Crips made a profit of £500,000 compared to a loss of £1 million over the same period in 2013.
Net revenues increased 19.5% to £14.1 million, up from £11.8 million, demonstrating, Crips said, a ‘substantial transformation’ of the investment management business.
Assets under management reached £21.4 million as at 31 March, compared to £19.5 million last year.
David Gelber (pictured), chairman of Walker Crips, said: ‘Two years ago the board established a strategic plan to transform the company from a predominantly traditional private client stockbroker to a full service investment and wealth management group. The strategy is delivering for shareholders with the Group returning to profitability…’
Results of its strategic review began to show last year as posted an operating profit of £300,000 for the six months to September 2013, versus a loss of £1.1 million in the corresponding period of the previous year. Revenue rose 10% to £9.7 million.
Its final proposed dividend has increased 17.8% to 1.06p per share and there will be a special proposed dividend of 1.0p per share, reflecting investment gains from the sale of Liontrust Convertible Unsecured Loan Stock holdings.