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Profits soar at Walker Crips as fund focus pays off

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Profits soar at Walker Crips as fund focus pays off

Walker Crips has seen its underlying profit jump 62.8% from £242,000 last year to £394,000, the company has reported.

Factoring in exceptional items pre-tax profit increased by £500,000 over the year, it said in a half-year report.

Chair of the business David Gelber said, said: 'I am very pleased to report on an encouraging period for the group where our focus on the delivery of quality personal investment advice and strong investment management capability has helped the group increase AUMA [assets under management and administration], revenue and profit.

‘We remain in a sound financial position and have continued to trade profitably since the period end.

'We remain cautious about the short-term outlook, due to ongoing political and market uncertainty but believe that in this climate the quality of the advice and support we provide our customers will continue to prove important.'

Group revenue was 16.7% higher. The wealth management division attracted £400 million in new assets over the year to the end of September, £100 million of which has come in since March.

Total client assets rose to £5.3 billion from £4.8 billion in the year before. The interim dividend unchanged at 0.58 pence per share.

The group’s key growth metric of non-brokerage income remained steady at 62% of revenue.

Recently, Walker Crips reshuffled management team promoting its operations director Glenn Cooper to group chief operating officer and Dominic Martin to managing director of Walker Crips Wealth Management and Wendy Eastwood to managing director of Walker Crips Pensions.

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