A strategic overhaul at Walker Crips has helped the firm return to profit.
In the six months to end of September, Walker Crips posted an operating profit of £0.3 million versus a loss of £1.1 million in the corresponding period of the previous year. Revenue rose 10% to £9.7 million.
The strategic plan was implemented by the board following the disposal of Walker Crips Asset Managers (WCAM) in April 2012.
This was part of the ‘transformation’ of the company from a traditional private client stockbroker to a full service, increasingly fee-based, investment and wealth management group.
Walker Crips chairman David Gelber (pictured) said in a statement: 'The execution of the group’s plan over the past 18 months has focused on the recruitment of new teams of investment managers and advisers and on making the changes, in line with our corporate strategy, to our investment offering and process and to our cost base.'
This, the group believes, has created a flexible yet structured platform from which to attract new clients and to continue the growth of assets under management.
‘Our strategy is clearly being executed successfully and this is becoming increasingly widely recognised,’ Gelber said.
‘The results of refocusing and building the group’s investment management division and expanding its wealth management division continue to be ahead of our expectations. Targeted regional expansion is gathering pace to complement the growing team of advisers in London and in York.’