WALKER CRIPS GROUP PLC — Management Reports 2013

Jul 19, 2013

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RNS Number : 6778J

Walker Crips Group plc

19 July 2013

Walker Crips Group plc 

Interim Management Statement

Walker Crips Group plc ("WCG" or the "Group"), the integrated financial services group, is issuing an Interim Management Statement to coincide with its Annual General Meeting which is taking place today, 19 July 2013, at 11.00 am at the South Place Hotel, 3 South Place,  London EC2M 2AF. The statement relates to the trading quarter ended 30 June 2013 (the "Quarter") unless otherwise stated.

On 31 May 2013 the Group successfully completed the disposal of its corporate finance subsidiary Keith Bayley Rogers & Co. Ltd for a consideration of £0.3 million. Following this disposal, the Group consists of investment, wealth and pension management businesses (the "Ongoing Group").

Also during the Quarter, Walker Crips Stockbrokers Ltd expanded its team with the recruitment of six investment managers in a process which ensured the swift transfer of both the investment managers and their clients.

In continuing volatile and uncertain market conditions, Ongoing Group revenue over the Quarter increased by 36% to £3.2 million on a like for like basis compared with the £2.35 million achieved in the same quarter last year. Traditional stockbroking commission jumped by 58%, driving most of the increase.

The significant increase in net commission from broking revenues has led to a reduction in the proportion of non broking to total income to 58.1% (year ended 31 March 2013: 62.1%). However, the expansion during 2012/13 together with additional recruitment in this Quarter has resulted in a 20% increase in overall fee income. This stands the Ongoing Group in good stead in the face of continuing market volatility and any future periods of potentially lower commission income.

Discretionary and advisory assets under management at 30 June 2013 were £1,068 million (31 March 2013: £1,030 million; 30 June 2012: £628 million).

Albeit trading conditions remain uncertain, the Board believes that its strategy for asset and revenue growth will be delivered over the medium term.

Enquiries:

Walker Crips Group plc Marilyn Grant	Tel: +44 (0)20 3100 8000
Altium Tim Richardson	Tel: +44 (0)20 7484 4040

19 July 2013

This information is provided by RNS

The company news service from the London Stock Exchange

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