Walker Crips Group has reported increased revenue in the six months to September 30 2014, as discretionary and advisory assets under management climbed 26.1 per cent to £1.45bn year on year.
Revenue for the period was up 12.4 per cent to £10.9m, compared to £9.7m a year earlier.
Chairman David Gelber pointed to an increase in administrative expenses in the six month period to £7.3m, up from £6.4m in the same period the previous year, which he attributed to the growth costs incurred through expanding the number of investment managers.
Mr Gelber added: “The operating profit for the period consequently showed a reduction, which we believe to be temporary, of 51 per cent to £128,000 from £263,000 for the prior period.
“These results also include uncontrollable half year costs levied by the Financial Services Compensation scheme of £155,000 (2013: £102,000), being an increase of 52 per cent over the prior period levy. Nevertheless the overall trend is encouraging given the full year loss of £1.1m in year ended March 31 2012.”
Walker Crips said there had been a “steady influx” of more than 40 investment managers since April 2012 into the business from its peers including Barclays Wealth and Morgan Stanley.
Revenues from the company’s investment management division were also up by 10.5 per cent to £9.5m, which the group hailed a “significant improvement considering the uncertainty in investment sentiment and lower market volumes of recent months”.
