Walker Crips has swung from an operating loss of £1.1m for for the six months ended 30 September 2012 to an operating profit of £0.3m for the same period this year.
In its half yearly report, published today (14 November), revenue for the period increased 10 per cent to £9.7m as assets under management at Walker Crips increased 53 per cent to £1.15bn for the six months ended 30 September, compared with £750m a year ago.
The profit came following the disposal of Keith, Bayley, Rogers & Co Limited, the group’s corporate finance business, for a cash consideration of £0.3m.
David Gelber, chairman of Walker Crips, said: “Our strategy is clearly being executed successfully and this is becoming increasingly widely recognised.
“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.”
The strategic plan was implemented following the disposal of Walker Crips Asset Managers Ltd in April 2012 and saw the business move from being a traditional private client stockbroker to a full service, increasingly fee-based, investment and wealth management group.
Following the Retail Distribution Review rules coming into force, commission payable during the period decreased by 17 per cent to £3m, compared with £3.6m a year ago.
On a like-for-like basis, Walker Crips stated commission payable would have increased by 76 per cent were it not for the RDR.