Walker Crips results for the six months ended 30 September revealed that revenue increased 12.4 per cent year-on-year to £10.9m.
Excluding Financial Services Compensation Scheme levy costs, and despite volatile markets, group operating profit of £280,000 in the period compared with £360,000 in the prior six month period.
FSCS levy costs were £150,000, up from £100,000 a year ago. Administrative expenses of £7.3m reflected growth costs incurred expanding the number of investment managers whose revenue benefits are expected to accrue in future periods.
Discretionary and advisory assets under management at the end of September increased 26.1 per cent to £1.45bn year-on-year, up from £1.15bn a year ago, and up 9.4 per cent over the six month period.
Fees and non-broking income was up 23.5 per cent on a year ago to £6.3m.
David Gelber, chairman of Walker Crips, stated that the wealth manager’s latest set of results show their strategic plan continues to strengthen the business. “The successful execution of the strategy is becoming increasingly recognised by market participants.
“We remain committed to increasing shareholder value and to growing the dividend for shareholders not only by focusing on organic growth but also through expansion in London, York and targeted regions through new hires.
He added: “In each of these earnings enhancing initiatives we are ahead of expectations. We also continue to evaluate target companies and businesses for suitably measured and value-added acquisitions.”