Walker Crips assets soar 50%

Walker Crips assets soar 50%

Walker Crips Group saw its discretionary and advisory assets under management soar 50.3 per cent to £2bn in the year to March 31 2015, taking its total assets to £3.8bn, up from £3bn in 2014.

The group posted an increase of 11 per cent in revenues to £23m for the full year, compared to £20.7m a year earlier, while gross profit climbed 8.5 per cent to hit £15.3m in 2015.

Chairman David Gelber said: “At a time when our peers have reported decreases in commission revenues, we have shown resilience by stabilising our own broking income levels at £10.2m (2014: £9.9m) through gathering new clients who come with the increasing number of investment management personnel deciding to join us in this exciting phase of expansion.”

Article continues after advert

He added that as well as commission from stockbroking, the higher level of fees generated from its “rapidly increasing pool of clients’ assets under management” has led to a “robust increase” in revenue.

Operating profit before expenses was £0.54m for the year, up 14.9 per cent on the £0.47m reported in the group’s 2014 results.

But the group’s pre-tax profit was down to £0.44m, from £2.5m in 2014, citing its acquisition of Barker Poland Asset Management (BPAM) and having benefited from investment disposal gains of £1.84m in 2014.

The business acquired BPAM on March 6 this year, with the deal incurring exceptional costs of £0.33m and giving the group a “national footprint” of 13 offices.

David Gelber, chairman of Walker Crips, said: “As the UK economic recovery continues, supported by political stability after the decisive general election, we are confident that the group is well positioned to continue making strides, which will produce higher dividends and added value for the benefit of shareholders.”