Walker Crips sees profits double

Walker Crips sees profits double

Walker Crips saw its pre-tax profit more than double, despite costs incurred from the company upgrading its client information systems.

According to the company’s full year results ending 31 March, its pre-tax profit more than doubled to £0.94m from the previous year’s figure of £0.44m.

Its gross profit jumped 15 per cent to £17.6m from 2015’s figure of £15.3m, marking steady growth for the discretionary fund manager.

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Walker Crips, which specialises in stockbroking, investment and wealth management services, posted a one-off cost of £0.8m after upgrading its use of technology to better communicate with clients.

This cost was offset by the company making a one-off gain of £0.9m after selling its illiquid Euroclear shares as part of a corporate buy-back programme in December last year.

The firm’s discretionary and advisory assets under management increased by 15 per cent to a high of £2.3bn, from 2015’s figure of £2bn.