Profits before tax at Walker Crips fell during the 12 months ending in March, the company has said.
The company posted profits of £804,000 over the year, compared with £944,000 in the same period 12 months ago.
But Rodney Fitzgerald, the company’s chief executive, said there was an “underlying improvement” of 49 per cent to £1.1m when “exceptional administrative expenses” were discounted.
He also pointed to the sale of Euroclear shares the previous year, which had inflated the company’s profits.
David Gelber, chairman of Walker Crips, said: “In recent years we have achieved substantial growth, continuing to refine our strategy and business model to make further strides towards attaining our long-term strategic goals.
“We are now even more committed to increasing our service proposition through greater use of technology that is relevant to clients, intermediaries and our own advisers.”
The company saw its assets under management and administration grow by 26.8 per cent to a record high of £5.2bn – meaning the company has reached its £5bn target a year earlier than expected.
Mr Fitzgerald said reaching assets of £10bn was now a “realistic milestone”.
He added that the company has been dedicating a lot of effort to upgrading its systems, monitoring and record-keeping.
Mr Fitzgerald said: “This has led to a significant re-definition of the way in which we communicate with our substantial client base alongside a much greater use of technology.
“We are moving forward to complete the hard yards of this exercise imminently.
“The outcome is intended to reinforce our current offering to clients by continuing to build and maintain a closer and deeper understanding of each client’s circumstances and requirements, thereby ensuring the suitability of the individual service being provided.”
The company’s revenue increased 12 per cent from £26m to £29.2m over the course of the year.
damian.fantato@ft.com
