Walker Crips profits halve despite strong revenues

Financial services group Walker Crips reported revenues increased by 12% in the six months to the end of September, but operating profit fell 50% compared to the same period last year.

For the six month period, revenue was up 12.4% from £9.7m in 2013 to £10.9m this year. However, group operating profit was £0.13m in the period, compared to an operating profit of £0.26m in 2013. This included FSCS levy costs of £0.15m, which were up from £0.10m in 2013. Discretionary and advisory assets under management increased 26% from £1.15bn a year ago to £1.45bn. Total assets under management and administration rose 25% from £2.1bn a year ago to £2.6bn. David Gelber, chairman of Walker Crips, said the firm was focused on expansion nationwide as well as via acquisitions. H...