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(Alliance News) - Walker Crips Group PLC on Friday posted a swing to loss for the first half of financial 2021 as revenue declined due to the pandemic but noted a recent improvement in its performance.
Shares in the stockbroker were trading 4.5% lower at 25.31 pence each on Friday morning in London.
For the six months ended September 30, Walker Crips posted pretax loss of GBP374,000, winging from a profit of GBP617,000 the year prior. This was a revenue declined 7.7% year-on-year to GBP14.4 million from GBP15.6 million as financial markets fell as a result of the pandemic.
Assets under management and administration as at September 30 was GBP4.8 billion, down from GBP5.1 billion at the same time last year.
An interim dividend of 0.15p was declared, a 75% reduction from 0.60p paid the year prior.
Turning to current trading, Walker Crips noted revenue since the end of its first half has benefited from the rise in markets following the announcements regarding Covid-19 vaccines, as it added it is developing plans to simplify structure of the group.
"No doubt we have a difficult year ahead. There is an ongoing global pandemic, the terms on which the UK plans to leave the EU have yet to be concluded and there is global political unrest. Despite this, I and the board remain cautiously optimistic and excited about the future prospects of the group. Led by the executives, your group has begun new changes to consolidate and streamline its operations. We are developing plans to simplify the group structure by reducing the number of regulated entities and streamlining the management structure," said Chair Martin Wright.
As at September 30, Walker Crips had cash of GBP7.8 million, up from GBP7.6 million on the same date in 2019.
By Ife Taiwo; ifetaiwo@alliancenews.com
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