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LONDON (Alliance News) - Walker Crips Group PLC on Thursday reported a five-fold increase in pretax profit in the first half, driven by higher revenue in its investment management division, and said it has traded profitably in the following weeks.
The stockbroking, investment and wealth management company's pretax profit rose to GBP589,000 in the six months to September 30, from GBP115,000 in the corresponding half the prior year, as revenue increased to GBP13.3 million from GBP10.9 million.
The investment management arm's revenue increased by 26% to GBP12.0 million, driven by the acquisition of Barker Poland Asset Management in March and business transferred in by new investment managers and advisers.
Revenue at the wealth management business fell by 10% to GBP1.2 million against an "exceptionally" good first six months in the prior year.
Walker Crips lifted its interim dividend to 0.58 pence from 0.53p in recognition of "encouraging progress" in trading and the "confidence of much greater profitability" in the near future.
Shares in Walker Crips were up 12% at 47.00p on Thursday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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