Last checked at 
(Alliance News) - Stockbroker Walker Crips Group PLC boosted its interim dividend Wednesday after profit and revenue grew despite market "nervousness" hurting volumes.
For the six months ended September, pretax profit tripled to GBP620,000 from GBP213,000 the year prior. This was after revenue rose 3.3% to GBP15.6 million from GBP15.1 million the year before.
Profit performance was also helped by a GBP209,000 gain associated with a disputed insurance recovery. The claim had previously been expensed, but has since been settled through arbitration.
"Against the ongoing uncertainty surrounding the terms for the United Kingdom's exit from the EU, I report that nervousness of markets has resulted in continued lower levels of volume driven broking commission revenue during the period," Chair David Gelber said.
London-based Walker Crips proposed a 0.60 pence per share interim dividend, up 3.4% from 0.58p the year prior.
"However, we are making progress implementing our strategy and the resulting increase in investment management fee income, interest margin on managed deposits and revenue from our trading book has driven an encouraging increase in operating profit", Gelber added.
"Assets under management & administration remain marginally above our targeted milestone of GBP5 billion," Gelber continued.
At the end of September, AuMA stood at GBP5.1 billion, compared to GBP5.0 billion six months earlier.
"The improved results for the first half year are an important step in the right direction as the business and newly shaped leadership team looks to build on our core investment management, wealth management and technology competencies", Gelber concluded.
Shares in Walker Crips were untraded at 26.25 pence in London on Wednesday.
By Ahren Lester; ahrenlester@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
