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(Alliance News) - Wealth manager Walker Crips Group PLC on Thursday reported a "significant" rise in fee income, which helped offset a fall in broking commissions.
For the 12 months to March, Walker Crips posted revenue of GBP30.5 million, flat on the year before, with the pretax profit falling 47% to GBP489,000.
At the year's end, assets under management & administration were GBP5.0 billion, also flat year-on-year, as were discretionary & advisory assets under management, which came in at GBP3.3 billion.
Walker Crips is paying a final dividend of 0.33 pence a share, meaning the year's total is 0.91p, around half the 1.87p returned the prior year.
"The Brexit-driven economic uncertainty and the corresponding caution adopted by investors explained in my interim report continued to depress the volume-driven broking component of our revenue during the remainder of the year," said Chair David Gelber.
Management fee revenue climbed 12% on the year prior to GBP19.2 million, Walker Crips said, but this was largely offset by a 21% fall in stockbroking commissions to GBP8.7 million.
"We are closely monitoring the government's progress around Brexit and the impact of the present uncertainty. Given the group's predominantly UK centric customer base and operations, the impact of Brexit manifests in second-order effects including lower trading volumes as the uncertainty influences investor sentiment," said Gelber, looking ahead.
Shares were untraded on Thursday, last quoted at 27.40p each.