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LONDON (Alliance News) - Financial services company Walker Crips Group PLC on Tuesday posted a significantly increased annual profit due to a buoyant market in its first half.
In its financial year ended March 31, the company recorded a GBP924,000 profit, up 20% from GBP764,000 the year before. This increased profit was largely accumulated in the first half of Walker's year.
"In the first six months, we witnessed results buoyed by improved market conditions. However, reduced trade volumes in the second half led to lower than expected revenue from commission income," said Walker Chairman David Gelber.
Gelber added that a widening of the interest margins on its managed funds worked to mitigate much of this reduced revenue.
Overall, Walker's revenue was GBP30.5 million, up 4.5% from GBP29.2 million the year before.
The company will maintain its final dividend payment at 1.29 pence per share, keeping the total dividend flat year-to-year at 1.87p per share.
Over the last two years, Walker has overhauled its regulatory and compliance systems to comply with new accounting standards.
"While dealing with the new regulations, we invested heavily...ensuring the business was compliant with these new regulatory requirements. Now that these have been embedded into the business, we are focusing on managing our administrative cost base, continuing to build funds under management and maintaining revenue growth to improve our profit margin," said Walker Chief Executive Officer Sean Lam.
Shares in Walker Crips closed down 5.0% at 36.12p on Tuesday.
