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LONDON (Alliance News) - Walker Crips Group PLC on Wednesday said that its annual results will be "much lower" than the previous year, due to challenging market conditions.
The wealth management firm said it is continuing to implement a renewed strategy to introduce new revenue streams and cost savings.
The company started pursuing this strategy after posting disappointing interim results for the six months to September 30.
However, it said that the ongoing political and economic uncertainty surrounding Brexit and nervousness in the market, affected both the level of volume-driven broking commission earned and the intended launch date of planned new initiatives, leading to a steep fall in its annual results.
A year ago, Walker Crips posted revenue of GBP30.5 million and pretax profit of GBP924,000.
The firm will report its annual results in July 2019.
Walker Crips shares were flat at 33.50 pence each late Tuesday afternoon.