Walker Crips Regulatory News (WCW)

17 Jul 2009 07:00



Walker Crips Group plc

Interim Management Statement

Walker Crips Group plc ("WCG" or the "Group"), the integrated financial services group, is issuing an Interim Management Statement to coincide with its Annual General Meeting which is taking place today, 17 July 2009, at 12.00 pm at Armourers' Hall, 81 Coleman Street, London EC2R 5BJ. The statement relates to the trading quarter ended 30 June 2009 (the "Quarter") unless otherwise stated.

The subdued level of market activity continued into the new fiscal year. However, as highlighted in the Group's preliminary results announced on 4 June 2009, WCG saw signs of an improvement in trading conditions during the Quarter. Performance over the Quarter was comfortably in line with the Board's expectations.

WCG's revenue over the Quarter of £3.96m increased by 3% compared with the £3.85m achieved in the previous quarter to 31 March 2009 but was down 9% when compared with the same quarter last year. This quarter on quarter increase in revenue is reflective of the improved trading conditions witnessed during the last few months.

Non-broking revenue expressed as a percentage of total income, WCG's main key performance indicator, improved to 51.9% during the Quarter (quarter to 30 June 2008: 50.0%).

The Group's fund management subsidiary (WCAM) continued to grow its funds under management (FUM) and remains highly ranked compared to its competitors. FUM increased by 13% over the Quarter to stand at £433m at 30 June 2009 (31 March 2009: £383m). 

Overheads continue to be closely monitored and savings are being made where possible. There have been no significant changes to the balance sheet since the year end and WCG remains in a strong financial position.

The Board is encouraged by WCG's performance during the financial year to date and remains confident that WCG is well positioned to capitalise on any sustained market recovery. 

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17 July 2009