Last checked at 10 Feb 2010 07:00
Walker Crips Group Plc
Interim Management Statement
Walker Crips Group Plc ("WCG" or the "Company"), the integrated financial services group, is today issuing an Interim Management Statement. The statement relates to the trading quarter ended 31 December 2009 (the "Quarter") unless otherwise stated.
The Quarter was the third of WCG's current financial year. Trading conditions during the Quarter were stable at the improved levels reported in the half year results, helping unaudited net revenue for the Quarter to improve 24.4% to £3.41m (2008: £2.74m), in line with the Board's expectations.
Our asset management subsidiary (WCAM) continued to perform well. Funds under Management at 31 December 2009 were £597m, an increase of 15% over the quarter (30 September 2009: £519m) and an increase of 55% since the previous year end (31 March 2009: £383m).
We continued to carefully control administrative expenses over the Quarter which, combined with an increase in net revenues, had a positive effect on operating profitability. In the nine months to 31 December 2009 costs were reduced by 4% year on year. Investment returns on the Company's cash balances over the Quarter continued to reflect the very low current rates of interest.
There have been no significant changes to the balance sheet since the half year end and WCG remains in a strong financial position. Net cash balances at 31 December 2009 were £3.6m (30 September 2009: £3.7m).
Since the end of the Quarter trading conditions have remained encouraging and the Board is confident that WCG is well positioned to report full year results which will be much improved over those achieved last year and in line with current market expectations.
For further information, please contact:
| Walker Crips Group Plc | Tel: +44 (0)20 3100 8000 |
| Rodney FitzGerald, Chief Executive |
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| Stephen Bailey, Investment Director |
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| Altium | Tel: +44 (0) 20 7484 4040 |
| Ben Thorne |
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| Tim Richardson |
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10 February 2010