Last checked at 18 Jul 2008 07:00
Walker Crips Group plc
Interim Management Statement
Walker Crips Group plc ("WCG"), the integrated financial services group, is today issuing the following Interim Management Statement, as required by the EU Transparency Directive and FSA requirements, to coincide with its Annual General Meeting which is taking place today at 12 noon, 18 July 2008, at Brewers' Hall, Aldermanbury Square, London EC2V 7HR. The statement relates to the trading period from 1 April 2008 to date (the "Relevant Period").
The uncertainty in financial markets has continued into the new fiscal year. However, trading over the Relevant Period has remained profitable and in accordance with the WCG Board's expectations.
Overall, WCG's net revenue in the first quarter of 2008 decreased slightly by 2.1% to £3.5m compared with the same period last year, with all divisions performing creditably in difficult markets.
Funds under management have increased by 5.1% since the year end to stand at £426m at 30 June 2008 (30 June 2007: £361m). Our fund management subsidiary (WCAM) continues to reward investors with market outperformance, its funds being highly ranked within their peer group.
Another key performance indicator, non-broking revenue expressed as a percentage of total income, remained steady at 50.0% over the Relevant Period (2007: 50.3%).
There have been no significant changes to the balance sheet since the year end and WCG remains in a strong financial position.
We continue to be mindful of the uncertain investment conditions, in light of which, cost reductions are being implemented and all expenditure is being actively monitored. However, the performance and prospects of our businesses allow us to remain cautiously optimistic about the immediate trading outlook.
Enquiries:
Philip Gilfillan (Financial Controller) Tel: 0203 100 8211
18 July 2008