Interim Management Statement
Walker Crips Group Plc ("WCG" or the "Group"), the integrated
financial services group, is today issuing an Interim
Management Statement covering the period from 1 October 2011
to 31 December 2011 (the "Quarter"). The Quarter is the third
in WCG's current financial year.
Trading levels during the Quarter remained weak, continuing
the trend reported in the Group's Interim Report, as equity
market volumes remained relatively low. Group net revenue for
the Quarter decreased by 9.8% to £3.39m (Q3 2010:
£3.76m).
WCAM, our asset management subsidiary, increased its core
primary unit trust and UK
based funds under management ("FUM") by 8.1% over the Quarter
to £612m at 31
December 2011, with fee revenues correspondingly higher.
However, during the Quarter the last of WCAM's non-core
offshore funds (£131m FUM), which are not managed by our
highly-rated managers Stephen Bailey and Jan Luthman, took
the strategic decision to move their administration in-house
and, correspondingly, overall FUM at 31 December 2011
decreased to £612m (30 September 2011: £698m; 31 December
2010: £753m). These non-core funds contributed less than
£66,000 of net fees per quarter.
Non broking income as a proportion of total income over the
Quarter was unchanged at
61% (quarter to 30 September 2011: 61%; quarter to 31
December 2010: 53%) as the Group continued to focus on
reducing its reliance on volatile commission revenues, which
fell by
28.7% to £1.74m (2010: £2.24m) due to more subdued equity
markets.
There have been no significant changes to the balance sheet
since the half year end on 30
September 2011 and WCG remains in a healthy financial
position.
Despite the increase in core FUM and related fee income, the
reduction in overall FUM and the continuing difficult trading
conditions being experienced generally in the financial
sector are likely to result in Group profitability for the
year to 31 March 2012 being lower than expectations. However,
the WCG Board believes that the Group's diverse product range
continues to underpin its profitable resilience to the
current challenging environment.
For further information, please contact:
Rodney FitzGerald, Chief Executive
Geri Jacks, Press Contact
Ben Thorne
Tim Richardson
3 February 2012
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Interim Management Statement |