AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights:
- Walker Crips' total revenues rose by 2.3% to £15.8 million in H1 FY24.
- Operating loss of £1.7 million and a loss before tax of £1.5 million reported.
- Net cash position remains solid at £12.8 million despite operational challenges.
Walker Crips Group plc, a leading UK-based wealth management and investment advisory firm, has reported its results for the six months ended 30 September 2024, reflecting both growth in revenue and operational challenges. The Group’s total revenues increased by 2.3% to £15.8 million, up from £15.5 million in the same period last year. This revenue growth was driven by higher gross profits, which increased by 4.1% to £13.1 million, compared to £12.6 million in 2023.
However, despite these gains, the company faced a significant decline in profitability. Walker Crips reported an operating loss of £1.7 million, a sharp contrast to the operating profit of £173,000 recorded in the previous year. The Group also reported a loss before tax of £1.5 million, compared to a profit before tax of £268,000 in 2023. This downturn was largely attributed to increased operational expenses and market conditions that affected business performance.
The company’s adjusted EBITDA decreased to a negative £832,000, down from a positive £1.1 million in the same period last year. Additionally, the Group experienced a shift in cash flow, with underlying cash used in operations amounting to £1.1 million, a significant change from the £1.6 million cash generated from operations in 2023.
Despite these operational challenges, Walker Crips maintains a strong cash position with net cash at £12.8 million, though slightly down from £14.1 million in 2023. Assets Under Management (AUM) remained flat at £2.7 billion, while Total Assets Under Management and Administration (AUMA) saw a decrease of 4.1%, standing at £4.7 billion as of 30 September 2024.
In light of the Group’s trading performance during the period, the Directors have decided not to propose an interim dividend, in contrast to the 0.25 pence per share dividend paid in 2023.
