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Highlights
- Walker Crips reported a 7.3% decline in interim revenue to AUD 14.6 million for the six months ended September 2025.
- The Group posted an operating loss of AUD 6.9 million, including an exceptional goodwill impairment of AUD 4.39 million.
- Assets under management rose 9.3% to AUD 3.0 billion during the period.
Walker Crips Group PLC (LSE:WCW) released its interim results for the six months ended 30 September 2025 on 31 December 2025, reporting lower revenues and higher losses amid internal restructuring and a challenging economic backdrop. The period also included strategic developments, including a recommended cash acquisition by PhillipCapital UK Ltd.
Revenue and Profitability Overview
For the six-month period, Walker Crips reported total revenues of AUD 14.6 million, representing a decline of 7.3% compared with AUD 15.8 million in the corresponding period last year. Gross profit decreased by 7.4% to AUD 12.1 million, reflecting revenues net of commissions and fees paid to self-employed investment managers.
The Group recorded an operating loss of AUD 6.9 million for the period, compared with an operating loss of AUD 1.68 million in the prior year. After adjusting for exceptional items, including a goodwill impairment of AUD 4.39 million, the adjusted operating loss stood at AUD 2.51 million. Loss before tax was reported at AUD 6.32 million, while the adjusted loss before tax amounted to AUD 2.58 million.
Cash Position and Asset Metrics
As at 30 September 2025, Walker Crips held cash and cash equivalents of AUD 9.0 million, down from AUD 12.8 million a year earlier. This balance included AUD 2.5 million drawn from the loan facility provided by Phillip Brokerage in July 2025.
Despite the decline in revenues, assets under management increased by 9.3% to AUD 3.0 billion compared with AUD 2.7 billion as at 31 March 2025. Total assets under management and administration rose 5.3% to AUD 4.9 billion from AUD 4.6 billion over the same period.
Cost Structure and Operational Factors
Operating costs declined by 0.7% year-on-year, reflecting the absence of certain one-off expenses incurred in the prior period relating to CASS and regulatory enhancements and the transition of trading, settlement and custody operations to BNY Pershing. The migration of a significant portion of Walker Crips Investment Management’s back-office operations was completed by the end of June 2025.
The Group noted that the transition required substantial management and staff focus, which limited execution on growth initiatives during the period. Revenues were also affected by a reduction in managed interest retention and lower structured products fees amid market uncertainty.
Recommended Acquisition and Outlook
On 24 November 2025, Walker Crips announced a recommended cash offer from PhillipCapital UK Ltd, valuing the Group at AUD 5.6 million, or 14 pence per share. The offer represented an approximate 87% premium to the previous closing share price of 7.5 pence.
Looking ahead, the Group stated that its strategic priorities include cost management, tariff reviews, new structured product initiatives, and continued operational improvements following the completion of the BNY Pershing migration.
