Interim Management Statement
February 13 2009 - 1:00AM
UK Regulatory
TIDMWCW
RNS Number : 2621N
Walker Crips Group plc
13 February 2009
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
covers the period from 1 October 2008 to 12 February 2009, the latest
practicable date prior to its publication. Financial data is for the trading
quarter ended 31 December 2008 (the "Quarter") unless otherwise stated.
The Quarter is the third of WCG's current financial year. As predicted in the
Company's Interim Results, released in November 2008, trading during the Quarter
was impacted by the turbulence within financial markets but was in line with the
Board's expectations.
Unaudited net revenue for the Quarter was GBP2.74m and for the nine months ended
31 December 2008 was GBP9.8m (2007: GBP10.8m), a relatively modest decline of
9.3 per cent.
Further cost reduction measures were initiated during the Quarter with the aim
of ensuring that WCG maintains an appropriate cost base without reducing the
efficiency of its service levels. The full impact of all of these initiatives,
expected to be in excess of GBP1.0 million on an annualised basis, will not be
felt until the next financial year.
Our asset management subsidiary (WCAM) continued to perform well over the
Quarter. Funds under Management (FUM) fell by less than 3 per cent to GBP391m at
31 December 2008 (30 September 2008: GBP403m), comparing favourably with the
decrease in the FTSE 100 index over the same period of 9.6 per cent.
Walker Crips Structured Investments, our recently-formed and fast-growing
business unit focused on tailored investments for discretionary customers and
external intermediaries, has just completed its third successful product launch.
Since the end of the Quarter WCG's markets have continued to be volatile and
remain difficult to predict. However, the Board is confident that WCG will be
well positioned when market conditions improve. The Group's balance sheet is
underpinned by strong cash resources, providing the financial flexibility to
fund suitable bolt-on acquisitions as they become available.
For further information, please contact:
+--------------------------------------+---------------------------------+
| Walker Crips Group Plc | Tel: +44 (0)20 3100 8000 |
+--------------------------------------+---------------------------------+
| Rodney FitzGerald, Chief Executive | |
+--------------------------------------+---------------------------------+
| Stephen Bailey, Investment Director | |
+--------------------------------------+---------------------------------+
| | |
+--------------------------------------+---------------------------------+
| Altium | Tel: +44 (0) 20 7484 4040 |
+--------------------------------------+---------------------------------+
| Ben Thorne | |
+--------------------------------------+---------------------------------+
| Tim Richardson | |
+--------------------------------------+---------------------------------+
13 February 2009
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSBIGDDBSBGGCD
Walker Crips (LSE:WCW)
Historical Stock Chart
From Sep 2024 to Oct 2024
Walker Crips (LSE:WCW)
Historical Stock Chart
From Oct 2023 to Oct 2024