Walker Crips Q2 revenue slips on asset manager sale
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Financial services group Walker Crips saw its group revenue fall by 31% during the second quarter after completing the sale of its asset management arm to Liontrust.
The group net revenue fell by almost a third as the asset management arm contributed £200,000 in the 12 days it remained part of the group during the quarter to June 30, compared with £1.25m during the full quarter period in 2011.
Group net revenue decreased by 5 per cent to £2.4m during the quarter, compared with £2.5m during second quarter of 2011, as stockbroking commission remained under pressure. However, the group reported strong growth in revenues from its structured investments team helping to offset some weakness.
Walker Crips realised a £10.4m profit on disposal of Walker Crips Asset Managers, putting the group in a strong financial position, according to its latest interim management statement.
The group also revealed that its stockbroking arm has hired six invesmtent managers from a competitor, which would also see their clients move across to Walker Crips.
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