Interim Management Statement

 

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: [phone]        | 
+--------------------------------------+---------------------------------+ 
| Rodney FitzGerald, Chief Executive   |                                 | 
+--------------------------------------+---------------------------------+ 
| Stephen Bailey, Investment Director  |                                 | 
+--------------------------------------+---------------------------------+ 
|                                      |                                 | 
+--------------------------------------+---------------------------------+ 
| Altium                               | Tel: [phone]       | 
+--------------------------------------+---------------------------------+ 
| Ben Thorne                           |                                 | 
+--------------------------------------+---------------------------------+ 
| Tim Richardson                       |                                 | 
+--------------------------------------+---------------------------------+ 
 
 
13 February 2009 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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