LONDON – Walker Crips Group plc, a financial services firm, reported a mixed set of financial results for the six months ending September 30, 2024. The company saw a slight increase in total revenues, which rose by 2.3% to £15.8 million, compared to £15.5 million during the same period last year. Gross profits also saw an uptick, growing by 4.1% to £13.1 million from £12.6 million in 2023.
Despite these increases, the company experienced a downturn in profitability, posting an operating loss of £1.68 million, a stark contrast to the operating profit of £173,000 reported in the previous year. Similarly, the loss before tax stood at £1.45 million, compared to a profit before tax of £268,000 in 2023.
Adjusted EBITDA, a measure of earnings that excludes certain items to provide a clearer view of operating performance, was negative at £832,000, down from a positive £1.06 million last year. This decline reflects the financial challenges the group has faced over the period.
The group also reported an increase in the underlying cash used in operations, which amounted to £1.08 million, a reversal from the £1.61 million of cash generated from operations in 2023. Walker Crips’ net cash position decreased to £12.8 million from £14.1 million the previous year.
Assets Under Management (AUM) remained unchanged at £2.7 billion, while Total (EPA:) Assets Under Management and Administration (AUMA) decreased by 4.1% to £4.7 billion from £4.9 billion as of March 31, 2024.
In light of these results, the Directors have decided not to issue an interim dividend, citing the group’s trading performance during the period. This is a change from the previous year when the company paid out 0.25 pence per share.
The information provided is based on a press release statement from Walker Crips Group plc. The company’s financial performance indicators, such as revenue, gross profit, and cash flow, reflect a company navigating through challenging economic conditions while maintaining its assets under management. The decision to withhold dividend payments underscores a cautious approach in capital management amidst the reported losses.
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