Walker Crips sees profits jump after asset manager sale

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Walker Crips benefitted from record pre-tax profits in the last financial year, driven by the sale of its fund management business.

In its preliminary results for the year ended 31 March 2013, the investment and wealth management group reports pre-tax profits of £9.1m – up from the £600,000 reported one year earlier.

The group attributes the rise to the one-off gain made from the £11.7m sale of Walker Crips Asset Managers in April last year. As a result, earnings per share jumped from 0.77p to 25.21p over the 12-month period.

Walker Crips chairman David Gelber says: “As a result of the strategic initiatives and changes implemented during the year, we have seen a consistent run rate of profitability in the months immediately before and since the year end.

“This gives us measured optimism for the current year.”

Total assets under management and administration rose 43 per cent to £2bn, while discretionary and advisory assets under management increased by 64 per cent.