Financial services group Walker Crips reported a decline in third quarter net revenue, following depressed market conditions, but said it is optimistic about future growth if the recent upturn in investor sentiment is sustained.

Group net revenue for the quarter to December 31st 2012 fell by 3.8% from the same quarter a year earlier to £3.26m after challenging market conditions.

However, on a like-for-like basis, excluding net revenue of £0.99m attributed in the third quarter last year's disposal of its asset management subsidiary WCAM, net revenue of the remaining core business increased by 35.5%.

LFL net stockbroking commission revenue increased during the quarter by 35.3%, after a significant contribution from investment managers and advisers who have joined the group over the last 12 months.

LFL fee revenue saw robust growth, helped by new investment managers and advisers, its new branch offices, greater activity from its investments team and record corporate pension activity at its wealth management subsidiary in York.

Walker Crips said it remains in a strong financial position following receipt of the sale of its asset management business to Liontrust in April 2012.

"Although prevailing trading conditions remain uncertain, the current quarter has started strongly and, if recent optimistic investor sentiment is sustained, the board believes that there are opportunities for WCG to develop existing and new products and to continue its organic growth over the medium term," the group said in a company statement.




CJ

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