LONDON – Financial services company Walker Cripps Group plc has reported mixed financial results for the six months to 30 September 2024. The company’s total revenue increased slightly, rising 2.3% year-on-year to £15.8m. This increased to £15.5m in the same period last year. Gross profit also increased, increasing by 4.1% to £13.1m from £12.6m in 2023.
Despite these increases, the company suffered a decline in profitability, posting an operating loss of £1.68m, compared to an operating profit of £173,000 the previous year. Similarly, in 2023, pre-tax profit was £268,000, while pre-tax loss was £1.45m.
Adjusted EBITDA, a measure of profit that excludes certain items to give a clearer picture of performance, was negative by £832,000, down from positive £1.06m in the previous year. This decline reflects the financial challenges faced by the group during this period.
The group also reported an increase in underlying cash used in operations to £1.08m, a reversal from cash provided by operations of £1.61m in 2023. Walker Cripps’ net cash position decreased from £1,411 to £12.8m. The previous year was 1 million.
Assets under management (AUM) remained unchanged at £2.7bn. total (EPA:) Assets under management and management (AUMA) decreased by 4.1% to £4.7bn from £4.9bn at 31 March 2024.
Based on this result, the Board of Directors has decided not to pay an interim dividend due to the Group’s transaction performance during the current fiscal year. This is a change from a year ago, when the company paid 0.25p per share.
The information provided is based on the Walker Crips Group plc press release statement. The company’s financial performance metrics, including revenue, gross margin, and cash flow, reflect a company weathering challenging economic conditions while maintaining assets under management. The decision to withhold dividend payments highlighted its prudent approach in capital management amid reported losses.
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