Walker Crips Group, a UK-based wealth management firm, has said that its discretionary and advisory assets under management (AuM) for the six months ended 30 September 2014 rose 26.1% to £1.45bn, from £1.15bn a year ago.
Revenue for the period was up 12.4% to £10.9m, compared to £9.7m a year earlier.
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The group said its total assets under management and administration for the six months ended 30 September 2014 were up 24.9% year on year to £2.66bn compared £2.13bn previous year.
Over the reporting period, revenues and profits at the group’s wealth management unit increased materially by 27% and 115% respectively following the acquisition of Inverness branch.
The group’s proportion of fees and non broking income increased 23.5% to £6.3m compared to 52% for the same period a year ago representing 57% of total income.
The wealth manager said that the group’s operating profit fell to £0.13m from £0.26m reported a year ago. Administrative expenses rose by 13% to £7.3m from £6.4m during the same period last year due to hiring more investment managers.
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By GlobalDataDavid Gelber, Chairman of Walker Crips, says: "As we approach the end of our centenary year in 2014, the implementation of our strategic plan continues to strengthen the business and evidences our ability and commitment to expand.
"We remain committed to increasing shareholder value and to growing the dividend for shareholders not only by focusing on organic growth but also through expansion in London, York and targeted regions through new hires. We also continue to evaluate target companies and businesses for suitably measured and value-added acquisitions," he added.
