TIDMWCW
RNS Number : 2026W
Walker Crips Group plc
16 November 2010
Walker Crips Group PLC
Results for the six months ended 30 September 2010
Walker Crips Group PLC ("Walker Crips", the "Company" or the "Group"), the
financial services firm with activities covering stockbroking, portfolio and
fund management, corporate finance and personal financial services, today
announces results for the six months ended 30 September 2010 ("the period").
Highlights
· Revenue up 17% to GBP9.97m (2009: GBP8.51m)
· Operating profit increased by 12% to GBP0.86m (2009: GBP0.77m)
· Pre-tax profit up 10% to GBP0.90m (2009: GBP0.82m)
· Basic EPS up 9% to 1.74p (2009: 1.6p)
· Interim dividend maintained at 0.94p per share (2009: 0.94p)
· In-house Funds under management increased by 19% over the six month
period to 30 September 2010 to GBP750m (31 March 2010: GBP630m)
· Non-broking income as a proportion of total income increased to 55%
(2009: 51%)
Commenting on the results, David Gelber, Chairman of Walker Crips said: 'The
Group is well placed to capitalise on further market improvements due to its
established position in the sector and expanding range of services. Whilst short
term investor sentiment remains fragile, the Group's healthy balance sheet
should allow us to withstand any further volatility. The second half has started
reasonably well, in line with expectations. If conditions remain similar to
those experienced during the first half of the year the Board expects the
Company to continue its historical trend of achieving strong trading results in
the second half.'
For further information, please contact:
+-------------------------------+-------------------------------+
| Walker Crips Group Plc | Tel: +44 (0) 20 3100 8000 |
| Rodney FitzGerald, Chief | |
| Executive | |
| Stephen Bailey, Investment | |
| Director | |
| | |
+-------------------------------+-------------------------------+
| Altium | Tel: +44 (0) 20 7484 4040 |
| Ben Thorne | |
| Tim Richardson | |
+-------------------------------+-------------------------------+
Further information on Walker Crips Group is available on the Company's website:
www.wcgplc.co.uk
Chairman's statement
I am pleased to report a significant improvement in the Group's first half
performance when compared to the same period last year, as market volatility
reduced and investor confidence continued to improve.
Revenue has risen by 17% to GBP9.97m against GBP8.51m in the comparative period.
After incurring a modest increase in administration expenses and higher
commission payable the additional revenue has enabled the achievement of a 12%
improvement in operating profit to GBP0.86m (2009: GBP0.77m).
Profit before tax increased by 10% to GBP0.90m (2009: GBP0.82m) although low
interest rates continue to depress the Group's investment income.
Non-broking income as a proportion of total income improved to 55% (2009: 51%)
in line with the Board's continued desire to diversify the Group's revenue
streams and reduce its reliance on volatile commission revenues.
Operations
WCAM, our in-house fund management division, continued to make excellent
progress over the period, increasing funds under management by 19% to GBP750m
(31 March 2010: GBP630m; 30 September 2009: GBP519m). New inflows have
contributed significantly to this increase and the reputation of our fund
managers, Stephen Bailey and Jan Luthman, continues to grow.
The investment management / stockbroking division saw a 16% improvement in gross
revenues during the period to GBP7.1m (2009: GBP6.1m), a robust performance when
set against a fairly static equity market. The FTSE 100 index fell by 2.3% over
the six month period.
The increasing use of sophisticated products is contributing materially in
assisting many of our clients to achieve their investment objectives. During the
first half the team at Walker Crips Structured Investments successfully launched
a further range of products and, having captured market share, is building a
solid track record of innovative ideas appealing to clients with suitable medium
to long-term investment strategies. The private clients operation benefited from
efficiencies obtained following the successful integration of York and London
based personnel into one division.
Activity in the microcap corporate sector began to pick up towards the end of
the period allowing corporate finance revenues to be maintained at similar
levels to last year. This, when combined with the cost reduction exercise, has
reduced the division's loss by 33%. Retained clients at the period end stood at
15 (2009:11) and the pipeline remains encouraging.
Despite a small fall in revenue at our York-based financial services division,
there was an encouraging 5% increase in SIPPs under administration, the flagship
product of the re-branded Walker Crips Pensions division.
Expenses / Liquidity
Administrative expenses during the period increased by 13% to GBP6.4m (2009:
GBP5.6m). The Group's salary incentive arrangements align rewards with business
performance and the improvements delivered during the period have therefore led
to higher variable employment costs. As previously highlighted, additional
expenses were also incurred as the Board strengthened further the Group's
control environment.
Cash balances had reduced to GBP3.2m by the period end (31 March 2010: GBP5.7m)
principally as a result of day to day variations in client settlement
requirements and related swings in the components of working capital. Liquid
assets in the form of net current assets at the period end of GBP6.7m remain at
the same level as at the year end (31 March 2010: GBP6.7m). The net asset base,
even after the repurchase of 300,000 ordinary shares into treasury in July 2010,
remains healthy, allowing your Board to conclude, in accordance with guidance
from the Financial Reporting Council, that the use of the going concern basis
for the preparation of the financial statements continues to be appropriate.
Dividend
I am pleased to announce that the interim dividend is to be maintained at 0.94p
per share (2009: 0.94p per share). Our aim is to reward shareholders with a
steady income level whilst retaining sufficient resources within the business to
fund future growth. The dividend will be paid on 10 December 2010 to those
shareholders on the register at the close of business on 26 November 2010.
Directors, Account Executives and Staff
On behalf of the Board, I would like to once again thank my fellow directors,
all account executives and members of staff for their continued professionalism
and dedication throughout the period.
Outlook
The Group is well placed to capitalise on further market improvements due to its
established position in the sector and expanding range of services. Whilst short
term investor sentiment remains fragile, the Group's healthy balance sheet
should allow us to withstand any further volatility. The second half has started
reasonably well, in line with expectations. If conditions remain similar to
those experienced during the first half of the year the Board expects the
Company to continue its historical trend of achieving strong trading results in
the second half.
D. M. Gelber
Chairman
16 November 2010
+--------------------------------+-------+------------+--+------------+--+------------+
| Walker Crips Group plc | | | | | | |
+--------------------------------+-------+------------+--+------------+--+------------+
| Condensed Consolidated Income | | | | | | |
| Statement | | | | | | |
+--------------------------------+-------+------------+--+------------+--+------------+
| For the six months ended 30 | | | | | | |
| September 2010 | | | | | | |
+--------------------------------+-------+------------+--+------------+--+------------+
| | | Unaudited | | Unaudited | | Audited |
+--------------------------------+-------+------------+--+------------+--+------------+
| |Notes | Six months | | Six months | | Year to |
| | | to | | to | | |
+--------------------------------+-------+------------+--+------------+--+------------+
| | | 30 | | 30 | | 31 March |
| | | September | | September | | 2010 |
| | | 2010 | | 2009 | | |
+--------------------------------+-------+------------+--+------------+--+------------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+--------------------------------+-------+------------+--+------------+--+------------+
| | | | | | | |
+--------------------------------+-------+------------+--+------------+--+------------+
| Revenue | 2 | 9,968 | | 8,513 | | 17,648 |
+--------------------------------+-------+------------+--+------------+--+------------+
| Commission payable | | (2,746) | | (2,116) | | (4,320) |
+--------------------------------+-------+------------+--+------------+--+------------+
| Gross profit | | 7,222 | | 6,397 | | 13,328 |
+--------------------------------+-------+------------+--+------------+--+------------+
| | | | | | | |
+--------------------------------+-------+------------+--+------------+--+------------+
| Share of after tax profit / | | 2 | | (1) | | - |
| (loss) of joint venture | | | | | | |
+--------------------------------+-------+------------+--+------------+--+------------+
| | | | | | | |
+--------------------------------+-------+------------+--+------------+--+------------+
| Administrative expenses | | (6,359) | | (5,625) | | (11,862) |
+--------------------------------+-------+------------+--+------------+--+------------+
| | | | | | | |
+--------------------------------+-------+------------+--+------------+--+------------+
| Operating profit | | 865 | | 771 | | 1,466 |
+--------------------------------+-------+------------+--+------------+--+------------+
| | | | | | | |
+--------------------------------+-------+------------+--+------------+--+------------+
| Investment revenues | | 34 | | 48 | | 60 |
+--------------------------------+-------+------------+--+------------+--+------------+
| Finance costs | | (1) | | (2) | | (3) |
+--------------------------------+-------+------------+--+------------+--+------------+
| | | | | | | |
+--------------------------------+-------+------------+--+------------+--+------------+
| Profit before tax | | 898 | | 817 | | 1,523 |
+--------------------------------+-------+------------+--+------------+--+------------+
| | | | | | | |
| Taxation | | (265) | | (241) | | (474) |
+--------------------------------+-------+------------+--+------------+--+------------+
| | | | | | | |
+--------------------------------+-------+------------+--+------------+--+------------+
| Profit for the period | | 633 | | 576 | | 1,049 |
| attributable to equity holders | | | | | | |
| of the company | | | | | | |
+--------------------------------+-------+------------+--+------------+--+------------+
| | | | | | | |
+--------------------------------+-------+------------+--+------------+--+------------+
| Earnings per share | 3 | | | | | |
+--------------------------------+-------+------------+--+------------+--+------------+
| Basic | | 1.74p | | 1.6p | | 2.9p |
+--------------------------------+-------+------------+--+------------+--+------------+
| Diluted | | 1.70p | | 1.5p | | 2.8p |
+--------------------------------+-------+------------+--+------------+--+------------+
+------------------------------------+------------+---+------------+---+------------+
| Walker Crips Group plc |
+-----------------------------------------------------------------------------------+
| Condensed Consolidated Statement of Comprehensive Income |
+-----------------------------------------------------------------------------------+
| For the six months ended 30 | | | | | |
| September 2010 | | | | | |
+------------------------------------+------------+---+------------+---+------------+
| | Unaudited | | Unaudited | | Audited |
+------------------------------------+------------+---+------------+---+------------+
| | Six months | | Six months | | Year to |
| | to | | to | | |
+------------------------------------+------------+---+------------+---+------------+
| | 30 | | 30 | | 31 March |
| | September | | September | | 2010 |
| | 2010 | | 2009 | | |
+------------------------------------+------------+---+------------+---+------------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+------------------------------------+------------+---+------------+---+------------+
| | | | | | |
+------------------------------------+------------+---+------------+---+------------+
| Profit for the period | 633 | | 576 | | 1,049 |
+------------------------------------+------------+---+------------+---+------------+
| | | | | | |
+------------------------------------+------------+---+------------+---+------------+
| Other comprehensive income: | | | | | |
+------------------------------------+------------+---+------------+---+------------+
| Loss on revaluation of | (32) | | (18) | | (98) |
| available-for-sale investments | | | | | |
+------------------------------------+------------+---+------------+---+------------+
| Deferred tax on available-for-sale | 9 | | 6 | | 27 |
| investments | | | | | |
+------------------------------------+------------+---+------------+---+------------+
| Deferred tax on share options | (2) | | 2 | | 3 |
+------------------------------------+------------+---+------------+---+------------+
| | | | | | |
+------------------------------------+------------+---+------------+---+------------+
| Total comprehensive income for the | 608 | | 566 | | 981 |
| period | | | | | |
+------------------------------------+------------+---+------------+---+------------+
| | | | | | |
+------------------------------------+------------+---+------------+---+------------+
+--------------------------+-------+------------+----+------------+----+------------+
| Walker Crips Group plc |
+-----------------------------------------------------------------------------------+
| Condensed Consolidated Statement of Financial Position |
+-----------------------------------------------------------------------------------+
| As at 30 September 2010 |
+-----------------------------------------------------------------------------------+
| |Notes | Unaudited | | Unaudited | | Audited |
+--------------------------+-------+------------+----+------------+----+------------+
| | | 30 | | 30 | | 31 March |
| | | September | | September | | 2010 |
| | | 2010 | | 2009 | | |
+--------------------------+-------+------------+----+------------+----+------------+
| | | GBP'000 | | GBP'000 | | GBP'000 |
+--------------------------+-------+------------+----+------------+----+------------+
| | | | | | | |
+--------------------------+-------+------------+----+------------+----+------------+
| Non current Assets | | | | | | |
+--------------------------+-------+------------+----+------------+----+------------+
| Goodwill | | 5,121 | | 5,121 | | 5,121 |
+--------------------------+-------+------------+----+------------+----+------------+
| Other intangible assets | | 519 | | 633 | | 576 |
+--------------------------+-------+------------+----+------------+----+------------+
| Property, plant and | | 802 | | 1,043 | | 868 |
| equipment | | | | | | |
+--------------------------+-------+------------+----+------------+----+------------+
| Investment in joint | | 25 | | 27 | | 23 |
| ventures | | | | | | |
+--------------------------+-------+------------+----+------------+----+------------+
| Available for sale | | 1,288 | | 1,400 | | 1,320 |
| investments | | | | | | |
+--------------------------+-------+------------+----+------------+----+------------+
| | | 7,755 | | 8,224 | | 7,908 |
+--------------------------+-------+------------+----+------------+----+------------+
| Current Assets | | | | | | |
+--------------------------+-------+------------+----+------------+----+------------+
| Trade and other | | 42,817 | | 34,329 | | 30,245 |
| receivables | | | | | | |
+--------------------------+-------+------------+----+------------+----+------------+
| Trading Investments | | 314 | | 175 | | 451 |
+--------------------------+-------+------------+----+------------+----+------------+
| Cash and cash | | 3,160 | | 3,755 | | 5,655 |
| equivalents | | | | | | |
+--------------------------+-------+------------+----+------------+----+------------+
| | | 46,291 | | 38,259 | | 36,351 |
+--------------------------+-------+------------+----+------------+----+------------+
| | | | | | | |
+--------------------------+-------+------------+----+------------+----+------------+
| Total assets | | 54,046 | | 46,483 | | 44,259 |
+--------------------------+-------+------------+----+------------+----+------------+
| | | | | | | |
+--------------------------+-------+------------+----+------------+----+------------+
| Current liabilities | | | | | | |
+--------------------------+-------+------------+----+------------+----+------------+
| Trade and other payables | | (38,970) | | (31,499) | | (28,963) |
+--------------------------+-------+------------+----+------------+----+------------+
| Current tax liabilities | | (583) | | (284) | | (494) |
+--------------------------+-------+------------+----+------------+----+------------+
| Bank overdrafts | | - | | (26) | | (72) |
+--------------------------+-------+------------+----+------------+----+------------+
| Deferred tax liability | | (15) | | (119) | | (99) |
+--------------------------+-------+------------+----+------------+----+------------+
| | | (39,568) | | (31,928) | | (29,628) |
+--------------------------+-------+------------+----+------------+----+------------+
| | | | | | | |
+--------------------------+-------+------------+----+------------+----+------------+
| Net current assets | | 6,723 | | 6,331 | | 6,723 |
+--------------------------+-------+------------+----+------------+----+------------+
| | | | | | | |
+--------------------------+-------+------------+----+------------+----+------------+
| Net assets | | 14,478 | | 14,555 | | 14,631 |
+--------------------------+-------+------------+----+------------+----+------------+
| | | | | | | |
+--------------------------+-------+------------+----+------------+----+------------+
| Equity | | | | | | |
+--------------------------+-------+------------+----+------------+----+------------+
| Share capital | | 2,470 | | 2,469 | | 2,470 |
+--------------------------+-------+------------+----+------------+----+------------+
| Share premium account | | 1,626 | | 1,623 | | 1,626 |
+--------------------------+-------+------------+----+------------+----+------------+
| Own shares | | (312) | | (173) | | (173) |
+--------------------------+-------+------------+----+------------+----+------------+
| Revaluation reserve | | 873 | | 955 | | 896 |
+--------------------------+-------+------------+----+------------+----+------------+
| Other reserves | | 4,676 | | 4,677 | | 4,678 |
+--------------------------+-------+------------+----+------------+----+------------+
| Retained earnings | | 5,145 | | 5,004 | | 5,134 |
+--------------------------+-------+------------+----+------------+----+------------+
| Equity attributable to | | 14,478 | | 14,555 | | 14,631 |
| equity holders of the | | | | | | |
| company | | | | | | |
+--------------------------+-------+------------+----+------------+----+------------+
| | | | | | | |
+--------------------------+-------+------------+----+------------+----+------------+
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Walker Crips Group plc |
+-----------------------------------------------------------------------------------------------------------------+
| Condensed Consolidated Statement of Cash Flows |
+-----------------------------------------------------------------------------------------------------------------+
| For the six months ended 30 September 2010 |
+-----------------------------------------------------------------------------------------------------------------+
| | Unaudited | | Unaudited | | Audited |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| | Six months | | Six months | | Year to |
| | to | | to | | |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| | 30 | | 30 | | 31 March |
| | September | | September | | 2010 |
| | 2010 | | 2009 | | |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| | GBP'000 | | GBP'000 | | GBP'000 |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Operating activities | | | | | |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Cash (used in) / generated from | (1,471) | | 1,222 | | 3,733 |
| operations | | | | | |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Interest received | 18 | | 16 | | 28 |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Interest paid | (1) | | (2) | | (3) |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Tax paid | (253) | | (257) | | (277) |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Net cash (used in) / generated | (1,707) | | 979 | | 3,481 |
| from operating activities | | | | | |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| | | | | | |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Investing activities | | | | | |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Deferred consideration payment | - | | (150) | | (150) |
| under acquisition agreements | | | | | |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Purchase of property, plant and | (109) | | (45) | | (83) |
| equipment | | | | | |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Sale / (Purchase) of investments | 137 | | 141 | | (135) |
| held for trading | | | | | |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Dividends received | 17 | | 32 | | 37 |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Net cash generated from / (used | 45 | | (22) | | (331) |
| in) investing activities | | | | | |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| | | | | | |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Financing activities | | | | | |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Proceeds on issue of shares | - | | 23 | | 27 |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Purchase of Treasury shares | (139) | | - | | |
| | | | | | - |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Dividends paid | (622) | | (585) | | (928) |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Net cash used in financing | (761) | | (562) | | (901) |
| activities | | | | | |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| | | | | | |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Net (decrease) / increase in cash | (2,423) | | 395 | | 2,249 |
| and cash equivalents | | | | | |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Net cash and cash equivalents at | 5,583 | | 3,334 | | 3,334 |
| the start of the period | | | | | |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| | | | | | |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Net Cash and cash equivalents at | 3,160 | | 3,729 | | 5,583 |
| the end of the period | | | | | |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| | | | | | |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Cash and cash equivalents | 3,160 | | 3,755 | | 5,655 |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| Bank overdrafts | - | | (26) | | (72) |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| | | | | | |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
| | 3,160 | | 3,729 | | 5,583 |
+------------------------------------+------------+--+----------------------------+--+----------------------------+
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Walker Crips Group plc |
| Condensed Consolidated Statement Of Changes In Equity |
| For the six months ended 30 September 2010 |
| |
+--------------------------------------------------------------------------------------------------------------------------------------------------------------+
| | Called | Share | Own | Capital | Other | Revaluation | Retained | Total |
| | up | premium | shares | Redemption | | | earnings | Equity |
| | share | | held | | | | | |
| | capital | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Equity as at 31 March | 2,464 | 1,605 | (173) | 111 | 4,564 | 967 | 5,013 | 14,551 |
| 2009 | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Revaluation of | | | | | | (18) | | (18) |
| investment at fair value | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Deferred tax credit to | | | | | | 6 | | 6 |
| equity | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Movement on deferred tax | | | | | 2 | | | 2 |
| on share options | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Profit for the 6 months | | | | | | | 576 | 576 |
| ended 30 September 2009 | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Total recognised income | | | | | 2 | (12) | 576 | 566 |
| and expense for the | | | | | | | | |
| period | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| March 2009 final | | | | | | | (585) | (585) |
| dividend | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Issue of shares on | 5 | 18 | | | | | | 23 |
| exercise of options | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Equity as at 30 | 2,469 | 1,623 | (173) | 111 | 4,566 | 955 | 5,004 | 14,555 |
| September 2009 | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| | | | | | | | | |
| Revaluation of | | | | | | (80) | | (80) |
| investment at fair value | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Deferred tax credit to | | | | | | 21 | | 21 |
| equity | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Movement on deferred | | | | | 1 | | | 1 |
| tax on share options | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Profit for the 6 months | | | | | | | 473 | 473 |
| ended 31 March 2010 | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Total recognised income | | | | | 1 | (59) | 473 | 415 |
| and expense for the | | | | | | | | |
| period | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| September 2009 interim | | | | | | | (343) | (343) |
| dividend | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Issue of shares on | 1 | 3 | | | | | | 4 |
| exercise of options | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Equity as at 31 March | 2,470 | 1,626 | (173) | 111 | 4,567 | 896 | 5,134 | 14,631 |
| 2010 | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Revaluation of | | | | | | (32) | | (32) |
| investment at fair value | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Deferred tax credit to | | | | | | 9 | | 9 |
| equity | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Movement on deferred tax | | | | | (2) | | | (2) |
| on share options | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Profit for the 6 months | | | | | | | 633 | 633 |
| ended 30 September 2010 | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Total recognised income | | | | | (2) | (23) | 633 | 608 |
| and expense for the | | | | | | | | |
| period | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| March 2010 final | | | | | | | (622) | (622) |
| dividend | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Purchase of Treasury | | | (139) | | | | | (139) |
| shares | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
| Equity as at 30 | 2,470 | 1,626 | (312) | 111 | 4,565 | 873 | 5,145 | 14,478 |
| September 2010 | | | | | | | | |
+--------------------------+---------+---------+---------+------------+---------+-------------+------------------------------------+---------------------------+
Walker Crips Group plc
Notes to the condensed consolidated financial statements
For the six months ended 30 September 2010
1. Basis of preparation and accounting policies
The Group's consolidated financial statements are prepared in accordance with
International Financial Reporting Standards as adopted by the EU (IFRS). These
condensed financial statements are presented in accordance with IAS 34 Interim
Financial Reporting.
The condensed consolidated financial statements have been prepared on the basis
of the accounting policies and methods of computation set out in the Group's
consolidated financial statements for the year ended 31 March 2010 except for
the adoption of IFRS 3 Business Combinations (Revised 2008).
The adoption of IFRS 3 Business combinations (Revised 2008) does not affect the
financial position or profits of the Group as there have been no acquisitions
during the period.
The condensed consolidated financial statements should be read in conjunction
with the Group's audited financial statements for the year ended 31 March
2010.The interim financial information is unaudited and does not constitute
statutory accounts as defined in section 434 of the Companies Act 2006.The
Group's financial statements for the year ended 31 March 2010 have been reported
on by the auditors and delivered to the Registrar of Companies. The report of
the auditors was unqualified and did not draw attention to any matters by way of
emphasis. They also did not contain a statement under section 498 (2) or (3) of
the Companies Act 2006.
Going Concern
The directors are satisfied that the Group has sufficient resources to continue
in operation for the foreseeable future, a period of not less than 12 months
from the date of this report. Accordingly, they continue to adopt the going
concern basis in preparing the financial statements.
Interests in joint ventures
The Group's share of the assets, liabilities, income and expenses of jointly
controlled entities are accounted for in the consolidated financial statements
under the equity method.
Income from the sale or use of the Group's share of the output of jointly
controlled assets, and its share of the joint venture expenses, are recognised
when it is probable that the economic benefits associated with the transactions
will flow to / from the Group and their amount can be measured accurately.
Goodwill
Goodwill arising on consolidation represents the excess of the cost of
acquisition over the Group's interest in the fair value of the identifiable
assets and liabilities of a subsidiary or jointly controlled entity at the date
of acquisition. Goodwill is initially recognised as an asset at cost and
reviewed for impairment at least annually. Any impairment is recognised
immediately in profit or loss and is not subsequently reversed in future
periods.
Intangible assets
At each period end date, the Group reviews the carrying amounts of its
intangible assets to determine whether there is any indication that those assets
have suffered an impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of the
impairment loss (if any). Where the asset does not generate cash flows that are
independent from other assets, the Group estimates the recoverable amount of the
cash-generating unit to which the assets belong.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable
profits, and is accounted for using the balance sheet liability method. Deferred
tax liabilities are generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that is probable that
taxable profits will be available against which deductible temporary differences
can be utilised.
Share based compensation
The Group operates a number of share option schemes for employees and account
executives. The charge to the income statement is determined by the fair value
of the options granted at the date of grant and recognised over the vesting
period.
Principal risks and uncertainties
Under the Financial Services Authority's Disclosure and Transparency Rules, the
Directors are required to identify those material risks to which the company is
exposed and take appropriate steps to mitigate those risks. The principal risks
and uncertainties faced by the Group remain unchanged from the year end and are
discussed in detail in the Annual Report for the year ended 31 March 2010.
Related party transactions
No transactions took place in the period that would materially or significantly
affect the financial position or performance of the Group.
+----------------+----------+--------------+----------+-----------+----------+------------+----------+------------+----------+-------------+----------+-----------+
| 2. Segmental | | Investment | | Corporate | | Wealth | | Fund | | | | Total |
| analysis | | Management/ | | Finance | | Management | | Management | | | | |
| | | Stockbroking | | | | | | | | | | |
| | | | | | | | | | | | | |
+----------------+----------+--------------+----------+-----------+----------+------------+----------+------------+----------+-------------+----------+-----------+
| Revenue | | | | | | | | | | | | |
| (GBP'000) | | | | | | | | | | | | |
+----------------+----------+--------------+----------+-----------+----------+------------+----------+------------+----------+-------------+----------+-----------+
| 6m to 30 | | 7,117 | | 186 | | 760 | | 1,905 | | | | 9,968 |
| September 2010 | | | | | | | | | | | | |
+----------------+----------+--------------+----------+-----------+----------+------------+----------+------------+----------+-------------+----------+-----------+
| 6m to 30 | | 6,103 | | 188 | | 808 | | 1,414 | | | | 8,513 |
| September 2009 | | | | | | | | | | | | |
+----------------+----------+--------------+----------+-----------+----------+------------+----------+------------+----------+-------------+----------+-----------+
| Year to 31 | | 12,755 | | 358 | | 1,495 | | 3,040 | | | | 17,648 |
| March 2010 | | | | | | | | | | | | |
+----------------+----------+--------------+----------+-----------+----------+------------+----------+------------+----------+-------------+----------+-----------+
| Result | | | | | | | | | | Unallocated | | Operating |
| (GBP'000) | | | | | | | | | | | | Profit |
| | | | | | | | | | | Costs | | |
+----------------+----------+--------------+----------+-----------+----------+------------+----------+------------+----------+-------------+----------+-----------+
| 6m to 30 | | 223 | | (20) | | 63 | | 962 | | (363) | | 865 |
| September 2010 | | | | | | | | | | | | |
+----------------+----------+--------------+----------+-----------+----------+------------+----------+------------+----------+-------------+----------+-----------+
| 6m to 30 | | 195 | | (30) | | 175 | | 685 | | (254) | | 771 |
| September 2009 | | | | | | | | | | | | |
+----------------+----------+--------------+----------+-----------+----------+------------+----------+------------+----------+-------------+----------+-----------+
| Year to 31 | | 644 | | (44) | | 301 | | 1,423 | | (858) | | 1,466 |
| March 2010 | | | | | | | | | | | | |
+----------------+----------+--------------+----------+-----------+----------+------------+----------+------------+----------+-------------+----------+-----------+
3. Earnings per share
The calculation of basic earnings per share for continuing operations is based
on the post-tax profit for the period of GBP633,000 (2009 - GBP576,000) and on
36,301,187 (2009 - 36,554,482) ordinary shares of 6 2/3p, being the weighted
average number of ordinary shares in issue during the period.
The effect of options would be to reduce the reported earnings per share. The
calculation of diluted earnings per share is based on 37,151,959 (2009 -
37,429,745) ordinary shares, being the weighted average number of ordinary
shares in issue during the period adjusted for dilutive potential ordinary
shares.
4. Dividends
The interim dividend of 0.94p per share (2009 : 0.94p) is payable on the 10
December 2010 to shareholders on the register at the close of business on the 26
November 2010. The interim dividend has not been included as a liability in this
interim report.
Directors' Responsibility Statement
The Directors confirm that to the best of their knowledge:
(a) The condensed set of financial statements contained within the half yearly
financial report has been prepared in accordance with IAS 34 ' Interim
Financial Reporting' as adopted by the EU;
(b) The half yearly report from the Chairman (constituting the interim
management report) includes a fair review of the information required by DTR
4.2.7R; and
(c) The half yearly report from the Chairman includes a fair review of the
information required by DTR 4.2.8R as far as applicable.
On Behalf of the Board
Rodney FitzGerald
Chief Executive Officer
16 November 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR FFIFIIFSSEFF
Walker Crips (LSE:WCW)
Historical Stock Chart
From Jun 2024 to Jul 2024
Walker Crips (LSE:WCW)
Historical Stock Chart
From Jul 2023 to Jul 2024
