Walker Crips losses widen ahead of takeover

(Sharecast News) - Wealth manager Walker Crips posted a widening of its first-half losses on Wednesday as it highlighted "another difficult period" ahead of its agreed takeover by PhillipCapital. In the six months to 30 September, pre-tax losses widened to £6.3m from £1.5m in the same period a year earlier, with revenues down 7.3% to £14.6m.

Assets under management rose 9.3% to £3.0bn and total assets under management and administration increased 5.3% to £4.9bn.

The company said it was not proposing to pay an interim dividend due to its trading performance during the period.

Interim chairman Mark Nelligan said: "Over the past year, the UK economy has been navigating a challenging backdrop of persistent inflation and slowing growth, with current levels yet to reach the target of 2%. Elevated interest rates, maintained by the Bank of England to address higher-than-expected inflation, have increased borrowing costs and placed additional pressure on consumer spending and business investment.

"Renewed tariff tensions between key trading partners contributed to supply-chain disruptions and heightened uncertainty in international markets. These combined factors weighed on business confidence and contributed to uneven sectoral performance, with companies increasingly focused on cost management, operational resilience, and strategic repositioning in response to the challenging environment.

"The tight financial environment and cautious consumer behaviour continued to affect financial markets and, in turn, our revenues."

Walker Crips announced last month that it had agreed to be bought by PhillipCapital for 14p per share in cash.