Brexit fears send profits plummeting at Walkers Crips as growth spending drives revenue down

 
Courtney Goldsmith
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Profits plummet at the wealth investment company. (Source: Getty)

Wealth investment company Walkers Crips reported a massive drop in profit in the first half of its financial year as the Brexit vote continues to keep companies guessing about the future.

Pretax profit fell by 91 per cent to £53,000 from £589,000 in the six months to the end of September.

Revenue dropped to £13.2m from £13.3m, with growth-related costs, investments into the business and employment costs eating up the money.

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Following the announcement late on Friday, Walkers shares were trading down 15 per cent at 38.76p before rising to 39p this morning.

Market uncertainty has caused chairman David Gelber to "remain cautious" about the company's short term outlook, after he admitted that trading activity in the first weeks of the new financial year had been quiet.

Read more: UK borrowing could be revised up by £7.5bn this year in Autumn Statement

At the same time, the company announced its financial services director had resigned.

Director David Hetherton announced his retirement from the financial services industry. Co-head of private clients Nigel Skelton, who has been with the company for more than 23 years, will take on the position for the interim period.

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