Walker Crips sees profits fall by 8pc

WALKER Crips has announced that its pre-tax profits fell by 8.1 per cent in the six months to the end of September.

Pre-tax profit at the broker fell to £830,000, while revenue rose seven per cent to £10.65m and gross profit increased by 2.5 per cent to £7.4m.

The company was exposed to bankrupt brokerage MF Global UK, which entered the UK’s new Special Administration Regime in October, according to a statement.

However, the board expects the “situation will be resolved without a material impact on the financial or trading position of the company.”

David Gelber, chairman of Walker Crips, said he was confident in the long-term improvement for the group.