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Walker Crips at nine-year low after profit alert
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03 February 2012
Stockbroker and fund manager Walker Crips issued a profits warning today as it said share trading levels had been particularly weak in the final quarter of 2011.
Its shares fell 15% or 6.5p to 37.5p, their lowest level for nine years.
Like many of its rivals, Walker Crips has seen a sharp fall in the volume of share deals as investors rein in their horns during the Eurozone crisis. It said total revenues for the final quarter fell by 9.8% to £3.39 million which was slightly lower than the third quarter's £3.76 million. Broking commissions plunged 28.7% to £1.74 million.
The firm also said it had seen an outflow of £131 million of funds under management as the last of its non-core offshore funds moved its management in-house. This accounted for £66,000 of fees a quarter.
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