Walker Crips Group (WCW) H1 2026 earnings summary

Executive summary

• Total revenues for the six months ended 30 September 2025 decreased by 7.3% to £14.6 million year-over-year.

• Operating loss widened to £6.9 million, with an adjusted operating loss of £2.5 million excluding a £4.4 million goodwill impairment.

• Loss before tax was £6.3 million, or £2.6 million on an adjusted basis, compared to £1.5 million last year.

• A recommended cash acquisition by PhillipCapital UK Ltd was announced, valuing the group at £5.6 million (14p per share, 87% premium to last close).

Financial highlights

• Gross profit declined 7.4% to £12.1 million year-over-year.

• Cash and cash equivalents stood at £9.0 million, down from £12.8 million, including £2.5 million drawn from a loan facility.

• Basic and diluted loss per share was (14.85)p, compared to (2.56)p in the prior year.

• Net assets at 30 September 2025 were £12.4 million, down from £18.7 million at 31 March 2025.

Outlook and guidance

• Strategic focus remains on cost management, operational resilience, and launching new structured product initiatives.

• Cost-cutting measures are expected to deliver results in 2026.

• Investments in operational infrastructure, such as the migration to BNY Pershing, are expected to enhance scalability and control.