News and Views

RNS Number : 5170T
W.H. Ireland Group PLC
14 December 2012
 



 



 

WH Ireland Group plc

 

(“WH Ireland” or the “Company”)

 

Trading Statement

 

WH Ireland is pleased to provide a trading update in respect of the year ended 30 November 2012.

 

Group revenue has increased to £25 million, which has resulted in a significant improvement in the underlying trading performance.  The Group achieved a good balance between investing in the business and a continued focus on the cost base, and further strengthened the balance sheet with an improved net cash position at the year end compared to the prior year.  A capital reduction process has also just been completed that will enable the Group to return to the dividend list and initiate share buybacks, when deemed appropriate.

 

The Corporate Broking business has had a successful year against the backdrop of tough underlying market conditions. WH Ireland is now one of the Top 3 NOMADs following 25 new quoted corporate clients being won, taking the total to 83. In addition, we are encouraged that our institutional trading commissions are on a rising trend.

 

The Private Wealth Management business considerably strengthened its offering through the acquisition of the client list of Pritchard Stockbrokers and the resulting expansion of its regional office network.  The overwhelming majority of former Pritchard clients have successfully migrated to the Group and, at the year end, assets under management or influence have exceeded £1.6 billion. Following a broad review, a greater focus on fee generating income will be a key aspect of the development of the business in the year ahead.

 

Rupert Lowe, Chairman of WH Ireland commented: “The Group has made good progress in 2012. While underlying markets remain challenging, momentum with corporate client wins, an increasing pipeline of corporate finance work and a reinvigorated strategy within the Private Wealth Management business, enable us to look to 2013 with cautious optimism.”

 

 

For further information please contact:

WH Ireland Group plc

+44 (0) 20 7220 1666

Rupert Lowe, Chairman




Panmure Gordon (UK) Limited

+44 (0)20 7459 3600

Hugh Morgan (Corporate Finance)


Adam Pollock (Corporate Broking)




Abchurch Communications

+44 (0)20 7398 7718

Harriet Rae/Joanne Shears/Julian Bosdet


 

This information is provided by RNS
The company news service from the London Stock Exchange
 

END

 
 

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