News and Views

RNS Number : 4950J
W.H. Ireland Group PLC
18 December 2015
 

                                                                    WH Ireland Group PLC

                                                         (“WH Ireland” or the “Company”)

                                                                          Trading Update

WH Ireland Group PLC today issues the following trading update for its financial year ended 30 November 2015.

Total revenue for the year will see a marginal increase on that reported a year earlier which is a reasonable performance, given the more challenging trading environment since the half-year end, with the reduction in transaction fees and market making revenue in our Corporate Broking division being more than offset by the continued growth in recurring fee income from both Corporate Broking and Wealth Management.

Management fee income in our Private Wealth Management division has increased by approximately 35% from the previous year, whilst retainer income in the Corporate Broking division has risen by approximately 6%. Recurring revenue across the Company has continued to grow and now represents nearly 37% of total revenue.

Assets Under Management and Administration on an adjusted basis (allowing for the announced office closures and business line exits) rose by 2% over the year to £2.5 billion. Of this total, discretionary assets rose by 6% to approximately £770m. Our Corporate client list grew during the financial year from 93 clients to 98 as of the year end.

Despite the significant repositioning of the business during the past year, we expect to report an increase in operating profit for the year when compared with that reported in 2014. 

We continue to discuss, and are seeking to achieve, a negotiated settlement with the FCA in regard to the previously communicated contingent liability referencing the period January – June 2013 . In the opinion of the Directors it is likely that there will be a substantial fine imposed by the FCA .

It is anticipated that the full year figures to 30 November 2015 will be released on Monday 29 February 2016.

 

Enquiries:

 

WH Ireland Group plc                                                                                    www.wh-ireland.co.uk

Richard Killingbeck, Chief Executive Officer                                      +44(0) 20 7220 1666

 

SPARK Advisory Partners Limited


Mark Brady/Miriam Greenwood

                          +44(0) 20 3368 3551/3550





Novella Communications


Tim Robertson

                    +44 (0) 20 3151 7008



 

 

 

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

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