WHIreland full year results for 2020

We today announced our final results for the twelve months ended 31 March 2020 and an expected group profit for Q1 of our 20/21 financial year.

Significant cost reductions and positive momentum in both divisions have positioned the group for sustainable profitability and growth. Our Corporate & Institutional Broking division have maintained their position as top three NOMAD and top five corporate broker on AIM, as well as winning 12 new clients in the year. Our Wealth Management division have now completed the decommissioning of legacy platforms, and have achieved a 33% reduction in direct cost base.

Stephen Ford, Head of Wealth Management, commented “Today marks a huge milestone in the turnaround of the business. Over the last quarter, despite lower markets and COVID-19, we have achieved a £200,000 profit.  I am very proud of all of the WHIreland team who have all had to manage a year of huge change.”

Phillip Wale, Chief Executive Officer, commented: “Despite challenging market conditions, we have seen a significant improvement in operational performance which has led to the first quarterly profit for the Group in the new financial year. Our continued strong focus on cost management has led to a further reduction in the run rate of administration expenses to a level where we can deliver profitability consistently. The turnaround plan for WHIreland is on track and I look forward with cautious optimism to executing the next stages of that plan in the coming year.”

A short video is available below.