WH Ireland is pleased to provide a trading update in advance of its final results for the year ended 31 March 2021 which are scheduled to be announced in the week commencing 28 June 2021. These numbers do not include partial year contributions from WH Ireland (IOM) Limited, which was disposed of during the year.
· Strong second half and full year performance
· Group revenue for the year-ended 31 March 2021 is expected to show an increase of 29% over the prior year to approximately £27.9m (31 March 2020: £21.6m)
· The Board anticipates reporting Group profit before tax of c.£1m with a strong performance from the Capital Markets Division.
· Successful acquisition of Harpsden completed in December 2020
· Cash balance of £8.21m as at 31 March 2021 (30 September 2020: £5.85m and 31 March 2020 £2.58m)
· Significant new hires made in H2
Wealth Management (WM)
· Continued improvement in the quality of the business over the year with fee income now representing 74% of total wealth management income
· Discretionary managed assets (“DFM”) increased 69% to £1.06bn, following the acquisition of Harpsden (31 March 2020: £627m)
· DFM underlying growth of 24% (excluding disposal of IoM £251m and acquisition of Harpsden £289m), well ahead of underlying market performance
· Total AUM increased 18% to £2.18bn (31 March 2020: £1.84bn)
· Integration of Harpsden progressing well with re-platforming synergies scheduled for Q3 (calendar)
Capital Markets Division (CMD)
· Corporate and Institutional Broking (CIB) now part of newly formed Capital Markets Division (CMD)
· Revenue for the year increased by over 80% to approximately £14.5million (2020: £7.9million)
· 82 quoted Corporate clients (31 March 2020: 74)
· 66 transactions completed in the year (Year to 31 March 2020: 34 transactions)
· £232m funds raised for our quoted and unquoted corporate clients (Year to 31 March 2020: £67m)
· 2 successful IPOs completed during the year – Various Eateries and Amte Power
· Fraser Marshall, the first head of CMD, joined in November 2020
· Recruitment in Ultra High Net Worth and Family Office coverage, Healthcare and Cleantech & Renewable Energy completed, with further selective recruitment planned
· Ultra High Net Worth and Family Office AUM of £197m
Note: all numbers unaudited.
Phillip Wale, CEO of WH Ireland, commented:
“WH Ireland has had a very significant year of progress, returning its first full year profit for more than five years, delivering a substantial number of capital markets transactions, including two IPOs, and completing our first wealth management acquisition. The strategy set two years ago for turning around the Group has taken shape and has moved into the next phase; growth.
The Group’s financial position has become more robust, enabling investment in further organic and inorganic growth, particularly in building upon the existing platform now in place in Wealth Management. We continue to look for potential acquisition opportunities and new hires in both divisions as we benefit from the successful integration of Harpsden and the recruitment programme already completed.
Working conditions over the last year have been extremely challenging and all our employees should be proud of the progress we have made and I wish to thank every client, customer and business partner for their dedication and support.”