Investor Relations

Our Interim Report and Accounts November 2017

Download WH Ireland full 2016 Interim Report and Accounts

Book

Download our November 2017 Interim Report & Accounts

View previous Interim and Annual Reports here



Financial Highlights

FinancialHighlights

Divisional Highlights

WHICIB2017Interim    WHIWM2017Interim2

Chairman's Statement

WH Ireland Chairman Tim Steel

Tim Steel, Chairman WH Ireland Group plc

The past 12 months were challenging but ultimately beneficial to the creation of the modern, advice driven financial services company that we are confident will further enhance our offering to our clients. At the beginning of the year we announced the successful sale of our freehold premises in Manchester, we have moved our retail operational platform to SEI and consolidated our institutional platform on Pershing. These actions, whilst not without their initial issues, have created a more robust control environment for the Company to proceed confidently to growing both business divisions.

Regulatory change and its impact is disproportionately felt by smaller companies such as ourselves. We can report that thorough MiFID ii preparation was undertaken during 2017, involving all disciplines across the Company, resulting in both businesses being very well prepared for the 3 January 2018 MiFID ii implementation. The Corporate and Institutional Broking division has received many plaudits from our clients for their clear and concise interpretation of the research distribution rules, which has led to a growing and encouraging number of corporate client enquiries. It is too early to evaluate the impact of MiFID ii upon the division but we are alert to the potential opportunities that may present themselves as a result of this change.

The Private Wealth Management division has achieved much during the past 12 months, although the integration to our new operational platform has created some delays (and extra cost) in our development plans for this division. The major issues are now behind us and we are moving swiftly ahead with our margin improvement programme. To this end, we are introducing a range of model portfolios which will be an appropriate proposition for a number of our smaller clients.

Moving to a consistently profitable Company is the key focus of the senior management team for 2018. To aid this move, members of both business divisions have agreed to contractual changes in their remuneration structure which focusses upon profitability, compliance and culture rather than purely revenue. In addition, we expect a considerable reduction in overall costs in 2018 due to the number and quantum of non-recurring and exceptional costs borne in 2017. The combination of these factors will form the base from which your Company can assuredly move forward in the years ahead.

Finally, I would like to thank all of our staff who have worked extremely hard during 2017 in order for the Company to be in a position to progress confidently and profitably in the future. Whether it be via organic or acquisitive growth, the focus of all in the Company is now very much on upon achieving real growth in both business divisions.

To find out more call us on +44 (0)20 7220 1666