W.H. Ireland Group PLC – Interim Results

W.H. Ireland Group PLC – Interim Results

Financial Highlights

§ Revenue declined 11% to £11.36m (2018 H1: £12.82m)

§ 17% reduction in administrative expenses to £12.25m (2018 H1: £14.76m)

§ 54% reduction in operating loss for the period of £0.89m (2018 H1: £1.94m) despite challenging markets

§ 37% reduction in net loss for the period of £1.35m (2018 H1: £2.14m)

Divisional Highlights

§ Refreshed Executive team and Board of Directors now focussed on growing WH Ireland

§ Wealth Management:

AUM down 8% to £2.3bn reflecting challenging markets

proportion managed on a discretionary basis now 48% (31 March 2019: 46.8%)

pricing alignment progressing well with positive revenue impact anticipated in H2

retirement of legacy Wealth Management platforms with associated costs nearing completion

§ Corporate & Institutional Broking:

seven new retained Corporate clients won since 1st April 2019, 21 transactions completed

private funding Investor Forum now has 129 HNW, family offices and VCs as members

Current trading and outlook:

§ The Company  will announce today its intention to raise a minimum of £2.5m via an accelerated book build process which, if successful, will be subject to approval by General Meeting

§ Group regulatory capital solvency ratio following a successful fund-raise will exceed 150%

§ Further cost reductions underway – return to monthly profitability expected by start of the new financial year

§ Further Board appointments also announced separately today

Commenting, Phillip Wale, Chief Executive Officer said:

“WHIreland has made significant progress in the first stage of its recovery, with a clear route to profitability from the start of the new financial year. Wealth Management has implemented its initial pricing alignment which, together with a continuing robust performance from our corporate business and an ongoing  focus on cost, underpins our confidence in a return to profitability”.

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