From Recovery to Growth
WHIreland (WHI) is a financial services company offering services in Private Wealth Management (PWM), Wealth Planning and Corporate & Institutional Broking (CIB). The Private Wealth arm provides discretionary and advisory services to individuals, corporates, trusts and funds.WHI has reported a dramatic improvement in first half profits with a turn-round from pre-tax losses of £1.52m to profits of £360k thanks to a 24% rise in revenue to £14.9m and a major reduction in one-off charges.
Both divisions generated significant growth in revenues and profits. First half revenue increased by 24%, thanks to an improvement in each division, with the major driver in the improvement, compared to either half of last year, being the more-than-trebling of transactional fees in WHI’s Corporate & Institutional Broking division, returning them to significance in the Group total.
Recurring revenue, the base for future profits, grew encouragingly by nearly 20% and is now 45% of the total - mostly due to a £1m (23%) increase in fees in the Private Wealth Management Division, partly due to growth in AUM, and partly to some clients switching to a fee-only basis. This has encouraged management to move the target for recurring income from 50% to 65% of revenue.
Following a profitable half-year, the sale of the Head Office and repayment of the attached loan, cash is now c. £10m. Using a rule of thumb for Private Client assets under management and administration plus excess balance sheet cash, gives a value of £72m or 259p/share, i.e. taking no account at all of the value of the resurgent corporate and institutional broking division.
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