Resilient performance in tough markets
| WH Ireland today issued a trading update for its financial year ended 30 November 2015. In it, WHI said that total revenue for the year will see a marginal increase on that reported a year earlier, and that it also expects to report an increase in operating profit for the year. Increasingly difficult market conditions have prevailed during its second six months (the FTSE100 peaked at over 7,000 in May, and has traded at a 3 year low, below 6,000 in recent days) resulting in the London IPO and secondary fundraising markets seeing sharp falls in activity levels, compounded by lower day to day stock exchange share trading (and commissions). Nevertheless, WH Ireland's performance has been impressive, achieving 35% growth in management fee income from its Private Wealth Management division, and a 6% rise in retainer income in the Corporate Broking division (partly as a result of an increase in the number of its AIM listed corporate clients to 98). Discretionary assets under management rose by 6% to £770m, enabling the group to show a modest overall increase in assets under Management and Administration to £2.5 billion. Our "sum of the parts" valuation (of approaching £60m) remains well over twice WHI's current market capitalisation. WHI will release its preliminary results on the 29th of February. |
W.H. Ireland Group is a holding company. Co. provides wealth management and corporate finance advice, research, products and services to the private clients and small and medium sized companies. Co. has two principal operating subsidiaries, WH Ireland Limited and WH Ireland (IOM) Limited. WH Ireland Limited consists of two business divisions: Private Wealth Management, which provides bespoke wealth management solutions and independent financial advisory services to retail clients; and Corporate Broking which provides corporate finance, advisory and broking services to small and mid-cap corporate clients, and stockbroking and research services to its institutional client base.
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