TIDMWHI
RNS Number : 3328X
W.H. Ireland Group PLC
04 May 2021
WH Ireland Group Plc
("WH Ireland" or the "Company" and with its subsidiaries the
"Group")
Year End Trading Update
Return to full year profitability and confident outlook
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.
Highlights
-- 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
GBP27.9m (31 March 2020: GBP21.6m)
-- The Board anticipates reporting Group profit before tax of
c.GBP1m with a strong performance from the Capital Markets
Division.
-- Successful acquisition of Harpsden completed in December 2020
-- Cash balance of GBP8.21m as at 31 March 2021 (30 September
2020: GBP5.85m and 31 March 2020 GBP2.58m)
-- 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
GBP1.06bn, following the acquisition of Harpsden (31 March 2020:
GBP627m)
-- DFM underlying growth of 24% (excluding disposal of IoM
GBP251m and acquisition of Harpsden GBP289m), well ahead of
underlying market performance
-- Total AUM increased 18% to GBP2.18bn (31 March 2020: GBP1.84bn)
-- 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
GBP14.5million ( 2020: GBP7.9million)
-- 82 quoted Corporate clients (31 March 2020: 74)
-- 66 transactions completed in the year (Year to 31 March 2020: 34 transactions)
-- GBP232m funds raised for our quoted and unquoted corporate
clients (Year to 31 March 2020: GBP67m)
-- 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 GBP197m
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."
For further information please contact:
WH Ireland Group plc www.whirelandplc.com
Phillip Wale, Chief Executive
Officer +44(0) 20 7220 1666
Canaccord Genuity Limited www.canaccordgenuity.com
Emma Gabriel / Tom Diehl +44(0) 20 3368 3555
MHP Communications whireland@mhpc.com
Reg Hoare / James Bavister +44 (0) 20 3128 8793
Notes to Editors:
About WH Ireland Group plc
Wealth Management Division
WH Ireland provides independent financial planning advice and
discretionary investment management. Our goal is to build long
term, mutually beneficial, working relationships with our clients
so that they can make informed & effective choices about their
money and how it can support their lifestyle ambitions. We can
trace our history of helping individuals and their families as well
as entrepreneurs, charities and trustees back to 1872. By building
a financial plan & investment strategy with us, our clients are
free to focus on the important things, like life.
Capital Markets Division
Our Capital Markets Division is specifically focused on the
public and private growth company marketplace. The team's
significant experience in this exciting segment means that we are
able to provide a specialist service to each of its respective
participants. For companies, we raise public and private growth
capital, as well as providing both day-to-day and strategic
corporate advice. Our tailored approach means that our teams engage
with all of the key investor groups active in our market - High Net
Worth Individuals, Family Offices, Wealth Managers and Funds. Our
broking, trading and research teams provide the link between growth
companies and this broad investor base. In our latest financial
year, we successfully completed the IPOs of Various Eateries and
Amte Power, we raised capital for quoted companies such as AFC
Energy, Bacanora Lithium and Jubilee Metals and unquoted companies
such as Elmtronics and Genie Drinks; whilst welcoming 21 new quoted
companies to our corporate client roster.
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END
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