REG - W.H. Ireland Group - Trading Update <Origin Href="QuoteRef">WHI.L</Origin>
RNS Number : 1601SW.H. Ireland Group PLC19 December 2016WH Ireland Group Plc
("WH Ireland" or the "Company")
Trading Update
The Board of WH Ireland today releases the following trading update for the year ended 30 November 2016.
"The past year has been challenging for the financial services industry and particularly so in the areas that WH Ireland is focussed upon. Rising costs, primarily regulatory related, combined with transaction driven revenue pressure, has created one of the toughest industry environments since the financial crisis of 2008.
Against this backdrop, WH Ireland has continued to invest in the business and the progression to a new private client operating platform is on schedule for the second quarter of 2017. The majority of the exceptional costs associated with this change will be taken in 2016, and as such will be fully disclosed within the annual results. The focus upon fees in the Wealth Management division continues and assets under management and administration have increased during 2016 to approximately 3billion.
The Corporate Broking division witnessed a sharp decline in transaction revenues in the first half, but we are pleased to be able to report that the second half has seen a strong rebound in client activity and the pipeline of future new business has improved significantly.
During the period both new and existing shareholders demonstrated a continuing confidence in our business model subscribing through two share placings; and whilst the sale of the freehold property in Manchester has taken longer than anticipated, renewed buyer interest gives the Board confidence that a further announcement will be made before the release of the annual results.
Overall, we believe the better market environment experienced during the second half of the year bodes well for 2017 and with the benefits of the investment programme beginning to be felt by mid-2017, the Board remains cautiously optimistic about the year ahead.
It is anticipated that the full year results to the year end 30 November 2016 will be released on or around 27 February 2017.
For further information please contact:
WH Ireland Group plc www.whirelandplc.com
Richard Killingbeck, Chief Executive Officer +44(0) 20 7220 1666
SPARK Advisory Partners Limited (Nomad)
Mark Brady/Miriam Greenwood
+44(0) 203368 3551/3550
This information is provided by RNSThe company news service from the London Stock ExchangeENDTSTAKADDOBDDPBD
Recent news on WH Ireland
See all newsREG - ECR Minerals PLC - Further re the sale of Non-Core Assets
AnnouncementREG - W.H. Ireland Group - Interim Results for Six Months ended 30 Sep 2023
AnnouncementREG - BWP REIT PLC - Cancellation of listing on IPSX
AnnouncementREG - W.H. Ireland Group - Board Changes
AnnouncementREG - W.H. Ireland Group - Result of AGM
Announcement