REG - W.H. Ireland Group - Year End Trading Update

WH IrelandAnnouncement

03/04/2023 07:15

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RNS Number : 0446V  W.H. Ireland Group PLC  03 April 2023

 

This announcement contains certain inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"),
and is disclosed in accordance with the Company's obligations under Article 17
of MAR.

 

WH Ireland Group Plc

 

("WH Ireland" or the "Company"

And with its subsidiaries the "Group")

Year End Trading Update

WH Ireland (AIM: WHI) today provides an (unaudited) year-end update on trading
for the twelve months ended 31 March 2023, following the end of its financial
year.

The Group continued to be impacted by market conditions throughout the second
half of its financial year and accordingly trading is now below previous
management expectations. Revenue for the full year is expected to be c.£26m
and the Company anticipates reporting a loss in excess of £2.2m (underlying
loss before tax). This was principally due to the widely reported lack of
transactional activity across Capital Markets throughout 2022, which has
continued into 2023 and thus affected our Capital Markets Division. However,
as a result of cost actions taken throughout the year, we believe that the
Division has the potential to exploit any upturn in the market when it occurs.
The Capital Markets Division closed the year-end with 88 retained corporate
clients (31 March 2022: 88).

In comparison, the Wealth Management Division has remained resilient and
achieved underlying profitability in the last six months. Total Assets under
Management within the division at the year-end stood at £1.5bn (31 March
2022: £1.6bn), with Group Assets under management being £2.2bn (31 March
2022: £2.4bn).

The Company had cash at the period end of £4.0m (31 March 2022: £6.4m) ahead
of the receipt of quarterly recurring cash from the Company's platform
providers (anticipated to be at least £2.5m), due imminently.

For further information please contact:

 WH Ireland Group plc                                     www.whirelandplc.com (http://www.whirelandplc.com)
 Phillip Wale, Chief Executive Officer                    +44(0) 20 7220 1666

 Canaccord Genuity Limited                                www.canaccordgenuity.com (http://www.canaccordgenuity.com)
 Emma Gabriel / Harry Rees                                +44(0) 20 7523 8000

 MHP Communications                                       whireland@mhpgroup.com (mailto:whireland@mhpgroup.com)
 Reg Hoare / Charles Hirst                                +44 (0) 20 3128 8793

 

 

 

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