Year End Trading Update

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
Phillip Wale, Chief Executive Officer	[phone]
Canaccord Genuity Limited	www.canaccordgenuity.com
Emma Gabriel / Harry Rees	[phone]
MHP Communications	[e-mail]
Reg Hoare / Charles Hirst	[phone]

 

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