W.H. Ireland Group PLC Year End Trading Update (4976I)
02 Abril 2020 - 12:00AM
UK Regulatory
TIDMWHI
RNS Number : 4976I
W.H. Ireland Group PLC
02 April 2020
2 April 2020
WH Ireland Group Plc
("WH Ireland" or the "Company")
Year End Trading Update
WH Ireland today announces a trading update for its financial
year ending 31 March 2020.
WH Ireland has continued to make good progress in returning the
business to profitability with a strong and effective control
framework. Progress on revenue and cost actions were sufficient to
see a small profit in the month of January consistent with our
expectation of returning to monthly profitability by the start of
the new financial year. However, both February and March
experienced a loss, as market levels and corporate activity were
impacted by the COVID-19 pandemic.
During the year, positive momentum was building across the
Company with the completion of re-pricing actions across Wealth
Management, 12 new corporate client wins in Corporate and
Institutional Broking and selective new hires, all of which are
some of the key drivers behind improving the quality and resilience
of the business. The benefit from the planned further cost
initiatives reinforced this positive shift and has created a strong
platform from which to build the business in the years ahead.
In the last few weeks, the impact of COVID-19 on Corporate and
Institutional activity has been notable, and the reduction in
market levels has reduced our Wealth Management income. As a
result, the Company is not now expected to achieve monthly
profitability by the start of the new financial year. The Company
expects to report an operating loss before exceptional items for
the 12 months ending 31 March 2020, of approximately GBP2.2m on
revenue of approximately GBP21.3m.
In response to these circumstances, the Board has already
undertaken a number of additional decisive actions across the
business to reduce costs and more closely align the cost base to
the levels of revenue generation we are currently seeing. In
particular, it has accelerated the move to a greater element of
remuneration being related to profitability.
Commenting, Phillip Wale, CEO said "The business starts the new
financial year with a more resilient business model, a strong
balance sheet and the majority of its anticipated revenue being
recurring in nature. The Company will continue to focus on
providing the high levels of service and support our clients' need
in these challenging times".
For further information please contact:
WH Ireland Group plc www.whirelandplc.com
Phillip Wale, CEO +44(0) 20 7220 1666
SPARK Advisory Partners Limited
Andrew Emmott +44(0) 203 368 3555
MHP Communications
Reg Hoare/James Bavister +44 (0) 203 128 8793
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END
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