TIDMWHI
RNS Number : 1248D
W.H. Ireland Group PLC
26 October 2020
WH Ireland Group Plc
("WH Ireland" or the "Company")
Interim Results for the Six Months ended 30 September 2020
Highlights
Financial Highlights[1]
-- Revenue increased 15.2% to GBP12.35m (2019 H1: GBP10.73m)
o WM revenue down 10.8% at GBP6.15m due to reduction in market
levels
o CIB revenue up 61.4% at GBP6.22m following the successful
completion of transactions in H1
-- Adjusted operating profit[2] for the period of GBP0.50m (2019
H1: a loss of GBP0.91m)
-- Profit before tax of GBP0.33m (2019 H1: loss GBP1.44m)
-- Group regulatory capital solvency ratio (CET1): 15.11%[3] (31
March 2020: 13.08%)
-- Cash balance at GBP5.85m (at 31 March 2020: GBP2.58m)
Divisional Highlights
-- Wealth Management:
o Sale of Isle of Man office successfully completed in the
period
o Group AUM (excluding IOM) up 13.8% to GBP1.73bn (31 March 2020
AUM (excluding IOM): GBP1.52bn)
o WM AUM held on SEI (UK) platform of GBP1.16bn with proportion
managed on a discretionary basis now 60.0% (31 March 2020:
57.7%)
-- Corporate & Institutional Broking:
o 80 Corporate clients (31 March 2020: 76)
o 32 transactions completed in H1 raising GBP103.86m (2019 H1:
GBP43.13m)
Commenting, Phillip Wale, Chief Executive Officer said:
"I am pleased to be reporting the first half year profit for WH
Ireland for five years. Over the last six months, WHIreland has
seen the benefits of the significant restructuring we embarked on
18 months ago; fixed costs have reduced over that period, whilst
revenue has remained broadly flat as we have simplified the
business.
Our Wealth Management business has remained operationally robust
despite the significant market falls in March, and our Corporate
and Institutional Business is showing strong momentum as we act for
an increasing number of clients.
Whilst the uncertainty of the impact of Covid 19 on businesses
and the wider economy continues, it is challenging to predict
future performance, nevertheless, I believe the momentum we have
seen in the first half, alongside a robust capital and cash
position, gives us a strong platform for the second half."
For further information please contact:
WH Ireland Group plc www.whirelandplc.com
Phillip Wale, Chief Executive Officer +44(0) 20 7220 1666
SPARK Advisory Partners Limited (Nominated Adviser)
Andrew Emmott +44(0) 20 3368 3555
MHP Communications +44 (0) 20 3128 8793
Reg Hoare / James Bavister whireland@mhpc.com
Chairman's Statement
Further progress has been made in returning WH Ireland to a
position of strength, despite the challenges facing almost all
businesses over the last six months. The Group's first profit for
five years has been made possible because of the hard work,
dedication and professionalism of the WH Ireland management team
and employees, as well as the loyalty of our clients.
The restructuring of the Group, which is now largely complete,
means that we can now focus on growing the business in earnest. The
strong performance from Corporate and Institutional Broking ("CIB")
is particularly pleasing, and provides solid evidence of the
progress that has been made in that business. Our ability to
attract new clients has been illustrated in the period through
winning our first corporate client with a market capitalisation of
over GBP1bn, and executing, on a sole basis an IPO raising GBP25m,
giving us confidence that our focus on delivering a high quality
service is working.
The robustness of our Wealth Management ("WM") platform, in a
period which has seen considerable asset volatility, demonstrates
that we have a platform from which we can grow our discretionary
assets.
There remains much work to do in order for us to achieve our
collective ambitions for both businesses and as we grow, we must
ensure that we maintain our now strong cost discipline. Whilst
Covid-19 brings with it an uncertain economic backdrop, the
performance in the first half, our capital and cash positions and
our strengthened regulatory and compliance frameworks give the
Board confidence that the Group is now well positioned to build
further.
As we look to the future we remain ambitious for both
businesses. Our aim is to increase discretionary assets in our WM
division to GBP3bn and to double revenues in our CIB division over
the next three years.
With good progress evident in the first half, the Board looks
forward to the remainder of the financial year with some
confidence, albeit in what remain highly uncertain times. We do
that knowing that the business has reduced its risk considerably,
whilst demonstrating an ability to increase revenue in this
challenging environment.
Phil Shelley
26 October 2020
Chief Executive Officer's Report
The first six months of this financial year has seen WH Ireland
make further strong progress, building on the momentum we reported
at the time of the annual results in July. We have delivered a
small profit, with our continued focus on driving efficiencies
ensuring a much-reduced fixed cost base. Group revenue has held up
well, with a very strong performance from CIB supported by a
resilient performance from our WM division, despite the sharp fall
in asset values seen in March. This is all the more impressive
given the requirement for all our employees to work from home for
much of the period. On an adjusted basis, the profit for the period
before exceptional items and discontinued operations was GBP0.50m
(H1 2019: GBP0.91m loss) which is an impressive turnaround
reflecting the impressive work of the firm over the past six
months.
We have worked hard to reduce risk across the Group, with
further work undertaken to enhance our regulatory and compliance
framework, and introduce a group-wide alignment of remuneration
with our strategic ambitions for each division. This has reduced
our fixed cost base. We have continued to align the interests of
key employees with shareholders through variable remuneration: in
CIB through profit share arrangements and in WM through the issue
of share options and variable pay arrangements linked to retaining
and growing assets.
WEALTH MANAGEMENT
The WM division has gone through significant change. Having
completed re-pricing and cost initiatives, the first half of this
financial year saw the conclusion of our restructuring programme
for the division with the sale of our Isle of Man ("IOM") business
in August 2020. We believe this completes our restructuring
programme for the division, and this enables us to concentrate our
resources on growth.
The Assets under Management ("AUM") of the WM division
(excluding IOM) increased over the period, albeit from a level
which showed the full impact of the very significant asset price
fall in March 2020. Our efforts to transfer Advisory clients to our
Discretionary model have continued, and the proportion of total
assets under management in the Wealth Management Division on a
discretionary management basis rose to 60.0% (31 March 2020:
57.7%).
OUTLOOK FOR WEALTH MANAGEMENT
In the second half of this financial year our focus will move to
growing assets, as well as initiatives on brand, product and
distribution. We are actively engaged in building a pipeline of
potential individual and team hires, as well as potential inorganic
opportunities to accelerate asset growth.
CORPORATE & INSTITUTIONAL BROKING
The CIB division has 80 clients and has completed 32
transactions, raising GBP103.86m, including executing an IPO on a
sole basis during the period, which raised GBP25m.
At the start of the period under review, we also sought to align
the interests of the Company and employees in this division by
amending the balance of fixed and variable compensation. This has
led to a reduction in overall fixed costs and, alongside the
alignment of variable compensation with profit, has reduced risk
for this business.
PUBLIC MARKETS
We secured 12 new retained corporate clients in the six months
ended 30 September 2020 with our retainer income continuing to
increase. We completed 32 transactions for our clients in the
period. This included 17 equity placings which demonstrates our
strong distribution capability, even in these challenging
times.
Our ability to provide high quality research distributed to a
broad range of investment professionals, our excellent and unique
distribution capability, and experienced corporate advice, is
continuing to prove a successful combination for both existing and
potential corporate clients.
PRIVATE MARKETS
In addition to our traditional public markets business, we
continue to build out our platform for raising growth capital for
private companies from VCT and EIS funds, as well as through the
'Investor Forum'. We continue to believe this platform has
significant long-term potential for the business and our
clients.
OUTLOOK FOR CORPORATE & INSTITUTIONAL BROKING
We continue to build an encouraging pipeline of future
opportunities across the business, notwithstanding the current
backdrop. CIB continues to win clients and execute a wide range of
transactions. To accelerate our progress, we are continuing to
actively recruit further high calibre people to join the
division.
LOOKING FORWARD
Despite the uncertain outlook, we look forward to the second
half with some optimism. We have a growing pipeline of
opportunities in both businesses, and are starting from a position
of strength. There remains much to do to achieve our ambitious
targets for the Group, but we have made a positive start in our
pursuit of growth.
Phillip Wale
26 October 2020
Consolidated Statement of Comprehensive Income
UNAUDITED FOR THE 6 MONTHSED 30 SEPTEMBER 2020
6 months ended 6 months ended
30 Sep 2020 30 Sep 2019
(unaudited) (unaudited)
Notes GBP'000 GBP'000
--------------------------------------- ------ --------------- ---------------
Revenue 2 12,351 10,725
Administrative expenses (12,097) (11,697)
Operating profit/(loss) 254 (972)
Operating profit/(loss) before
exceptional items: 254 (972)
Exceptional items (228) (530)
Operating profit/(loss) after
exceptional items 26 (1,502)
Realised gains 2 366 60
Finance income 2 5
Finance expense 2 (63) -
--------------------------------------- ------ ---------------
Profit/(loss) before tax 331 (1,437)
Tax charge - -
--------------------------------------- ------ --------------- ---------------
Profit/(loss) from continuing
operations 331 (1,437)
Profit from discontinued operations 51 90
Profit/(loss) and total comprehensive
income for the year 382 (1,347)
--------------------------------------- ------ --------------- ---------------
Earnings per share 6
--------------------------------------- ------ --------------- ---------------
From continuing operations
Basic 0.68p (3.35p)
Diluted 0.68p (3.35p)
--------------------------------------- ------ --------------- ---------------
From discontinued operations
Basic 0.10p 0.21p
Diluted 0.10p 0.21p
--------------------------------------- ------ --------------- ---------------
Total
Basic 0.78p (3.14p)
Diluted 0.78p (3.14p)
--------------------------------------- ------ --------------- ---------------
Consolidated Statement of Financial Position
UNAUDITED AS AT 30 SEPTEMBER 2020
As at 30 Sep As at 31 Mar
2020 2020
(unaudited) (audited)
Notes GBP'000 GBP'000
------------------------------- ------ ------------- -------------
ASSETS
Non-current assets
Intangible assets 696 758
Property, plant and equipment 618 831
Investments 3 1,986 278
Right of use asset 2,203 2,474
5,503 4,341
------------------------------- ------ ------------- -------------
Current assets
Trade and other receivables 4,355 5,944
Other investments 3 1,726 1,223
Cash and cash equivalents 4 5,849 2,580
Assets held for sale - 2,128
11,930 11,875
------------------------------- ------ ------------- -------------
Total assets 17,433 16,216
------------------------------- ------ ------------- -------------
LIABILITIES
Current liabilities
Trade and other payables (6,054) (4,103)
Lease liability (765) (629)
Assets held for sale - (704)
(6,819) (5,436)
------------------------------- ------ ------------- -------------
Non-current liabilities
Lease liability (1,981) (2,274)
Accruals and deferred income - -
(1,981) (2,274)
------------------------------- ------ ------------- -------------
Total liabilities (8,800) (7,710)
------------------------------- ------ ------------- -------------
Total net assets 8,633 8,506
------------------------------- ------ ------------- -------------
Capital and reserves
Share capital 5 2,335 2,335
Share premium 14,414 14,414
Other reserves 981 981
Retained earnings (8,453) (8,580)
Treasury shares (644) (644)
------------------------------- ------ ------------- -------------
Total equity 8,633 8,506
------------------------------- ------ ------------- -------------
Consolidated Statement of Cash Flows
UNAUDITED FOR THE 6 MONTHSED 30 SEPTEMBER 2020
6 months 6 months
ended 30 ended 30
Sep 2020 Sep 2019
(unaudited) (unaudited)
Notes GBP'000 GBP'000
Operating activities:
Profit/(loss) for the year:
Continuing operations 331 (1,437)
Discontinuing operations 51 90
----------------------------------------------------- ------ ------------ ------------
382 (1,347)
Adjustments for:
Depreciation, amortisation and impairment 647 306
Finance income (2) (9)
Finance expense 63 -
Gains on investments (366) (60)
Non-cash adjustment for share option charge - -
Decrease/(increase) in trade and other receivables 2,056 (959)
Increase/(decrease) in trade and other payables 736 (1,443)
Increase in deferred consideration - 47
Increase in provisions 800 -
Increase in current asset investments 3 (503) (94)
Increase in non-current asset investments (1,548) -
Disposal of property, plant and equipment 39 -
from discontinued operations
Sale of assets and liabilities in disposal (69) -
group
Net cash generated from/(used in) operations 2,235 (3,559)
Income taxes paid - -
Net cash inflows/(outflows) from operating
activities 2,235 (3,559)
----------------------------------------------------- ------
Investing activities:
Proceeds from sale of investments 185 -
Interest received 2 9
Acquisition of investments - -
Acquisition of property, plant and equipment (75) (47)
Net cash generated from/(used in) investing
activities 112 (38)
----------------------------------------------------- ------
Finance activities:
Proceeds from issue of share capital - -
Lease liability payments (232) -
Increase/(decrease) in treasury shares - -
Repayment of borrowings - -
Interest paid - -
Net cash used in financing activities (232) -
---------------------------------------------------- ------
Net increase/(decrease) in cash and cash
equivalents 2,115 (3,597)
Cash and cash equivalents at beginning of
period 3,734 7,702
------ ------------ ------------
Cash and cash equivalents at end of period 5,849 4,105
----------------------------------------------------- ------ ------------ ------------
Consolidated Statement of Changes in Equity
UNAUDITED FOR THE 6 MONTHSED 30 SEPTEMBER 2020
Share Share Other Retained Treasury Total
capital premium reserves earnings shares equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------- -------- -------- --------- --------- --------- --------
Balance at 1 April 2019 2,044 11,908 981 (5,524) (644) 8,765
Loss and total comprehensive
income for the period - - (1,347) - (1,347)
-------------------------------- -------- -------- --------- --------- --------- --------
Employee share option scheme - - - - - -
Other movements - - - - - -
Balance at 30 September 2019 2,044 11,908 981 (6,871) (644) 7,418
-------------------------------- -------- -------- --------- --------- --------- --------
Balance at 1 April 2020 2,335 14,414 981 (8,580) (644) 8,506
Profit and total comprehensive
income for the period - - - 382 - 382
-------------------------------- -------- -------- --------- --------- --------- --------
Employee share option scheme - - - - - -
Other movements - - - (255) - (255)
Balance at 30 September 2020 2,335 14,414 981 (8,453) (644) 8,633
-------------------------------- -------- -------- --------- --------- --------- --------
Notes to the Consolidated Statements
(UNAUDITED)
1. BASIS OF PREPARATION
STATEMENT OF COMPLIANCE
The financial information in this interim report has been
prepared in accordance with the disclosure requirements of the AIM
Rules for Companies and the recognition and measurements of
International Financial Reporting Standards ("IFRS"), as adopted by
the European Union ("EU").
The interim report does not include all of the information
required for full annual financial statements.
The accounting policies adopted by the Group in the preparation
of its 2020 interim report are those which the Group currently
expects to adopt in its annual financial statements for the year
ending 31 March 2021 and are consistent with those disclosed in the
annual financial statements for the period ended 31 March 2020.
The financial information in this interim report and accounts
does not constitute the Company's statutory accounts. The statutory
accounts for the period ended 31 March 2020 have been delivered to
the Registrar of Companies in England and Wales. The auditor has
reported on those accounts. Its report was unqualified, did not
draw attention to any matters by way of emphasis, and did not
contain a statement under Section 498(2) or 498(3) of the Companies
Act 2006. The financial information for the half year ended 30
September 2020 and 30 September 2019 is unaudited.
The AIM Rules for Companies do not require IAS 34 "Interim
Financial Reporting" to be applied; therefore it has not been used
in the preparation of this interim report.
SIGNIFICANT ACCOUNT POLICIES
The same accounting policies, presentation and methods of
computation are followed in these condensed set of financial
statements as are applied in the Group's latest audited Report and
Accounts for the period ended 31 March 2020.
GOING CONCERN
Management has used its judgement and knowledge of the business
in preparing detailed financial forecasts for the period to
September 2021 which consider the funding and capital position of
the Group. The forecasts take into account foreseeable downside
risks, based on the information that is available to the Directors
at the time of the approval of these financial statements.
There remains uncertainty over what the future impact on the
economy, the Group and its business will be as a result of Brexit
and Covid-19. However, this is being continuously monitored by the
Group and the stressed forecast prepared to September 2021 is being
reviewed on a regular basis. This is to ensure that if there is any
risk to liquidity and capital position, decisive actions could be
taken immediately.
Covid-19, recognised as a pandemic by the World Health
Organization in March 2020, led to world-wide actions being taken
that have severely reduced economic activity and impacted the
health of the financial markets. The Directors responded to
Covid-19 promptly by implementing a thorough remote working
capability that has and continues to work well ensuring the
wellbeing of our staff whilst continuing to service our clients and
other key stakeholders including our shareholders and our
regulators.
There remains uncertainty over what the future impact on the
economy, the Group and its business will be. However, since the
pandemic was declared, our CIB business has been appointed by
several new clients and completed a number of transactions. The
resulting performance in the first period of the new financial year
has been significantly above our stressed-scenario planning which
informed the going concern basis of accounting decision noted. What
the future plans of our corporate clients are, and what the future
levels of stock market indices will be that determine the level of
assets managed and the resulting WM fees, is not possible to
quantify with total certainty. If the future impact of Covid-19
were to lead to a period of market inactivity this could result in
a reduction in CIB fees and a decline in the values of securities
that could impact both the CIB and the WM businesses. The impact of
the Covid-19 pandemic on the financial markets and the Group is
continuously monitored.
Based on all the aforementioned, the Directors believe that
regulatory capital requirements will continue to be met.
EXCEPTIONAL COSTS
These are considered by the Board to be non-trading and
exceptional in nature. This includes costs relating to the
completion of "Project Discovery" - to outsource Wealth Management
back office operations and move to a "Model B" arrangement; Group
restructuring costs; and other one-off costs.
2. SEGMENTAL REPORTING
The Group has two principal operating segments, Wealth
Management (WM) and Corporate & Investment Broking (CIB) and a
number of minor operating segments that have been aggregated into
one operating segment.
The WM division offers investment management advice and services
to individuals and contains our Wealth Planning business, giving
advice on and acting as intermediary for a range of financial
products. The CIB division provides corporate finance and corporate
broking advice and services to companies and acts as Nominated
Adviser (Nomad) to clients quoted on AIM, a market of the London
Stock Exchange and contains our Institutional Sales and Research
business, which carries out stockbroking activities on behalf of
companies as well as conducting research into markets of interest
to its clients.
Investment gains in the CIB division represents the profit
generated by the sale of securities received by the firm from
corporate clients as transaction success fees.
All divisions are located in the UK or the Isle of Man. Each
reportable segment has a segment manager who is directly
accountable to, and maintains regular contact with, the Chief
Executive Officer.
No customer represents more than ten percent of the Group's
revenue.
The majority of the Group's revenue originated within the UK
with a non-material element originating overseas in the Isle of Man
which has been included in "Other Group companies".
The Group announced its intention to sell its subsidiary WH
Ireland (IOM) Limited on 29 June 2020, and the sale completed on 21
August 2020. In accordance with IFRS 5 non-current assets held for
sale and discontinued operations, the results for WH Ireland (IOM)
Limited are included in discontinued operations in both the current
and prior period; its assets and liabilities were classified as
held for sale and recorded at the lower of the carrying value and
fair value less costs to sell, prior to the sale. The associated
assets and liability were therefore presented as held for sale in
the financial statements as at 31 March 2020.
The following tables represent revenue and profit information
for the Group's business segments.
Other Group Less Discontinued Continuing
WM CIB Head Office Companies Group Operations Operations
6 months ended 30 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Sep 2020
---------------------- -------- -------- ------------ ------------ --------- ------------------ ------------
Revenue 6,151 6,215 - 468 12,834 483 12,351
Direct costs (5,335) (4,857) - (632) (10,824) (427) (10,397)
Contribution 816 1,358 - (164) 2,010 56 1,954
Indirect costs - - (1,586) - (1,586) - (1,586)
Segment result 816 1,358 (1,586) (164) 424 56 368
Investment gains - 245 - 121 366 - 366
Depreciation - - (287) - (287) (6) (281)
Amortisation - - (61) - (61) - (61)
Finance income - 1 1 1 3 1 2
Finance expense - - (63) - (63) - (63)
Profit/(loss) before
tax 816 1,604 (1,996) (42) 382 51 331
Tax - - - - - - -
Profit/(loss) for
the year 816 1,604 (1,996) (42) 382 51 331
---------------------- -------- -------- ------------ ------------ --------- ------------------ ------------
Other Group Less Discontinued Continuing
WM CIB Head Office Companies Group Operations Operations
6 months ended 30 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Sep 2019
---------------------- -------- -------- ------------ ------------ --------- ------------------ ------------
Revenue 6,895 3,850 - 615 11,360 635 10,725
Direct costs (5,986) (3,563) - (762) (10,311) (539) (9,772)
Contribution 909 287 - (147) 1,049 96 953
Indirect costs - - (2,158) - (2,158) - (2,158)
Segment result 909 287 (2,158) (147) (1,109) 96 (1,205)
Investment gains - 60 - - 60 - 60
Depreciation - - (237) (9) (246) (9) (237)
Amortisation - - (61) - (61) - (61)
Finance income 4 2 - 3 9 3 6
Finance expense - - - - - - -
Profit/(loss) before
tax 913 349 (2,456) (153) (1,347) 90 (1,437)
Tax - - - - - - -
Profit/(loss) for
the year 913 349 (2,456) (153) (1,347) 90 (1,437)
---------------------- -------- -------- ------------ ------------ --------- ------------------ ------------
The prior period numbers have been re-presented to be consistent
with current period disclosures.
3. INVESTMENTS
As at 30 Sep 20 As at 31 Mar
20
Investments GBP'000 GBP'000
---------------- -------------
Fair value: unquoted 48 48
Fair value: quoted 1,709 1
Fair value: warrants 229 229
Total investments 1,986 278
---------------------- ---------------- -------------
Quoted and unquoted investments include equity investments other
than those in subsidiary undertakings. Warrants may be received
during the ordinary course of business; there is no cash
consideration associated with the acquisition.
Fair value, in the case of quoted investments, represents the
bid price at the reporting date. In the case of unquoted
investments, the fair value is estimated by reference to recent
arm's length transactions. The fair value of warrants is estimated
using established valuation models.
As at 30 Sep 20 As at 31 Mar
20
Trading investments GBP'000 GBP'000
---------------- ------------------
Listed investments 1,726 1,223
Investments are measured at fair value, which is determined
directly by reference to published prices in an active market where
available.
Available for sale assets are restated from IAS 39.
4. CASH, CASH EQUIVALENTS AND BANK OVERDRAFTS
For the purposes of the statement of cash flows, cash and cash
equivalents comprise cash in hand and deposits with banks and
financial institutions with a maturity of up to three months.
Cash and cash equivalents represent the Group's money and money
held for settlement of outstanding transactions.
Money held on behalf of clients is not included in the statement
of financial position. Client money at 30 September 2020 was
GBP0.4m (31 March 2020: GBP0.4m).
5. SHARE CAPITAL
The total number of ordinary shares in issue is 48.70 million
(31 March 2020: 48.70 million).
6. EARNINGS PER SHARE
Basic earnings per share (EPS) is calculated by dividing the
profit attributable to equity holders of the Company by the
weighted average number of ordinary shares in issue during the
year, excluding ordinary shares purchased by the Company and held
as treasury shares.
Diluted EPS is the basic EPS, adjusted for the effect of
conversion into fully paid shares of the weighted average number of
all dilutive employee share options outstanding during the period.
At 30 September 2020: nil (30 September 2019: nil) options were
excluded from the EPS calculation as they were anti-dilutive. In a
period when the company presents positive earnings attributable to
ordinary shareholders, anti-dilutive options represent options
issued where the exercise price is greater than the average market
price for the period.
Reconciliation of the earnings and weighted average number of
shares used in the calculations are set out below.
As at 30
As at 30 Sep 20 Sep 19
Group
---------------- ---------
Weighted average number of shares in issue
during the period ('000) 48,704 42,870
48,704 42,870
---------------------------------------------- ---------------- ---------
From continuing operations
---------------------------------------------- ---------------- ---------
Profit/(loss) for the year attributable
to ordinary shareholders (GBP'000) 331 (1,437)
---------------------------------------------- ---------------- ---------
Basic EPS 0.68p (3.35p)
Diluted EPS 0.68p (3.35p)
From discontinued operations
---------------------------------------------- ---------------- ---------
Profit for the year attributable to ordinary
shareholders (GBP'000) 51 90
---------------------------------------------- ---------------- ---------
Basic EPS 0.10p 0.21p
Diluted EPS 0.10p 0.21p
---------------------------------------------- ---------------- ---------
Total
----------------------------------------------
Profit/(loss) for the year attributable
to ordinary shareholders (GBP'000) 382 (1,347)
---------------------------------------------- ---------------- ---------
Basic EPS 0.78p (3.14p)
Diluted EPS 0.78p (3.14p)
---------------------------------------------- ---------------- ---------
7. DIVIDENDS
No interim dividend has been paid or proposed in respect of the
current financial period (2019: nil).
[1] All numbers for continuing operations
[2] Being the net operating profit before exceptional items but
including CIB investment gains on securities which have been
received as fees from corporate clients, as is common in the
broking sector, for continuing operations (see Note 2).
[3] Includes unaudited profit for the 6 months to 30 September
2020 of GBP382k
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END
IR FLFFDIILEFII
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October 26, 2020 03:00 ET (07:00 GMT)
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