W.H. Ireland Group PLC Year End Trading Update (0446V)
03 Abril 2023 - 1:00AM
UK Regulatory
TIDMWHI
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.GBP26m and the Company
anticipates reporting a loss in excess of GBP2.2m (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 GBP1.5bn (31 March 2022: GBP1.6bn), with Group
Assets under management being GBP2.2bn (31 March 2022:
GBP2.4bn).
The Company had cash at the period end of GBP4.0m (31 March
2022: GBP6.4m) ahead of the receipt of quarterly recurring cash
from the Company's platform providers (anticipated to be at least
GBP2.5m), due imminently.
For further information please contact:
WH Ireland Group plc www.whirelandplc.com
Phillip Wale, Chief Executive
Officer +44(0) 20 7220 1666
Canaccord Genuity Limited www.canaccordgenuity.com
Emma Gabriel / Harry
Rees +44(0) 20 7523 8000
MHP Communications whireland@mhpgroup.com
Reg Hoare / Charles Hirst +44 (0) 20 3128 8793
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END
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April 03, 2023 02:00 ET (06:00 GMT)
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