15th Jul 2021 11:32
WH Ireland Group PLC - London-based broker and wealth manager - Says strong performance from its Capital Markets division and continued progress from its Wealth Management unit leads to first profit in five years.
Records pretax profit in the year ended March 31 of GBP1.0 million, versus GBP3.3 million loss the year before. Revenue surges 37% year on year to GBP29.6 million from GBP21.6 million.
Notes Capital Markets revenue more than doubles to GBP16.3 million from GBP7.9 million, as it raises GBP236 million for public and private corporate clients, up sharply from GBP67 million the year before.
WH Ireland ended the period with GBP2.1 billion in assets under management, up 40% from GBP1.5 billion at the same point the year before.
Chief Executive Phillip Wale says: "We have seen a year of significant progress despite the challenges posed due to the Covid pandemic.
"This progress, and the financial robustness it has provided, has enabled us to invest significantly in people and processes. This allows us to confidently grow the business to at least achieve our targets of GBP3 billion of discretionary assets under management, with a 20% margin and to have a Capital Markets Division that can sustainably deliver revenue of GBP20 million."
Wale notes new year starts "well" and says Capital Markets Division continuing the progress it made last year.
Current stock price: 56.50 pence, down 3.6% Thursday
Year-to-date change: up 30%
By Paul McGowan; [email protected]
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