9th Jul 2020 14:37
(Alliance News) - WH Ireland Group PLC on Thursday said it turned to profitability in the first quarter of its current financial year amid continued cost reduction initiatives.
The AIM stock was 1.2% higher in London in afternoon trade at 41.00 pence a share.
The London-based financial investment management company reported a revenue decline of 3% for the 12 months to the end of March to GBP22.9 million from GBP23.7 million reported a year ago.
More positively, the company said its loss narrowed to GBP3.2 million from GBP10.2 million year-on-year amid a reduction in administrative expenses to GBP25.8 million from GBP33.4 million.
Going forward, WH Ireland said three months to the end of June was the first profitable quarter for a number of years. The company noted that it plans further reduction in administrative costs.
"Our continued strong focus on cost management has led to a further reduction in the run rate of administration expenses to a level where we can deliver profitability consistently," said Chief Executive Phillip Wale.
"The turnaround plan for WH Ireland is on track and I look forward with cautious optimism to executing the next stages of that plan in the coming year," added Wale.
By Evelina Grecenko; [email protected]
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