18th Dec 2015 08:21
LONDON (Alliance News) - WH Ireland Group PLC on Friday said it is likely to be hit with a "substantial" fine by UK regulators over its control procedures.
Shares in WH Ireland were down 10% at 90.00 pence on Friday morning.
The UK's Financial Conduct Authority began its investigation into the wealth manager and corporate broker in April 2014.
The probe covered the period of time between January 1, 2013 and June 19, 2013.
WH Ireland said it is continuing to discuss a negotiated settlement with the financial watchdog.
The update came as the group said revenue for the year ended November 30 will see a "marginal increase" on that recorded the prior year.
The company said the increase in revenue represents a "reasonable" performance amid a "more challenging" trading environment since the end of the first half, with lower transaction fees and market making revenue in corporate broking more than offset by growth in recurring fee income from both its main business lines.
Assets under management and administration on an adjusted basis, allowing for the announced office closures and business line exits, rose by 2.0% over the year to GBP2.5 billion, with discretionary assets up 6.0% to about GBP770.0 million.
"Despite the significant repositioning of the business during the past year, we expect to report an increase in operating profit for the year when compared with that reported in 2014," WH Ireland said.
The group will report earnings for the year ended November 30 on Monday February 29, 2016.
By Samuel Agini; [email protected]; @samuelagini
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