2nd Apr 2020 11:51
(Alliance News) - WH Ireland PLC said Thursday it expects to report a narrowed loss for its recently ended financial year, missing out on profitability as its performance in the last two months were affected by the Covid-19 pandemic.
For the year ended March 31, the investment manager expects its operating loss before exceptional items at GBP2.2 million, narrowed from GBP6.3 million the year before.
However, revenue is expected to decline by 10% to GBP21.3 million from GBP23.7 million.
WH Ireland said that it made small profit in January on progress in cost actions, while the year as a whole had new corporate client wins and repricing actions.
However, in the last few weeks, the virus outbreak made a notable impact on the company's Corporate & Institutional activity, while reduced market levels lowered income from its Wealth Management business.
"The business starts the new financial year with a more resilient business model, a strong balance sheet and the majority of its anticipated revenue being recurring in nature. The company will continue to focus on providing the high levels of service and support our clients' need in these challenging times," said Chief Executive Officer Philip Wale.
Shares in WH Ireland were down 7.4% at 37.97 pence on Thursday in London.
By Dayo Laniyan; [email protected]
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