27th Dec 2007 07:00
W.H. Ireland Group PLC27 December 2007 WH Ireland Group plc ("WH Ireland" or "the Company") Pre-close Update The Board of WH Ireland, the AIM-quoted investment banking group, provides thefollowing update for the year ended 30 November 2007. The Company expects toannounce its preliminary results on 25 February 2008. Following strong Company performance in the first half of the financial year,the corporate finance and corporate broking operations have continued to performwell. During the second half of the year, the corporate finance division actedfor 7 admissions to AIM and undertook six secondary fundraisings, raising, intotal, in excess of £30 million for corporate clients. The performance of the financial services and stockbroking businesses has beenimpacted by the volatility of global stock markets caused by the US sub-primecrisis. However this has been mitigated by a strong contribution from realisedand unrealised gains on fixed asset investments. Despite lower market values in the second half, group funds under management andcontrol have remained constant at in excess of £1.5bn, compared to £1.35bn atthe previous year end. The WH Ireland UK Growth Trust continued to outperformits benchmarks and the value of the fund has increased significantly in thesecond half of the year from over £60 million to in excess of £88 million at theyear end. Our Australian subsidiary, WHI Australia Pty Limited, continued to provide asignificant contribution to both turnover and operating profit. The refurbishment and subsequent revaluation of our Manchester head office werecompleted during the period and as a result of this revaluation and additionalinvestment in tangible assets, the Directors expect that the net asset value atthe end of the period will show a significant uplift on that of the previousyear. The Board continues to consider the approaches which it has received. However,there can be no guarantee of any offer being made for the Company. For further information, please contact: Greg Cant Tel: 0161 827 3800NM Rothschild & Sons Limited Tom Durie Tel: 020 7710 7600Oriel Securities Limited Zoe Biddick Tel: 020 7448 1000Biddicks Laurie Beevers Tel: 0161 832 6644WH Ireland N M Rothschild & Sons Limited and Oriel Securities Limited are acting for WHIreland and no one else in connection with the contents of this announcement andwill not be responsible to anyone other than WH Ireland for providing theprotections afforded to clients of N M Rothschild & Sons Limited and OrielSecurities Limited, respectively, or for providing advice in relation to thecontents of this announcement. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
WHIreland