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WH Ireland Group PLC - London-based broker and wealth manager - Expects to report about GBP1 million in pretax profit for the financial year that ended March 31, swung from a GBP3.2 million loss the year before, as revenue rises by 29% to GBP27.9 million from GBP21.6 million. WH Ireland says the second half of the year was strong, particularly in the Capital Markets Division, which includes Corporate & Institutional Broking.
CMD revenue rises to GBP14.5 million in financial 2021 from GBP7.9 million the year before, with the number of transactions completed nearly doubling to 66 from 34 and the number of corporate clients rising to 82 from 74. WH Ireland says it raised GBP232 million in funds for its clients, up from GBP67 million the year before, including two initial public offerings - Amte Power PLC and Various Eateries PLC. In the Wealth Management business, discretionary managed assets rise by 69% to GBP1.06 billion from GBP627 million due to the acquisition of Harpsden Wealth Management Ltd, completed in December.
"WH Ireland has had a very significant year of progress, returning its first full-year profit for more than five years, delivering a substantial number of capital markets transactions, including two IPOs, and completing our first wealth management acquisition," Chief Executive Officer Phillip Wale says. "The strategy set two years ago for turning around the group has taken shape and has moved into the next phase: growth."
Separately, WH Ireland appoints Helen Sinclair as a non-executive director, while Victoria Raffe will retire from the board at the July annual general meeting. Sinclair co-founded and ran Matrix Private Equity, which is now Mobeus Equity Partners LLP.
Current stock price: 57.50 pence, up 0.9% on Tuesday
Year-to-date change: up 32%
By Tom Waite; thomaslwaite@alliancenews.com
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