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WH Ireland Group PLC - London-based stock broker and wealth manager - Says trading in second half of financial year was below previous management expectations, amid a "lack of transactional activity across capital markets throughout 2022, which has continued into 2023". WH Ireland now expects to report an underlying loss before tax "in excess of" GBP2.2 million for the financial year that ended on Friday, on about GBP26 million in revenue. In financial 2022, WH Ireland reported a pretax profit of just GBP8,000 on GBP32.0 million in revenue.
The Capital Markets division retains 88 corporate clients at year-end, unchanged on a year before. "As a result of cost actions taken throughout the year, we believe that the division has the potential to exploit any upturn in the market when it occurs," WH Ireland says.
The Wealth Management division fares better in financial 2023, it says. Assets under management in the division stands at GBP1.5 billion at the end of March, down from GBP1.6 billion a year before. Total group AUM is GBP2.2 billion, down from GBP2.4 billion.
Current stock price: 18.90 pence, down 0.5% in London on Monday
12-month change: down 58%
By Tom Waite, Alliance News editor
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