W.H. Ireland Group PLC Trading Update (1601S)
December 19 2016 - 1:00AM
UK Regulatory
TIDMWHI
RNS Number : 1601S
W.H. Ireland Group PLC
19 December 2016
WH Ireland Group Plc
("WH Ireland" or the "Company")
Trading Update
The Board of WH Ireland today releases the following trading
update for the year ended 30 November 2016.
"The past year has been challenging for the financial services
industry and particularly so in the areas that WH Ireland is
focussed upon. Rising costs, primarily regulatory related, combined
with transaction driven revenue pressure, has created one of the
toughest industry environments since the financial crisis of
2008.
Against this backdrop, WH Ireland has continued to invest in the
business and the progression to a new private client operating
platform is on schedule for the second quarter of 2017. The
majority of the exceptional costs associated with this change will
be taken in 2016, and as such will be fully disclosed within the
annual results. The focus upon fees in the Wealth Management
division continues and assets under management and administration
have increased during 2016 to approximately GBP3billion.
The Corporate Broking division witnessed a sharp decline in
transaction revenues in the first half, but we are pleased to be
able to report that the second half has seen a strong rebound in
client activity and the pipeline of future new business has
improved significantly.
During the period both new and existing shareholders
demonstrated a continuing confidence in our business model
subscribing through two share placings; and whilst the sale of the
freehold property in Manchester has taken longer than anticipated,
renewed buyer interest gives the Board confidence that a further
announcement will be made before the release of the annual
results.
Overall, we believe the better market environment experienced
during the second half of the year bodes well for 2017 and with the
benefits of the investment programme beginning to be felt by
mid-2017, the Board remains cautiously optimistic about the year
ahead.
It is anticipated that the full year results to the year end 30
November 2016 will be released on or around 27 February 2017.
For further information please contact:
WH Ireland Group plc www.whirelandplc.com
Richard Killingbeck, Chief Executive Officer +44(0) 20 7220
1666
SPARK Advisory Partners
Limited (Nomad)
Mark Brady/Miriam Greenwood +44(0) 203368 3551/3550
This information is provided by RNS
The company news service from the London Stock Exchange
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