W.H. Ireland Group PLC Trading Statement (4292Z)
December 15 2017 - 2:00AM
UK Regulatory
TIDMWHI
RNS Number : 4292Z
W.H. Ireland Group PLC
15 December 2017
RNS Announcement: The information communicated in this
announcement contains inside information for the purposes of
Article 7 of Regulation 596/2014.
WH Ireland Group plc
("WH Ireland" or the "Company" and with its subsidiaries the
"Group")
Trading Statement
The Board of WH Ireland Group PLC today issues a trading
statement for the 12 month period to 30 November 2017.
The Group has continued to deliver on its strategic operational
and technological change programme to become recognised as a
leading advice driven financial services company. The Group has had
an improved year from a revenue perspective and the Board expects
this positive momentum to continue into 2018. Costs associated with
the transition to the new model and MIFID II regulatory changes
were higher than anticipated and these exceptional costs have
adversely affected profitability in 2017. Duplicated costs incurred
during the period will decline significantly in 2018 benefiting
future profitability.
The Private Wealth Management division has continued to
transition the business from an execution, commission based model
to a discretionary, advice driven fee model. The discretionary
investment proposition continues to grow and fee income across the
division has risen by in excess of 15% compared with the prior
year. Of particular note has been the success of our Wealth
Planning team which has seen growth in revenue of approximately 40%
over the same period. The overall quality of our investment
business continues to improve as we actively reduce the number of
client relationships ( and the assets attached to those
relationships ) from whom we have historically generated a very low
return. This trend will continue into 2018.
The Corporate and Institutional Broking division has continued
the success of the first half of the year with strong growth in
success fees, secondary commission flows and market making
activity. The number of corporate clients whom we advise has grown
to 86 and the new initiatives that were begun during the year are
beginning to evolve into revenue generating opportunities. Our
private company initiative, the Investor Forum, has gained
significant momentum and we expect this new initiative to enhance
the revenue growth prospects of this division during the
forthcoming year.
On 21 June 2017, the Company announced that it was changing its
accounting reference date to 31 March; which will mean that the
current financial period will be extended to a 16 month accounting
period to 31 March 2018. As part of this transition, a second set
of unaudited interim numbers, for the 12 month period to 30
November 2017, will be released on or around 29 January 2018.
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
Mark Brady/Miriam Greenwood +44(0) 203 36 3551/3550
This information is provided by RNS
The company news service from the London Stock Exchange
END
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