WH Ireland “good set of results for the year” says CEO Richard Killingbeck

WH Ireland, the financial services group that provides private wealth management and corporate broking services, has given DirectorsTalk its final results for its financial year ended 30 November 2015.

Financial overview

 
 --   Group turnover increased by 3% to GBP30.9m 
       (2014: GBP30.0m) 
 --   Operating profit of GBP1.1m before exceptional 
       item (2014: GBP0.7m) 
 --   Exceptional item relates to an FCA fine 
       of GBP1.2m 
 --   Operating loss after exceptional item of 
       GBP0.05m (2014: profit of GBP0.7m) 
 --   Loss before tax GBP0.3m (2014: profit before 
       tax GBP0.5m) 
 --   Basic earnings per share increased to 2.14p 
       before exceptional item (2014: 1.42p) 
 --   Basic earnings per share of (2.81p) (2014: 
       1.42p) 
 --   Recurring revenue increased by 14% to GBP11.4m 
       (2014: GBP10.0m) 

Private Wealth Management

 
 --   Assets under management increased by 2% 
       to GBP2,520m (2014: GBP2,475m) on a like-for-like 
       basis 
 --   Discretionary assets under management increased 
       by 6% to GBP767m (2014: GBP722m) 
 --   Management fee income increased by 32% to 
       GBP6.5m (2014: GBP4.9m) 
 --   Commission income fell by 3% to GBP11.0m 
       (2014: GBP11.3m) 

Corporate Broking

 
 --   Number of retained corporate clients rose 
       to 98 (2014: 93) 
 --   Retainer fee income rose by 5.75% to GBP3.3m 
       (2014: GBP3.2m) 
 --   Transaction fees increased by 13% to GBP5.6m 
       (2014: GBP4.9m) 

Commenting on the results, Richard Killingbeck, said, ” It is pleasing to be able to report a good set of results for the year to November 30th, 2015. Many of the structural changes at the Company to which I have referred in the past have begun to improve the 2015 financial performance of W H Ireland. We still have a lot more to do but these are encouraging figures.

Looking ahead, our target remains to reach a 50% level of recurring revenue across the Group (compared with 36% in 2015). A lot of the work and success achieved during this past year should result in a further increase in this figure during 2016 towards our target, and as in past years I hope to be able to report that both divisions have contributed to this growth.”

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