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.”
