WH Ireland PLC (LON:WHI) has given DirectorsTalk its results for its half year ended 31 May 2015.
Highlights
-- Group revenue increased 9% to GBP15.94m (2014: GBP14.69m)
o 34% increase in recurring revenues to GBP5.13m (2014: GBP3.83m)
-- Operating profit of GBP0.31m (2014: GBP0.12m) -- Profit before tax of GBP0.59m (2014: GBP0.20m) -- Basic earnings per share of 1.86p (2014: 0.58p)
Private Wealth Management
— Total funds under management and control of GBP2.8bn up 3.7% from year end (30 November 2014: GBP2.7bn)
o Strong increase in discretionary assets under management of 16% to GBP0.83bn (30 November 2014: GBP0.72bn)
-- Management fee income increased by 55% to GBP3.4m (2014: GBP2.2m)
Corporate Broking
-- Further growth in number of retained corporate clients to 98 (2014: 92) -- Retainer fee income rose by 7% to GBP1.68m (2014: GBP1.57m) -- Increased flow of secondary placings with 15 transactions completed
Richard Killingbeck, Chief Executive, said: “We have reported an improved and profitable first half performance with increased discretionary funds under management in Private Wealth Management and increased numbers of clients in Corporate Broking.
“The actions we have taken in order to achieve the margins that the Company is capable of producing will begin to benefit the second half and beyond. We remain cautiously optimistic and look forward to the next six months with confidence.”
