The Board of WH Ireland today ave DirectorsTalk 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 £3billion.
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.
