WH Ireland Group PLC - London-based broker and wealth manager - Pretax profit all but evaporates, shrinking to just GBP8,000 in the financial year that ended March 31 from GBP1.0 million the year before. Revenue rises by 11% to GBP32.0 million from GBP28.7 million, but administrative expenses grow by even more, up 16% to GBP33.1 million from GBP28.4 million. While WH Ireland books double the net gains on investments, up to GBP1.6 million in financial 2022 from GBP818,000 in financial 2021, finance expense multiplies to GBP511,000 from GBP96,000. More positively, underlying pretax profit slips only slightly to GBP1.4 million from GBP1.5 million. Proposes no dividend, unchanged.
Since the start of the new financial year, the number of quoted corporate clients increases to 94, and the newly created Debt Capital Markets business completes its first transaction. "We remain confident that we are ready to take advantage of conditions when they improve given our strengthened and improving platform across the Group, despite a cautious near-term outlook," says Chief Executive Officer Phillip Wale.
Current stock price: 35.15 pence, down 7.5% on Wednesday in London
12-month change: down 39%
By Tom Waite; thomaslwaite@alliancenews.com
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WHIreland (WHI)