Regulatory News

Preliminary Results

WH Ireland (AIM: WHI) is an established financial services group with two distinct segments, private financial services and securities.

Key Points

• Group turnover on continuing operations decreased by 8.2% to £24.6m (2008: £26.8m), reflecting difficult trading conditions in the financial markets
• Operating loss of £1.8m on continuing operations includes £0.7m of non-recurring charges
• Restructuring programme implemented in 2009 is expected to yield an annualised cost reduction of £2.1m
• Loss before tax on continuing operations of £2.1m (2008: £2.5m)
• Total basic loss per share of 9.79p (2008: loss per share of 13.45p)
• Equity shareholders' funds before minority interests decreased by 15.0% to £14.1m (2008: £16.6m) representing approximately 66p per share on the increased share capital (2008: 85.8p)
• Part disposal of shareholding in loss-making Australian business realising £0.4m profit on disposal
• Total funds under management and control in the UK increased to £1.18bn (2008: £1.13bn)

Richard Ford, Chief Executive, said today:

"The year under review was a particularly difficult one for the stockbroking community but I am pleased to say that WH Ireland has come through it in good shape. Our restructuring programme has reduced our cost base in line with our business objectives, leaving us well placed to take advantage of any improvement in economic conditions."

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