Regulatory News

Preliminary Results for the year ended 30 November 2011

WH Ireland (AIM: WHI), an established financial services group operating in Private Wealth Management and Corporate Broking, today announces its Preliminary Results for the year ended 30 November 2011.

Operational summary

• Significant new client wins during the period, with an increase of over 500% in funds raised for corporate clients
• New fund launched to benefit from the Enterprise Investment Scheme legislation
• Number of significant new hires made to strengthen the team across Private Wealth Management and Corporate Broking divisions

Financial summary

• Group turnover increased by 25.9% to £23.1m (2010: £18.4m)
• Full year adjusted* profit before tax £2.2m (2010: loss £0.3m)
• Full year statutory loss before tax £1.4m (2010: £0.7m)
• Adjusted* earnings per share of 9.33p (2010: 0.08p)
• Basic loss per share of 8.00p (2010: 1.75p)
• Year-end cash balances increased to £7.4m (2010: £2.4m)

* Adjusted profit / (loss) before tax is stated after adding back impairments to property and goodwill and loss on disposal of associates (see note 3).

Rupert Lowe, Chairman of WH Ireland, commented: "2011 was a period of strong progress for WH Ireland, as we made a number of significant hires, won 14 new corporate clients, and raised considerably more funds for our corporate clients than in the previous year. The Group's focus on growing companies positions us well for the EIS legislation changes, and the adjusted* profit before tax of £2.2 million demonstrates the considerable progress that has been made during the period." 

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