Final Results - Part 1

W.H. Ireland Group PLC 13 March 2001 W H IRELAND GROUP PLC ('W H Ireland' or 'the Company') PRELIMINARY RESULTS FOR THE YEAR ENDED 30 NOVEMBER, 2000 KEY POINTS * Turnover up 60% to £9.6m (1999: £6.0m)* * Pre-tax profits up 239% to £2.24m (1999: £0.66m)* * Earnings per share up 180% to 12.6p (1999: 4.5p)* * Net assets at 30 November 2000 were £4.7m (30 November 1999: £1.86m) with the investment in the London Stock Exchange carried in the balance sheet at negligible value. * Final dividend of 1.33p declared for the four months' period following Admission to AIM in July 2000. * Since joining AIM funds under management are up 16% from £104m to £ 121.2m * The results reflect the exceptionally buoyant levels of stockmarket activity in Q1 2000, together with substantial increases in corporate broking and placing fees. * The firm completed five substantial transactions during the year comprising four placings and one IPO. (* The comparative period to 30 November 1999 was an eleven month period) Commenting on the results, WH Ireland's chief executive, Laurie Beevers said 'We are delighted to report a very strong set of results. In common with our peer group, we experienced unusually buoyant conditions early in the year and have benefited from an increase in corporate broking activities. Our flotation in the summer has enabled us to implement some of our planned expansion. We have added institutional sales and research staff, extended our Manchester premises and continue to seek to extend our regional network and to attract further client advisory staff. While traditional stockbroking activity has been unexciting during the early part of 2001, the level of corporate issues has been sustained at encouraging levels, giving us confidence for the remainder of the current financial period'. Press enquiries: W H Ireland Group David Youngman, Managing Director Tel: 0161 832 6644 Derek Ashford, Finance Director Tel: 0161 832 6644 Biddick Associates Zoe Biddick/Katie Tzouliadis Tel: 020 7448 1000 CHAIRMAN'S STATEMENT I am extremely pleased to report pre-tax profits for the year ended 30 November 2000 of £2,239,173 as against £660,550 for the eleven months financial period ended 30 November 1999. Turnover for the year was £9,561,454 as against £5,969,259 in the previous financial period, reflecting strong growth in all areas of activity. Net assets at the year end were £4,674,880 compared to £1,856,898 at 30 November 1999. The investment in the London Stock Exchange is still carried in the balance sheet at negligible value. As at 30 November 2000 the off-market matched bargain dealing facility provided by Cazenove & Co. valued this investment at £2.4m. Net cash at the year end amounted to £5,478,638. Earnings per share increased from 4.5p to 12.6p and the Board is recommending a final dividend of 1.33p for the four months' period from the date of admission of the company's shares to trading on the Alternative Investment Market of the London Stock Exchange ('Admission'). As I stated in my interim report, the Company intends to pay an interim and final dividend in respect of each financial year, with the distribution being approximately one-third/ two-thirds between the interim and final payments. The final dividend is payable on 26 April 2001 to shareholders on the register on 6 April 2001. These excellent results reflect the exceptionally buoyant levels of stockmarket activity in the first quarter of 2000, following which the daily volume of business transacted returned to more normal, seasonal levels. However, corporate broking and placing fees, in particular, showed a substantial increase from £72,000 for the previous period to £544,000 for the period under review. Five substantial transactions were undertaken during the year comprising four placings and one IPO. In addition, funds under management in Personal Equity Plans and Individual Savings Accounts increased from £65m at the time of Admission to £69.5m at the year end. Portfolio funds under management increased from £39m to £51.7m during the same period. Since the year end, the Group has continued to expand with the employment of additional institutional sales and research staff, additions to the investment management team and a physical expansion of the Manchester office. In addition, we have also successfully established a joint venture in Sydney, Australia with three individuals serving the specialist areas of mining and mining finance. Further expansion is planned with a move to a larger London office following the expiry of the lease of our existing base. Discussions are also taking place with regard to the opening of additional regional offices and the employment of additional client advisers. Since the year end, we have acted in four AIM admissions and have been appointed to act for three further companies. At the moment we act as Broker to a total of seventeen companies, across a broad range of industries, both fully listed and trading on AIM, and we are confident of additional appointments in the near future. Whilst the months of January and February have been poor across the industry, we have continued to trade profitably in the first quarter of the current year and the pipeline of corporate issues gives me further confidence for the future. Sir David Trippier Chairman CONSOLIDATED PROFIT AND LOSS ACCOUNT For the year ended 30 November 2000 Year 11 months ended ended 30 30 November November 2000 1999 Group Turnover 9,561,454 5,969,259 Commissions payable and settlement fees (2,199,455) (1,479,421) Administrative expenses (4,893,039) (3,646,604) Trading profit before bonuses 2,468,960 843,234 Bonuses (650,916) (332,672) Group operating profit 1,818,044 510,562 Other interest receivable and similar income 538,133 235,694 Interest payable and similar charges (117,004) (85,706) Profit on ordinary activities before taxation 2,239,173 660,550 Tax on profit on ordinary activities (683,306) (215,521) Profit on ordinary activities after taxation and profit 1,555,867 445,029 for the financial year Dividends on equity shares (247,678) - Retained profit for the year for group 1,308,189 445,029 Earnings per share Basic 12.59p 4.52p Diluted 11.90p 4.52p There is no material difference between the results as described in the profit and loss account and the results on an unmodified historical cost basis. A statement of total recognised gains and losses has not been prepared as the total recognised gains in each year equate to the profit for the year. All turnover relates to continuing operations. CONSOLIDATED BALANCE SHEET At 30 November 2000 2000 2000 1999 1999 £ £ £ £ Fixed assets Intangible assets 448,095 192,806 Tangible assets 626,212 381,315 Investments 239,100 27,577 Investments in joint ventures Share of gross assets 57,465 - 1,370,872 601,698 Current assets Debtors 41,360,667 84,766,709 Investments 49,660 54,328 Cash at bank and in hand 6,523,909 1,618,540 47,934,236 86,439,577 Creditors: amounts falling due within one (43,569,844) (84,739,507) year Net current assets 4,364,392 1,700,070 Total assets less current liabilities 5,735,264 2,301,768 Creditors: amounts falling due after more (1,060,384) (444,820) than one year Net assets 4,674,880 1,856,948 Capital and reserves Called up share capital 697,995 2 Shares to be issued - 550,112 Share premium account 1,055,610 - Other reserves 753,698 447,446 Profit and loss account 2,167,577 859,388 Equity shareholders' funds 4,674,880 1,856,948 These financial statements were approved by the board of directors on 12 March 2001. CONSOLIDATED CASH FLOW STATEMENT For the year ended 30 November 2000 Year ended 11 months ended 30 November 30 November 2000 1999 £ £ Net cash inflow from operating activities 3,401,975 606,289 Returns on investments and servicing of finance 423,622 115,403 Taxation (214,617) (53,521) Capital expenditure and financial investment (428,214) (134,021) Cash inflow before management of liquid 3,182,766 534,150 resources and financing Equity dividends paid (62,011) - Financing 1,793,391 214,381 Increase in cash in the period 4,914,146 748,531 Notes to cash flow statement a) Reconciliation of operating profit to net cash inflow from operating activities 2000 1999 £ £ Operating profit 1,818,044 510,562 Depreciation 188,009 160,387 Profit on sale of fixed assets (4,692) (5,550) Amortisation 24,711 21,865 Decrease/(increase) in debtors 43,427,928 (74,742,532) (Decrease)/increase in creditors (41,787,710) 74,601,179 (Increase)/decrease in investments (264,315) 60,378 Net cash inflow from operating activities 3,401,975 606,289 b) Returns on investments and servicing of finance 2000 1999 £ £ Interest received 516,192 165,862 Interest paid (81,709) (30,406) Interest element of finance lease rental (10,861) (20,053) payments Net cash inflow 423,622 115,403 c) Taxation 2000 1999 £ £ Corporation tax paid 214,617 53,521 Net cash outflow 214,617 53,521 d) Capital expenditure and financial investment 2000 1999 £ £ Payments to acquire tangible fixed assets 436,464 189,465 Proceeds from sale of tangible fixed assets (8,250) (55,444) Net cash outflow 428,214 134,021 Intangible assets to the value of £280,000 were purchased on 1st December 1999, the consideration for which was the issue of 1,400,000 new shares (as adjusted for the 10 for 1 share split) at 20p per share. e) Equity dividends paid 2000 1999 £ £ Dividend paid on ordinary shares 62,011 - Net cash out flow 62,011 - f) Financing 2000 1999 £ £ Issue of share capital (net) 1,230,053 296,361 Loans received 1,000,000 - Loans repaid (400,000) - Net increase (decrease) in hire purchase loans (36,662) (81,980) Net cash inflow 1,793,391 214,381 RECONCILIATIONS OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS For the year ended 30 November 2000 Group Group Company Company 2000 1999 2000 1999 £ £ £ £ Profit for the financial year 1,555,867 445,029 787,962 - Dividends (247,678) - (185,667) - 1,308,189 445,029 602,295 - New share capital subscribed (net of 1,509,743 296,361 1,753,603 2 issue costs) 2,817,932 741,390 2,355,898 2 Opening equity shareholders' funds 1,856,948 1,115,558 2 - Closing equity shareholders' funds 4,674,880 1,856,948 2,355,900 2 more to follow FR JJMRTMMTBMAB

Companies

W H Ireland Group (WHI)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today