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W.H. Ireland Group (WHI)

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Monday 14 August, 2000

W.H. Ireland Group

Interim Results

W.H. Ireland Group PLC
14 August 2000



                          W. H. IRELAND GROUP PLC

                             INTERIM RESULTS
                     FOR SIX MONTHS ENDED 31 MAY 2000


      *     Pre-tax profit rose sixfold to £1.675m (1999: £0.273m)

      *     Earnings per share up by over fourfold to 9.45p (1999: 2.07p)

      *     Turnover increased by 93% to £5.592m (1999: £2.894m)

      *     Improved performances in all areas of Group's activities

      *     Good start to second half of financial year

Commenting on the results and prospects, Sir David Trippier, Chairman, said,

'These excellent results reflect the exceptionally buoyant levels of
stockmarket activity in the first quarter of 2000.  Over the six months under
review, the number of daily bargains averaged 538 as against 262 in the
comparable period last year.  Improved performances were recorded in all the
main areas of the Group's activities and across all the Group's offices.

Although the Group does not expect to repeat the exceptionally strong
performance of the first half, it has made an encouraging start to the second
half of its financial year. While the daily volume of business transacted has
returned to a more normal, seasonal level, current trading activity is in line
with budget. The Board remains confident of the ability of W. H. Ireland to
continue to grow the business successfully.'


Enquiries:

W. H. Ireland Group plc:  Laurie Beevers, Chief Executive     T: 020 7464 4280
www.wh-ireland.co.uk      David Youngman, Managing Director   T: 0161 832 6644

Biddick Associates:       Katie Tzouliadis                    T: 020 7464 4280

For further information, please visit W.H. Ireland Group's website at:
www.wh-ireland.co.uk


CHAIRMAN'S STATEMENT 
                                       
I am delighted to announce the Group's first set of results since its
flotation on the Alternative Investment Market in July.

Turnover for the six months to 31 May 2000 increased by 93% to £5.592m (1999:
£2.894m).  Pre-tax profits rose sixfold to £1.675m (1999: £0.273m) and
earnings per share increased by over fourfold to 9.45p (1999: 2.07p).
     
These excellent results reflect the exceptionally buoyant levels of
stockmarket activity in the first quarter of 2000.  Over the six months under
review, the number of daily bargains averaged 538 as against 262 in the
comparable period last year.   Improved performances were recorded in all the
main areas of the Group's activities and across all the Group's offices.  In
particular, corporate finance fees were 40 per cent higher than previously and
funds under management in Personal Equity Plans and Individual Savings
Accounts now stand in excess of £65 million.

At the time of the AIM admission, it was stated that the Board intended to
expand W.H. Ireland's core business of stockbroking services while, at the
same time, develop its presence in the related areas of corporate finance and
fund management.  The objective behind this ambitious expansion plan is to
both broaden the overall base of the business and diversify the income streams
of the Group.  While such objectives inevitably require some time to be met
fully, I am pleased to be able to announce that a number of initiatives are
already being pursued and it is the Board's intention to ensure that any such
move is earnings enhancing.

The Board has adopted a progressive dividend policy taking into account growth
in earnings and future expansion plans.  As previously stated, in the absence
of any unforeseen circumstances, the first dividend will be a final dividend
in respect of the year ending 30 November 2000.  Following this distribution,
the Company intends to pay an interim and final dividend in respect of each
financial year.

Although the Group does not expect to repeat the exceptionally strong
performance of the first half, it has made an encouraging start to the second
half of its financial year. While the daily volume of business transacted has
returned to a more normal, seasonal level, current trading activity is in line
with budget.  Fee income is currently running above expected levels due to a
number of new issue mandates. Since the half year end, the Group has been
appointed to act as Nominated Broker to three companies seeking admission to
AIM and has recently completed a Placing and Open Offer as Nominated Broker to
a client company.

With this encouraging start to the second half, the Board remains confident of
the ability of W.H. Ireland to continue to grow the business successfully.

The Board's optimism is in large part due to the high level of commitment
demonstrated by all staff within the business. I would like to take this
opportunity to thank them for all their hard work and effort, particularly in
the immediate period leading up to flotation. I am also pleased to record that
W.H. Ireland's admission to AIM has resulted in additional numbers of
personnel becoming shareholders in the business to the extent that
approximately three-quarters of all employees and associates of the Company
are now shareholders.  I would like to welcome them and all new investors and
I look forward with enthusiasm to the Group's future as a publicly quoted
company.

Sir David Trippier
Chairman


W.H. IRELAND GROUP PLC
PROFIT & LOSS ACCOUNT

                                                    Pro-forma             
                                       Unaudited    unaudited      Audited
                                      six months   six months    11 months
                                        ended 31 ended 31 May     ended 30
                                        May 2000         1999     Nov 1999
                                                                              
                                           £,000        £,000        £,000
                                                                          
Turnover                                   5,592        2,894        5,969
                                                                          
Commissions payable and settlement       (1,326)        (779)      (1,479)
fees
Administration expenses                  (2,467)      (1,908)      (3,642)
                                      ----------   ----------   ----------
Operating profit before bonuses            1,799          207          848
Bonuses                                    (320)         (21)        (337)
                                      ----------   ----------   ----------
Operating profit                           1,479          186          511
Interest receivable                          234          137          236
Interest payable                            (38)         (50)         (86)
                                      ----------   ----------   ----------
Profit on ordinary activities              1,675          273          661
before taxation
Taxation                                   (503)         (68)        (216)
                                      ----------   ----------   ----------
Profit on ordinary activities              1,172          205          445
after taxation
Dividend paid                               (62)            0            0
                                      ----------   ----------   ----------
Retained profit                            1,110          205          445
                                      ----------   ----------   ----------


Earnings per share (unaudited)                                                
  - basic                                  9.45p        2.07p        4.28p
  - diluted                                9.45p        2.07p        4.28p
                                                                          
Dividends per share                         0.5p          nil          nil

W. H. IRELAND GROUP 
ABBREVIATED BALANCE SHEET

                                       Unaudited    Unaudited      Audited
                                     31 May 2000  31 May 1999  30 Nov 1999
                                           £,000        £,000        £,000
                                                                          
Fixed assets                                 934          597          574
Investments                                   85          120           28
Net current assets                         3,262        1,442        1,699
Creditors due after one year             (1,034)        (467)        (445)
                                      ----------   ----------   ----------
                                           3,247        1,692        1,856
                                      ----------   ----------   ----------
                                                                          
Share capital                                620          550          550
Share premium account                        657          447          447
Retained profits                           1,970          695          859
                                      ----------   ----------   ----------
                                           3,247        1,692        1,856
                                      ----------   ----------   ----------

Net assets per share                      26.18p       15.38p       16.87p



SUMMARISED CASH FLOW STATEMENT

                                                    Pro-forma             
                                       Unaudited    unaudited      Audited
                                      Six months   six months    11 months
                                           ended        ended        ended
                                     31 May 2000  31 May 1999  30 Nov 1999
                                                                          
                                           £'000        £'000        £'000
                                                               
Cash flow from operating activities        2,192         (146)         606
Returns on investments and                                                
servicing of finance                         196           88          115
Taxation paid                                  0            0          (53)
Capital expenditure and financial           (462)         (58)        (134)
investment
Equity dividends paid                        (62)           0            0
Financing                                    861          261          214
                                      ----------   ----------   ----------
Increase in cash                           2,725          145          748
                                      ----------   ----------   ----------

NOTES

1. The interim report, which is the responsibility of the directors and has
   not been audited, was approved by the directors on 11 August 2000.

2. During 1999, the Company changed its year end from 31 December to 30
   November. Accordingly, to enable comparison of a similar period of trading
   to the first six months of the current financial year, a pro-forma trading
   profit and loss account has been prepared for the six months ended 31 May
   1999.  This includes the management accounts for the month of December 1998
   and the management accounts for the five months ended 31 May 1999.  The   
   figures for the eleven month period ended 30 November 1999 have been  
   extracted from the audited accounts for that eleven month period which have
   been filed at the Registrar of Companies.

3. A dividend of £62,011 was paid by W H Ireland Ltd on 25 April 2000.
   It is proposed that the first dividend paid by W H Ireland Group plc will
   be a final dividend in respect of the year ended 30 November 2000.

4. At 31 May 2000, the total number of shares in issue was 1,240,225. On 7
   July 2000, as a result of the formation of the plc, an effective 10 for 1
   split in the share capital occurred. To aid future comparison of the   
   figures, the calculations of earnings per share and net assets per
   share have been based on the number of shares as if the 10 for 1 split
   occurred at the beginning of the period under review.

5. The basic earnings per share has been calculated by dividing the profit on
   ordinary activities after taxation for the period by the weighted average
   number of shares in issue during the period 12,402,250 (six months to May
   1999, 9,913,280, and eleven months to November 1999, 10,408,850). On 16
   December 1999, options over 1,000,000 shares, (100,000 pre the 10 for 1
   split) were granted conditionally to three directors. At 31 May 2000, none
   of the relevant conditions had been satisfied, and therefore these
   potential shares have not been included in the calculation of the diluted
   earnings per share, which as a result, has been calculated using the same
   numbers as the basic earnings per share.

6. Net assets per share have been calculated on the number of shares in issue
   at the balance sheet date. At 31 May 2000, the 100,000 shares in the
   London Stock Exchange were included in the balance sheet at a cost of £1.  
   At the close of business on 10 August 2000, these shares had a total value 
   of approximately £2,125,000, based on the price quoted on the matched      
   dealing facility offered by Cazenove Securities Ltd.