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W.H. Ireland Group (WHI)

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Tuesday 13 March, 2001

W.H. Ireland Group

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


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