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W.H. Ireland Group (WHI)

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Thursday 15 August, 2002

W.H. Ireland Group

Interim Results

W.H. Ireland Group PLC
15 August 2002


                             W.H. IRELAND GROUP PLC

                                 INTERIM RESULTS

                       FOR THE SIX MONTHS TO 31 MAY 2002

                                   Key Points



              • Turnover of £3.4 million (2001: £3.9 million)


              • Pre-tax loss of £469,000 (2001: profit of £367,000)


              • Net assets of £8.4 million or 58.1p per share


              • Interim dividend of 0.5p per share (2001: 1.0p)



 Chairman, Sir David Trippier, commenting on prospects, said,

'It is to be hoped that the recent fall in the stockmarket will not further
erode consumer confidence. On a historical perspective, it would be normal for
the bear market we have seen over the last two and a half years to run its
course and for more stable times to be approaching. Markets are more volatile
than in the past and any upturn might prove as rapid as some of the recent
falls. However, I can report that with a strong balance sheet and a sound
management team, we are now considerably better placed to benefit from an upturn
in the market.'

Press enquiries:

W.H. Ireland Group plc                                       Tel: 0161 832 6644
David Youngman, managing director
Derek Ashford, finance director

Biddicks                                                     Tel: 020 7448 1000
Katie Tzouliadis


CHAIRMAN'S STATEMENT

As we are all aware, market conditions have been extremely difficult throughout
the period under review and volatile markets, doubts over pensions and problems
in America have all contributed to substantial stockmarket falls in the UK.

Against this background, results for the half year under review show turnover
reduced by 13% to £3.4 million (2001: £3.9 million) and a pre-tax loss of
£469,000 (2001: profit of £367,000). I am, however, pleased to report that
shareholders' funds have remained broadly similar to last year, which is due to
the increase in the value of our investments. Net assets per share at the period
end stood at 58.1p compared with 56.0p at the year end.

Corporate Finance activities have been strong against a weak market backdrop and
we have successfully completed a number of AIM introductions, including in early
June, Ultimate Finance Group PLC, a factoring and invoice discounting company,
in which we have taken a strategic equity stake of 26%. We have also acted in a
number of fundraising and corporate issues. That trend has continued into the
second half and we are now brokers to 18 fully listed or AIM traded companies.

We continue to control overheads tightly and refocus the firm with the emphasis
being on income-producing areas. The office in Lancaster has commenced trading
satisfactorily following its opening in the Spring and we shall be opening a new
office in the city of Preston in September. In the London office, Stockholm
Investments, the advisory and discretionary portfolio management business which
we acquired in October 2001, has integrated well and we are pleased with its
performance. We are now examining ways of further developing this service in
other parts of the Group.

It is to be hoped that the recent fall in the stockmarket will not further erode
consumer confidence. On a historical perspective, it would be normal for the
bear market we have seen over the last two and a half years to run its course
and for more stable times to be approaching. Markets are more volatile than in
the past and any upturn might prove as rapid as some of the recent falls.
However, I can report that with a strong balance sheet and a sound management
team, we are now considerably better placed to benefit from an upturn in the
market.

I would like to thank all our staff for their hard work and loyalty during
unsettling times in the market.

In the light of our strong balance sheet but taking account of current trading,
an interim dividend of 0.5p per share will be paid on 25 October 2002 to all
shareholders on the register at 5 October 2002.

Sir David Trippier,

Chairman



Consolidated Profit and Loss Account

For the six months ended 31 May 2002
                                                                     Unaudited             Unaudited             Audited
                                                                      6 months              6 months     12 months ended
                                                                         ended                 ended         30 Nov 2001
                                                                   31 May 2002           31 May 2001
                                                                                          (Restated)
                                                                         £'000                 £'000               £'000

Group turnover                                                           3,386                 3,874               6,969

Administration expenses                                                (3,773)               (3,625)             (7,656)

Group operating (loss)/profit                                            (387)                   249               (687)
Share of operating loss in joint venture                                  (41)                     -                 (5)

                                                                         (428)                   249               (692)

Other interest receivable and similar income                                66                   166                 285
Interest payable and similar charges                                     (107)                  (48)                (94)

(Loss)/profit on ordinary activities before taxation                     (469)                   367               (501)
Tax on (loss)/profit on ordinary activities                                 59                 (119)                  22

(Loss)/profit on ordinary activities after taxation                      (410)                   248               (479)
Dividends on equity shares                                                (72)                 (140)               (284)

Retained (loss)/profit for the period for group                          (482)                   108               (763)

Earnings per share - in accordance with FRS 14
- Basic                                                                (2.86)p                 1.79p             (3.45)p
- Diluted                                                              (2.78)p                 1.71p             (3.29)p

Earnings per share - in accordance with guidelines issued by
UK Society of Investment Professionals
- Basic                                                                (2.50)p                 1.89p             (3.21)p
- Diluted                                                              (2.43)p                 1.80p             (3.07)p



Statement of Total Recognised Gains and Losses
                                                                        Unaudited         Unaudited             Audited
                                                                         6 months          6 months     12 months ended
                                                                            ended             ended         30 Nov 2001
                                                                      31 May 2002       31 May 2001
                                                                                           Restated
                                                                            £'000             £'000               £'000

(Loss)/profit for the period                                                (482)               108               (763)

Unrealised surplus on revaluation of fixed asset investments                  746             1,176                 473

Realised surplus on revaluation of fixed asset investments                     48                 -                 691

Taxation on realised surplus on revaluation of fixed asset
investments                                                                  (10)                 -               (207)

Foreign exchange difference on the carrying value of the joint
venture                                                                         3                 -                 (3)

Total recognised gain for the period                                          305             1,284                 191
Prior period adjustment                                                         -             2,404               2,404

                                                                              305             3,688               2,595



Note of Historical Cost Profits and Losses

                                                                     Unaudited             Unaudited             Audited
                                                                      6 months              6 months     12 months ended
                                                                         ended                 ended         30 Nov 2001
                                                                   31 May 2002           31 May 2001
                                                                                            Restated
                                                                         £'000                 £'000               £'000

Reported (loss)/profit on ordinary activities before
taxation                                                                 (469)                   367               (501)
Realisation of fixed asset investment revaluation gains                     48                     -                 691

Historical cost profit on ordinary activities before
taxation                                                                 (421)                   367                 190

Historical cost (loss)/profit retained for the period                    (441)                   108               (279)
after the provision for taxation and dividends




Consolidated Balance Sheet

As at 31 May 2002
                                                                                 Unaudited
                                                   Unaudited                   31 May 2001                       Audited
                                                 31 May 2002                    (Restated)                   30 Nov 2001
                                                       £'000                         £'000                         £'000

Fixed assets
Intangible assets                                      1,904                           435                         1,955
Tangible assets                                        4,926                           801                           926
Investments                                            4,005                         3,880                         3,190
Investment in joint venture                               12                            58                            50
                                                      10,847                         5,174                         6,121

Current assets
Debtors                                   26,769                  53,417                          45,327
Investments                                   15                      89                              22
Cash at bank and in hand                   4,362                   5,649                           5,962

                                          31,146                  59,155                          51,311
Creditors due within one year           (28,489)                (54,815)                        (48,513)

Net current assets                                     2,657                         4,340                         2,798

Total assets less current
liabilities                                           13,504                         9,514                         8,919
Creditors due after one year                         (5,148)                       (1,060)                         (868)

Net assets                                             8,356                         8,454                         8,051

Capital & reserves
Called up share capital                                  946                           924                           946
Shares to be issued                                      425                             -                           425
Share premium account                                  1,300                         1,056                         1,300
Investment revaluation reserve                         3,623                         3,580                         2,877
Other reserves                                           544                           544                           544
Retained profits                                       1,518                         2,350                         1,959

Equity shareholders funds                              8,356                         8,454                         8,051

 Net assets per share                                 58.09p                        60.56p                        55.97p



Consolidated Cash Flow Statement
                                                               Unaudited               Unaudited                Audited
                                                                6 months                6 months        12 months ended
                                                                   ended                   ended            30 Nov 2001
                                                             31 May 2002             31 May 2001
                                                                                        Restated
                                                                   £'000                   £'000                  £'000

Net cash (outflow)/inflow from operating
activities                                                       (1,190)                   (224)                    571
Returns on investments and servicing of finance                     (35)                     126                    200
Taxation                                                               3                   (370)                  (701)
Capital expenditure and financial investment                     (4,207)                   (301)                     31
Acquisitions and disposals                                             -                       -                  (425)

Cash outflow before management of liquid resources
and financing                                                    (5,429)                   (769)                  (324)
Equity dividends paid                                              (144)                   (126)                  (265)
Financing                                                          3,973                    (13)                    (6)

Decrease in cash in the period                                   (1,600)                   (908)                  (595)



Reconciliation of operating profit to operating cash flow
                                                                     Unaudited             Unaudited             Audited
                                                                      6 months              6 months     12 months ended
                                                                         ended                 ended         30 Nov 2001
                                                                   31 May 2002           31 May 2001
                                                                                            Restated

Operating (loss)/profit                                                  (387)                   249               (687)
Depreciation                                                               192                   145                 311
Amortisation                                                                51                    13                  33
Profit on sale of fixed assets                                             (7)                     1                 (5)
Decrease/(increase) in debtors                                          18,551              (12,017)             (3,958)
(Decrease)/increase in creditors                                      (19,597)                11,438               4,800
Decrease/(increase) in current asset investments                             7                  (53)                  77

                                                                       (1,190)                 (224)                 571

Analysis of net cash
                                                     At beginning of the               Cash flow   At end of the period
                                                                  period

Cash at bank and in hand                                           5,962                 (1,600)                  4,362
Debt due after one year                                            (500)                 (4,296)                (4,796)
Debt due within one year                                           (500)                     306                  (194)
Finance leases                                                      (53)                      17                   (36)

                                                                   4,909                 (5,573)                  (664)


NOTES

1.      The interim report, which is the responsibility of the directors and has
        not been audited, was approved by the directors on 12 August 2002.

2.      The figures for the six months ended 31 May 2002 have been prepared
        using the same accounting policies as for the year ended 30th November
        2001 and the accounts for the six months ended 31 May 2001 have been 
        restated to take account of the treatment of the acquisition of 
        Readycount Limited and changes in accounting policy.

        As detailed in the audited accounts for the year ended 30 November 2001
        the acquisition of Readycount Limited on 24 September 2001 has been
        accounted for under merger accounting principles. Accordingly the 
        accounts for the six month period ended 31 May 2001 have been restated 
        to include the results of Readycount Limited as if it had been part of 
        the Group from the beginning of the period.

        During 2001 the directors changed the accounting policy in relation to
        the presentation of turnover. Previously, interest receivable and
        interest payable arising in the normal course of investment business 
        were shown net below operating profit within interest receivable. Under 
        the revised accounting policy, the company follows generally accepted 
        industry practice and the financial statements show interest receivable 
        and payable in the normal course of investment business within turnover.

3.      These unaudited interim financial statements do not constitute statutory
        accounts. They have, however, been reviewed by the auditors whose report
        is included. The figures for the year ended 30 November 2001 have been       
        extracted from the audited accounts for that year. The comparative 
        figures for the financial year ended 30 November 2001 are not the 
        company's statutory accounts for that year. Those accounts have been 
        reported on by the company's auditors and delivered to the Registrar of 
        Companies. The report of the auditors was unqualified and did not 
        contain a statement under section S237(2) or (3) of the Companies Act 
        1985.

4.      Fixed Assets
                                                     Property             Motor             Computers              Total
                                                                       Vehicles            Fixtures &
                                                                                             Fittings
                                                        £'000             £'000                 £'000              £'000

    Cost

    At beginning of period                                                  321                 1,250              1,571

    Additions                                           4,080                61                    61              4,202

    Disposals                                                              (37)                                     (37)

    At end of period                                    4,080               345                 1,311              5,736


    Depreciation

    At beginning of period                                                  102                   543                645

    Charge for period                                                        41                   151                192

    On disposals                                                           (27)                                     (27)

                                                                            116                   694                810


    Net Book Value

    At 31 May 2002                                      4,080               229                   617              4,926

    At 30 November 2001                                     -               219                   707                926


5.      The company has now adopted FRS19 'Deferred Tax' for the six months
        ended 31 May 2002, but adopting this policy has no material effect on 
        the comparative figures for the six months ended 31 May 2001 and the 
        year ended 30 November 2001. The company has no current plans to sell 
        any of the Fixed Asset Investments, but should they be sold at the 
        revalued amount included in the Balance Sheet at 31 May 2002, tax of 
        approximately £1,087,000 would be payable.

6.      A final dividend for the year ended 30 November 2001 of 1p per share
        costing £143,849 was paid on 13 May 2002. It is proposed that an interim
        dividend for the year ending 30 November 2002 of 0.5p per share costing 
        £71,925 be paid on 25 October 2002 to shareholders on the register on 4 
        October 2002.

7.      The basic earnings per share for the period has been calculated by
        dividing the profit on ordinary activities after taxation by the 
        weighted average number of shares in issue during the period being 
        14,319,506 (six months to 31 May 2001, 13,840,084 and year ended 31st 
        November 2001, 13,897,535). Diluted earnings per share is the basic 
        earnings per share adjusted for the effect of the conversion into fully 
        paid shares of the weighted average number of all share options and 
        warrants outstanding during the year. The additional weighted average 
        number of shares used for the diluted calculation is 448,058 (six months 
        to 31 May 2001 691,520, and year ended 30 November 2001 661,732).



INDEPENDENT REVIEW REPORT BY KPMG AUDIT PLC

Introduction

We have been instructed by the company to review the financial information for
the six months ended 31 May 2002, which comprises: the consolidated profit and
loss account; statement of total recognised gains and losses; note of historical
cost profits and losses; consolidated balance sheet; consolidated cash flow
statement; reconciliation of operating profit to operating cash flow; analysis
of net cash and notes 1 to 7. We have read the other information contained in
the interim report and considered whether it contains any apparent misstatements
or material inconsistencies with the financial information.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors.

Review work performed

We conducted our review in accordance with guidance contained in Bulletin 
1999/4: Review of interim financial information issued by the Auditing Practices
Board. A review consists principally of making enquiries of Group management and
applying analytical procedures to the financial information and underlying
financial data and, based thereon, assessing whether the accounting policies and
presentation have been consistently applied unless otherwise disclosed. A review
is substantially less in scope than an audit performed in accordance with
Auditing Standards and therefore provides a lower level of assurance than an
audit. Accordingly we do not express an audit opinion on the financial
information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 May 2002.

KPMG Audit Plc

Chartered Accountants

Leeds


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