W.H. Ireland Group PLC
27 December 2007
WH Ireland Group plc
('WH Ireland' or 'the Company')
The Board of WH Ireland, the AIM-quoted investment banking group, provides the
following update for the year ended 30 November 2007. The Company expects to
announce its preliminary results on 25 February 2008.
Following strong Company performance in the first half of the financial year,
the corporate finance and corporate broking operations have continued to perform
well. During the second half of the year, the corporate finance division acted
for 7 admissions to AIM and undertook six secondary fundraisings, raising, in
total, in excess of £30 million for corporate clients.
The performance of the financial services and stockbroking businesses has been
impacted by the volatility of global stock markets caused by the US sub-prime
crisis. However this has been mitigated by a strong contribution from realised
and unrealised gains on fixed asset investments.
Despite lower market values in the second half, group funds under management and
control have remained constant at in excess of £1.5bn, compared to £1.35bn at
the previous year end. The WH Ireland UK Growth Trust continued to outperform
its benchmarks and the value of the fund has increased significantly in the
second half of the year from over £60 million to in excess of £88 million at the
Our Australian subsidiary, WHI Australia Pty Limited, continued to provide a
significant contribution to both turnover and operating profit.
The refurbishment and subsequent revaluation of our Manchester head office were
completed during the period and as a result of this revaluation and additional
investment in tangible assets, the Directors expect that the net asset value at
the end of the period will show a significant uplift on that of the previous
The Board continues to consider the approaches which it has received. However,
there can be no guarantee of any offer being made for the Company.
For further information, please contact:
Greg Cant Tel: 0161 827 3800
NM Rothschild & Sons Limited
Tom Durie Tel: 020 7710 7600
Oriel Securities Limited
Zoe Biddick Tel: 020 7448 1000
Laurie Beevers Tel: 0161 832 6644
N M Rothschild & Sons Limited and Oriel Securities Limited are acting for WH
Ireland and no one else in connection with the contents of this announcement and
will not be responsible to anyone other than WH Ireland for providing the
protections afforded to clients of N M Rothschild & Sons Limited and Oriel
Securities Limited, respectively, or for providing advice in relation to the
contents of this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange