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W.H. Ireland Group (WHI)

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Friday 29 February, 2008

W.H. Ireland Group

Final Results

W.H. Ireland Group PLC
29 February 2008


                              WH IRELAND GROUP PLC
                         ('WH Ireland' or 'the Group')

            Preliminary Results for the year ended 30 November 2007

Quoted on AIM, WH Ireland is an established financial services group with four
distinct activities, stockbroking, corporate finance, financial services and


• Group turnover increased by 41% to £42.73m (2006: £30.34m)

• Profit before tax of £3.80m (2006 restated: £3.67m)

• Basic earnings per share of 14.89p (2006 restated: 14.78p)

• Net assets of 114.3p per share (2006 restated: 94.6p)

  - newly refurbished head office property revalued at £8.25m (November
    2006: £4.93m)

• Final dividend of 3.0p (2006: 3.0p), making a total dividend for the year of 
  5.0p (2006: 4.4375p)

• Particularly strong contribution from Australian business

  - further increased stake in the business to 76.59% this year

• Further growth in stockbroking

  - addition of two new fund management teams

  - substantial new office opened in Bristol

• Total funds under management and control of £1.77bn (2006: £1.36bn)

  - WH Ireland UK Growth Trust grown to £88m

• Acquisition of IFA businesses in Bristol for initial consideration of £1.25m

Commenting on results, Chief Executive, Laurie Beevers, said,

 'These results are encouraging, especially when viewed against the backdrop of
market turbulence.  During the year, we have undergone a period of substantial
change and strengthening of the Group and, as a result of continuing investment,
we have expanded the scope and intrinsic value of our business, the full
benefits of which will come through in the future.

'Our diversified approach is aimed at de-risking the Group, where possible, and
our strong balance sheet gives us the confidence to continue to develop all
facets of the business, both in the UK and Australia.'

Laurie Beevers                                       Tel: 020 7448 1000 (today)
WH Ireland                                           Tel: 0161 832 6644

Zoe Biddick                                          Tel: 020 7448 1000

Tom Durie                                            Tel: 020 7710 7600
Oriel Securities Limited


Results and Dividend

Despite a tougher trading environment for the second half of the year, it is
pleasing to report the fifth consecutive year of pre tax profits growth for the

The figures encompass a period of substantial change and strengthening of the
Group;  principally the focused move towards fund management within the
stockbroking business which has led to an increase of 30% in funds under
management to £1.77 billion (2006: £1.36 billion) and the revaluation to £8.25
million of the Manchester property following a major refurbishment, representing
a rise of 67%.  Our Net Asset Value has increased to £19.66 million (2006
restated: £15.37 million), up 27%. Turnover rose 41% to £42.73 million (2006:
£30.34 million).  Our pre tax profits have shown a more modest increase to £3.80
million (2006 restated: £3.68 million) with EPS of 14.89p (2006 restated:

Investment across the business both in the addition of new client advisers and
the implementation of new systems, and an increased regulatory burden has held
back significant profit progress.  Therefore, despite a substantial increase in
both turnover and funds under management and control which will underpin future
development, pre tax profit saw a modest increase on the previous year.
However, as a result of continuing investment in and expansion of our business,
we have considerably increased both its scope and intrinsic value, the full
benefits of which will come through in future years.

The make up of these operating profits reflects our growing spread of activities
and our diversified investment portfolio.  Our profits now, on a regular basis,
derive from a blend of stockbroking, corporate finance, investment management,
investment banking and our associated companies. We aim to achieve the best
possible return from all our activities, but inevitably, with these diversified
sources of income, from year to year, the mix of profits may well vary quite

The carried interest costs (of £1,134,782) are included in administrative
expenses. The associated profits of these transactions are shown below the
operating profit line. In previous years the Group took advantage of true and
fair override of the Companies Act to net off costs against revaluation gains on
investments to eliminate this charge from administrative expenses.

The Group has grown very significantly over the last ten years and especially
during the seven years we have been a public company.  We have taken the
opportunity during those years, not only to increase our dividends substantially
but also to increase and broaden the net asset  base of the company which has
grown from £1.90 million when we joined AIM in August 2000 to £19.66 million at
the year end.

We are proposing a final dividend of 3p per share, making a total dividend of 5p
for the year as a whole (2006: 4.4375p) +12.7% which is covered nearly 3 times
by earnings. The dividend will be paid on 25 April 2008 to holders on the
register on 7 March 2008.  As in the last few years, a scrip dividend
alternative will be available.


Stockbroking has seen significant fluctuations during the year with a very
strong first half.  This was followed by a more subdued second half of the year
when the impact of a variety of factors - principally the difficulties in
America resulting from reckless lending in the sub-prime property market,
negatively impacted on UK, European and North American equity markets.

Our corporate finance division has continued to perform well with more work
being undertaken for our existing clients as our portfolio has grown. Our 78 AIM
clients provide a level of retainer income which underpins the department's

Our business in Australia continues to perform well and had an excellent year.
We have great confidence in the management team there, and have increased our
shareholding further to 76.59% of the equity, the remainder being largely held
by Directors and outside investors. This has proved a worthwhile merger for both
parties and we congratulate our colleagues once again on their results.

Our financial services business has continued to grow and made an acquisition in
the last few weeks of the financial year in Bristol. Our stockbroking and
financial services activities in Cardiff now share one office. The year has seen
increased sales but the development of further infrastructure, including
significantly higher compliance costs, has meant that profits in this division
were lower than in the previous year, although steps have been taken which we
believe will lead to an improved performance in this area during the coming year
given a reasonable trading environment.

Systems are a major feature of modern investment management and we continue to
upgrade the quality of our systems with the move to a new back office
infrastructure now being complete. Our accounting platform has also been
upgraded which will give us faster delivery of accurate client and management
information. The introduction of further regulations and accounting changes
including MIFID, CRD and ICAAP have significantly added to the workload of our
compliance and finance departments.

The implementation costs of compliance procedures and regulation generally has
continued to rise with ever more demands being made by regulators in their
endeavour to create a risk free world. We believe we always treat our customers
fairly - a commitment which is engrained in our ethos and culture and which
permeates throughout the firm. We strongly support the need for supervision and
regulation in our industry, but the costs cannot be underestimated.


We have a clearly developed strategy to continue to grow the business. We
believe that we should play to our strengths and develop the business in areas
of financial services which we understand and which can provide a profitable
return. We also believe in maintaining a number of profit streams to provide
greater stability when markets fluctuate. That spread of interests does not mean
we cannot move quickly to exploit opportunities in the market where these open
up, as is shown by our successful development of our position on AIM and our
investment in Australia. We believe that, for a company of our size operating in
markets which can be volatile, a broadly based business supported by strong
asset backing is the best way forward.


As previously mentioned, the single most significant balance sheet investment is
that of our head office building in the centre of Manchester. Following our
substantial refurbishment of the building, it  was professionally revalued in
September at £8.25 million, an uplift of £3.32 million, including the cost of
refurbishment of £1.43 million.


I would like to thank my colleagues on the Board for their hard work and good
counsel as always. I would also like to thank all our loyal staff who have
endured the upheaval due to system changes, increased volumes and office moves
with good grace and their usual commitment to the job.

During the year our Finance Director, Derek Ashford, resigned to start his own
private, accountancy practice and we wish him well and thank him for his
contribution. We have further strengthened the finance department and we intend
to make a replacement in that role in due course.

As you will be aware we have had a number of approaches from various parties to
merge with or make an offer for our business. These discussions were largely
preliminary in nature and have not been progressed as was announced on 8
February 2008. We remain committed to enhancing shareholders value.


The outlook for all companies in the financial services industry is uncertain
and, while stockbroking volumes in the first two months are ahead of last year,
February has been a touch disappointing.  Our continued profit performance will
depend on activity, particularly on AIM, and in the first three months of our
year our level of transactions has held up well. Meanwhile, we have established
strong foundations for the future, with good people and a strong balance sheet
which should enable us to take advantage of opportunities for the ongoing
development of our business.

Sir David Trippier RD JP DL MSI


The year under review has seen a repeat of the previous year's pattern, namely a
good first six months followed by a much tougher second half. Clearly the
emergence of the credit crunch issues resulting from the uncertainty surrounding
sub-prime bank exposure initially in the US and the UK market in late August,
eroded confidence in the latter part of our year.  This resulted in considerable
volatility and led to very demanding stockmarket conditions.  It is against this
background that these results and the ongoing prospects for the development of
the business need to be viewed.

Stockbroking and Investment Management

Stockbroking remains the largest activity within the Group, accounting for over
half of our turnover.  It has seen further growth over the past 12 months with
the integration of two fund management teams; one in London, the other in
Manchester.  It is very much part of our strategy to further strengthen the fund
management area of our business.  This expansion has resulted initially in
additional costs but should lead to improved quality of earnings in the medium

We are always looking for opportunities to grow our stockbroking presence.  At
the same time we remain alert to the need to rationalise our costs, where
appropriate.  Our national office network continues to evolve, we have opened a
substantial office in the centre of Bristol and closed our small  Blackburn
office, relocating the business to, and thereby expanding, our existing office
in Lancaster.  In addition to these developments, we have relocated both our
Birmingham and Leeds offices into significantly improved and refurbished new

The WH Ireland UK Growth Trust, launched in July 2006, has achieved an excellent
performance and has now grown to £88m in size.  Since the period close, we have
announced our intention, subject to market conditions, to launch a complementary
fund, the WH Ireland Income Plus unit trust, in the current financial year.

DJ Carmichael Pty Ltd,  the subsidiary of WHI Australia Pty, has had a very good
year making a significant contribution to the group, aided to some degree by the
ongoing boom in the commodity sector, in which they have particular strength.

Corporate Finance

Corporate Finance has had another highly successful year, completing 11 AIM
IPOs, 17 secondary fundraisings and one advisory transaction, raising a total of
£116 million for our corporate clients.

We remain one of the leading Nominated Advisers in terms of number of corporate
clients and it is pleasing to report that the total of annual retainers which we
currently receive comfortably exceeds our basic employment costs in this area.
In order to develop our client service and bearing in mind the recent AIM rule
changes, we have continued to increase our staffing levels, principally in
London and Manchester.  We have highly qualified teams in our four corporate
finance locations in London, Manchester, Birmingham and Leeds and all offices
continue to have a good workload.

Financial Services

Financial Services has had a somewhat quiet year as we continue to transition
the business from a model of earning upfront fees to one of creating recurring
revenue.  However, as with the other parts of our business, we are keen to
expand when opportunities arise and this was amply reflected with the purchase
in October for an initial consideration of £1.25 million of two private
financial advisory businesses with strong recurring income streams.  Based to
the north of Bristol, they further increase our presence in the South-West.


Our portfolio of listed and unlisted investments held by WH Ireland and DJ
Carmichael has had another highly satisfactory year during which we have
crystallised a number of gains.

As reported previously, we have substantially refurbished our head office
property in the centre of Manchester to a high standard, including new entrance,
lifts, shopfronts with air conditioning throughout.  Of the five floors, WH
Ireland occupies three; the first floor having been fully let with a good
covenant, leaving only the ground floor still to be occupied.  Discussions are
ongoing with various potential tenants.

During the year we further increased to 24.67% our shareholding in Ultimate
Finance Group plc, an AIM quoted company specialising in invoice discounting and

Due to the investment in the Manchester refurbishment, the Bristol IFA purchase
and working capital requirements in the normal course of our business, our year
end cash resources are lower than last year's November figure.  Our total net
asset value (before minority interests) was £19.30 million, equivalent to 112.2p
per share (2006 restated: 91.6p).


Market conditions, as I have already stated, deteriorated during the second half
of our year and we are yet to see signs of a significant or sustained recovery.
Current economic forecasts suggest that the year will prove testing in many
respects but our corporate finance operation continues to be active.

Our diversified approach is aimed at de-risking the business, where possible,
and our strong balance sheet gives us the confidence to continue to develop all
facets of the business, both in the UK and Australia.

Laurie Beevers

Chief Executive

Consolidated Profit and Loss Account

for the Year Ended 30 November 2007

                                                                              Year ended     Restated Year ended
                                                                             30 November             30 November
                                                                                    2007                    2006
                                                            Note                       £                       £
Group turnover
Continuing operations                                                         42,685,210              29,645,609
Acquisitions                                                                      42,201                 695,787
                                                               2              42,727,411              30,341,396
Administrative expenses*                                                    (41,625,921)            (28,248,776)
Group operating profit
Continuing operations                                                          1,088,150               2,696,286
Acquisitions                                                                      13,340               (603,666)
                                                                               1,101,490               2,092,620
Share of operating profit before tax in Associates                               157,609                 210,503
Total operating profit: Group and share of Associates                          1,259,099               2,303,123
Profit on disposal of fixed assets                                                34,099                  10,463
Profit on disposal of investments                              7               1,360,531               1,257,809
Fair value gains on investments                                7               1,004,222                       -
Amounts written off investments                                7                (46,061)                (25,544)
Income from investments                                                           35,984                  31,775
                                                                               3,647,874               3,577,626
Other interest receivable and similar income                                     751,859                 516,461
Interest payable and similar charges                                           (595,580)               (421,978)
Profit on ordinary activities before taxation                                  3,804,153               3,672,109
Tax on profit on ordinary activities                           3             (1,222,581)             (1,228,034)
Profit on ordinary activities after taxation                                   2,581,572               2,444,075
Minority interest                                                              (113,754)                (60,149)
Profit for the financial year                                                  2,467,818               2,383,926

Earnings per share restated
Basic                                                          5                  14.89p                  14.78p
Diluted                                                        5                  13.56p                  13.36p

* The Carried Interest Bonus costs of £1,134,781 are provided in administrative
expenses. In previous years, the Company took advantage of the true and fair
override to offset revaluation gains on investments and eliminated this charge
from administrative expenses.

Consolidated Statement of Total Recognised Gains and Losses

for the Year Ended 30 November 2007

                                                                              Year ended               Restated*
                                                                                                      Year ended
                                                                             30 November             30 November
                                                                                    2007                    2006
                                                            Note                       £                       £
Profit for the financial year                                                  2,467,818              2,383,9261
Unrealised gain on revaluation of properties                   7               1,898,983                       -
Net loss from changes in fair value of available for sale      7             (1,736,466)                       -
Unrealised surplus on revaluation of fixed asset                                       -                 548,886
Profit on disposal transferred to income during the                            (400,855)                       -
Taxation on current year's realised surplus on                                         -               (625,535)
revaluation of fixed assets
Currency translation differences                                                 164,137               (127,184)
Total recognised gain for the year                                             2,393,617               2,180,093
Prior year adjustment (note 1)                                                    82,573(2)
Total                                                                          2,476,190

1. After having deducted £37,030 for the additional FRS 20 expense in the year
and the net credit impact of £48,457 relating to changes in accounting policies
of the treatment of put call options in WHIA.

2. The cumulative additional FRS 20 expense in respect of prior periods, net of
deferred tax.

Note Of Historical Cost Profits And Losses

For the Year Ended 30 November 2007
                                                                              Year ended               Restated*
                                                                                                      Year ended
                                                                             30 November             30 November
                                                                                    2007                    2006
                                                            Note                       £                       £
Reported profit on ordinary activities before tax                              3,804,153               3,672,109
Unrealised fair value movements                                7             (1,004,222)                       -
Realisation of investment revaluation gains                                            -               2,084,321
Historical cost profit on ordinary activities before                           2,799,931               5,756,430

Historical cost profit retained for the year after the                         1,577,350               4,528,396
provisions for taxation and minority interest

* See Note 1

Consolidated Balance Sheet

as at 30 November 2007

                                                                 2007         2007      Restated*    Restated*
                                                                                             2006         2006
                                                 Note               £            £              £            £
Fixed assets
Intangible assets                                           4,474,639                   3,509,706
Negative goodwill                                           (143,716)                   (143,204)
                                                                         4,330,923                   3,366,502
Tangible assets                                                          9,790,378                   6,105,899
- Investments                                       7       5,690,456                   4,767,838
- Investments in Associates                                   945,648                     837,191
                                                                         6,636,104                   5,605,029
                                                                        20,757,405                  15,077,430
Current assets
Debtors                                                    99,875,349                  76,387,142
Investments                                                         -                      11,268
Cash at bank and in hand                                    8,001,885                  14,819,199
                                                          107,877,234                  91,217,609
Creditors: amounts falling due within one year          (102,883,028)                (85,337,320)
Net current assets                                                       4,994,206                   5,880,289
Total assets less current liabilities                                   25,751,611                  20,957,719
Creditors: amounts falling due after more than                         (5,955,057)                 (5,574,115)
one year
Provisions for liabilities and charges                                   (136,349)                    (16,980)
Net assets                                                              19,660,205                  15,366,624

Consolidated Balance Sheet (cont.)

as at 30 November 2007

                                                                             2007                 Restated*
                                                   Note                         £                         £
Capital and reserves

Called up share capital                                                   860,046                   812,017
Share premium account                                                   2,613,325                 1,785,965
Capital redemption reserve                                                228,083                   228,083
Merger reserve                                                            490,511                   490,511
Other reserves                                                            753,704                   753,704
Revaluation reserve                                                     2,565,953                 2,844,042
Available for sale reserve                                                851,422                         -
Profit and loss account                                                11,223,170                 8,043,886
Treasury shares                                                         (286,963)                  (86,561)
Equity shareholders' funds                                             19,299,251                14,871,647
Minority interest (all equity)                                            360,954                   494,977
Total capital employed                                                 19,660,205                15,366,624

Consolidated Cash Flow Statement

for the Year Ended 30 November 2007
                                                                                    Year ended          Restated
                                                                                                      Year ended
                                                                                   30 November       30 November
                                                                                          2007              2006
                                                                                             £                 £
Net cash (outflow) / inflow from operating activities                              (2,796,045)         7,263,974
Returns on investments and servicing of finance                                        352,914           261,868
Taxation                                                                           (2,707,277)         (857,762)
Capital expenditure and financial investment                                         (647,367)         2,762,903
Acquisitions and disposals                                                         (1,506,766)         (616,836)
Equity dividends paid                                                                (583,790)         (479,465)
Cash (outflow) / inflow before financing                                           (7,888,331)         8,334,682
Financing                                                                              112,780         (870,031)
(Decrease) / Increase in cash in the year                                          (7,775,551)         7,464,651

Analysis of Net Cash
                                    At beginning            Cash        non-cash        Exchange          At end
                                         of year            Flow         changes       movements         of year
                                               £               £               £               £               £
Cash at bank and in hand              14,819,199     (6,873,791)               -          56,477       8,001,885
Overdrafts                              (46,199)       (901,760)               -               -       (947,959)
                                      14,773,000     (7,775,551)               -          56,477       7,053,926
Debt due within one year               (314,727)          66,448       (287,760)         (5,473)       (541,512)
Debt due after one year              (3,594,718)               -         287,760               -     (3,306,958)
Finance leases                           (3,887)           3,887               -               -               -
Total                                 10,859,668     (7,705,216)               -          51,004       3,205,456

Reconciliation of Movement in Equity Shareholders' Funds

for the Year Ended 30 November 2007
                                                                        Group                    Company
                                                                   2007    Restated*         2007   Restated *
                                                                                2006                      2006
                                                                      £            £            £            £
Profit/(loss) for the financial year before dividends         2,467,818    2,372,177    (343,724)      597,250
Dividend - restatement adjustment                                     -    (400,410)            -    (400,410)
Dividend - current year                                               -    (233,084)            -    (233,084)
Put call option adjustment                                            -        5,713            -            -
Restated profit/(loss) for the financial year                 2,467,818    1,744,396    (343,724)     (36,244)
Dividend - final                                              (488,490)            -    (488,490)            -
Dividends - interim                                           (337,173)            -    (337,173)            -
Share based payment                                              39,715       37,030       39,715       37,030
Restatement adjustment - FRS 26 relating to available for     2,144,948            -            -            -
sale equity shares
(Deficit) /Surplus on available for sale reserve            (1,736,466)      548,886    (196,091)     (56,964)
Transfer of revaluation from available for sale reserve on    (400,855)            -
Surplus on property revaluation reserve                       1,898,983            -            -            -
Tax in respect of current year realised surplus on                    -    (625,535)            -            -
Issued share capital                                             48,030            -       48,030            -
Shares issued in payment of scrip dividends in the year         232,497      153,866      232,497      153,866
Shares issued on acquisition of subsidiary undertaking          243,056            -      243,056            -
Shares issued on exercise of options                            351,807       85,652      351,807       85,652
Shares bought back for cancellation                                   -     (45,250)            -     (45,250)
Treasury shares acquired                                      (200,402)     (86,561)    (200,402)     (86,561)
Exchange rate adjustments                                       164,136    (127,184)            -            -
Increase in shareholders' funds during the year               4,427,604    1,685,300    (650,775)       51,529
Opening equity shareholders' funds                           14,871,647   13,186,347    4,603,902    4,552,373
Restatement adjustment - FRS 26 relating to assets at fair    1,333,277            -      219,394            -
value through the profit and loss account
Restatement adjustment - FRS 26 relating to assets at fair  (1,333,277)            -    (219,394)            -
value through the profit and loss account
Closing equity shareholders' funds                           19,299,251   14,871,647    3,953,127    4,603,902

1. Accounting policies

The Group has maintained consistent accounting policies in the preparation of
this preliminary announcement except as noted below.

During the year the Group adopted the following new standards for the first

• FRS 20 'Share-based payments';

• FRS 23 'The Effects of Changes in Foreign Exchange Rates', and;

• FRS 26 'Financial Instruments: Recognition and Measurement'.

The figures for the year ended 30 November 2006 have been restated to comply
with FRS 20 as if the policy had been adopted throughout the year.

Impact of the new standards

•  FRS 20 'Share-based payments' - Following a restatement of the
comparative figures to include amendments required to reflect the impact of FRS
20, the profits for the year months ended 30 November 2006 have been reduced by
a charge of £37,030. A total of £82,573 is shown in the statement of total
recognised gains and losses being the total of the FRS 20 charge for the year
ended 30 November 2006 of £37,030 and £45,543 as the total of the FRS 20 charge
for previous periods. As the awards are all equity-settled, a corresponding
credit arises directly in equity and the restatement has no effect on retained
profits. A charge of £39,715 has been made in this year's profit to reflect the
charge for the year ended 30 November 2007.

•  FRS 23 'The Effects of Changes in Foreign Exchange Rates' - The Group
is required to adopt FRS 23 from the date it adopts FRS 26. No material impact
arose on adoption, including on translation of the Group's Australian

•  FRS 26 'Financial Instruments: Recognition and Measurement' - The
Group has taken advantage of the exemption available not to restate comparative
amounts. As a result, the effect of the implementation of FRS 26 on the accounts
is to adjust opening reserves by a transfer of £1,333,277 from revaluation
reserve to retained profits in relation to financial assets now at fair value
through the profit and loss account but previously revalued through the
statement of total recognised gains and losses. The revaluation gains and losses
have been recognised in the available for sale reserve. Additionally, a transfer
of £2,177,072 has been made from revaluation reserves to available for sale
reserve and an adjustment of £2,144,948 has been made to the available for sale
reserve to reflect the increase in value of assets available for sale to their
fair value as at 30 November 2006.

•  In the current year, the profit and loss account includes a gain of
£1,004,222 for the increase in fair value of financial assets held at fair value
through profit and loss and the revaluation reserve has been reduced by
£1,736,466 relating to the decrease in fair value for the period of assets
classified as available for sale.  The carried interest bonus charge to
administration expenses was £1,134,781.

Put Call Option

In addition the Group has revised its treatment of the options outstanding over
minority share interests in WH Ireland Australia Pty Ltd.

As part of the Group's acquisition of a majority stake in DJ Carmichael (part of
WHI Australia), 51% interest being acquired in June 2005, there is an option for
minority shareholders to put a proportion of their shares to the Group in a
future period (31 March 2009 to 30 September 2009). The amounts which can be put
to the Group under these options vary depending on other purchases of shares
made by the Group but at 30 November 2007 represent 12% of the share capital of
DJ Carmichael (2006: 23%). Additionally, the Group has a call option over the
full minority interest. In combination with the put options, the call option has
the effect of creating a forward purchase agreement over the element of shares
covered by the put options.  The consideration payable under these options is
formula driven but considered by the Directors as equating to market value of
those shares at the point of exercise.

Previously, this resulting obligation to the minority shareholders was disclosed
in the in the financial statements with no financial entries posted within the
accounts. In the light of emerging accounting practice the Group has amended its
accounting policy in respect of these put option to account for this as
contingent consideration from the date of the original acquisition, with
corresponding adjustments to goodwill.

Under this revised accounting policy the Group consolidates a higher proportion
of the results of DJ Carmichael to reflect the higher ownership which would
arise if, as is considered likely by the Directors, these put-options are
exercised.  Consequently, the minority interest reserve has been reduced.  The
impact on the profit after tax is minimal, however, there is a reduction in the
profit previously attributable to the minority interests, which is now
attributable to the Group.

The effects of the changes in the reported Group financial statements for 2006
are tabulated below.

                                                                                   1 December        30 November
                                                                                         2005               2006
Balance Sheet                                                                               £                  £
Decrease / (increase) in negative goodwill (see Note 13)                               43,492          (110,141)
Increase in liabilities for put call options                                        (647,112)          (379,123)
Decrease in minority interest                                                         603,620            494,976
Increase in reserves                                                                        -            (5,712)

As a result of these changes, the related balances within the 2006 comparative
figures have been restated.

Financial Instruments

As noted above, the Group has elected to apply FRS 26 from 1 December 2006 and
in accordance with the exemption available in the standard has not restated
comparative information. The Company has elected to classify its financial
assets under the following headings:

Quoted and unquoted equity shares - Equity investments, other than those in
subsidiary undertakings and those equities which form part of the carried
interest scheme (see below), that are held for an indefinite period of time are
categorised as available for sale financial assets. These are measured at fair
value at each reporting date with gains and losses on revaluation taken to the
available for sale reserve through the statement of total recognised gains and
losses, with the exception of a number of unlisted investments which are held at
cost as no reliable fair values are available. In the case of listed
investments, the fair value represents the quoted bid price of the investment at
the balance sheet date. The fair value of unlisted investments is estimated by
reference to recent arm's length transactions. When available for sale financial
assets are derecognised, the cumulative gain or loss previously recognised in
the statement of total recognised gains and losses is recycled to the profit and
loss account.

Warrants and those equities which form part of the carried interest scheme (see
note below) - these are classified as financial assets held at fair value
through the profit and loss account and are measured at fair value at each
reporting date with all gains and losses credited or charged to the profit and
loss account as appropriate. In the case of warrants, the fair value is
estimated using established valuation models.

Loans and receivables - trade receivables are measured on initial recognition at
fair value. An appropriate provision for irrecoverable amounts is recognised in
the profit and loss account where there is objective evidence that the asset is

Carried Interest Bonus Scheme

The Group provides for bonuses payable under the Carried Interest Bonus Scheme
under which bonuses may be payable to certain corporate finance personnel when
certain warrants or shares acquired as part of a corporate finance transaction
are ultimately sold at a profit. For 2007, these costs (£1,134,781) have been
debited to administrative expenses.

During 2006, in order to show a true and fair view of the Carried Interest Bonus
Scheme the Directors departed from the prescribed accounting treatment and
off-set revaluation gains on investments to eliminate this charge.

2. Segmental reporting

a) By geographical location
                                                                       UK          Australia              Total
30 November 2007                                                        £                  £                  £
Turnover                                                       32,655,130         10,072,281         42,727,411
Results - profit before interest and tax                        2,232,692          1,415,182          3,647,874
Net assets                                                     16,044,723          3,615,482         19,660,205

                                                                       UK          Australia              Total
30 November 2006                                                        £                  £                  £
Turnover                                                       24,382,031          5,959,365         30,341,396
Restated Results - profit before interest and tax               3,118,141            459,485          3,577,626
Restated net assets                                            12,757,819          2,608,805         15,366,624

b) Turnover by activity
                                                                                  30 November        30 November
                                                                                         2007               2006
                                                                                            £                  £
Stockbroking                                                                       29,019,071         19,838,727
Corporate finance                                                                  11,810,361          8,348,001
Financial services                                                                  1,863,697          2,099,192
Other                                                                                  34,282             55,476
Total                                                                              42,727,411         30,341,396

No analysis of operating profit and net assets has been given by activity as all
expenses, assets and liabilities relate jointly to these segments. Any
allocation of these items would be arbitrary.


The tax charged to the profit and loss of £1,222,581 represents a tax charge of
32.14% (2006 restated: £1,228,034 and 33.44%).


A final dividend for the year ended 30 November 2006 totalling £488,490 was
satisfied by the payment in cash of £340,271 paid on 7 April 2007. On the same
day 122,386 new ordinary shares of 5p each were issued at 121.1p per share in
relation to the scrip  dividend alternative.

An interim dividend for the year ended 30 November 2007 totalling £377,173 was
satisfied by the payment in cash of £283,389 paid on 11 August 2007. On the same
day 63,369 new ordinary shares of 5p each were issued at 148p per share in
relation to the scrip  dividend alternative.

5. Earnings per share
                                                                                   Year ended      Restated Year
                                                                                  30 November        30 November
                                                                                         2007               2006
Profit for the year used for the basic calculation                                 £2,467,818         £2,383,926
Weighted average number of shares used in the basic calculation                    16,573,548         16,124,635
Weighted average number of options outstanding for the period                       1,619,354          1,715,123
Weighted average number of shares used in the diluted calculations                 18,192,902         17,839,758


During the year the Group's holding in WHI Australia Pty Ltd was increased by a
further 16.65% for a total consideration of £344,715, taking the Group's holding
to 76.59%. The acquisition gave rise to negative goodwill of £135,916.

During the year the Group bought the incorporated companies of ARE Business and
Professional Limited, SRS Business and Professional Ltd and the assets and
liabilities of the unincorporated business of Robbie East for a total
consideration of £1,250,040 being £1,000,039 cash and £250,001 of WH Ireland
Group plc shares.

7. Investments
                                                  Unquoted                            Quoted
                                               investments         Warrants      investments            Total
Group (excluding investments in                          £                £                £                £
Cost or valuation
At beginning of year (as previously                350,071        2,013,373        2,404,394        4,767,838
Restatement adjustment - FRS 26 relating         2,144,948               --               --        2,144,948
to available for sale equity shares
At beginning of year (as restated)               2,495,019        2,013,373        2,404,394        6,912,786
Additions                                           15,000               --          601,455          616,455
Fair value adjustments - P&L account                    --          765,884          238,338        1,004,222
Revaluation adjustment - Available for         (1,310,909)               --        (425,557)      (1,736,466)
sale reserve
Exchange rate adjustments                               --               --           45,863           45,863
Diminution in value                                     --               --         (46,041)         (46,061)
Disposals                                             (16)        (359,498)        (746,829)      (1,106,343)
At end of year                                   1,199,094        2,419,759        2,071,623        5,690,456

Warrants and quoted investments with carried interest attached are revalued at
fair value through the profit and loss account whereas unquoted and quoted
investments without carried interest attached are revalued  through the
available for sale reserve.

The historical cost value of the above quoted investments at the year end was
£1,035,246 (2006: £1,374,684).

The potential tax charge arising if the above quoted investments were sold at
their market value is £290,214 (2006: £330,118).

Profit on Disposal of Investments:
                                                                               Year ended            Year ended
                                                                              30 November           30 November
                                                                                     2007                  2006
                                                                                        £                     £
Gross profit on disposal of  investments                                        1,355,493             1,443,487
Profit / (Loss) on disposal of current asset investments                            5,038              (10,524)
Carried Interest Bonus (see note 1)                                                     -             (165,154)
Net profit on disposal of  investments                                          1,360,531             1,257,809


The financial information in this press release, which has not been audited,
does not constitute Statutory Accounts within the meaning of Section 240 of the
Companies Act 1985.

The Annual Report and Accounts for the year ended 30 November 2007 will be
delivered to the Registrar of Companies following the Company's Annual General
Meeting. Accounts for the year ended 30 November 2006 have been filed with the
Registrar of Companies, and these accounts contain an unqualified audit report
and did not contain any statements under Section 237(2) or (3) of the Companies
Act 1985.

                      This information is provided by RNS
            The company news service from the London Stock Exchange               VRUUUR