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W.H. Ireland Group (WHI)

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Tuesday 01 August, 2006

W.H. Ireland Group

Interim Results

W.H. Ireland Group PLC
01 August 2006

                              WH Ireland Group plc

              Interim Results for the six months ended 31 May 2006

WH Ireland provides stockbroking, corporate finance, investment management and
financial services to both private and institutional clients from its national
network of offices and from its Australian subsidiary, based in Perth.

Key Points

    •   Turnover up by 45% to £15.9 million (2005: £11.0 million)

    •   Like for like turnover (excluding WHI Australia Pty and the acquisition 
        of the Leeds operation of TD Waterhouse) up by 19% from £10.9m to £13.2m
        Pre-tax profit increased by 23% to £2.4 million (2005: £1.9 million)

    •   Earnings per share 9% higher at 8.9p (2005: 8.2p)

    •   Dividend increased by 15% to 1.4375p per share (2005: 1.25p)

    •   Acquisition of the Leeds operations of T D Waterhouse in February

    •   Expansion of the financial services business in both Cardiff and

    •   Total funds under management have grown to £1.1 billion

    •   Strong performance from the corporate finance division.

W H Ireland Group plc

David Youngman, Managing Director                         Mobile 07900 887142
Richard Lee, Director                                     0161 832 6644

Biddicks Associates

Zoe Biddick                                               020 7448 1000

Chairman's statement

Results and Dividend

Once again it is pleasing to be able to report good growth in both turnover and
pre tax profit for the six months ended 31 May 2006. Turnover, in which we now
also account for our Australian subsidiary, has increased by almost 45% to
£15.9m whilst our pre-tax profit has increased by 23% to approximately £2.35m.
Furthermore, these results were achieved during a period in which we have been
investing heavily in both our people and our infrastructure in order to achieve
further expansion of the business.

The sale of fixed asset investments, particularly the sale of part of our
holding in London Stock Exchange plc, has resulted in a contribution to pre tax
profit of £955,000 as against a contribution from sales of fixed asset
investments of £330,000 for the same period in 2005. Our share of profits from
associated companies, principally our holding in Ultimate Finance Group plc,
contributed £70,000 (2005: £5,000).

We continue to enjoy a strong balance sheet and the Company's shares have an
above average dividend cover for the financial services sector. Accordingly, we
have increased the interim dividend by 15% to 1.4375p per share, to be paid on
29 September 2006 to shareholders on the register on 11 August 2006. Once again
a scrip alternative is being offered.


We have continued to invest for the future in order to build the business in
line with our recently adopted internal three year business plan. In accordance
with the growth objective contained in the plan, we are investing heavily in
systems and in recruiting experienced and skilled employees in a number of
areas. This expansion will take time to feed through fully to profits and we
remain confident of the long term strategy.

The figures for the half year include an important contribution to turnover and
pre-tax profit from our Australian subsidiary, WHI Australia Pty Ltd ('WHIA'),
the holding company of DJ Carmichael Pty Ltd ('DJC'), the Perth based
stockbroking and corporate finance boutique. Similarly, the results include the
revenue and associated costs relating to the Leeds based institutional research
and sales business acquired from TD Waterhouse in February.

We are particularly pleased with the continued strong performance of our
corporate finance division where our three offices in London, Manchester and
Birmingham now act for over 70 corporate clients and where our annual retainer
income alone now exceeds £1.3m. In the period under review, the division was
responsible for 6 AIM flotations and 5 secondary fundraisings and two other
transactions, raising a total of £95.7m. The current levels of activity in the
division are good and we continue to expect another strong performance from this
division in the second half.

Expansion within our financial services businesses in both Cardiff and
Manchester continues apace, and, as with the other parts of our business, we
have acquired a number of highly professional individuals, taking the headcount
in this division from 12 to 19. The business model of the division has also been
modified to achieve higher levels of recurring income as opposed to upfront
fees. We are still looking for opportunities to expand this operation in a
controlled fashion.

The move into our new London premises at 24 Martin Lane has proved to be
successful and has aided further recruitment in that office. The additional
floor space will facilitate the level of expansion which we are planning for
this key location.

Our funds under management within the Group now total in excess of £570m. A
further £540m is held by our nominee company, leading to total funds of over
£1.1bn under Group control.

Since the period end, we have increased our equity holding in WHIA by a further
8% to 59%. We have also established a private client department within our Leeds
office and a corporate finance operation will commence shortly. These activities
will come together in new offices before the end of the calendar year, providing
a complete service to clients based east of the Pennines.

The next major investment program to be undertaken by the Group is the
substantial upgrade and refurbishment of the Manchester head office, where
formal planning permission was received last year. This work is expected to
commence during the second half of the current year and, based on current
expectations, will result, on completion, in a substantial uplift in the net
value of the building.


On 10 April 2006, we were delighted to welcome John Padovan as an independent
non-executive director. John is an experienced City figure, having been a
managing director of a number of merchant banks, following which he has been a
director of many listed and unlisted companies, including Tesco plc and
Whitbread plc.


Since the half year end, global stock markets have been impacted, not least of
all by geopolitical events in the Middle East and a consequent further rise in
oil prices, which has led to a degree of volatility. However, the Group's spread
of businesses has been brought together to enable the Company to weather any
storms that may arise. The Group has a committed and experienced team and well
diversified income streams, which should ensure continued satisfactory progress.

Sir David Trippier RD JP DL


Consolidated Profit and Loss Account
for the six months ended 31 May 2006

                                                Unaudited  Unaudited      Audited
                                                 6 months   6 months    12 months
                                                    ended      ended        ended
                                                   31 May     31 May  30 November
                                                     2006       2005         2005
                                                    £'000      £'000        £'000
Group turnover                                     15,906     10,982       23,007
Administration expenses                           (14,677)    (9,446)     (20,562)
Group operating profit                              1,229      1,536        2,445
Share of operating profit in associates                70          5           68
Total operating profit                              1,299      1,541        2,513
Profit on disposal of fixed asset                     955        330          654
Income from fixed asset investments                    17         11           47
                                                    2,271      1,882        3,214
Other interest receivable and similar income          252        274          494
Amounts written off investments                         -          -          (34)
Interest payable and similar charges                 (175)      (248)        (474)
Profit on ordinary activities before                
taxation                                            2,348      1,908        3,200
Tax on profit on ordinary activities                 (825)      (619)      (1,043)
Profit on ordinary activities after                 1,523      1,289        2,157
Minority interest                                     (93)         -          (21)
Profit for the financial period                     1,430      1,289        2,136

Earnings per share (in accordance with FRS 14)
Basic                                               8.91p      8.20p       13.48p
Diluted                                             7.96p      7.37p       12.13p

Statement of Total Recognised Gains and Losses
for the six months ended 31 May 2006

                                                 Unaudited Unaudited      Audited
                                                  6 months  6 months    12 months
                                                     ended     ended        ended
                                                    31 May    31 May  30 November
                                                      2006      2005         2005
                                                     £'000     £'000        £'000
Profit for the period                                1,430     1,289        2,136

Unrealised surplus on revaluation of fixed             
asset investments (note 4)                             168       321        1,083
Unrealised gain on revaluation of properties             -         -           77
Taxation on realised surplus on revaluation of       
fixed asset investments                               (505)     (244)        (427)
Currency translation differences                       (88)        -           24
Total recognised gain for the period                 1,005     1,366        2,893

Note of Historical Cost Profits and Losses
for the six months ended 31 May 2006

                                                            Restated     Restated
                                              Unaudited    Unaudited      Audited
                                                  6 months  6 months    12 months
                                                     ended     ended        ended
                                                    31 May    31 May  30 November
                                                      2006      2005         2005
                                                     £'000     £'000        £'000
Profit on ordinary activities before taxation        2,348     1,908        3,200
Realisation of fixed asset investment                
revaluation gains                                    1,808       678        1,422
Historical cost profit on ordinary activities        
before taxation                                      4,156     2,586        4,622
Historical cost profit retained for the                                    
period after the provision for taxation and         
Minority Interests                                   2,733     1,723        3,131

Consolidated Balance Sheet
as at 31 May 2006

                                                  Restated            Restated
                            Unaudited            Unaudited             Audited
                           31 May 2006          31 May 2005       30 November 2005
                          £'000     £'000      £'000     £'000     £'000     £'000
Fixed assets

Intangible assets                   3,635                2,963               3,319
Tangible assets                     5,725                5,127               5,686
Investments               4,403                5,869               6,182
Investment in               
associates                  765                  443                 766          
                                    5,168                6,312               6,948
                                   14,528               14,402              15,953
Current assets

Debtors                  78,221               89,702              69,731
Investments                  20                    7                  15
Cash at bank and in      
hand                     11,938               10,479               7,362          
                         90,179              100,188              77,108
Creditors due within   
one year                (83,698)             (97,026)            (72,374)         
Net current assets                  6,481                3,162               4,734
Total assets less                                                          
current liabilities                21,009               17,564              20,687
Creditors due after               
one year                           (5,729)              (5,829)             (6,177)
Provisions for                       
liabilities and charges               (92)                (228)               (116)
Net assets                         15,188               11,507              14,394

Capital and reserves

Called up share capital               811                  787                 801
Share premium account               1,774                1,266               1,605
Capital redemption reserve            226                  226                 226
Merger reserve                        491                  491                 491
Revaluation reserve                 2,739                4,284               4,379
Other reserves                        754                  754                 754
Retained profits                    7,176                3,699               4,931
Equity shareholders' funds         13,971               11,507              13,187
Minority Interest                  
(all equity)                        1,217                    -               1,207
Total capital employed             15,188               11,507              14,394
Net assets (before minority 
interest) per ordinary share       86.13p               73.10p              82.33p

Consolidated Cash Flow Statement
for the six months ended 31 May 2006

                                                Unaudited  Unaudited    Audited
                                                 6 months   6 months  12 months
                                                    ended      ended      ended
                                              31 May 2006     31 May     30 Nov
                                                                2005       2005
                                                    £'000      £'000      £'000
Net cash inflow/(outflow) from operating        
activities                                          3,219       (927)    (3,466)
Returns on investments and servicing of               
finance                                               165         84        170
Taxation                                             (281)       (71)    (1,583)
Capital proceeds and financial investment           2,829      1,135      1,977
Acquisitions and disposals                           (440)         -        328
Cash inflow before management of liquid        
resources and financing                             5,492        221     (2,574)
Equity dividends paid                                (400)      (523)      (692)
Financing                                            (471)      (110)      (276)
Increase/(decrease) in cash in the period           4,621       (412)    (3,542)

Reconciliation of operating profit to operating cash flow

                                               Unaudited  Unaudited    Audited
                                                6 months   6 months  12 months
                                                   Ended      ended      ended
                                             31 May 2006     31 May     30 Nov
                                                               2005       2005
                                                   £'000      £'000      £'000
Operating profit                                   1,229      1,536      2,445
Less non cash transfer from revaluation             
reserve (note 4)                                    (168)      (321)      (506)
Less adjustment from profit on disposal              
of fixed asset investments                            37        (77)      (163)
Depreciation                                         165        151        323
Amortisation                                         121         89        184
Profit on sale of fixed assets                       (13)         -        (26)
(Increase)/decrease in debtors                    (8,892)    32,965     56,011
Increase/(decrease) in creditors                  10,745    (35,278)   (61,734)
(Increase)/decrease in current asset                
investments                                           (5)         8          -
                                                   3,219       (927)    (3,466)

Analysis of net debt

                                                   Other non
                                       At               cash              At the
                                beginning     Cash   changes  Exchange    end of
                                   of the     flow           Movements       the
                                   period                                 period
                                    £'000    £'000     £'000     £'000     £'000
Cash at bank and in hand            7,362    4,621         -       (45)   11,938
Debt due within one year             (292)     185      (185)        -      (292)
Debt due after one year            (3,972)       -       185         -    (3,787)
Finance leases                        (11)       4         -         -        (7)
                                    3,087    4,810         -       (45)    7,852


for the six months ended 31 May 2006

1. The interim report, which is the responsibility of the Directors and has not 
been audited, was approved by the Directors on 31 July 2006.

2. The figures for the six months ended 31 May 2006 have been prepared using the
same accounting policies as for the year ended 30 November 2005, except for the
adoption of FRS21 and the presentation requirements of FRS25 as detailed in note 4.

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 2005 have been extracted from the audited
 accounts for that year, and restated to comply with FRS21 and FRS25 as if these 
policies had been adopted throughout the year. The comparative figures for the 
financial year ended 30 November 2005 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 237(2) or (3) of the Companies Act 1985.

4.       Share premium and reserves
                      Share    Share redemption   Merger Revaluation   Other Retained
                    capital  premium    reserve  reserve     reserve reserve  profits
                      £'000    £'000      £'000    £'000       £'000   £'000    £'000
At beginning of         
period                  801    1,605        226      491       4,379     754    4,531
Restatement adjustment    -        -          -        -           -       -      400
At beginning of         
period (Restated)       801    1,605        226      491       4,379     754    4,931
Payment of prior                                                                
year dividend                                                                    (400)
Shares issued            10      169          -        -           -       -        -
Adjustment on             
investment revaluation 
(see below)               -        -          -        -         168       -        -
Transfer of               
realised gain             -        -          -        -      (1,808)      -    1,808
Tax on realised           
investment gain           -        -          -        -           -       -     (505)
Retained profit for       
the period                -        -          -        -           -       -    1,430
Exchange rate             
movement                  -        -          -        -           -       -      (88)
At end of period        811    1,774        226      491       2,739     754    7,176

Following the adoption of FRS21, dividends payable are accounted for in the
period in which the company is liable to pay them, rather than in the period in
respect of which they are declared. This has resulted in a reduction of
creditors due within one year and increase in retained profits for the six
months ended 31 May 2005 of £199,892 and the year ended 30 November 2005 of

Following the adoption of the presentation requirements of FRS25, these
dividends are now treated as a charge on reserves and accounted for through the
reconciliation of movements in shareholders funds rather than in the profit and
loss account as previously.

The adjustment on investment revaluation is after £167,751 has been credited
directly to the profit and loss account and offset against the applicable bonus
provision made under the carried interest scheme, as detailed in the 30 November
2005 audited accounts.

5. A final dividend for the year ended 30 November 2005 of 2.5p per share
totalling £400,410 was paid on 28 April 2006. On the same day 59,798 new
ordinary shares of 5p each were issued at 165.5p per share in satisfaction of
the scrip dividend alternative for this dividend.

6. The basic earnings per share for the period has been calculated by dividing
the profit for the financial period by the weighted average number of shares in
issue during the period being 16,050,641 (six months to 31 May 2005: 15,726,260
and year ended 30 November 2005: 15,840,949). 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 1,907,799 (six months to 31 May 2005:
1,778,656, and year ended 30 November 2005: 1,764,713).

7. The tax charged to the profit and loss account of £825,232 represents a tax
charge of 35.15% (six months to 31 May 2005: £619,000 and 32.44% and year ended
30 November 2005: £1,043,694 and 32.6%) in addition, there is a tax charge
transferred to reserves relating to tax payable on realised gains previously
credited to the revaluation Reserve of £504,896 (six months ended 31 May 2005:
£245,585 and year ended 30 November 2005: £426,734).

8. During the year the Group maintained a 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 transactions are
ultimately sold at a profit.

Creditors due within one year includes £402,330 (six months ended 31 May 2005:
£303,334 and year ended 30 November 2005: nil) relating to bonuses provided under 
the carried interest scheme, and creditors due after one year includes £1,239,223 
(six months ended 31 May 2005: £1,663,752 and year ended 30 November 2005: 
£1,799,891) relating to bonuses provided under the carried interest scheme.

Independent Review Report by KPMG Audit Plc


We have been instructed by the Company to review the financial information for
the six months ended 31 May 2006, 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 debt and notes 1 to 8. 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.

This report is made solely to the Company in accordance with the terms of our
engagement. Our review has been undertaken so that we might state to the Company
those matters we are required to state to it in this report and for no other
purpose. To the fullest extent permitted by company law we do not accept or
assume responsibility to anyone other than the Company for our review work, 
for this report, or for conclusions we have reached.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the Directors. The Directors
are responsible for preparing the interim report in accordance with the AIM
rules which require that the interim report must be presented and prepared in a
form consistent with that which will be adopted in the company's annual accounts
having regard to the accounting standards applicable to such annual accounts.

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

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 2006.

KPMG Audit Plc
Chartered Accountants
31 July 2006

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