News blog
WH Ireland
- BY: Andrew Hore |
- POSTED: 18/08/2008 |
Much lower corporate finance revenues hurt WH Ireland’s interim figures.
The Aim adviser’s revenues declined from £21.5m to £16.2m in the six months to May 2008. There was a swing from a profit of £3.81m to a loss of £685,000. The loss was after a £630,000 book loss on the value of investments and goodwill impairment of £350,000.
Corporate finance turnover fell 35% and stock broking revenue declined 24%. The IFA business increased its revenues because of acquisitions and the underlying revenues were lower.
There was net cash of £7.5m at the end of May 2008. The net asset value is £20.75m, or £16.45m excluding goodwill and intangibles.
The WH Ireland UK Growth Trust has risen by 7.75% since November 2007 - much better than the market. It had hedged its position on resources companies. WH Ireland has £2bn funds under management and this is likely to be an area that the new chief executive will want to expand.
The interim dividend has been halved to 1p a share. The board decided that it should be cut because of the poor interim figures but it didn’t want to stop paying an interim dividend.
New chief executive Richard Ford will join the company in September. Laurie Beevers will concentrate on the stock broking business and David Youngman will continue to run the corporate finance side.
WH Ireland shares fell 2.5p to 99p, which values the company at £20.6m.
© 2024 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|