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WH Ireland

  • BY: Andrew Hore |
  • POSTED: 01/03/2008 |

Stockbroker WH Ireland reported record profits in 2006-07 thanks to gains on investments. 

Turnover rose 41% to £42.7m in the year to November 2007 while profits edged up from £3.67m to £3.8m.

The make up of those profits differed from the previous year. The core broking and corporate finance business contributed less while there was a £1m fair value gain on investments held, compared with nothing in the previous year. Profits on disposals of investments totalled £1.36m, against £1.26m the year before.

WH Ireland takes some payments for its services in the form of warrants so it argues that gains on investments are an integral part of its results.

The Australian business did particularly well last year because of the strength of commodities.

Funds under management were £1.77bn at the end of November 2007. The WH Ireland Income Plus unit trust is planned for this year.

A final dividend of 3p a share takes the total for the year to 5p a share.

There was a large operating cash outflow and an unusually high tax payment in the year to November 2007. Along with the cost of refurbishment of the Manchester office and acquisitions this helped to slash net cash from £10.9m to £3.2m at the end of the period.

The property refurbishment cost a total of £1.43m - spread over more than one year - and the building increased in value by £3.32m to £8.25m.

Net asset value is 112p a share. This is underpinned by cash and the Manchester property. The shares rose 2.5p to 121.5p after the results were released.

WH Ireland had five or six bid approaches last year but management took the decision that, given the expense and disruption, none of them were worth continuing to pursue. They would prefer to be the consolidator. 

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