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WH Ireland

  • BY: Andrew Hore |
  • POSTED: 14/12/2012 |

Aim adviser WH Ireland has published a reassuring trading statement but it does not mention yesterday’s departure of Paul Compton as chief executive.

This suggests that trading performance was not an issue in Compton’s departure. The statement does talk about a greater focus on fee income for the private wealth management business, which has more than £1.6bn under management.

Recently appointed head of wealth management Richard Killingbeck will take temporary control of WH Ireland, dependent on the approval of the FSA. WH Ireland’s chairman Rupert Lowe will assist him.

The corporate broking business has added new clients and institutional commissions are increasing. There is an increasing pipeline of corporate finance work. Whether all the new clients can be retained now that Compton has left is uncertain. He undoubtedly played a part in attracting them to WH Ireland.

Revenues increased to more than £25m in the year to November 2012, up from £23.1m in the previous year, with trading improving.  Net cash has improved from £5.45m at the end of November 2011.

At 54p, down 2p, WH Ireland is valued at £12.8m. The share price has fallen be more than one-quarter over the past two days and the trading statement appears to have done little to help. There had been a share price recovery over the past year but it is now lower than one year ago.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFNovember2012_38.pdf

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