LONDON – WH Ireland Group PLC (LSE:WHI), a financial services company, reported a narrowed loss before tax for the six months ending September 30, 2024, and announced the sale of its Capital Markets division to Zeus Capital in July 2024.
The company’s revenue for the period was £8.5 million, down from £10.7 million in the first half of 2023. The Wealth Management (WM) division generated £5.3 million, a decrease from £6.3 million in the previous year. Revenue from the now-discontinued Capital Markets (CM) division was £3.2 million, compared to £4.4 million in the first half of 2023.
WH Ireland reported an underlying loss before tax of £1.32 million, an improvement from a loss of £1.81 million in the same period last year. The statutory loss before tax also improved to £1.25 million from a loss of £3.92 million in the first half of 2023. The basic and diluted loss per share was reduced to 0.53p from a loss of 4.4p.
As of November 30, 2024, the company’s cash balances stood at £4.2 million, down from £4.6 million on March 31, 2024, and £6.9 million on September 30, 2023. The sale of the CM division included contingent consideration of £2 million, which will be reassessed at each reporting date until the final settlement in August 2025.
The Wealth Management division reported assets under management (AUM) of £1.1 billion, a decrease from £1.2 billion in the first half of 2023. Discretionary assets under management were £0.7 billion, down from £0.9 billion.
Phillip Wale, Chief Executive Officer of WH Ireland, commented on the interim results, acknowledging the challenging market conditions that have significantly impacted performance. He expressed optimism for the Wealth Management division’s return to a break-even position, supported by cost reductions over the last year and without relying on market improvements.
The company is focusing on the operation and development of its Wealth Management division, streamlining central functions, and exploring strategic opportunities for growth. These interim results are based on a press release statement from WH Ireland Group PLC.
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