WH Ireland is a financial services company offering Private Wealth Management, Wealth Planning and Corporate Broking services. The Private Wealth arm provides discretionary, advisory and execution only services to individuals, corporates, trusts and funds. By offering a highly personal, bespoke service we are able to provide timely advice and create long term relationships based on trust.

Our Corporate Broking division provides Corporate Finance, Research, Market Making and Fund raising capabilities to quoted small/mid-cap companies. We offer a full NOMAD service to the majority of our corporate clients.

We firmly believe that by placing our client needs at the centre of everything we do, WH Ireland is well placed to provide timely, bespoke and helpful advice to a diverse range of clients.


http://www.wh-ireland.co.uk/

Simon T from IC today -

Broking for a successful recovery

Shares in private wealth manager and corporate broking house WH Ireland

(WHI: 61p) are little changed since I last updated the investment case in mid-May, but I still believe they are worth picking up at this depressed level. In fact, no matter which way I look at the valuation – both on an earnings or sum-of-the-parts basis - the shares are glaringly undervalued.

For starters, the small cap company has solid asset backing. Net of £2m of borrowings and finance leases, cash at the end of May was £6.7m, or the equivalent of 28p a share. That’s almost half the share price. In addition, John Borgars at equity research house Equity Development estimates that the company’s head office is worth £3m net of a mortgage secured on the building. In other words WH Ireland’s net cash and property assets (of £5.5m) are worth a combined £12.2m, or 51p a share. That’s a significant sum given the company’s share price is only 61p.


Operational progress

Moreover, it’s not as if WH Ireland isn’t making progress operationally. In fact, in the financial year to end-November 2012, turnover hit a record £25.1m, including an increasing amount of recurring revenue as the company grows its wealth management side. In the latest half year revenues grew a further 4 per cent to £13m.

Assets under management and administration (AUMA) have shot up by £550m since the end of November to £2.27bn. Half of the rise in AUMA is accounted for by WH Ireland’s acquisition of the private wealth management business of investment bank Seymour Pierce, which was placed into administration in February 2013. Those assets under management acquired generated a £200,000 profit in the year to 30 September 2012, but WH Ireland was able to buy this business from the administrators for a paltry £25,000. The wealth management unit generated revenues of £8.4m in the six months to end May, up from £7.1m at the same stage in 2012, to produce profits of £2.14m, a rise of £270,000. This profit contribution excludes central overheads. But the real benefits from the acquisition will be seen in the second half to end November once all of the former Seymour Pierce clients are transferred over to WH Ireland’s own platform, which will remove the double running costs and generate significant cost savings.

True, half-year profits slid from £1m to £520,000 in the company’s corporate broking business, reflecting the lack of fundraisings on the Alternative Investment Market (Aim). WH Ireland is the third largest NOMAD on the junior market with 88 clients, or 8 per cent of the 1087 companies traded on Aim. Ultimately, prospects for this unit are dependent on deal activity/IPOs, both of which are difficult to predict. That said half of the division’s revenues are now recurring, a large increase on six months ago, and the company is closing in on its near-term objective of being able to cover all its direct operating costs from recurring income alone. In any case, even factoring in the lacklustre performance of the corporate broking unit, the shares are still too lowly rated.


Compelling valuation

According to analysts at Equity Development the company should still be able to make pre-tax profits of £750,000 for the full year and, with the benefit of a negligible tax charge, that produces EPS of 3.2p. So, having posted a modest profit in the first six months of the financial year, we can expect a major uplift in the second half as the benefits of the Seymour Pierce acquisition feed through. It also means that full-year results will compare very favourably with last year when WH Ireland posted a reported loss of £177,000.

Moreover, the cash rich balance sheet means the 0.75p a share dividend forecast by Equity Development, covered over four times by prospective earnings, looks a very realistic possibility. Last year the board announced a payout of 0.5p a share. On that basis, the shares offer a prospective yield of around 1.3 per cent and are rated on a modest 10 times full-year earnings estimates net of cash. And if you strip out the integration costs of the aforementioned acquisitions, then that EPS estimate is nearer 4p. The shares are also only priced on 1.2 times book value even though there is hidden value in the balance sheet.

That’s because even if you attribute no value at all to the company’s corporate broking division, then WH Ireland’s wealth management business is being valued on a miserly 0.1 to 0.2 per cent of its AUMA by my calculations. By comparison, Rathbone Brothers is valued on 3.4 per cent of assets under management (AUM) while Brewin Dolphin is rated on around 1.8 per cent. In my view, a far more realistic valuation of WH Ireland’s wealth management business would be around 1 per cent of its AUMA – or £22.7m – even factoring in a discount for the fact the company is Aim-traded, lacks the economies of scale of its larger rivals, and the discretionary AUM of its rivals are far more lucrative, and so warrant a much higher valuation, than execution-only or advisory funds that WH Ireland largely manages.

To put the scale of the undervaluation into some perspective, at the current share price WH Ireland is only being valued at £14.4m. And don’t forget that WH Ireland also has net cash and property worth £12.2m. So with the benefits of the integration of the Seymour Pierce client acquisition likely to be seen in the second half, and with a rock solid balance sheet behind it, I continue to rate shares in WH Ireland a medium-term value buy trading on a bid offer spread of 57p to 61p. Even at 90p, the shares would not be expensive. Buy.

At long last, seems to be moving.

In IC this week - The shares are glaringly undervalued. The company's head office is worth £3m net of mortgage secured on the building. In other words WH Ireland's net cash and property assets of £5.5m are worth a combined £12.2m, or 51p a share. That's a significant sum given the company's share price is only 65p.
We can expect a major uplift in the second half as benefits of the Symour Pierce acquisition feed through. Even at 90p the shares would not be expensive.

Ticking up. up 3%

:-))

Trading Update

RNS


RNS Number : 9260V

W.H. Ireland Group PLC

19 December 2013






WH Ireland Group plc

("WH Ireland" or the "Group")



Trading Update



The Board of WH Ireland is pleased to be able to provide a trading update for the 12 month period to November 30 2013.



The Private Wealth Management and Corporate Broking divisions have performed strongly during the second half of the year, and will thus result in revenue and profit before tax for the Group exceeding market expectations. These results will have been achieved after substantial one off costs incurred during the year.



The Board looks forward to the year ahead with increasing confidence.



Full year results will be released at the end of February 2014.

Simon T of IC today -

Applying a modest liquidity discount to this valuation, given WH Ireland’s smaller scale, and backed by a rock solid balance sheet, I have upgraded my fair value target to 120p

A buy in this weeks midas tip.

Closed up 15%

Nice on DC.

Cheers skinny.

Final Results

RNS


RNS Number : 9320A

W.H. Ireland Group PLC

26 February 2014






WH Ireland Group plc

("WH Ireland", "the Group" or "the Company")



Final Results



WH Ireland, the financial services group that provides corporate broking and private wealth management services, today announces its final results for its financial year ended 30 November 2013.



Financial Highlights:



· Revenue increased by 18.2% to £29.7m (2012: £25.1m)

· Recurring revenue increased by 32% to £8.9m (2012: £6.8m)

· Profit before tax £1.7m (2012: loss before tax £0.2m)

· Basic earnings per share of 4.80p (2012: loss 0.89p)

· Proposed final dividend of 1.5p (2012: 0.5p)



Corporate Broking:



· Continued growth in the number of Corporate Broking clients to 85 (2012: 83)

· Fund raisings totalled £102m (2012: £116m) in 21 transactions (2012: 25)

· M&A transactions valued at £138m completed

· Market making revenue and secondary commission both increased



Private Wealth Management:



· Funds under management and administration rose by 43% to £2.5bn (2012: £1.7bn)

· Acquisition of the former Seymour Pierce client list in February 2013 added over £300m of assets

· Continuing to be active in seeking to recruit or acquire individuals or teams

· Isle of Man office opened (see separate announcement issued today)



Richard Killingbeck, Chief Executive Officer, said:



"For the first time since the financial crisis, the Group is now operating in more benign markets, albeit the environment remains highly competitive and subject to much regulatory change and consolidation."



"The current year has started well and the number of corporate clients that we advise has risen further, which is driving a good pipeline of corporate transactions. Our assets under management and administration have continued to grow boosted by stronger markets. We are also seeing some interesting opportunities to expand the reach of our Private Wealth Management business through new office openings such as in the Isle of Man and through recruitment."



"Overall, we are focusing on delivering our strategic plan to develop further both divisions and thereby deliver strong shareholder returns. We look forward to the year ahead with confidence."



In accordance with Rule 20 of the AIM Rules, WH Ireland Group plc confirms that the annual report and accounts for the year ended 30 November 2013, including notice of the Company's annual general meeting to be held at 10.00am on 25 March 2014, will today be posted to shareholders. The report will be available, in electronic form, for download on the Company's website: www.wh-ireland.co.uk.

LISTEN: Richard Killingbeck, CEO of WH Ireland, discusses the final results for the year ended 30 November 2013

Click here to listen

Showed breakout on chart thread earlier today DC. Very nice.

Nice to see it continue its upward momentum. Thanks gf.

AGM Statement

RNS


RNS Number : 0545D

W.H. Ireland Group PLC

25 March 2014






25 March 2014

WH Ireland Group Plc

("WH Ireland" or the "Company")

AGM Statement

At the Company's Annual General Meeting, to be held at 10 a.m. today, the Chairman of WH Ireland, Rupert Lowe, will make the following statement:

"Since the announcement of our 2013 final results, issued on 26 February 2014, the Company has continued to trade in line with our expectations.

Corporate broking has continued to increase the number of its corporate clients and the pipeline of potential new business activity remains strong whilst trading and fund raising activity has also remained robust. We continue to recruit staff to expand the division's capability and reach.

The Private Wealth Management division continues to make significant progress in developing its investment proposition and in growing its asset base, including through the launch of a new office in the Isle of Man. We have recently appointed and continue to engage with additional individuals who might wish to join us in both London and our regional offices.

We have today separately announced the appointment of Tim Steel, formally vice-Chairman of Cazenove Capital Management, as a non-executive director of the Company; this, together with the recent appointment of Dan Cowland as Finance Director, has significantly strengthened our Board to deliver our growth strategy.

Overall, we are encouraged by the start to the year and have confidence in WH Ireland's prospects".

For further information please contact:

Trading Statement

RNS


RNS Number : 1979K

W.H. Ireland Group PLC

23 June 2014






WH Ireland Group Plc



("WH Ireland" or the "Company")



Update on Trading and Notice of Results



WH Ireland, the financial services group that provides corporate broking and private wealth management services, today issues an update on trading for its half year ended 31 May 2014.

Revenue growth in both the Private Client and Corporate Broking divisions has been encouraging and has continued the trends witnessed during 2013, namely a strong increase in management fees and commissions in the Private Client division and a solid increase in retainer income and success fees in the Corporate Broking division.

Profit before tax after specific reorganisation costs incurred during this period will be ahead of the comparable period a year ago.

Richard Killingbeck, Chief Executive Officer of WH Ireland, said:

"We have had an encouraging start to the current financial year, as we continue to grow our corporate client list and assets under management. Our growth initiatives - to extend our capability, and selectively add high quality individuals and teams - support our confidence that WH Ireland will make further progress in 2014."

Notice of Results

The Company intends to announce its half year results for the six months ended 31 May 2014 on Monday 21 July 2014.

Expansion of Private Wealth Management Division

RNS


RNS Number : 5662K

W.H. Ireland Group PLC

26 June 2014






WH Ireland Group Plc



("WH Ireland" or the "Company")



Significant Expansion of Private Wealth Management Division



WH Ireland, the financial services group that provides corporate broking and private wealth management services, today announces a significant expansion of its Private Wealth Management division, including a new office opening and a number of senior appointments.

First, the Company is pleased to confirm its intention to open a new Milton Keynes office. This office will focus on discretionary and advisory fund management and its team will include Paul Wilson, formerly of Charles Stanley & Co, who has been appointed an Investment Director. Paul will be joined by other investment directors in due course.

In addition, a number of appointments have recently been made in our London office. Vincent Ferguson, Martin Guilbert and Turon Miah have all joined as investment directors, and will shortly be joined by Andrew Little. All four were previously at Canaccord Genuity Wealth Management, Vincent having originally been with Collins Stewart, Martin with Eden Financial, and Turon and Andrew at Barclays Wealth.

Richard Killingbeck, Chief Executive Officer of WH Ireland, said:

"Today's expansion is evidence of our growth initiatives in action - to extend our capability, and selectively add high quality individuals and teams - and follows the successful opening of our new Isle of Man office earlier in the year.

"We are pleased that these talented investment directors have chosen WH Ireland to further develop their careers, which is testament to the significant improvements to the business initiated over the last year and the continuing change in the industry landscape. We believe that they will significantly augment our funds under management over the next 12-18 months."

Half Yearly Report

RNS


RNS Number : 7927M

W.H. Ireland Group PLC

21 July 2014






WH Ireland Group plc

("WH Ireland", "the Group" or "the Company")



Half Year Results



WH Ireland, the financial services group that provides corporate broking and private wealth management services, today announces its results for six months ended 31 May 2014.



Highlights:



· Revenue increased by 12.6% to £14.69m (2013: £13.05m)

· Recurring revenue increased by 9.3% to £4.7m (2013: £4.3m)

· Adjusted* profit before tax £470,000 (2013: £59,000)

· Profits before tax £203,000 (2013: £59,000)

· Basic earnings per share of 0.58p (2013: 0.16p)

· Dan Cowland appointed Finance Director and Tim Steel as non-executive director



*Before one off re-organisation costs of £267,000





Corporate Broking:



· Continued growth in the number of corporate broking clients to 92 (2013: 84)

· Fund raisings increased to £34.8m (2013: £26.5m) in 9 transactions (2013: 13)

· Market making revenue and secondary commission increased total divisional revenue by 12%

· Recruitment has taken place in investor relations, research, sales and corporate teams enhancing the division's capability and capacity





Private Wealth Management:



· Funds under management and administration rose by 9.6% to £2.7bn (30 November 2013: £2.5bn)

· Active recruitment of individuals and teams, specifically in Milton Keynes, Birmingham and London

· Isle of Man office fully operational and winning new private client mandates

· Focusing the offering:

o Streamlining of smaller offices with assets transferred to London

o Ceased to offer traded options facilities

o Planning to exit third party administration business





Richard Killingbeck, Chief Executive Officer, said:



"WH Ireland performed strongly during the first half of the year, with good growth in adjusted pre-tax profits and revenues, continuing the progress made in the last financial year.



"Much progress has been made in the development of WH Ireland into a focussed business around two key disciplines, Corporate Broking and Private Client Wealth Management. Both businesses are in a considerably stronger position than twelve months ago in terms of their financial performance, proposition and teams.



We anticipate making further progress in the second half and into 2015."



A copy of these results are available on the Company's website: www.wh-ireland.co.uk