AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
WH Ireland Group PLC (LON:WHI) reported a larger financial loss for its most recent fiscal year, reflecting the impact of its major restructuring as it transitions to a dedicated wealth-management firm.
Sale of Capital Markets Division
The company, based in London, finalized the sale of its Capital Markets division to Zeus Capital Ltd last month. WH Ireland is set to receive up to £5 million in deferred payments for the division, which previously operated as a stock broker and adviser to London-listed companies.
Financial Performance Overview
For the 12-month period ending March 31, WH Ireland recorded a pretax loss of £5.9 million, compared to a loss of £1.8 million the previous year. Revenue decreased by 20%, falling to £21.5 million from £26.7 million. The increase in loss was partly attributed to £2.9 million in restructuring expenses, a significant rise from the previous year's costs, which were zero. Although net losses on investments decreased to £583,000 from £2.7 million, the company saw no gains from other income, down from £2.2 million.
Underlying Loss and Future Plans
The underlying pretax loss widened to £2.5 million from £2.0 million. Moving forward, WH Ireland has decided against selling its remaining Wealth Management business but will consider strategic opportunities as they arise.
CEO’s Statement
Phillip Wale, Chief Executive Officer, noted that the completion of the Capital Markets division sale has provided a more stable financial footing for the group in the current market environment. He emphasized that the company is now focusing on growing the remaining Wealth Management business to achieve breakeven while seeking further efficiencies across the group.
