Shares digital

WH Ireland (WHI:AIM) - Interims PTP: £3.69m (£2.33m) Divi: 2.0p (1.44p)

This has been a year of investment for the stockbroker, Aim corporate adviser, independent financial adviser (IFA) and investment company. The shares spiked in October following news of takeover talks. This is a consolidating sector, driven by tightening London Stock Exchange rules for Aim’s corporate advisers.

But, having looked at the offers, management walked away believing it is financially strong enough to remain independent. The last year has seen growth in the fledgling fund management arm, the existing UK growth unit trust has performed well and a new UK income fund is in the pipeline. The acquisition of two Bristol-based IFAs and refurbishment work of the Manchester HQ has also paid off as the property was revalued at almost double its previous year’s level. These factors help depress profits and cut the cash pile cut by two thirds to £3.2 million, but the balance sheet remains in good shape with net assets per share of 114p compared to today’s 122p share price, up 3% since results, at the time of writing.

Shares says: It is stronger having turned down bidders. A long-term value play but, given where markets are going, don’t expect much over six to 12 months.

by: Simon Keane