PLC News 2012
23 May 2012
Westhouse Holdings plc (AIM:WHL), the corporate and institutional broking group, announces its Preliminary Results for the year ended 31 December 2011.
- Revenues grew by 32% to £8.0m (2010: £6.0m) despite continuing poor market conditions
- Loss for the year of £3.0m (2010: Loss £1.6m) reflecting in particular disappointing corporate finance revenues in H2
- Westhouse completes integration of Arbuthnot Securities in January 2012
- Corporate client numbers grew from 28 at the end of 2010 to 38 during 2011; and to over 80 post completion of the acquisition
- £8m cost efficiencies identified and implemented during integration programme
- Agreement in principle for £1.25m of equity capital, conversion of the Perpetual Convertible Loan (PCL) and for a loan facility
Commenting on the results, Garth Milne, Chairman, said:
"This has been a transformational year for Westhouse, during which we have addressed the structural changes required of the corporate broking sector while dramatically enhancing the efficiency of our own operations. The Board and our executives are united in their determination to build further on this strong position, driven by the high quality of our client service and our effectiveness in the market place."
Christopher Getley, Chief Executive, commented:
"While 2011 was a tough and demanding year across the corporate broking sector, our teams have responded enthusiastically to the challenge of creating a business that is best suited to the future needs of our clients. The results now reported are pre-acquisition, the acquisition being in January, and before the equity placings completed in February and announced today. Following our combination with Arbuthnot Securities our high quality corporate client base and the strength of our institutional relationships ensure that we are well positioned to compete and develop with confidence."
For further information:
|Westhouse Holdings plc|
|Christopher Getley, Chief Executive||Tel: +44 (0) 20 7601 6100|
|Smith & Williamson Corporate Finance Limited|
|Azhic Basirov / David Jones||Tel: +44 (0) 20 7131 4000|
|Tim Grey Associates Limited||Tel: +44 (0) 20 7871 8611|
Notes to editors:
Westhouse is a corporate and institutional stockbroking group with particular sectoral expertise in resources, investment funds, UK industrial, growth companies, technology, media and environmental technology. Regionally the group's clients have significant exposure across Europe, Africa, Central Asia and China.
Westhouse is based in London and employs approximately 65 people. Westhouse Securities is authorised and regulated by the FSA, is a member of the London Stock Exchange, a NOMAD for AIM listed companies and a Sponsor of Official List companies.