News Releases
News releases 2010
15 April 2010
Preliminary Results
Westhouse Holdings plc (AIM:WHL) (with its subsidiaries "Westhouse" or the "Company"), the integrated corporate finance and broking house focusing on small and mid-cap companies, announces its Preliminary Results for the year ended 31 December 2009.
- Reverse acquisition of SovGEM successfully completed in June 2009
- Net assets increased to £6.85 million (2008: £1.98 million)
- Turnover improved by 6.7% to £4.78 million (2008: £4.48 million)
- Strong cash position of £1.75 million (2008: £0.61 million)
- Profit after tax and gain on acquisition of £1.12 million (2008: Loss of £0.61 million)
- Significantly increased revenues in the second half
- Market making desk expected to commence trading shortly
- Key hires made in broking, corporate finance and research
Commenting on the results, William Staple, Chief Executive, said: "2009 has been a year of considerable change for Westhouse, a reflection of our ambition to grow the business by expanding our established areas of expertise and also by developing new activities, while at the same time retaining a strong balance sheet.
"The improvement in sentiment we saw developing in the second half of last year has continued. We are beginning to see renewed interest in the IPO market with a number of potential transactions in prospect. We are also seeing more merger and acquisition advisory opportunities. Although it is still early to predict performance for the rest of this year, the outlook is encouraging, particularly taking into account the initiatives the Board has taken to strengthen and diversify the business."
For further information:
Westhouse Holdings plc |
|
| William Staple, Chief Executive | Tel: +44 (0) 20 7601 6100 |
| bill.staple@westhousesecurities.com | www.westhousesecurities.com |
| Nominated Adviser Smith & Williamson Corporate Finance Limited |
|
| Azhic Basirov / Charles Combe | Tel: +44 (0) 20 7131 4000 |
| corpfinance@smith.williamson.co.uk | www.smith.williamson.co.uk |
| Broker Westhouse Securities Limited |
|
| Tim Metcalfe | Tel: +44 (0) 20 7601 6100 |
| tim.metcalfe@westhousesecurities.com | www.westhousesecurities.com |
Media enquiries:
Abchurch Communications Limited |
|
| Henry Harrison-Topham / Quincy Allan | Tel: +44 (0) 20 7398 7710 |
| quincy.allan@abchurch-group.com | www.abchurch-group.com |