Financial services firm WHK Group (WHK) expects to spend the next 12 months in consolidation mode, as market turmoil slows its acquisition activity.
“Global financial markets during the last 12 months have been extremely volatile and challenging – this has impacted financial planning and it may be some time before sentiment improves and confidence is restored,” WHK Group managing director Kevin White told the firm’s annual general meeting (AGM) yesterday.
“We are confident that we have the right strategy, priorities, businesses, business mix and people at all levels to see us through tough times, and strongly position us for future growth.”
WHK’s share price has been hit by the tough investment markets, with chairman Terry Power moving to reassure company shareholders that its current share price does not reflect the value of the company.
Last year WHK’s share price was trading at $2. It is now trading at 86.5 cents.
“The sharp fall in our share price does not correlate with the actual performance of our company over the last 12 months,” Power said.
“[The] 2007/08 [period] has been another successful year for our company, highlighted by continued strong revenue growth, the acquisition of three new member firms and the solid performance of the business services division, which contributed significantly to another year of record profitability.”
Yesterday’s AGM marked the final for Power as he announced his retirement from his role as chair.
“After nine years as a director, including eight years as chairman, and as I move closer to full-time retirement from professional duties, I have decided to retire from the board with effect from January 1, 2009,” Power said.
WHK deputy chairman Peter Warne will assume the role as chairman effective January 2009.
