WHK Group
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Most of the discussion at today’s WHK Group annual general meeting concerned the company’s change of name to Crowe Horwath Australasia, which was passed with a vote of more than 99% and will take effect from 1 Jul 13.
Chairman Richard Grellman said that Crowe Horwath was the world’s 9th largest affiliation of accountants, and he suggested benefits of the change would include ‘more energised staff’, more international referrals and better recognition in the media. He said it was hard to quantify these benefits but, with an anticipated cost of just $1m, he said the board was confident the change ‘won’t hurt and will probably help’.
Chief executive John Lombard added that current levels of recognition for WHK are very poor, lamenting that the company is larger than Grant Thornton but has half the brand recognition.
Overall Grellman and Lombard were calm and composed, expressing satisfaction with current performance in a difficult environment. In his presentation, Lombard said his main challenge now was to keep the company performing well in the low margin compliance type work, while increasing its share of the higher margin advisory work.
The share price has risen 10% since WHK Group: Result 2012 from 27 Aug 12 (Long Term Buy – $0.90), just above the Long Term Buy price, but we're happy to maintain the recommendation pending a more detailed review. LONG TERM BUY.
The Income portfolio owns shares in WHK Group.
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