Half-year earnings fall at WH Ireland

STOCKBROKER WH Ireland, which acquired the Seymour Pierce private client business in February, has reported a first half earnings drop.

But the company said the figures did not illustrate the strong performance of the private wealth management division which saw revenue increase by £1.3m, up 18%.

The corporate broking division did not record any significant success fees during this period and as a result revenue declined by £900,000, or 23.3% when compared to a strong first half in 2012.

The firm, which has a base in Manchester, said overall revenue in the six months to the end of May was up 3.5% to £13m but pre-tax profits shrank from £190,000 to £60,000.

Chairman Rupert Lowe said: “The board is pleased with the progress that has been made during the period, although this is not yet fully reflected in the group’s financial performance.  

“In particular, the acquisition of the Seymour Pierce private client business has strengthened our offering in this division and we are pleased to have increased our funds under management by 31.9%. We remain focused on controlling operating costs and ensuring that the group has the right structure and platform in place for future growth.

“Despite the wider challenges that the sector faces at present, the board is pleased with WH Ireland’s strong position and is optimistic about the medium and longer term growth prospects for the group.”  

Click here to sign up to receive our new South West business news...
Close