Profits up at refocused WH Ireland

WH IRELAND, the wealth management and corporate broking firm, has reported a surge in half year profits as revenue rose 12.6%  to £14.7m.

The firm, which has its roots in Manchester though it is now run out of London, said profits in the six months to the end of May increased from £59,000 to £230,000 (£470,000 before exceptional re-organisation costs of £267k).

Despite losing the highly thought-of Dan Bates to Zeus this year, on the corporate broking side, WH Ireland grew its corporate client base from 84 to 92, and completed nine fundraisings in the period worth a combined £34.8m ((2013: £26.5m).

The firm’s wealth management division grew funds under management by 9.6% to £2.7bn and said it was looking to strengthen its teams in Milton Keynes, Birmingham and London.

Its new Isle of Man office is now fully operational and winning new private client mandates.

Strategically the firm said it was streamlining its smaller offices with assets transferred to London, while also ceasing to offer traded options facilities and planning to exit third party administration business.

Chief executive Richard Killingbeck said: “WH Ireland performed strongly during the first half of the year, with good growth in adjusted pre-tax profits and revenues, continuing the progress made in the last financial year.

“Much progress has been made in the development of WH Ireland into a focused business around two key disciplines, corporate broking and private client wealth management. Both businesses are in a considerably stronger position than 12 months ago in terms of their financial performance, proposition and teams.”

No interim dividend was declared.