Small is beautiful for broker Ireland

STOCKBROKER WH Ireland is expecting to see growth in the small-cap market sector as a result changes in tax rules, chairman Rupert Lowe was telling shareholders today.

Speaking at the Manchester-based firm’s annual meeting Mr Lowe said Ireland was, after a challenging time, looking ahead with “cautious optimism.”

Ireland which has offices in Leeds and Birmingham, Scotland, Bristol, Cardiff and London, said that since last September it has raised £50m in 19 equity raisings for corporate clients – compared with just £20m over the last two years.

Mr Lowe said this points to a positive future: “This strength in fundraising ability together with the Government’s recent initiatives announced in the budget, on enhancing EIS and VCT reliefs, promise more activity at the smaller end of the equity market where WH Ireland is particularly strong. 

“We expect good quality small companies increasingly to source their finance for future growth from the equity capital markets and we are well placed to provide the conduit for our private client investors to take advantage of the best opportunities.”

Mr Lowe said the company has been operating profitably since last September, and had strengthened its balance sheet through realising “certain of its historical investments”.

While reducing overheads, it has invested in new hires in a number of key areas such as equity sales, bond trading and equity market making, he added.