New chief for loss-making WH Ireland
STOCKBROKER WH Ireland has found a replacement for Richard Ford, the chief executive who announced his departure in May.
Paul Compton, previously with Toscafund Asset Management in London, joins the firm as it reports an interim loss and suspends its dividend.
In the six months to May 31 group revenue fell 41% to £8.8m – a sharp fall which the firm said reflected one-off wealth management revenues in 2009.
WH Ireland, which has its head office in Manchester, recorded a pre-tax loss of £518,000, compared with a profit of £137,000 last time. Total funds under management and control have risen 14.7% to £1.35bn since the year end.
It said non-exec Lord Marland had left the board to take up a new role in Government. There was no word on a replacement for finance director Nigel Gurney who announced his departure at the same time as Mr Ford.
Chairman Rupert Lowe said: “Whilst it is disappointing to see that the business has continued to make a loss during the period, I am pleased to report that our balance sheet has remained largely intact. This has been due in part to the significant cost reduction measures taken during the past 12 months.”
He added: “Managing a business during an economic downturn is always difficult but I firmly believe that we have now cut our cloth appropriately and, with further emphasis on increasing our revenues, we will be better positioned for a difficult or even benign market, and well positioned for any upturn.”
