WH Ireland stems losses
STOCKBROKER WH Ireland saw revenues decrease by 25% over its last financial year after what the company described as a “difficult period”.
In the year to November 30 WH Ireland, which has an office in Birmingham, saw group turnover reduced by a quarter to £18.4m from £24.6m the previous year.
However, the firm said operating losses, which were £300,000 and down by £1.8m on the previous year, ceased in September.
That meant that the year end loss was little changed from that incurred in the first half of the year and the group’s balance sheet was strengthened through better trading and asset sales.
WH Ireland’s executive board was further strengthened with the appointment of chief executive, Paul Compton, and significant recruitment in equity sales, trading and compliance.
The group also said trading results have improved into the new year with £25m being raised for clients in the year to date as compared to £16m for the last financial year.
Total funds under management and control in the UK increased to £1.64bn.
Chairman Rupert Lowe said: “These results reflect a difficult period both for the company and the markets in which it operates. What is pleasing is that the underlying trends were all positive, with the restructuring benefits coming through strongly.
“This provides us with a solid platform from which to grow the business, and to capitalise on future improvement in the market.”
