Stockbroker WH Ireland back in profit
STOCKBROKER WH Ireland is back in profit after seeing revenues climb by more than 18% in a more “benign” market environment.
In the year to the end of November sales were up to £29.7m from £25.1m and the group made a pre-tax profit of £1.7m, up from a £200,000 loss last year.
The number of corporate broking clients grew from 83 to 85 but the group dealt with fewer fundraisings – 21 worth £102m, compared with 25 raising £116m last time.
In the wealth management arm funds rose by 43% to £2.5bn helped by the February acquisition of the Seymour Pierce private client business which added £300m of assets.
Chief executive Richard Killingbeck said: “For the first time since the financial crisis, the group is now operating in more benign markets, albeit the environment remains highly competitive and subject to much regulatory change and consolidation.
“The current year has started well and the number of corporate clients that we advise has risen further, which is driving a good pipeline of corporate transactions. Our assets under management and administration have continued to grow boosted by stronger markets. We are also seeing some interesting opportunities to expand the reach of our private wealth management business through new office openings such as in the Isle of Man and through recruitment.”
WH Ireland said finance and operations director Alan Kershaw was leaving the company at the end of the month “by mutual agreement”.
