WH Ireland delivers ‘robust’ results
FINANCIAL services firm WH Ireland swung back into profit during the six months to May 31.
The broker, which has a substantial presence in Leeds, also managed to grow sales by 30% to £11.4m, and increased the amount of funds under its management by 10.2% to £1.8bn.
Chairman Rupert Lowe described the results as “robust” given the difficult trading conditions for stockbrokers, with markets largely remaining flat and trading volumes reducing.
Despite this, Mr Lowe said that WH Ireland was “in a strong position for future growth and to maintain the momentum that we have built”.
He said the sale of its minority stake in WHI Australia would allow the firm to concentrate on its UK operations. It also helped to improve the firm’s liquidity, as it finished the period with net cash of £2.6m.
He added that a new market-making service, including a full Contracts for Difference spread betting service, would also help to boost revenues, and that work was already underway to prepare for expected enhancements in increases in Enterprise Investment Scheme (EIS) Tax Relief from April 2012, which will offer tax reliefs on smaller, riskier UK companies.
MrLowe said the changes are “likely to be the most significant development in small company broking in a decade”.
“The group’s strategic focus is clear, and with new revenue streams including market making in corporate stocks, we look forward to further expanding the team and our presence in our market,” he said.
