Stockbroker WH Ireland sees upturn in corporate and private client deals

STOCKBROKING and wealth management group WH Ireland, which acquired the Seymour Pierce private client business last month, saw an increase in corporate fundraisings and private funds under management last year.

The improved performance helped narrow its pre-tax losses to £200,000 in the year to November 30 from £1.4m the year before while turnover was up 8.4% to £25.1m.

WH Ireland, which has an office in Leeds, saw year end cash balances increase to £9.3m from £7.4m while recurring revenue increased to 27% of total group revenue. It is paying a dividend of 0.5p a share.

The group bought the client list of Pritchard Stockbrokers last March and also launched its second Enterprise Investment Scheme fund following the success of its initial EIS fund.

Rupert Lowe, chairman of WH Ireland, commented: “WH Ireland made strong progress across both the corporate broking and private wealth management divisions during the period under review. The board is pleased with the significant increase in the level of fundraisings for corporate clients, as well as the progress made towards achieving our goal of securing 100 quoted clients.

“In private wealth management we have achieved a combination of solid organic growth, as well as increasing our funds under management and administration through acquisitions.  The board remains optimistic about the future prospects for WH Ireland, as reflected in the reinstated dividend, and we look forward to building on the sound foundations that have been laid during the period.”