25th Mar 2014 10:47
LONDON (Alliance News) - WH Ireland Group PLC Tuesday said it has continued to trade in line with its expectations since reporting results for its recently completed financial year, with Chairman Rupert Lowe telling the AIM-listed wealth manager and corporate broker's annual general meeting that the start of the new year has been encouraging.
Separately, WH Ireland said Tim Steel, 61, the chairman of private equity boutique Committed Capital as well as Swiss-listed fund of hedge funds Castke Alternative AG, has joined as a non-executive director.
According to Lowe, Corporate Broking has continued to increase the number of its corporate clients and boasts a strong pipeline of potential new business activity. Trading and fund raising activity has also remained robust.
Lowe said WH Ireland is continuing to recruit staff to expand the division's capability and reach.
He said the Private Wealth Management division continues to make "significant progress" in developing its investment proposition and in growing its asset base.
In February, WH Ireland received regulatory approval for its new Isle of Man office, expanding its private wealth management business.
WH Ireland swung to a GBP1.7 million pretax profit in the year to November 30, 2013, from a GBP200,000 pretax loss the year before, buoyed by growth in both of its divisions as revenue increased by 18% to GBP29.7 million.
Just under two weeks ago, WH Ireland recruited a new finance director to replace Alan Kershaw, who stepped down at the end of February.
Dan Cowland, formerly of Lehman Brothers and Macquarie Bank, took up the job with immediate effect on March 13.
WH Ireland shares were Tuesday quoted at 120.00 pence, down 0.8%.
By Samuel Agini; [email protected]; @samuelagini
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