WH Ireland posts first half-yearly profit in five years

Mon, 26th Oct 2020

Financial services company WH Ireland swung to a modest first-half profit after it boosted the number of clients in its broking division. Pre-tax profit for the six months through September amounted to £0.33 million, compared to losses of £1.44 million year-on-year. Revenue rose 15% to £12.4 million. In the wealth management division, assets under management, excluding from the sold Isle of Man business, rose 14% to £1.73 billion. In corporate and institutional broking division, the company had 80 corporate clients, up from 76 at the end of March. 'I am pleased to be reporting the first half-year profit for WH Ireland for five years,' chief executive Phillip Wale said. 'Over the last six months, WH Ireland has seen the benefits of the significant restructuring we embarked on 18 months ago; fixed costs have reduced over that period, whilst revenue has remained broadly flat as we have simplified the business.' 'Our wealth management business has remained operationally robust despite the significant market falls in March, and our corporate and institutional business is showing strong momentum as we act for an increasing number of clients.' 'Whilst the uncertainty of the impact of Covid 19 on businesses and the wider economy continues, it is challenging to predict future performance, nevertheless, I believe the momentum we have seen in the first half, alongside a robust capital and cash position, gives us a strong platform for the second half.' Story provided by StockMarketWire.com

FTSE 100 Latest
Value6,335.55
Change-32.03