26th Oct 2020 11:59
(Alliance News) - WH Ireland Group PLC on Monday swung to profit for the first half of financial 2021 and said that the interim performance gives it a strong platform for the second half.
Shares in the wealth management company were trading 9.5% higher at 40.50 pence each midday Monday in London.
For the six months ended September 30, WH Ireland posted pretax profit of GBP331,000, swinging from GBP1.4 million loss the year prior. This was as revenue rose 15% year-on-year to GBP12.4 million from GBP10.7 million.
While revenue from the wealth management division was down 11% at GBP6.2 million due to a reduction in market levels, revenue for the corporate and institutional broking division rose 61% to GBP6.2 million.
Looking ahead, Chief Executive Phillip Wale said: "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. We have a growing pipeline of opportunities in both businesses, and are starting from a position of strength."
As at September end, London-based WH Ireland had cash of GBP5.9 million, up from GBP2.6 million at March 31.
By Ife Taiwo; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
WHIreland