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WH Ireland posts first interim profit for five years

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WH Ireland PLC (LON:WHI) posted its first profit for five years in the half-year to end September.

The wealth manager has been undertaking a prolonged restructuring, which it said is now complete.

Revenues in the six months to September 30, 2020, rose by 15% to £12.5mln with a profit before tax of £331,000 against a loss of £1.44mln in the comparable half-year.

Corporate broking revenue rose by 61% and drove the improvement with the amount of money raised for clients jumping to £104mln from £43mln.

Assets under management in the wealth management arm rose 14% to £1.73bn.

“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,” WH Ireland chief executive Phillip Wale said in the results statement.

Going forward, Wale said that despite the uncertain outlook the company was looking forward to the second half with some optimism.

“We have a growing pipeline of opportunities in both businesses and are starting from a position of strength. There remains much to do to achieve our ambitious targets for the Group, but we have made a positive start in our pursuit of growth,” he added.

Driver Group expects a 16% decline on yearly profits

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