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WH Ireland swings into profit

WH Ireland swings into profit

WH Ireland has swung back into profit on the back of increased revenues, according to its results for the six months ending in May.

The company posted a profit of £324,000 for the six month period compared to a £1.5m loss in the same period last year.

Revenues increased by 24 per cent to £14.9m while private wealth management fee income rose by 23 per cent to £5.4m.

Tim Steel, chairman of WH Ireland, said: “The recovery in profitability has been driven by revenue growth in both divisions (private wealth management and corporate and institutional broking).

“In addition to restoring profitability, we have bolstered our balance sheet through the previously announced sale of our Manchester office which has increased our cash balance substantially.”

“With a strong pipeline of business in our corporate and institutional broking division and continued growth in our discretionary assets under management in our private wealth division, I am optimistic about the outlook for the second half of 2017 and the foundations for future growth into 2018.”

Assets grew to £3.1bn as of the end of May, of which discretionary fee paying and advisory represented more than 60 per cent.

Richard Killingbeck, chief executive of WH Ireland, said the company has big ambitions for its private wealth management division.

He said: “The division continues to focus upon its core strategic objective of increasing recurring fee income from the growth in clients and their advisers selecting our discretionary or advisory wealth management offering, and/or our wealth planning advice.

“This focus will accelerate over the next 18 months as we look to supplement the internal momentum with a stronger profile externally.

“Our growth ambitions and targets for this division are high and will only be achieved in the medium term by a combination of organic and acquisitive growth.”

damian.fantato@ft.com