IFAMay 4 2021

WH Ireland expects to turn first profit in five years

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WH Ireland expects to turn first profit in five years
Chris Ratcliffe/Bloomberg

WH Ireland expects to see a 29 per cent rise in revenue and to turn its first profit in five years in its upcoming annual report.

In a trading update, the firm said it anticipates revenues to be £27.9m and pre-tax profit to be £1m for the 12 months to the end of March 2021, which it attributed to a strong performance from the group’s capital markets division.

WH Ireland posted losses of £3.2m for the 12 months to the end of March 2020.

But during 2020 the company's capital markets division saw its revenue soar 80 per cent, pocketing £14.5m compared with £7.9m a year previously.

Meanwhile the wealth management division, which offers financial advice and discretionary investment management, saw its discretionary assets increase by 69 per cent to £1bn.

This was achieved in part due to the acquisition of Henley-based advice firm Harpsden Wealth Management in December.

Total assets in WH Ireland's wealth management division increased by 18 per cent to £2.18bn.

Phillip Wale, chief executive of WH Ireland, said: "WH Ireland has had a very significant year of progress, returning its first full year profit for more than five years, delivering a substantial number of capital markets transactions, including two IPOs, and completing our first wealth management acquisition.

"The strategy set two years ago for turning around the group has taken shape and has moved into the next phase: growth.

"The group's financial position has become more robust, enabling investment in further organic and inorganic growth, particularly in building upon the existing platform now in place in wealth management.

"We continue to look for potential acquisition opportunities and new hires in both divisions as we benefit from the successful integration of Harpsden and the recruitment programme already completed.”