‘Brexit-proof’ WH Ireland back in the black

WH Ireland is back in the black after “a difficult year”, suggesting there is life in the small broking sector yet.

The stockbroker and wealth manager was fined £1.2 million by the Financial Conduct Authority last year for “market abuse risks”.

On Monday it reported a half-year profit of £400,000 on revenue up 24% to £14.9 million.

Under chief executive Richard Killingbeck the firm has streamlined and created a new head office in the heart of the City in Cannon Street.

There have been new hires in the form of Adam Pollock as head of corporate broking, who joined from Zeus Capital.

Former FCA director Victoria Raffé has joined the board as a non-executive.

Killingbeck said the fuss over Brexit is overdone. “We are not directly impacted by Brexit. If sentiment plunges because of it, that’s a factor.

But our companies are looking to build their business and seeking further capital to do so. If others are withdrawing from the scene then we are happy to take their place.”

WH Ireland raised £1.6 million of new money last November and is now mostly owned by three shareholders — Polygon, Kuwait European Holdings and Oceanwood Capital.