WH Ireland posts first half loss after challenging market conditions for the broker

Wealth manager and broker WH Ireland has recorded a first half loss amid a challenging market backdrop, but the chief executive pointed to recent tentative signs of improvement.

For the six months to September 30 the group saw revenue decline to £10.7 million from £14.3 million.

It posted a statutory pre-tax loss of £3.9 million, widened from a £0.4 million loss a year earlier. That included non-recurring costs of £1.7 million.

The performance follows a challenging year for the firm which offers wealth management services, and a capital markets team providing financial advisory and broking services to public and private growth businesses.

In July the company completed an emergency £5 million fundraising after announcing that it made a pre-tax loss of £1.1 million in the three months to June 30. That was owing to a multi-year low level of transactional activity in the financial capital markets impacting the firm, and a reduction in assets under management in its wealth management arm.

At that time the group said it would start a collective consultation regarding headcount reduction to lower costs. In addition it proposed certain senior management team members would sacrifice a proportion of their salary.