Last checked at 
LONDON (Alliance News) - WH Ireland Group PLC on Wednesday reported its half-year loss widened as the stockbroker and wealth manager continued its transformation programme.
WH Ireland also announced that Finance Director Dan Cowland will leave the company by no later than the end of April and that it will appoint an interim head of finance next week.
Shares in WH Ireland were down 13% Wednesday morning at 67.56 pence each.
For the six months ended September 30, WH Ireland's pretax loss widened to GBP2.1 million from GBP960,000 the year before.
The company's revenue decreased 12% to GBP12.8 million from GBP14.5 million and administrative expenses increased 3.5% to GBP14.8 million from GBP14.3 million.
The Private Wealth Management division's total assets under management increased increased 3% from the start of the period to GBP2.6 billion.
Chief Executive Officer Phillip Wale said: "The division continued its transformation programme during the period under review, which has been both costly and challenging for the business but I am pleased to see the progress that has been achieved to date.
"One of the key initiatives being undertaken has been outsourcing our custody and operational functions and, as previously reported, this complex project has run over budget and taken longer to implement."
WH Ireland said its fee income is now running at about GBP1.3 million a month, which represents about 55% of the company's total monthly revenue.
The company believes this "provides a strong platform from which to continue to build".
WH Ireland did not pay or propose a dividend in the interim period, same as a year before.
Separately, the company announced Cowland has tendered his resignation as finance director and will be stepping down from his role "no later than April 30".
WH Ireland said it will appoint an interim head of finance on Monday next week to work alongside Cowland, to "ensure an orderly transition". It didn't name the person.
