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LONDON (Alliance News) - WH Ireland Group PLC Monday said its first-half pretax profit more than trebled, as it continues to focus on turning itself into a business focused on corporate broking and private wealth management.
In a statement, the financial services group said pretax profit increased to GBP203,000 in the six months ended May 31, compared with GBP59,000 in the corresponding period last year. The group said revenue increased to GBP14.7 million, from GBP13.1 million, but an increase in administrative expenses, to GBP14.6 million from GBP12.8 million, meant that operating profit fell to GBP127,000, from GBP204,000.
The increase at the pretax profit level was attributable to GBP87,000 in fair value gains on investments, as opposed to GBP154,000 in fair value losses on investments in the corresponding period a year earlier.
"Much progress has been made in the development of WH Ireland into a focused business around two key disciplines, corporate broking and private client wealth management. Both businesses are in a considerably stronger position than twelve months ago in terms of their financial performance, proposition and teams," Chief Executive Richard Killingbeck said in a statement.
"There remains more work to be done in both as we seek to achieve recognition for each division in the market place. The majority of change will have been completed by year end at which time the focus will shift to embedding a lower cost structure and achieving economies of scale by organic, as well as acquisitive, growth," Killingbeck added.
The group said that it increased the number of corporate clients for whom it acts as nominated adviser and/or broker to 92 at the end of the half-year, from 84 a year earlier.
In private wealth management, WH Ireland reported GBP2.7 billion in funds under management and administration at the end of the first half, up from GBP2.5 billion at the start of the period.
In addition, the group said it is planning to exit its third-party administration business.
"In terms of focusing our offering, we have ceased to operate from a number of smaller offices and in the majority of cases the assets have been transferred to London to be managed. We have ceased to offer a traded option service to clients and we have also informed our third party administrative clients that we will be ceasing to offer this service as of the year end," Killingbeck said.
WH Ireland has a policy of making only final dividend payments in respect of each financial year.
WH Ireland shares were Monday quoted down 4.5% at 106.00 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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