WH Ireland expects adjusted operating profits to come in below previous expectations

WH Ireland Group took a hit on Wednesday after admitting that it now expects adjusted operating profits to be below its previous expectations.It explained that the reason for this was a decline in dealing commission revenue in the last quarter in the private wealth management division and delays to transactions being completed in the Corporate Broking division, which are now expected in 2015."Significant" non-recurring costs have also been incurred relating to the reorganisation, meaning that profit before tax is expected to be below last year, when the group benefited from £0.7m of one-off gains.Despite the issues, the company's underlying trading performance has improved slightly on last year following a period of signignificant change which has been undertaken to create a more stable and robust structure from which it can progress with confidence to achieve its growth ambitions for 2015 and beyond.Chief executive Richard Killingbeck said: "WH Ireland has undergone significant change in 2014 which positions it very strongly for 2015, on the back of growing assets under management and an increased corporate client list. Whilst 2014 has finished below our expectations, we believe we have built a platform to deliver future profitable growth."Shares had declined 6.35% to 88.50p by 12:46.