WH Ireland swings to a loss as revenue falls

Financial services group focussed on private wealth management and corporate broking services, WH Ireland, announced its final results for its financial year ended 30 November 2016 on Monday, with group turnover falling to £25.4m from £30.9m.

The AIM-traded firm posted an operating loss of £1.3m before exceptional items, swinging from a profit of £1.1m, with exceptional items rising to £1.8m from £1.2m.

Recurring revenue increased to £12.0m from £11.4m.

At year-end, WH Ireland had cash reserves of £6.7m, though including post year-end proceeds of property sales, cash reserves were approximately £11m.

Its CET1 capital ratio stood at 12.14%.

“The past year has witnessed considerable progress in the repositioning of WH Ireland as an ambitious, focused and modern financial services company,” said chief executive Richard Killingbeck.

“The company is in a strong position to focus upon growing both divisions in the year ahead.

“Our recurring revenue has risen to £12m, or 47% of total revenue, and I and the board are optimistic for the year ahead.”