WH Ireland's FY pre-tax loss widens as revenue falls

Financial services group WH Ireland has widened its full-year pre-tax loss, as revenue fell causing an operating loss for the period.

"The company is in a strong position to concentrate upon growing both divisions in the year ahead," said chief executive Richard Killingbeck in a statement.

WH Ireland's recurring revenue had risen to £12m, or 47% of total revenue.

"Opportunities for acquisitive growth need to be identified and executed but we will focus significantly more activity in this area than in previous years," the CEO added.

"Our new shareholder also offers the potential for supplemental business growth for the Company both from, and to, the Middle East. Taking a medium term view, this could be very exciting for the development and progression of both divisions."

Pre-tax loss was £3.03m, from a loss of £52,000. Group turnover was £25.4m, from £30.9m. Exceptional items totalled £1.8m, from £1.2m.

Assets under management rose 14% to £2.87bn, from £2.52bn. Discretionary assets under management rose 32% to £1.02bn, from £767m.

At 10:38 GMT, shares in AIM-listed WH Ireland were flat at 124.5p each.