WH Ireland pre-tax losses narrow amid 'challenging market backdrop'

Financial services business WH Ireland said on Friday that pre-tax losses had narrowed in the six months ended 30 September after the "challenging market backdrop" had "another significant impact" on its performance.

WH Ireland said interim revenues had fallen roughly £2.2m to £8.5m, with wealth management revenues down £1.3m at £5.3m and discontinued revenue from its capital markets division down £1.2m at £3.2m.

Underlying pre-tax losses, on the other hand, narrowed from £1.81m to £1.32m and basic and undiluted losses per share improved from 4.4p to 0.53p.

WH Ireland added that it now sees an "improved chance" of returning its wealth management division to a break-even position following cost reductions made over the last year.

Chief executive Phillip Wale said: "Following the successful sale of capital markets in July this year, our focus is on the operation and development of wealth management, further streamlining our central functions and costs, whilst also assessing strategic opportunities for the group as they arise."

As of 0935 GMT, WH Ireland shares were untraded at 3.10p.

Reporting by Iain Gilbert at Sharecast.com