Once-beleaguered wealth manager WH Ireland has announced a cautious return to profit in the first quarter of its 2020/21 financial year, as it also revealed improved results for the year to 31 March.

The firm achieved an estimated profit of £200,000 in Q1 (the three months to 30 June), following a pre-tax loss of £3.2 million for the year to 31 March, a 69 percent improvement on the prior year’s £10.2 million loss.

Revenue for the year declined 3 percent to £22.9 million (2019 FY: £23.7 million), however this was somewhat compensated for by a 23 percent reduction in administrative expenses to £24.7 million and a...