WH Ireland posts first half-year profit in 5 years after major restructure

News Team, 26/10/2020

Formerly troubled wealth manager WH Ireland made a tentative return to profit in the first half of the year, posting a pre-tax profit of £0.33 million, compared with H1 2019’s loss of £1.44 million.

The business benefited from a 15.2 percent increase in revenue to £12.4 million, as its corporate and institutional broking arm closed 32 trasnations, meaning its revenue was up 61.4 percent to £6.2 million.

Wealth management revenue fell 10.8 percent to £6.2 million, due to a reduction in market levels.

In the three months from 31 March to 30 June, wealth management assets under management (excluding its sold Isle of Man business) grew 13.8 percent to £1.7 billion.

WH Ireland chief executive Phillip Wale

The firm said that in the second half of the year, focus will move to growing assets, as well as initiatives on brand, product and distribution.

“We are actively engaged in building a pipeline of potenti...

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