This improvement comes on the back of a refocusing of the business around two key disciplines: corporate broking and private client wealth management, WH Ireland said in its results for the six months.
Adjusting for the one-off reorganisation costs of £267,000, the group said, profits before tax would have come in at £470,000 for the half year.
CEO, Richard Killingbeck said: “"Much progress has been made in the development of WH Ireland into a focussed business around two key disciplines, Corporate Broking and Private Client Wealth Management. Both businesses are in a considerably stronger position than twelve months ago in terms of their financial performance, proposition and teams.”
And, he added, further progress is expected in the second half of the year and into 2015. The wealth management division has seen most of the changes, including a move away from third party administration.
In the results Killingbeck said: “We have ceased to offer a traded option service to clients and we have also informed our third party administrative clients that we will be ceasing to offer this service as of the year end.”
WH Ireland has strengthened its offering over the last few months, including the recruitment of a team of fund managers from Charles Stanley to open a new Milton Keynes office as well as ex-Barclays and Canaccord private client executives. It has also opened an office on the Isle of Man.
According to Killingbeck: “This increase in the size of our team has significantly increased our capacity to manage additional discretionary and advisory client portfolios, and will help to increase funds under management to over £3 billion in the future.”
While, at the same time, he added, it has ceased to operate a number of smaller offices, in most cases transferring the assets to London to be managed.
On the corporate broking side of things, the group says the division is now focussed in four locations: London, Leeds, Manchester and Bristol and continues its focus on growing its corporate client base, increasing it from 84 to 92. It also grew corporate fund raisings from £26.5m to £34.8m
According to Killingbeck: “Improved commission income and income from market making has helped to increase total revenue generated by this division by 12%. The division has been active across the IPO market, secondary fund raisings and mergers and acquisitions.”
Looking ahead, Killingbeck is positive the majority of the changes initiated will be completed by year-end, after which, he says, “the focus will shift to embedding a lower cost structure and achieving economies of scale by organic, as well as acquisitive, growth.”
