Wealth manager WH Ireland reported today (13 December) that interim revenues had fallen around £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.
Assets under management in the wealth division dropped to £1.1bn from £1.2bn.
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.
Phillip Wale, chief executive, said the results reflected “the challenging market backdrop”, adding “We have an improved chance of returning Wealth Management to a break-even position following the cost reductions over the last year, supported by a more stable financial position, and without anticipating any potential improvement in our markets.”
