StockMarketWire.com - Broker and wealth manager WH Ireland posted a deeper first-half loss as revenue fell and it incurred more costs related to a transformation effort.

Pre-tax losses for the six months through September amounted to £2.1m, compared to losses of £1.0m on-year.

Revenue slipped 12% to £12.8m.

Chief executive Phillip Wale said a transformation of the company's wealth management division had made progress, but had been both costly and challenging.

'One of the key initiatives being undertaken has been outsourcing our custody and operational functions and, as previously reported, this complex project has run over budget and taken longer to implement,' he said.

The corporate and institutional broking division had operated in a market that has seen a high degree of uncertainty in recent months. However, Wales said the division has remained profitable for the period.

Chairman Tim Steel said fee income was now running at around £1.3m a month, representing nearly 55% of total monthly revenue.

'Whilst there remains much to be achieved, I believe that the foundations are being put in place to deliver growth across both divisions,' Steel said.


At 8:02am: [LON:WHI] W.H. Ireland Group PLC share price was -10p at 67.5p



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