StockMarketWire.com - WH Ireland has swung to an H1 pretax loss of £1.8m, from a profit of £0.59m. Revenue was £11.9m, from £15.9m.

"WHIreland continues to undergo significant transformational change," said chairman Tim Steel.

"The interim results demonstrate both the continuing requirement for change and also the benefits, we believe, that this change will bring about when fully implemented.

"Transactional income, primarily within the Corporate Broking division, fell considerably when compared with the same period a year ago as the UK stock market remained moribund over fears on Chinese growth, commodity price deflation and, more recently, the "Brexit" referendum.

"The Wealth Management division was not insulated from this increased uncertainty and this has been reflected in lower commission levels as a result of reduced client trading activity.

"Change within WHIreland is being driven at many levels and in this context we have recently announced our intention to partner with SEI Corporation to provide a more robust operational platform to support the Wealth Management division.

"This will, when fully implemented, provide a significantly enhanced service for our clients. We have also made progress with the sale of our freehold property in Manchester and have agreed Heads of Terms for its sale.

"Whilst there is no guarantee the transaction will complete, the sale proceeds would provide greater balance sheet liquidity and greater flexibility as we look to develop both businesses and we look forward to providing further updates in due course.

"Within the Private Wealth Management division, the focus on our discretionary offering has resulted in strong growth and we are able to report nearly £1bn of discretionary assets for the first time in the Company's history. Our focus on recurring fee income has shown similar positive growth over the first half of the year.

"The resilience and strength of our client relationships in our Corporate Broking division has been borne out by the loyalty shown by our clients during a difficult period following the settlement agreement with our lead regulator, the Financial Conduct Authority ("FCA").

"We can now look forward to making available our full range of services as we look to help our clients achieve their corporate objectives."






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