Financial services firm WH Ireland said it is “cautiously optimistic” about the next six months of trading, after seeing operating profits almost treble since last year.
The firm, which provides corporate broking and private wealth management services, said yesterday that group revenues climbed by nine per cent to £15.9m in the first half of 2015, as recurring revenues jumped by 34 per cent to £5.1m over the same period.
The group posted good results across the board, with basic earnings per share rising to 1.86p in May; more than three times last year’s rate of 0.58p.
WH Ireland boss Richard Killingbeck said the firms’s growing list of corporate clients and higher discretionary funds in the private wealth sector were to thank for the positive report.
“The actions we have taken in order to achieve the margins that the company is capable of producing will begin to benefit the second half and beyond,” he added.
WH Ireland said its rate of corporate client retainment has increased slightly, up from 92 per cent to 98 per cent. Meanwhile the flow of secondary placings rose in the period with 15 transactions finished.
“The rationalisation of office locations and reductions in the cost base will begin to have a positive impact in the second half of our financial year,” Killingbeck said.
“We remain cautiously optimistic and look forward to the next six months with confidence.”