Wealth management firm WH Ireland has described 2016 as “one of the toughest industry environments since the financial crisis of 2008”.
But, in a trading update today, the company said it “remains cautiously optimistic” about its prospects in 2017.
However, WH Ireland’s share price dipped by two per cent this afternoon to 119.5p after it issued the statement.
The board said:
The past year has been challenging for the financial services industry and particularly so in the areas that WH Ireland is focussed upon.
Rising costs, primarily regulatory related, combined with transaction driven revenue pressure, has created one of the toughest industry environments since the financial crisis of 2008.
WH Ireland said that during the course of the year assets under management and administration in its wealth management division have risen to around £3bn.
It said transaction revenues in its corporate broking division had “witnessed a sharp decline” in the first half of the year but had rebounded in the second half. WH Ireland added: “The pipeline of future new business has improved significantly.”
The trading update added: “Overall, we believe the better market environment experienced during the second half of the year bodes well for 2017 and with the benefits of the investment programme beginning to be felt by mid-2017, the board remains cautiously optimistic about the year ahead.”