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WH Ireland still in the red as market storm prevails

STOCKBROKER WH Ireland yesterday axed its interim dividend as the market turmoil kept it firmly in the red over the first half of the year.<br /><br />The firm reported a pre-tax loss of &pound;0.523m for the six months to end of May, though this narrowed from the &pound;0.736m loss it reported over the same period last year. Group revenue increased by six per cent to &pound;17.1m.<br /><br />But WH Ireland played down the significance of the recent stock market upturn, warning that times are likely to remain tough for the sector for some time to come.<br /><br />&ldquo;Whilst the recent market rally is a positive development we remain cautious on the impact on stockbroking revenues and corporate finance activity in the near term,&rdquo; said chairman Rupert Lowe.<br /><br />Earlier this year, WH Ireland deputy chairman Laurie Beevers and group managing director David Youngman stepped down in a boardroom bust-up.