News blog
WH Ireland
- BY: Andrew Hore |
- POSTED: 23/07/2010 |
- COMMENTS: Add yours
Former Collins Stewart capital markets boss Paul Compton is taking over as chief executive of Aim adviser WH Ireland.
Compton has been working at Toscafund Asset Management, where he co-managed the Toscafund Mid Cap Fund.
Compton is also a director of solar heating company Reflect Energy Ltd (http://www.reflectenergy.co.uk). Reflect uses daylight solar tubes.
Assuming FSA approval Compton will join the broker on 6 September.
John Scott is taking over as head of private client stock broking and joining the board.
Lord Marland has stepped down from the board because of his appointment as a minister in the Department of Energy and Climate Change.
WH Ireland still has to appoint a new finance director following the departure of Nigel Gurney.
Revenues fell 42% to £8.8m in the six months to May 2010. A profit of £137,000 was turned into a loss of £518,000. That was despite associates increasing their contribution from £40,000 to £130,000. The figures exclude losses from discontinued activities, which were £1.22m in the first half of the comparative period.
The broking side made an operating loss and all the profit came from wealth management. Funds under management rose 15% to £1.35bn over the six month period.
Net debt was £810,000 at the end of May 2010.
The NAV is £14m – equivalent to 65p a share. Ecluding goodwill, the NAV is £11.1m.
At 38p a share, up 1.25p, WH Ireland is valued at £8.1m.
Download the July edition of AIM Journal at http://www.hubinvest.com/AIMPDFJuly2010_10.pdf
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