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WH Ireland

  • BY: Andrew Hore |
  • POSTED: 18/07/2011 |

Aim adviser WH Ireland has moved back into profit at the interim stage.

Turnover rose 30% to £11.4m in the six months to May 2011, while a loss of £620,000 was turned into a profit of £710,000.  That profit was achieved even though there was a £284,000 loss on the disposal of its Australian stockbroking associate and impairment write-downs on past acquisitions of £487,000. The underlying profit was £1.48m, against a loss of £590,000.

There was a cash outflow from operations but this was more than covered by disposals. Net cash was £477,000 at the end of May 2011.

The capital markets business returned to profit and the private client business increased its contribution. Wealth management made a larger loss. Funds under management increased by 10% to £1.8bn.

WH Ireland is hopeful that EIS changes will be of benefit to its broking business.

At 62.5p a share, WH Ireland is valued at £13.3m. Net tangible assets are nearly £11.8m.

Download the June 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFJuly2011_22.pdf

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