News blog
WH Ireland
- BY: Andrew Hore |
- POSTED: 23/07/2010 |
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 (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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