Broker WH Ireland says it’s “optimistic for the year ahead”, despite reporting deepening losses.

The UK-listed financial services company, in which Kuwaiti European Holding has taken a 23 per cent stake, reported a pre-tax loss of £3.2m in the year to the end of November 2016, against a more modest £346,000 loss in the same period a year beforehand.

On the plus side, assets under management swelled by 14 per cent to £2.8bn, while fee income rose by 17 per cent to £7.6m.

Chief executive Richard Killingbeck, said:

The past year has witnessed considerable progress in the repositioning of WH Ireland as an ambitious, focused and modern financial services company.

The Company is in a strong position to focus upon growing both divisions in the year ahead. Our recurring revenue has risen to £12m, or 47% of total revenue, and I and the Board are optimistic for the year ahead.

The company added:

Last year the Board felt it prudent to omit paying a dividend. The Board continues regularly to assess this position but it is not the intention of the Board to recommend a dividend payment to Shareholders for the year under review.

Get alerts on UK companies when a new story is published

Copyright The Financial Times Limited 2021. All rights reserved.
Reuse this content (opens in new window)

Comments have not been enabled for this article.

Follow the topics in this article