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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.

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