WH Ireland, a UK-based provider of private wealth management services, has reported a pre-tax loss of £0.3m for the year ended November 2015, compared to a pre-tax profit of £0.5m in 2014 as a £1.2m fine from the UK regulator more than wiped out its profits.
The group turnover grew by 3% to £30.9m compared to £30m a year ago.
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The company said that it’s recurring revenue for 2015 increased by 14% to £11.4m, compared with £10m in 2014.
The group’s operating loss after exceptional item was £0.05m in 2015. The exceptional item relates to an FCA fine of £1.2mfor failing to ensure it had the proper systems and controls in place to prevent market abuse.
WH Ireland’s private wealth management unit had assets under management (AuM) of £2.52bn at the end of November 2015, an increase of 2% compared with £2.47bn a year ago.
The unit’s fee income was up 32% to £6.5m from £4.9m a year ago, while commission income fell by 3% to £11.0m from £11.3m a year ago.
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By GlobalDataDiscretionary assets under management at the unit increased 6% to £767m from £722m in 2014.
The division has posted a pre-tax profit of £717000 for the year ended 30 November 2015 compared to £570000 in 2014, while the segment’s revenue was £20.6m compared to £20.3m a year ago.
WH Ireland CEO Richard Killingbeck said: "Many of the structural changes at the Company to which I have referred in the past have begun to improve the 2015 financial performance of W H Ireland.
"Looking ahead, our target remains to reach a 50% level of recurring revenue across the Group (compared with 36% in 2015)."
