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Wealth manager WH Ireland has forecast operating loss before exceptional items of £2.2m ($2.7m) for the year to March as a result of the Covid-19 pandemic.

The firm also predicted a 10% fall in revenue to £21.3m from £23.7m.

Corporate client wins in Corporate and Institutional Broking and re-pricing actions in Wealth Management is said to have driven positive momentum at the firm across the year.

The month of January reported a small profit. However, the following two months registered a loss, hit by the pandemic.

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By GlobalData

The firm stated: “WH Ireland has continued to make good progress in returning the business to profitability with a strong and effective control framework.

“Progress on revenue and cost actions were sufficient to see a small profit in the month of January consistent with our expectation of returning to monthly profitability by the start of the new financial year.

“However, both February and March experienced a loss, as market levels and corporate activity were impacted by the COVID-19 pandemic.”

The Covid-19 outbreak had a “notable” effect on Corporate and Institutional activity in the past few weeks, noted the firm.

Moreover, the market level reduction is said to have lowered the firm’s Wealth Management income.

WH Ireland CEO Phillip Wale said: “The business starts the new financial year with a more resilient business model, a strong balance sheet and the majority of its anticipated revenue being recurring in nature.”