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W H Ireland narrows pre-tax loss
STOCKBROKER W.H. Ireland Group posted a narrower pre-tax loss for the first half, cancelled its interim dividend amid a tough trading environment, and gave a cautious near-term outlook.
"Whilst the recent market rally is a positive development we remain cautious on the impact on stockbroking revenues and corporate finance activity in the near term," the company said in a statement.
W H Ireland, which has an office in Leeds, said it was actively pursuing initiatives to enhance its private wealth management offering and expected to make significant progress on this in the second half.
For the six months ended May 31, the company posted a pre-tax loss of 523,000 compared with 736,000 a year ago.
Turnover rose 6 per cent to 17.1m
W.H. Ireland said it had total funds under management at 1.6bn as of May 31.
Shares of the company closed at 67.5 pence on Friday on the London Stock Exchange.
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