New CEO for WH Ireland

Stockbroker WH Ireland Group posted slightly narrower pre-tax losses for the first half, as cost savings offset a sharp fall in revenue, and appointed Paul Compton as its new chief executive.

By The Newsroom

Published 23rd Jul 2010, 10:33 BST

"Current trading across both the wealth management and securities business does reflect the general market malaise and the quietness of the summer months," the company said in a statement, and added that investor confidence could take some time to return.

For the six months ended May 31, the company posted pre-tax losses of 518,000, compared with 523,000 a year earlier.

Revenue from continuing operations fell 41.6 per cent to 8.8m during the period, hurt by the loss of a large client who provided significant revenue in the prior period.

Administrative expenses decreased 36.5 per cent to 9.4m.

Total funds under management stood at 1.35bn, up 14.7 per cent from the year-end.

The company, which has an office in Leeds, said Mr Compton joins WH Ireland in September from Toscafund Asset Management, where he served as co-manager for the company's mid-cap fund.

Leeds