WH Ireland moves into profit

18th Jul 2011 08:12

Financial services group WH Ireland swung into a half year profit as turnover increased nearly 30% despite ongoing challenging market conditions.Profit before tax for the half year ended 31 May 2011 was £0.71m compared to a loss of £0.62m the year before. Group turnover increased by 29.7% to £11.41m.Chairman Rupert Lowe commented, "The first half of 2011 was very difficult for stock broking businesses. Markets were flat with remarkably little change during the period, and trading volumes were consequently reduced.""Furthermore, the prevalent nervousness surrounding a variety of issues reduced investors' risk appetite, particularly for new issues," he added.However on a confident note WH Ireland said it is in a strong position for future growth. "With new revenue streams including market making in corporate stocks, we look forward to further expanding the team and our presence in our market," it said in a company statement. ---CJ