LONDON (ShareCast) - Financial services group WH Ireland narrowed its annual losses as turnover rose on new client wins and an increase in funds under management.

The company’s pre-tax loss for the year ended November 30th, 2012, amounted to £0.2m, down from £1.4m in 2011.

Group turnover increased by 8.4% to £25.1m, up from the previous year’s £23.1m.

New client wins in the corporate broking division and a rise in funds under management in the private wealth management division helped drive revenues.

Corporate client fundraisings jumped to £116m while funds under management and administration rose by 27% to £1.7bn.

The firm ended the year with a cash balance of £9.3m, compared to £7.4m a year earlier.

"WH Ireland made strong progress across both the corporate broking and private wealth management divisions during the period under review," Chairman, Rupert Lowe, said.

"The board is pleased with the significant increase in the level of fundraisings for corporate clients, as well as the progress made towards achieving our goal of securing 100 quoted clients."

A final dividend of 0.5p per share was proposed for 2012 after no dividend was paid in the previous year.

Shares rose 1.60% to 63.50p at 14:00 Wednesday.

RD

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