LONDON (ShareCast) - (ShareCast News) - WH Ireland said it remains cautiously optimistic about the year ahead, but this failed to excite a reaction in its shares, which, at 13:45 GMT, were flat at 122p.
"The past year has been challenging for the financial services industry and particularly so in the areas that WH Ireland is focused upon," the AIM-quoted company said in a trading update for the year ended 30 November.

"Rising costs, primarily regulatory related, combined with transaction driven revenue pressure, has created one of the toughest industry environments since the financial crisis of 2008," it added.

WH Ireland said it had, against this backdrop, continued to invest in the business and the progression to a new private client operating platform is on schedule for Q2 2017.

The majority of the exceptional costs associated with this change would be taken in 2016, and as such will be fully disclosed within the annual results.

"The focus upon fees in the Wealth Management division continues and assets under management and administration have increased during 2016 to approximately £3bn," the company said.

WH Ireland said its Corporate Broking division had witnessed a sharp decline in transaction revenues in H1, but that H2 had seen a strong rebound in client activity and the pipeline of future new business had improved significantly.

"During the period both new and existing shareholders demonstrated a continuing confidence in our business model subscribing through two share placings; and whilst the sale of the freehold property in Manchester has taken longer than anticipated, renewed buyer interest gives the Board confidence that a further announcement will be made before the release of the annual results.

"Overall, we believe the better market environment experienced during the second half of the year bodes well for 2017 and with the benefits of the investment programme beginning to be felt by mid-2017, the Board remains cautiously optimistic about the year ahead."

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