Troubled wealth manager WH Ireland has trimmed losses as it tries to turn around the business, according to interim results out today.

The firm, which unsuccessfully tried to sell its wealth management arm, said the loss-making division was heading back to break even.

In the six months to September the company saw revenue decline overall by 21% to £8.5m (H1 2023: £10.7m).

The Wealth Management (WM) division saw revenue drop to £5.3m (H1 2023: £6.3m).

Despite the falls in revenue, underlying loss before tax was trimmed to £1.32m (H1 2023: £(1.81m).

Statutory loss before tax was cut to £1.25m (H1 2023: £(3.92)m) thanks to job cuts and cost cutting.

During the period the firm sold its Capital Markets Division to  Zeus Capital in July. A contingent consideration of £2m has been recognised in connection with the disposal as at 30 September 2024

WH Ireland said that it had undergone “streamlining” of group and central functions with further cuts in jobs and costs helping improve finances.

In the wealth management arm total AUM fell to £1.1bn (H1 2023: £1.2bn) and discretionary assets under management fell to £0.7bn (H1 2023: £0.9bn).

The firm says it will focus on the operation and development of its wealth management arm and assess “opportunities” as they arise.

Despite the slight improvement in finances the firm has not ruled out further cost cutting following the sale of the Capital Markets division.

Chief executive Phillip Wale said the market had continued to be challenging.

He said: “WH Ireland's interim results reflect the challenging market backdrop which has had another significant impact on our performance in the period. We have an improved chance of returning Wealth Management to a break-even position following the cost reductions over the last year, supported by a more stable financial position, and without anticipating any potential improvement in our markets.

"Following the successful sale of Capital Markets in July this year, our focus is on the operation and development of Wealth Management, further streamlining our central functions and costs, whilst also assessing strategic opportunities for the group as they arise."