WH Ireland, a UK-based provider of private wealth management services, has reported operating loss before exceptional items of £1.1m for the first half ended 31 May 2016, compared to a profit of £0.3m a year ago.
Recurring revenue rose by 10% to £5.6m during the period from £5.1m a year ago.
The company’s assets under management and administration rose by 6% to £2.672bn from £2.52bn at the end of November 2015.
Discretionary assets under management surged 24% to £949m from £767m six on 30 November 2015.
Management fee income was £4m, a rise of 15% from £3.4m a year earlier. The group turnover stood at £12m during the period, compared to £15.9m in the prior year.
Total assets under management and administration at the company’s private wealth management division increased to about £2.7bn as at 31 May 2016, with discretionary service proposition being the fastest growing segment.
The unit’s management fee income increased 15% to about £4m during the period.
WH Ireland Group CEO Richard Killingbeck said: “The figures released today reflect some one-off, non-trading costs which have been incurred as a direct result of the changes that we announced earlier in the year.
“These include severance payments, legal and advisory fees and temporary employment costs within our Compliance department. In addition, we have incurred legal costs in relation to the establishment of our partnership with SEI Corporation announced in early June. In total, these incremental one-off costs have amounted to approximately £600,000 during the period.”