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Record year for broker

By on November 30 2005

Mancunian stockbroker WH Ireland has released a pre-close trading statement in which the board ‘once again anticipates being able to report record results for the year’. For the first 11 months of the year turnover is a third higher than last year.

Much of the recent growth has come from acquiring teams of private client brokers and independent financial advisors across the West of the country and Wales to complement the group’s established business in the North West. The company has also opened a string of new offices lately. Funds under management stand at £361 million.

Another major area of focus is Australia, following the acquisition in July of a 51 per cent interest in established Perth stockbroker DJ Carmichael. This company, like WH Ireland, offers services to both private and corporate clients. Chief executive Laurie Beevers is keen to grow this business.

At 132.5p, the broker is worth £21.2 million, which is modest compared to peers of a similar size. With the anticipated growth producing a forecast £2.9 million pre-tax profit this year, the shares may reward an investment.

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