Visit our Covid-19 microsite for the latest coronavirus news, analysis and updates

Follow the latest updates of the coronavirus (Covid-19) outbreak on our timeline.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Wealth manager WH Ireland has forecast operating loss before exceptional items of £2.2m ($2.7m) for the year to March as a result of the Covid-19 pandemic.

The firm also predicted a 10% fall in revenue to £21.3m from £23.7m.

Corporate client wins in Corporate and Institutional Broking and re-pricing actions in Wealth Management is said to have driven positive momentum at the firm across the year.

The month of January reported a small profit. However, the following two months registered a loss, hit by the pandemic.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The firm stated: “WH Ireland has continued to make good progress in returning the business to profitability with a strong and effective control framework.

“Progress on revenue and cost actions were sufficient to see a small profit in the month of January consistent with our expectation of returning to monthly profitability by the start of the new financial year.

“However, both February and March experienced a loss, as market levels and corporate activity were impacted by the COVID-19 pandemic.”

The Covid-19 outbreak had a “notable” effect on Corporate and Institutional activity in the past few weeks, noted the firm.

Moreover, the market level reduction is said to have lowered the firm’s Wealth Management income.

WH Ireland CEO Phillip Wale said: “The business starts the new financial year with a more resilient business model, a strong balance sheet and the majority of its anticipated revenue being recurring in nature.”