(RTTNews) - Monday, stockbroking and financial services provider W.H. Ireland Group Plc (WHI.L: News ) reported a narrower loss for the first half of fiscal 2009, benefited primarily by an increase in turnover as well as a gain on sale of Lancaster branch business.

For the first half, the Manchester-based company's loss before taxation was £523 thousand as against a loss of £736 thousand in the prior-year period.

Loss attributable to shareholders narrowed to £683 thousand or 3.23 pence per share from £731 thousand or 4.17 pence per share in the first half of fiscal 2008.

During the period, W.H. Ireland had a one-time gain on sale of trade and assets of Lancaster business amounting to £168 thousand. The results also reflect a fair value gain on investments of £98 thousand compared to a loss of £630 thousand in the previous year period.

The company's revenues for the six-month period rose 6% to £17.12 million from £16.16 million in the same period last year, benefited by strong performance in stockbroking business that was partially offset by continued challenging conditions in securities business.

On a segmental basis, revenues from private wealth management were £15.47 million compared with £12.92 million, while revenues from securities declined to £1.65 million from £3.24 million last year.
Geographically, revenues from United Kingdom rose to £15.07 million from £12.66 million, and Australia generated revenues of £2.05 million as against £3.50 million a year ago. Revenue declines in the Australian region reflects a fall in both stockbroking and corporate finance volumes.

Based on the current market conditions, W.H. Ireland stated that the board has decided not to pay an interim dividend for the first half of the year.

Looking ahead, chairman Rupert Lowe stated that W.H. Ireland remains cautious on the impact on stockbroking revenues and corporate finance activity in the near term.

"We are actively pursuing initiatives to enhance our Private Wealth Management offering and look forward to making significant progress on this in the second half of the financial year," added Lowe.

WHI last traded on August 13 at 65.05 pence per share, down 3.63%, on the London Stock Exchange.

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by RTT Staff Writer

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