Stockbroker WH Ireland is expanding fund management and has deals planned after lifting interim profits 23 per cent to £2.4 million.

Manchester-headquartered Ireland, the smaller companies broker chaired by former Tory minister Sir David Trippier, increased its turnover 45 per cent to £15.9 million in the six months to May, though earnings rose only 9 per cent to 8.9p a share. Managing director David Youngman hints at two resource deals in the pipeline and says 'the second half should at least match the first;' when Ireland raised £96 million for corporate clients with six AIM floats, five secondary fundraisings and two other deals.

The broking group is soon to beef up its fledgling £1.1 billion fund management arm with some heavy hitters. Ireland has appointed NM Rothschild as nominated adviser and Oriel Securities as broker to help newly-recruited strategic director Richard Lee 'continue to raise our profile', says Youngman.

The idea is to grab expansion opportunities, such as the 'fall-out' from rival Evolution's acquisition of fellow broker Williams de Broe. Lee is currently concentrating on developing the group's financial services side, which Youngman argues is unaffected by the vagaries of the stockmarket.

Ireland proposes a 15 per cent dividend hike to a well-covered 1.4375p a share, although there was some erosion of margins, with administrative expenses growing by nearly two thirds to £14.7 million. Youngman blames this on overheads at the Leeds operations of another group, TD Waterhouse, the cost of moving the company's London office, co-ordinating client material and marketing documents and recruiting financial services and corporate finance staff 'to cope with expected expansion'.

Sanguine that recent stockmarket setbacks do not signal a new bear trend, Youngman stresses WH Ireland's expertise in fields such as transport, leisure, biotech and life sciences, as well as the resources side built up over the years by chief executive Laurie Beevers. The company owns 59 per cent of West Australian broker DJ Carmichael and is contemplating potential partners or acquisitions on the east of the 'lucky country'.

However, dealers have focused on the margin pressure and stockmarket uncertainties, sending the shares 10p lower to 130p, against 2003's 238p low and a high of 181p last March. Hold on.

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W H Ireland	AIM	£14.5m	69.50p	0.00p
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