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New boss for loss-making WH Ireland
Paul Compton, new boss at WH Ireland
Investment and broking group WH Ireland has lost an interim £518,000 and appointed ex-Collins Stewart luminary Paul Compton as chief executive officer.
Compton, 47, joins the Manchester-based company from strongly-perfoming hedge fund specialist Toscafund Asset Management and will replace Ireland's outgoing chief executive officer Richard Ford in September.
AIM-quoted Ireland, whose entrepreneurial non-executive director and backer Lord Marland is leaving the board after being made Parliamentary Under Secretary to the Department of Energy, saw turnover drop 41.5 per cent to £8.8 million in the six months to May. Chairman Rupert Lowe blames this fall on one large client who 'provided significant revenues' in the first half of 2009 staying out of the market this time.
The company, which is passing its interim dividend, has made progress with its wealth management operations, a part of the business which Ford had beefed up, increasing assets under management 14.7 per cent to £1.35 billion since its November year-end. Lowe says restructuring and cost reductions over the past 12 months have helped keep the company's balance sheet 'largely intact', though cash was down from £7.8 million to £1.6 million.
Ireland has undergone a series of upheavals over the past two years, including an aborted get-together with broker Blue Oar (now in the Astaire group) and the abrupt departure of two previous pillars of the company, Laurie Beevers and David Youngman. Lowe expresses high hopes for Compton, who as head of capital markets at Collins Stewart, built up its role in the small to mid-cap sector with a team that raised £7.6 billion in 234 deals over five years.
Floated at 115p 10 years ago, WH Ireland's shares have hardly been a stockbroker's dream since then. Over the past year, they have fallen from 70.5p to 34.75p before reaching 38p now, valuing the company at £8 million and offering speculative recovery potential.
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