Stockbroker, corporate financier and investment management venture WH Ireland has just reported a 23 per cent surge in half-time profits to £2.4 million, is fast-expanding its fund management operations and has an array of other exciting deals waiting in the wings.

Manchester-headquartered WHI, chaired by former Tory minister Sir David Trippier, increased turnover by 45 per cent to £15.9 million in the six months to May (like-for-like turnover growth was strong at 19 per cent) and earnings per share rose nine per cent to 8.9p. From a position of balance sheet strength, investors were also treated to a proposed 15 per cent dividend hike.

These figures were achieved during a half in which the group invested heavily in both people and infrastructure to position the business for further growth.

There was a strong performance from the corporate finance wing of the business, as Ireland raised £96 million for corporate clients, conducting six AIM floats, five secondary fundraisings and two other deals. Managing director David Youngman hints at two resource deals in the pipeline and says 'the second half should at least match the first’.

Total funds under management, a crucial area of focus for the company, grew to £1.1 billion and the group is soon to beef up this fledgling arm with some heavy hitters. WHI 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 stock market.

Despite the well-covered 1.4p dividend payment, there was some margin erosion during the half, with administrative expenses growing by nearly two thirds to £14.7 million. Youngman blames this on overheads at the Leeds office (it bought the TD Waterhouse operation in this city), 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 market setbacks do not signal a new bear trend, Youngman stresses Ireland's expertise in sectors such as transport, leisure, biotech and life sciences, as well as the resources side that has been built up over the years by chief executive Laurie Beevers. The company also owns 59 per cent of West Australian broker DJ Carmichael and the management duo are contemplating potential partners or acquisitions in the east of the 'lucky country'.

When the results were released, dealers chose to focus on the margin pressure and stock market uncertainties, sending the shares lower to 127.5p. We believe this recent dip presents investors with a buying window.

W H Ireland	AIM	£14.5m	69.50p	0.00p
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First-half loss at WH Ireland			18/08/2008
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WH Ireland on the prowl			30/07/2007
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Expansion continues at WH Ireland			01/08/2006