Wealth supervisor and Monetary Planner WH Eire has reported a drop in full yr pre-tax revenue from £1.5m to £1.4m regardless of an 11% rise in income to £32m.
The corporate blamed difficult circumstances within the second half of the yr (ending March 2022) for the autumn.
In 2021 the corporate made its first revenue in 5 years.
Phillip Wale, chief government officer stated: “WH Eire has had one other yr of underlying progress throughout each divisions, set in opposition to various well-publicised and evolving wider market challenges in our second half.
“We stay assured that we’re able to benefit from circumstances after they enhance given our strengthened and bettering platform throughout the group, regardless of a cautious near-term outlook.”
Group belongings underneath administration rose by 14% to £2.4bn (FY 2021: £2.1bn).
The corporate additionally made various senior appointments through the yr together with Simon Jackson as group CFO, Michael Bishop as head of wealth administration and Stephen Balonwu as chief danger and compliance officer.
In its wealth administration division income was up 19% to £15.8m (FY 2021: £13.3m). The agency stated this mirrored a big improve in administration charges and wealth planning demand together with the primary full yr of contribution from new acquisition Harpsden Wealth Administration. The advance got here “regardless of a fall in fee revenue.”
Price revenue within the wealth administration division now represents 85% of complete wealth administration revenue (FY 2021: 76%). Discretionary managed belongings (DFM) elevated 6% to £1.0bn (FY2021: £0.9bn) and the wealth administration complete AUM stayed at £1.6bn (FY2021: £1.6bn)
Extremely Excessive Internet Value and Household Workplace AUM rose to £0.7bn (FY 2021: £0.5bn)
WH Eire supplies Monetary Planning recommendation and discretionary funding administration with a historical past that goes again to 1872.