WH Ireland trading update: 'cautiously optimistic' about 2013

AIM-listed financial services group WH Ireland has issued a trading update citing it's cautiously optimistic view about 2013, one day after the group announced that Chief Executive Officer Richard Killingbeck had left with immediate effect.

The trading update in respect of the year ending November 30th stated that group revenue increased to £25m resulting in a "significant improvement in the underlying trading performance".

The statement added that a capital reduction process had also been completed which would enable the group to return to the dividend list and initiate share buybacks "when deemed appropriate".

The group reported that it had achieved a "good balance between investing in the business and a continued focus on the cost base", adding that it had further strengthened the balance sheet with an improved net cash position at the year end compared to the prior year.

Rupert Lowe, Chairman of WH Ireland commented: "The group has made good progress in 2012. While underlying markets remain challenging, momentum with corporate client wins, an increasing pipeline of corporate finance work and a reinvigorated strategy within the Private Wealth Management business, enable us to look to 2013 with cautious optimism."

WH Ireland's share price was up 1.79% to 57P at 09:02 on Friday.