Stockbroker WH Ireland has swung into black after a hectic year saw the group increase its turnover by just over 25%.
WH Ireland used the downturn to secure a string of significant hires, and made a successful bid for an 8,000 strong client book from rival Pritchards.
This labour has paid off, chief executive Paul Compton said, with the group's turnover increasing by 25.9% to £23.1 million, up from 2010's £18.4 million.
Adjusted profit before tax also rose over the 12 months to the end of November and climbed to £2.2 million. This compares to a loss for the previous year of £0.3 million.
The group's preliminary results also revealed significant growth in new client wins, with these increasing more than 500% in terms of funds raised for corporate clients.
'Our private clients division continued to provide solid earnings, with funds under nominee control of £1.4 billion. The recent acquisition of the client list from Pritchard Stockbrokers should increase this figure by 25% and we are also expanding our regional office team as a result,' Compton said.
The stockbroker also hopes to benefit from changes to the rules governing enterprise investment schemes (EIS), introduced by the government in 2011. These changes saw the size of the companies which can be invested in increase, as well the incentives for doing so improved.
'WH Ireland is at the forefront of developments in this field, which it sees as being beneficial to all divisions of the group,' the company said.
