Regional stockbroker W H Ireland (WHI) was in the red at the half-way stage as market turmoil hit revenues.
The firm, which has an operation in Birmingham, reported a pre-tax loss of £685 million for the six months to May 31 compared with a profit of £3.8 million at the same stage last year.
Revenues for the period fell by nearly 25 per cent to £16.2 million although Ireland was able to report that total funds under management and control rose by nine per cent to £2 billion and an operating profit of £575 million versus £1.1 million.
Ireland, which recently had a £2.9 million cash injection from a consortium of new investors and its employees, cut the interim dividend in half to 1p per share.
“After such a turbulent period in the financial markets and arguably the most testing in 20 years, turnover in all divisions was lower during the period was lower during the period,” chairman Rupert Lowe said.
The operating profit reflected the fact that Ireland’s cost base has been cut to match the decline in turnover, he added.
Ireland’s own AIM-listed shares lost 2.5 per cent, closing 2.5p down at 99p.