WH Ireland Group PLC (AIM:WHI) slid deeper into the red in its latest year as a slump in AIM activity affected its capital markets division.
Revenue dropped to £21.5 million (2023: £26.7million) in the year to end March 2024, with pre-tax losses rising to £5.9 million from £1.8 million.
WHI has since sold its capital markets arm, with, on an ongoing basis, the loss coming in at £0.6 million with cash at the end of July of £6.5 million.
Phillip Wale, chief executive, said the market backdrop had been extremely challenging with the AIM All Share Index falling 9% over the period.
“These market conditions severely impacted transactional business (and particularly fundraisings) in the Capital Markets Division, which, together with significant restructuring costs, were the principal reason for the group reporting losses for the year.
"However, having completed the sale of the Capital Markets division in July 2024, we have achieved a more stable financial position for the group against the current market backdrop.
“We are now implementing plans for the growth of the remaining WM (NYSE:WM, ETR:UWS) business to return it to break even whilst finding further efficiencies in the group as a whole."
Shares were 3.25p.