W.H. Ireland Group plc (LON:WHI) has warned that exceptional charges for the current fiscal year are likely to be higher than previously expected, sending shares lower on Wednesday.
The wealth management firm said it has taken a number of “significant” one-off expenses as it carries out its transformation strategy.
READ: WH Ireland brings in City veteran Phillip Wale as new boss
The group added that the business has been hit by challenging market conditions as Brexit uncertainty weighs on investor sentiment.
Despite the challenges, the company said it has a “strong pipeline of new business” and remains “optimistic for the future”.
W.H. Ireland also announced that Philip Tansey, currently the head of finance, will join the board as finance director of the company. His appointment is subject to approval by the Financial Conduct Authority.
Tansey was previously the chief financial officer of Panmure Gordon and managing director of US inter-dealer broker, BGC Partners Inc. He has also worked at Deutsche Bank, CSFB, CIBC Wood Grundy, Salomon Brothers and BDO Stoy Hayward.
Chief executive, Phillip Wale, said: "Philip brings a wealth of experience that will be valuable to WH Ireland as we continue on the path towards growth and profitability."
In afternoon trading, shares fell 9.7% to 65p.