WH Ireland says worst is over as losses narrow to £2.1m

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Turnover fell 8.2% to £24.6 million from £26.8 million a year earlier, and losses were trimmed to £2.1 million in the year to 30 November compared with £2.5 million a year earlier.

Assets under management edged up 4.5% to £1.18 billion.

Chief executive Richard Ford has cut 34 jobs and hopes this will save about £2.1 million a year.

The previous accounts held a "going concern" warning, meaning the auditors couldn't guarantee the business was financially secure. However, this year's accounts carried no such warning.

Ford said: "Our restructuring programme has reduced our cost base in line with our business objectives, leaving us well placed to take advantage of any improvement in economic conditions."

WH Ireland's shareholders include Lord Marland and Carphone Warehouse co-founder David Ross.