W.H. Ireland Group shares (LON: WHI) are up 10.27% after the group posted its first profit for five years.

For the Six Months ended 30 September 2020, the group posted a £0.33m profit, up from the £0.91m loss from a year earlier.

Total revenues grew by 15% to £12.5m and corporate broking revenue rose by 61% during the period.

“Despite the uncertain outlook, we look forward to the second half with some optimism. We have a growing pipeline of opportunities in both businesses, and are starting from a position of strength. There remains much to do to achieve our ambitious targets for the Group, but we have made a positive start in our pursuit of growth,” said the group in a statement.

The W.H. Ireland Group chief executive, Phillip Wale, said:

“I am pleased to be reporting the first half year profit for WH Ireland for five years. Over the last six months, WHIreland has seen the benefits of the significant restructuring we embarked on 18 months ago; fixed costs have reduced over that period, whilst revenue has remained broadly flat as we have simplified the business.

“Our Wealth Management business has remained operationally robust despite the significant market falls in March, and our Corporate and Institutional Business is showing strong momentum as we act for an increasing number of clients.

“Whilst the uncertainty of the impact of Covid 19 on businesses and the wider economy continues, it is challenging to predict future performance, nevertheless, I believe the momentum we have seen in the first half, alongside a robust capital and cash position, gives us a strong platform for the second half,” he added.

W.H. Ireland Group shares (LON: WHI) are currently up 10.27% at 40,80 (1326GMT).