The firm also appointed Paul Compton as a new chief executive, taking up the post in September this year, replacing Richard Ford, who is leaving at the end of August.

Group revenue from continuing operations decreased by 41.6 per cent to £8.8 million year-on-year, the firm said.

The firm recorded a basic loss per share of 0.25p (six months ended 31 May 2009: consolidated loss per share of 3.23p, including results from discontinued operations).

Total funds under management and control rose 14.7 per cent to £1.35 billion from the end of 2009.

"Whilst it is disappointing to see that the business has continued to make a loss during the period, I am pleased to report that our balance sheet has remained largely intact.  This has been due in part to the significant cost reduction measures taken during the past 12 months,” said Rupert Lowe, chairman of WH Ireland.