THE nominated adviser (NOMAD) to Rangers has seen its profits tumble in its most recent financial year.

WH Ireland saw revenue edge up marginally from £29.7m to £30m in the 12 months to November 30, 2014.

A number of one-off charges, including the closure of four private wealth management offices and the opening of two new ones, led to profit before tax coming in at £456,000, down from £1.65m in the previous year.

The Manchester company said that on an adjusted basis, excluding exceptional, operating profit had risen from £900,000 to £1.45m.

The wealth management division was said to have increased assets under management by 8.4 per cent from £2.5bn to £2.7bn.

The corporate broking division was said to have increased its retainer fee income from £3m to £3.2m with client numbers up from 85 to 93.