IFA consolidator AFH Financial has boosted its pre-tax profits by 250% to over £1 million as acquisitions increased its adviser numbers to 122.
For the year ended 31 October 2013, the Bromsgrove-based advice firm posted a profit before tax of £1 million, up on the £295,000 pre-tax profit it made in 2012.
The consolidator’s revenues increased by 50% to £11 million, from the £7 million reported for the previous year, while recurring revenue was largely unchanged at 51%, having been 50% in 2012.
The firm said it was still on target to join the Alternative Investment Market by the second quarter.
AFH Financial made six acquisitions over the year which helped increase adviser numbers by 30% to 122, up from the 94 advisers at the firm in 2012.
Alan Hudson (pictured), chief executive of AFH Financial, said the increase in adviser numbers also reflected the number of younger advisers joining to build their client base.
‘I am delighted with the strength of the group’s performance during the year. As noted, AFH has invested in strengthening its management and to prepare itself for anticipated growth,’ he said.
‘The directors are confident that the group is well positioned to take advantage of market opportunities.’