Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Wealth firm's acquisition spree boosts profit by 50%

Wealth firm's acquisition spree boosts profit by 50%

AFH Financial has boosted its pre-tax profits by 50% following a series of acquisitions.  

In the six months to 30 April, the Bromsgrove-based firm reported a profit before tax figure of £540,000, up on the £350,000 for the corresponding period of the previous year.

Revenues also 50% to £7.3 million versus £4.8 million in the previous year.

During the period the firm acquired client books from three small IFA businesses including Michael Mac Wealth Management in December 2013, SR Wealth Management in January, Norwich-based Omega Consulting in May, and the acquisition of the Robert McGee business in November 2013.

That deal boosted AFH's results as it took on an adviser and the firms' client books.

The firm listed on the Alternative Investment Market (AIM) in June with a market capitalisation of £27 million.

It had  for the float, including £1.46 million through placing and subscribing around one million new ordinary shares and through its chief executive Alan Hudson (pictured) who sold one million shares at the same time.

AFH Financial was listed on the ISDX Growth Market for three years prior to its move to AIM.

In the firm's financial statements, Hudson said the firm was now focused on organic development.

'Our outlook for this year is to continue with our steady growth through organic development and appropriate acquisitions to deliver further profitability.

'We are delighted to now be on AIM and look forward to updating shareholders with our progress.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Rathbones' Smith on China's economic hegemony ambitions

Rathbones' Smith on China's economic hegemony ambitions

Discussing China's saving problem, Ed Smith argues that if the country opens up there will be an outflow of capital.

Play Liontrust ESG head says sustainable investment doesn't mean low return

Liontrust ESG head says sustainable investment doesn't mean low return

Peter Michaelis talks about ethical investment growth and where he sees future opportunites.

Play Are platforms the biggest barrier to wealth manager ETF take-up?

Are platforms the biggest barrier to wealth manager ETF take-up?

Citywire hosted a roundtable discussion to find out how and if wealth managers are using ETFs in their clients' portfolios and the challenges they face trading through different platforms.

Read More
Wealth Manager on Twitter