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
Brewin's Gutteridge: what's behind the second oil crash?

Brewin's Gutteridge: what's behind the second oil crash?

This week Brewin Dolphin's research head talks to Will Riley, co-manager of the Guinness Global Energy fund, about what next for oil.  

Play AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Bullas: what drove my UK small cap outperformance

AA-rated Richard Bullas has quietly been making a name for himself at the helm of the Franklin UK Smaller Companies fund.

Play Sector spotlight: how Harwood's Philbin is playing emerging markets

Sector spotlight: how Harwood's Philbin is playing emerging markets

Emerging markets have been a rollercoaster for investors, but amid the doom there have been have been bright spots, such as India. 

Your Business: Cover Star Club

Profile: CHI's bond supremo on liquidity and bond risk management

Profile: CHI's bond supremo on liquidity and bond risk management

'Some people have been extremely complacent about rate rise risk. Myself, I wish they would just get on with it.'

Wealth Manager on Twitter