More acquisitions on the cards for AFH as revenue and profits rise

ACQUISITIVE financial services group AFH has seen its revenue increase by 13% to £8.22m (2014: £7.29m) in the six month period to April 30.

The Bromsgrove firm also saw profit before tax rise by 13% to £0.61m (2014: £0.54m) on a year on year basis.

AFH also reports a strong balance sheet with net assets of £11.3m, an increase of 20%.

Cash reserves were down slightly at £4.3m (2014: £4.9m).

AFH made seven acquisitions during the period for a maximum consideration of £9.4m and issued £2.14m corporate bonds in January.

CEO Alan Hudson said: “The group remains profitable and cash generative with a strong balance sheet for its current size.

“Our strategy remains to expand nationally in our traditional areas of strength through both organic and acquisitive growth to drive increased profitability. The directors’ continue to actively seek appropriately priced acquisition opportunities with a comparable culture to AFH to generate incremental opportunities for the group.

“Our aim is to grow our client base through increased adviser numbers and greater productivity afforded by the AFH structure and centralised support functions.

“The progress made during the first half of the current financial year and in particular the step change afforded by our most recent acquisitions allows the directors to view the prospects for the full year and beyond with confidence.”
 

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