Wealth manager increases profits as it continues to grow

Expanding finance firm AFH has increased revenues by one-fifth as it continues its growth.

The Bromsgrove-based group last week announced two acquisitions as it deployed part of the £10m it generated through an oversubscribed fundraising in April.

It said “fundraising has provided the financial strength to complete a number of potential acquisitions during the second half of the current financial year”.

Last week it announced deals to buy Parker Sage, a Canary Wharf-based IFA, and Newmarket-based financial planning firm Eunisure.

AFH has now made eight acquisitions since the start of its financial year on November 1 and “is currently assessing several further acquisitions which are in various stages of due diligence and negotiation”.

The wealth management firm increased its revenues by 19% in the six months to April, to £11.7m. Pre-tax profits rose 34% to £1.15m in the same period.

Group chief executive Alan Hudson said: “Our strategy remains to expand our distribution capacity nationally in our traditional areas of strength, through both organic and acquisitive growth to drive increased profitability.

“The recent acquisition of Eunisure significantly increases our national footprint whilst addressing the segment of financial protection that has been widely reported as underserved by the market in recent years.”