LONDON (Alliance News) - Wealth manager AFH Financial Group PLC on Friday said it had an "exceptional" 2018, with both revenue and profit growing substantially.
Revenue in 2018 rose 51% to GBP50.7 million, earnings per share by 43%, and its dividend for the year was increased 50% to 6.0 pence.
Speaking at AFH's annual general meeting Friday, Chair John Wheatley said: "2018 was a period of exceptional growth for AFH as we continued to deliver on our vision of becoming the leading financial planning-led wealth manager in the UK.
"To this end, we produced our fifth year of improved profitability since joining AIM in 2014."
For 2019, AFH is meeting expectations, with funds under management having now passed the GBP5 billion mark.
In January, AFH set new targets over the next three to five years: AFH wants to reach GBP10 billion of funds under management, GBP140 million of revenue, and an underlying earnings before interest, tax, depreciation, and amortisation margin of 25% of revenue.
The underlying Ebitda margin was 21% in 2018.
"Finally, we continue to be cash generative and maintain a strong balance sheet," Wheatley continued.
"We expect the consolidation within the investment and wealth management market to continue through 2019 and will continue to seek appropriately priced opportunities to expand our captive distribution throughout the financial sector, to drive increased profitability and enhance shareholder value."
Shares were 2.8% higher on Friday shortly before midday at 345.50 pence each.
