LONDON (Alliance News) - AFH Financial Group PLC on Monday said its interim profit increased significantly as it saw customer volume growth.
The wealth management firm said pretax profit in the six months to the end of April more than doubled to GBP3.2 million from GBP1.2 million reported for the same period the prior year, as revenue rose 63% to GBP22.7 million form GBP13.9 million.
AFH's core business Financial Advisory generated annualised revenue per adviser of GBP220,000, up from GBP180,000 made the year before.
Protection broking division traded above expectations during the period, AFH said, reporting strong growth in both revenue and margins since the business was acquired in June last year. The division generated revenue of GBP3.9 million.
During the period the company completed and integrated six acquisitions which have brought a further GBP270.0 million of investment portfolios and are expected to be earnings enhancing in the second half of the year and thereafter.
"I am pleased to report another six month period of increased turnover and trading margins based on organic growth from new and existing clients," said Chief Executive Alan Hudson.
Shares in AFH Financial were trading 3.9% higher at 322.00 pence each on Monday.
