LONDON (Alliance News) - Wealth manager and financial adviser AFH Financial Group PLC on Wednesday said its pretax profit for the half year to the end of April grew thanks to an acquisition-driven jump in revenue, while funds under management also surged higher.
AFH said pretax profit for the six months to April 30 was GBP860,000, up 42% from the GBP600,000 posted a year earlier. Revenue rose to GBP11.7 million, also up 42% on GBP8.2 million previously, as the company completed a series of acquisitions of smaller financial advisory houses.
This helped funds under management for the company grow to GBP1.88 billion, up 44% from GBP1.30 billion a year earlier.
AFH said its balance sheet remains strong, supporting a further push to make acquisitions, adding the regulatory dynamics in the wealth management space should be supportive of consolidation.
"Based on the continued client demand for our financial planning led wealth management services, the opportunities following UK pension reform and our proven track record as a successful acquirer and integrator of businesses, we are confident of the group's future prospects for the full year and beyond," said Chief Executive Alan Hudson.
AFH shares were up 4.1% to 170.24 pence Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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