LONDON (Alliance News) - AFH Financial Group PLC said Thursday its funds under management have reached GBP1.25 billion, due to growth in its underlying assets and recent acquisitions.
In a statement ahead of its annual general meeting, the financial advisory and wealth management firm said that trading levels it had seen in the second half of 2014 have continued into 2015, and its recurring revenue remains strong, helping drive its total revenue, and its gross margins remain over 50%.
In February the company raised GBP2.1 million in a bond issue, which it will use for general corporate purposes and to fund acquisitions during 2015.
"I am pleased to report that both the company's balance sheet and pipeline of prospective acquisitions remain strong and further selective acquisitions are anticipated during the current financial year. The directors remain confident that the group is well positioned to take advantage of market opportunities as they arise," Chairman John Wheatley said in the statement.
Shares in AFH are untraded Thursday morning. It last closed at 153.75 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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