2 Mar 2018 07:00
2 March 2018
AFH Financial Group PLC
("AFH" or the "Company")
AGM Statement
Strong Recurring Revenues with funds under management in excess of £3bn
Four acquisitions announced since the year end and strong pipeline of prospective acquisitions
Robust Balance Sheet
At the Company's Annual General Meeting ("AGM"), to be held at 11:00am today at AFH House, Buntsford Drive, Stoke Heath, Bromsgrove B60 4JE, John Wheatley, Chairman of AFH, will update shareholders with the following statement:
"As reported in the audited results released on 29 January 2018, I am pleased to confirm that the Company's business continues to perform in line with expectations and that recurring revenue continues to remain strong as a result of the net inflow of funds during the period.
During the first four months of the current financial year the Company announced four acquisitions, paying a combined £1.8m in initial cash consideration. Following the recently announced acquisitions, together with continued net inflows of funds, the Company now has over £3bn funds under management.
During the first quarter of the current financial year, the Company made deferred payments, based on trading performance, of £0.4m in respect of acquisitions completed in previous periods and anticipates a further £0.3m to be paid during the second quarter.
As set out in the preliminary results release, the Company will pay an interim dividend of 4.0p on 4 May 2018 to shareholders on the register of members at the close of business on 20 April 2017.
I am pleased to report that both the Company's balance sheet, and pipeline of prospective acquisitions, remains strong and further selective acquisitions are anticipated during the current financial year. As at 1 March the Company had cash balances of £24m. The Directors remain confident that the Group is well positioned to take advantage of market opportunities as they arise."
Enquiries:
AFH Financial Group PLC 01527 577 775
Alan Hudson, Chief Executive Officer
Paul Wright, Chief Financial Officer
www.afhfinancialgroup.com
Liberum (Nominated Adviser and Broker) 020 3100 2000
John Fishley/Richard Bootle
This announcement is released by AFH Financial Group plc and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Paul Wright, Chief Financial Officer.