Profits at Harwood Wealth Management were down in the first half of this year, as the company paid for its floatation on the Alternative Investment Market.
It posted profits before tax of £14,000 - compared with the £711,000 it posted in the first half of 2015 - in the first set of results as a public company.
Harwood stated this was because of exceptional costs of £263,000 associated with the IPO, depreciation and amortisation costs of £605,000 and £41,000 related to the deals completed as share acquisitions.
The company was admitted to Aim on 29 March and has since seen its share price increase from 81p to £1.10.
Chairman Peter Mann said: “I think it is fair to say that so far there have been no significant surprises in floating on the stock exchange; it is what we expected it to be.
“Clearly in the process of exploring the options available to us we were well aware of the obligations of being a listed business.”
When the company floated in managed to raise £10m to spend on acquisitions.
Mr Mann said: “What we don’t do is say that we plan to have a number of acquisitions done at this price in this period of time.
“What I can say is the vertically integrated wealth management business is a particularly popular and growing financial services concept,” he stated.
“We don’t expect any diminuition in interest, in fact we will probably see an increase.”
Harwood Wealth was founded in 2001 under the name Compass Wealth Management by Neil Dunkley, who is joint chief executive with Alan Durrant.
In May 2015, the company bought Wellian Investment Solutions to expand its multi-manager offerings.
Its first half results also showed assets under influence were up 59 per cent for the six months to 30 April to £1.66bn against 2015’s £1.04bn.
The company’s revenue was up 36 per cent to £5.11m, of which more than 75 per cent was recurring.
