CompaniesMar 30 2012

AFH reports profitable year end after flotation

Search sponsored by
ByMichael Trudeau

Discretionary wealth manager and financial advisory firm AFH has released results today (30 March) showing that it has grown its adviser pool by a third and increased profits significantly since its flotation on 23 June 2011.

The number of advisers at AFH has increased from 53 at flotation to 70 today. Operating profit for the year ending 31 October 2011 has also risen and stood at £2.6m. For the nine months ending 31 October 2010 profit was £1.7m.

These results also include those of AFH Independent Financial Services, a subsidiary that generates more than 90 per cent of the group’s revenue and ends its financial year on 31 October.

Six acquisitions have been completed since October 2011, with the three in 2012 contributing more than 1,300 new clients to the group, the firm stated.

Alan Hudson, chairman and chief executive of AFH Financial Group, said: “At flotation, we set out our strategy of driving growth both organically and by way of acquisition.

“The 32 per cent increase in adviser numbers and the six acquisitions completed since June 2011 are strong evidence that we are successfully implementing this strategy.

“The group’s management team has been strengthened considerably to accommodate the further rapid expansion we envisage for AFH.”