CompaniesMay 2 2013

Listed IFA to pay first dividend following rapid expansion

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Listed IFA AFH Financial Group has passed a resolution to enable it to make its first ever dividend payment of 1p per share on 10 May 2013.

At its annual general meeting, the directors said that all resolutions were passed and that shareholders on the register of members will be paid the 1p dividend per share up to the close of business on 12 April 2013.

At the end of March, AFH reported a 34 per cent year-on-year increase in revenues following a series of acquisitions in the lead up to the Retail Distribution Review, which have seen it increase adviser numbers by around 60 per cent.

In its first full-year results since the company’s flotation in 2011, AFH subsidiary AFH Independent Financial Services Ltd reported earnings before tax, depreciation and amortisation of £1.2m, up 45 per cent on the previous year.

During the period in question AFH acquired and integrated 11 other IFA practices. However, the most significant of these fell in the second half of the year and therefore has not yet affected results, the company said.