Acquisitive IFA and discretionary wealth management firm AFH Financial Group has broken the £1m profit mark ahead of its listing on the Alternative Investment Market.
The firm’s profit before tax rose 250 per cent to £1.05m for the year ending 31 October 2013, up from £300,000 the year before, its final year results state.
Revenue was up 50 per cent to £10.8m, from £7.2m the previous year, with just over half of that representing recurring revenue.
AFH acquired six firms during the period, for a total of £3.9m and more recently completed the acquisition of Stoke-based SR Wealth Management in January. The firm’s adviser numbers grew 30 per cent to 122.
The company is set to list on Aim in the second quarter of this year, hoping to raise capital to fund further acquisitions.
Alan Hudson, chief executive officer of AFH, said: “As noted, AFH has invested in strengthening its management and to prepare itself for anticipated growth.
“The current year has started in line with the directors’ expectations as the market continues to be active and the impact of the 2013 acquisitions ins recognised.”
