AFH has reported profit before tax was up 42 per cent for the six months ended 30 April 2016 to £0.86m, compared with £0.6m for the first half of 2015.
The wealth management and financial advisory business reported revenues were up 42 per cent for the six months ended 30 April 2016 to £11.7m, compared with £8.22m for the first half of 2015.
Funds under management hit £1.88bn for the period, up 44 per cent compared with £1.3bn on 30 April 2015.
Alan Hudson, group chief executive of AFH, said moving forward there was a strong pipeline of acquisition opportunities that would further drive growth.
His comments about more acquisitions comes after Lighthouse Group rejected a £17.43m takeover bid by AFH made in March.
In a statement to the London Stock Exchange, AFH said it made an initial approach to the board of Lighthouse on 9 March and submitted a proposal on 15 March.
But the board of Lighthouse declined to meet AFH and rejected the offer the next day.
In 2015 AFH increased its national footprint by completing 11 acquisitions at an average capped consideration of about £1m.
These deals included paying £2.8m for Devon-based advisory firm Davisons Financial Management Limited in in August.
Mr Hudson said: “Our strong first half results demonstrate AFH’s continued successful momentum.
“Strong organic growth, complemented by contributions from our acquisitions, drove increased earnings per share by almost a third, compared with the same period last year.
“Within this, the rise in both recurring fees and revenue per adviser was particularly encouraging as we continue to realise and develop the benefits of a strongly integrated business model under the AFH brand.
“Based on the continued client demand for our financial planning led wealth management services, the opportunities following UK pension reform and our proven track record as a successful acquirer and integrator of businesses, we are confident of the group’s future prospects for the full year and beyond.”
emma.hughes@ft.com
