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Harwood Wealth Management assets up 59%

Harwood Wealth Management assets up 59%

Harwood Wealth Management has announced its assets under influence are up 59 per cent for the six months to 30 April 2016 to £1.66bn against 2015’s £1.04bn.

Revenue is up 36 per cent to £5.11m against 2015’s £3.77m of which more than three quarters is recurring revenue.

Eleven acquisitions were completed during the period for a consideration of £8m.

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In March 2016, Harwood Wealth Management group started trading on the Aim market for a total value of £45m.

A trading update released on 29 March revealed the financial planning and discretionary wealth management firm started issuing shares at 81p pence, valuing the business at £45m.

Peter Mann, chairman of Harwood Wealth Management, said: “Such strong growth affirms our reasons for carrying out the IPO as well as underlining the strength of our business model and management team.

“The group is profitable, cash generative at an operational level and has a strong balance sheet. Our business strategy is being implemented well and we are deploying the net proceeds of the IPO towards this.

“This is an exciting time to be part of Harwood Wealth and I look forward to the future with confidence.”

ruth.gillbe@ft.com