Your IndustryNov 16 2017

Harwood to beat expectations after year of deals

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Harwood to beat expectations after year of deals

Harwood Wealth Management has said it expects its performance for the year ending in October to be ahead of market expectations.

The consolidator has said the revenue and earnings before interest, taxation, depreciation and amortisation to be ahead of predictions when it publishes its full year results in January.

Peter Mann, chairman of Harwood Wealth Management, said: "I'm delighted to report on a very successful year for Harwood Wealth Management as the company continues to deliver its focused, stated strategy.

"The market continues to be highly fragmented and, as we start a new financial year, the opportunity for further value creating acquisitions remains strong."

Harwood said the positive performance was driven by a mixture of organic and acquired growth.

During the year it made seven acquisitions for a total sum of £2.9m after completing 17 in 2016 for a total consideration of £11.6m.

Earlier this year the Aim-listed company raised £10m on the stock exchange to spend on acquisitions.

Since Harwood floated last year, its assets under influence have more than doubled from £1.21bn to more than £3bn.

When Harwood started trading on the Aim market in March 2016, it was valued at £45m.

As of this morning it has a market cap of £111m and its shares are valued at £1.77.

damian.fantato@ft.com