IndependentJan 23 2018

Harwood Wealth continues on acquisition trail

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Harwood Wealth continues on acquisition trail

Listed wealth manager Harwood has said it intends to continue its strategy of acquisitions as it announced a doubling of revenue for the year ending 31 October 2017.

Harwood was created in 2001 under the name Compass Wealth Management and has made several acquisitions since then and listed on the stock market in April 2016.

It acquired seven companies in the year up to the end of October.

The company reported assets under influence of £3.8bn, an 81 per cent increase on the 2016 number.

Revenue was £25.9m, an increase of 123 per cent on the £11.6m of revenue in 2016.

The company stated its acquisition of Network Wealth contributed £9.8m of this.

Profit after tax was £700,000 compared with £100,000 for 2016.

Harwood raised £10m in a share placing in April 2017 to fund further acquisitions.

Peter Mann, chairman of Harwood Wealth, said: "Harwood has reported another strong year of progress, driven by both organic growth and the contributions of acquisitions, underpinning the strategy of strong financial services advice revenues, good quality investment performance and increasing assets, and completing further acquisitions.”

david.thorpe@ft.com