AFH has £24m to spend on acquisitions

AFH has £24m to spend on acquisitions

National advice consolidator AFH has £24m to spend on acquistions, the company's chairman will say today.

When he addresses the company's annual general meeting later today, John Wheatley will also say AFH has a "strong pipeline" of prospective acquisitions.

In his remarks, which have been released to the market this morning, Mr Wheatley will say: "I am pleased to report that both the company's balance sheet, and pipeline of prospective acquisitions, remains strong and further selective acquisitions are anticipated during the current financial year.

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"As at 1 March the company had cash balances of £24m. The directors remain confident that the group is well positioned to take advantage of market opportunities as they arise."

In January AFH revealed that its post-tax profits increased by 83 per cent in the year ending in October 2017.

The Aim-listed company posted profits after tax of £3.1m compared with £1.7m for the same period the previous year.

Mr Wheatley will say: "I am pleased to confirm that the company's business continues to perform in line with expectations and that recurring revenue continues to remain strong as a result of the net inflow of funds during the period.

"During the first four months of the current financial year the company announced four acquisitions, paying a combined £1.8m in initial cash consideration.

"Following the recently announced acquisitions, together with continued net inflows of funds, the company now has over £3bn funds under management."

Earlier this week AFH revealed it had bought Hertfordshire-based Harrison White FS in a £738,000 deal.

The deal is the second acquisition of 2018 for AFH following its acquisition of Monopoly Financial Consultants in January.