Harwood spends £11m on acquisitions

Harwood spends £11m on acquisitions

Harwood Wealth Management has paid £10.7m on nine acquisitions in the year to the end of October 2018.

The company published a trading update this morning (20 November) in which Harwood said it had seen organic growth as well as its acquisitions.

Cash reserves at the end of October 2018 stood at £13.6m, which Harwood said reflected payments for acquisitions made in the year and deferred consideration for acquisitions made in previous periods, boosted by the cash generative nature of the business.

Harwood was created by the merger of Compass Wealth Management and Wellian Investment Solutions. The company, which has more than £4bn of assets under influence, floated on the Aim market in 2016.

Peter Mann, chairman of Harwood Wealth Management, said: "I am very pleased to report on another successful year for the group, with strong revenue growth and an EBITDA [earnings before interest, tax, depreciation and amortisation] performance which is comfortably ahead of market expectations.

"This performance demonstrates the robustness of the business underpinned by a strong operating model and we look forward to continuing to drive growth going forward."

Harwood added that following the close of its financial year at the end of October, it expects to report revenue growth broadly in line with market expectations and adjusted EBITDA ahead of market expectations.