AFH builds strong acquisition pipeline
Bromsgrove-based AFH Financial Group has hailed a "strong pipeline" of acquisition opportunities after boosting revenue, pre-tax profit and funds under management.
In the year to 31 October 2016, AFH's revenue climbed by 15 per cent to £24.1m, while pre-tax profit increased to £2m from £1.6m in 2015.
Funds under management also hit the £2bn mark, an 11 per cent hike on the previous period.
In a statement, the firm said it has "significant growth potential" with cash reserves of £6.7m, up from £3.7m in 2015, propelling its acquisitive strategy.
AFH chairman John Wheatley added: "The group has again proven its ability to increase revenue with strong organic growth that has generated a double digit increase in funds under management during the period whilst improving gross margins.
"This year has seen the early realisation of the benefits of scale and the infrastructure investment made in previous periods. Continued investment in technology, enabling a digitalised approach to our clients in the future, is expected to accelerate the benefits of scale and the infrastructure investment made in previous periods."
As a result of its performance, AFH's board has proposed a dividend of 3p per share, a 33 per cent increase.
Wheatley said: "In a year in which the group completed two acquisitions, the significant growth and improving margins are testament to the strategy set out by the board in 2014 to place financial planning through face to face advice at the forefront of our proposition, supported by a strong infrastructure and professional investment management team."