AFH bang on target with 177% profits rise

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Leading financial services group AFH has announced its results for the first half of 2017-18, with headline figures showing the company is continuing its strong growth.

Compared to April 2017, revenue is up 63% to £22.7m, profit after tax is up 177% to £2.5m, and funds under management are up 40% to £3.2bn. New funds under management have been invested at a rate of £35m a month.

The figures, which outline the group’s performance to 30 April 2018, show company reserves of more than £23.7m (against a regulatory requirement of £2.5m). The group remains free of bank or secured debt.

AFH’s financial advice division, which includes AFH Wealth management, saw before-tax earnings rise from £2.2m for to £3.8m. Its protection and insurance business, Eunisure, brought in £3.9m since joining the group in June 2017.

AFH chief executive Alan Hudson said:

“These results are further vindication of our strategy to generate long-term value for shareholders by providing exceptional value and service to our clients and using our increasing size to drive down platform and fund management charges.

“We were particularly pleased with the positive contribution made by Eunisure, which joined the group less than a year ago. We continue to view the protection and insurance areas of the market as underserved and providing a significant opportunity for the future.

“Our pipeline remains strong with a number of opportunities at the due diligence stage or in contract negotiations at the period end. And while we are looking to increase the average size of our acquisitions, we remain committed to providing an exit for retiring IFAs, with our existing advisers offering the benefits of the full AFH service to their clients.

“We believe that the expansion of our financial planning products and scope is in the best interests of both our shareholders and clients. While maintaining a focus on the IFA market and in line with our core objective of delivering the best possible deal for all our clients, we are further broadening our product offering to provide wider access to mortgages, income and other protection and commercial and general insurance.”

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