18th Jan 2021 11:13
(Alliance News) - AFH Financial Group PLC on Monday reported a "pleasing year of progress" in financial 2020, with profit and assets broadly flat on the year before.
In the year to October 31, the wealth manager's pretax profit was broadly flat year-on-year at GBP13.1 million.
Revenue improved to GBP77.1 million from GBP74.3 million.
At the end of October, AFH held GBP6.2 billion in assets under management - unchanged from the year before.
The company recorded inflows of GBP350 million, but seen GBP150 million in outflows and its market performance shaved off a further GBP200 million.
AFH maintained its dividend at 6.0 pence.
Chief Executive Alan Hudson said: "I am pleased to report on another year of progress at AFH towards our goal of becoming the UK's leading advice-led wealth management company. Despite the disruption caused by Covid-19 and the impact that it has had on our clients, advisers and staff, the company achieved both revenue and earnings before interest, taxes, depreciation and amortization growth whilst maintaining our Ebitda margin."
"In the coming months we expect our strong pipeline of employed advisers to join the firm, providing us with a significant boost to AFH's advisory capacity and geographical reach at a time when we see the demand for professional financial planning growing significantly," he continued.
Hudson added: "As reported, even prior to the pandemic's impact on global markets, 2020 was to be a year of consolidation for AFH and we are extremely pleased to have finished the period with a strengthened balance sheet, significantly reduced outstanding contingent considerations and strong cash balances."
AFH said its trading in the current financial year remains in line with internal expectations, leaving it "confident" for the rest of the year.
Shares in AFH Financial were 1.5% higher in London on Monday at 396.00 pence each.
By Paul McGowan; [email protected]
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