21st Jan 2019 11:03
LONDON (Alliance News) - AFH Financial Group PLC on Monday said it saw sharp growth in earnings for its most recently ended financial year due to investments and improved demand from clients.
The wealth management firm said pretax profit more than doubled to GBP7.8 million in the year to the end of October 2018, from GBP3.5 million reported in its financial 2017.
Revenue rose 51% to GBP50.7 million from GBP33.6 million year-on-year, boosted by an increasing demand for financial planning-led wealth management services.
The company said 2018 was a year of investment in technology and infrastructure, as it continued to seek operational efficiencies and offer a streamlined experience to its clients.
As a result, administrative expenses rose to GBP17.1 million from GBP12.3 million the year before.
AFH Financial upped its dividend by 50% to 6.0 pence, having paid 4.0p in its financial 2017.
"I am encouraged by the strong progress we made in 2018 as we continue to deliver on our strategy of harnessing solid organic growth with value adding acquisitions, with the aim of becoming the leading financial planning-led investment manager in the UK," said Chief Executive Alan Hudson.
"Looking to the year ahead, we strive to continue to deliver on this year's exceptional progress through continued organic growth and the integration of further acquisitions," added Hudson.
AFH Financial Group shares were trading 1.2% lower on Monday at 340.00 pence each.
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