9th Nov 2015 08:34
LONDON (Alliance News) - AFH Financial Group PLC on Monday said it expects results for the year ended October 31 to be above market expectations, following a strong performance in the second half, and that it is considering further share issues as consolidation continues in the financial advice market.
The financial planning led investment management company said it expects revenue for the full-year to exceed GBP20.0 million, compared with the GBP8.2 million recorded in the prior year. The company expects to report full-year results in February 2016.
The increase in revenue comes after an intense period of acquisitions. In total, 11 acquisitions have been integrated into the company over the past 12 months.
AFH said it is "well positioned" to continue to "take advantage" as the independent financial advice market consolidates.
"As previously noted, there has been a continued increase in the size and rate of IFA companies becoming available for purchase, and in the potential acquirers entering the market. As a consequence, the board is considering additional financing options, including further share issues, to take advantage of the pipeline of opportunities and to potentially enhance the return to shareholders," AFH said in a statement.
The group said its funds under management were close to GBP2.0 billion at the end of October.
AFH shares were up 14% at 192.00 pence in early trading on Monday morning.
By Samuel Agini; [email protected]; @samuelagini
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