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Acquisitions boost Aim-listed adviser’s growth

Harwood Wealth Management Group has reported strong revenue growth on the back of a host of acquisitions this year.

As at the end of its financial year (31 October 2018), Harwood says performance has been driven by both organic growth and purchases.

A total of nine acquisitions were completed during the financial year, for an aggregate total consideration of £10.7m (£9m net of cash acquired).

The group reports cash at the end of October was £13.8m, down £0.1m from its first half trading update in July.

As of June this year, the nine advice firms acquired by Harwood in the first half of the year added £310m assets under advice to the business.

The largest deal completed was for Southampton-based advisers AE Financial Services in March, totalling £4.6m. Full reports will be published on 23 January 2019.

Harwood’s chairman Peter Mann says: “”I am very pleased to report on another successful year for the group, with strong revenue growth and earnings performance which is comfortably ahead of market expectations.

“This performance demonstrates the robustness of the business underpinned by a strong operating model and we look forward to continuing to drive growth going forward.”

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