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AFH Financial posts £340,000 pre-tax profit

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Plus-listed advice firm AFH Financial has announced pre-tax profits of £340,000 for the year ended 31 October 2012 after making 11 acquisitions throughout the year.

The firm’s accounts, published today, show it made a £100,000 profit over a 131-day period between June 2011 and 31 October 2011, the date the firm first floated on the Plus market.

AFH increased revenues from £2.1m in 2011 to £7.2m in 2012, while adviser numbers increased by 60 per cent to 94, up from 59 the previous year.

The firm is also set to pay out a dividend to shareholders at 1p per ordinary share. The firm made a £15,000 provision for liabilities, compared to £13,000 the previous year.

A statement in the firm’s accounts says: “The directors are particularly pleased with these results in light of the disruption caused by our advisers having to achieve further qualifications ahead of the RDR.

“The delivery of such results in that context, whilst also integrating a number of acquisitions, demonstrates the robustness of the group.”

In December, AFH revealed it had acquired Redditch-based adviser firm Seager Financial Services and Buckingham-based adviser business Racol Financial Services.

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