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AFH posts £1m profit as it prepares AIM float

AFH Financial has posted a £1m operating profit for 2013, up from £294k in 2012, as it prepares to float on the AIM market. 

Adviser numbers at the adviser and discretionary wealth management firm increased 36 per cent from 94 to 128 last year.

Revenues increased by 50 per cent from £7.2 to £10.8m, while cost of sales rose from £3.5m to £5.2m. 

Admin expenses rose 35 per cent from £3.4m to £4.6m, which AFH says was due to the increased cost of supporting more advisers.

The firm announced six acquisitions in 2013 with a total of £620,000 paid upfront and £3.3m due in deferred payments.

The firm says it has “established an internal market for retiring advisers to realise the growth in value of their client base within AFH and for younger or other advisers seeking to build their client base, to acquire portfolios within the group.”

It launched AFH Legal in 2013 to offer estates and wills planning.

Chief executive Alan Hudson says: “I am delighted with the strength of the group’s performance during the year. AFH has invested in strengthening its management and to prepare itself for anticipated growth.

“The current year has started in line with the directors’ expectations as the market continues to be active and the impact of the 2013 acquisitions is recognised. The directors are confident the group is well positioned to take advantage of market opportunities.”

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