AFH Financial has posted a £1m operating profit for 2013, up from £294,000 in 2012, as it prepares to float on the Aim market.
Adviser numbers at the adviser and discretionary wealth management firm increased by 36 per cent to 128 last year. Revenues increased by 50 per cent from £7.2 to £10.8m while administrative expenses rose by 35 per cent from £3.4m to £4.6m, which AFH says was due to the cost of supporting more advisers.
The firm announced six acquisitions in 2013 with a total of £620,000 paid upfront and £3.3m expected in deferred payments.
AFH chief executive Alan Hudson says: “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.”