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AFH profits hit by costs of listing on Aim

IFA consolidator AFH Financial Group saw pre-tax profits fall 18 per cent over the year from £1.05m to £861,000 due to the costs of listing on Aim last June.

The company incurred admin expenses of £6.8m in the year to 31 October related to listing costs, with £197,000 of this written off during the year.

Without this one-off cost, AFH made an adjusted pre-tax profit of £1.6m.

Total revenue more than tripled from £4.2m to £15m, while recurring revenues rose by almost 50 per cent from £5.5m in 2013 to £8.2m in 2014.

The increase in ongoing revenue was boosted by £385,000 related to the seven acquisition deals AFH completed last year.

Funds under management stood at £850m as at 31 October, from £500m at the same time in 2013. In January the company announced it had exceeded £1bn in FUM.

The number of advisers has risen from 122 to 136 over the year.

In a joint statement, AFH chairman John Wheatley and AFH chief executive Alan Hudson say: “The current year has started in line with trading levels experienced during the second half of 2014 with recurring revenue continuing to grow in line with the directors’ expectations.

“The group’s acquisition pipeline remains strong and cash reserves will allow it to take advantage of the active mergers and acquisitions market in the IFA sector to meet its strategic aims in 2015 and future periods.”

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Comments

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  1. Trevor Harrington 16th March 2015 at 10:06 am

    Figures look odd.
    Recurring revenues look like more than 1%.

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