IFA consolidator AFH has reported an 83 per cent increase in profit after tax to £3.1m for the 12 months ending 31 October 2017.
The business, which acquired 13 IFAs during the period, increased funds under management by 39 per cent to £2.79bn (2016: £2bn). Revenues increased by 39 per cent from £33.6m to £24.1m.
During the year, initial advice fees totalled £9.4m, which was a 20 per cent increase on the previous year. Ongoing management fees increased to £21.3m (2016: £16.2m), which AFH says is a reflection of increased funds under management.
AFH completed 14 acquisitions throughout the year, 13 of which were IFAs and one protection broking business. The combined maximum cost of those deals was £18.7m.
Group chief executive Alan Hudson says: “New business and continued demand for financial advice from existing clients, together with a series of earnings accretive acquisitions during the year, enabled the group to grow its funds under management to £2.8bn and increase revenues to £33.6m whilst the efficiencies and economies of scale that we have worked towards generated a further improvement to our EBITDA margin and continues our progress to our three to five year aspirational target.”