Consolidator AFH has seen pre-tax profits rise by 42 per cent to £860,000 in the first half of 2016.
Revenues have also grown by 42 per cent, to £11.7m up from £8.22m in the same period of 2015. In addition, funds under managent grew 44 per cent, to £1.9bn up from £1.3bn.
The firm adds that over 90 per cent of deferred payments due to acquired advisers after reaching milestones was earned and paid.
AFH says it has a “strong pipeline” of future aquisitions.
Group chief executive Alan Hudson says: “Our strong first half results demonstrate AFH’s continued successful momentum. Strong organic growth, complemented by contributions from our acquisitions, drove increased earnings per share by almost a third, compared with the same period last year.
“Within this, the rise in both recurring fees and revenue per adviser was particularly encouraging as we continue to realise and develop the benefits of a strongly integrated business model under the AFH brand.
“Based on the continued client demand for our financial planning led wealth management services, the opportunities following UK pension reform and our proven track record as a successful acquirer and integrator of businesses, we are confident of the Group’s future prospects for the full year and beyond.”
In March this year, AFH abandoned a bid for network Lighthouse.
In a scathing statement AFH says its rejected offer factored in Lighthouse’s “limited growth prospects” and that Lighthouse is having to hold about 50 per cent of its cash for “regulatory purposes”.