Aim-listed advice and discretionary management firm Harwood Wealth is close to scoring another three acquisitions, it has revealed.
Harwood currently has ‘heads of terms’ signed with a trio of firms, and says there “continues to be no shortage of opportunity”.
Harwood’s results read: “Whilst we face competition from other acquirers of IFA businesses, we do not believe the level of competition is very different from our experience over the last decade.
“The factors driving the supply of IFA businesses remain very similar and include the growing regulatory burden facing IFAs and the simple fact that many IFAs are considering retirement.”
Assets under influence increased 23 per cent from £4.3bn in the first half of 2018 to £5.3bn in the first half of 2019.
Revenue was up 6 per cent to £16.1m, and pre-tax profit was up 74 per cent.to £1.6m.
Chairman Peter Mann says: “Against the backdrop of turbulent equity markets the group continued to deliver in line with its strategy.”
“Our strategic aim is to deliver profitable growth across three areas: organic, through both the existing client base and attracting new clients; acquisitions of small to medium sized financial advisory and wealth management businesses which can help to fuel future organic growth; together with improving the efficiency of our operations and economies of scale as the business grows.”