IFA consolidator reports £610k profit

AFH Alan Hudson 700

AFH Financial has posted a pre-tax profit of £610,000 for the first half of the year, up 13 per cent from £540,000 at the same time last year.

In March the firm reported full-year profits sliding from £1.05m to £861,000 off the back of costs generated by its Aim listing in June 2014.

The news comes days after the firm completed its eleventh and twelfth acquisitions since it listed.

Seven of those acquisitions were completed in H1 for a total of £9.4m.

Administrative expenses rose 22 per cent from £3.1m to £3.8m following investment in the firm’s head office.

AFH group chief executive Alan Hudson says: “The group remains profitable and cash generative with a strong balance sheet for its current size.

“Our strategy remains to expand nationally in our traditional areas of strength through both organic and acquisitive growth to drive increased profitability. The directors continue to actively seek appropriately priced acquisition opportunities with a comparable culture to AFH to generate incremental opportunities for the group.”