AFH ends financial year in line with forecasts
By Josh White
Date: Tuesday 17 Nov 2020
(Sharecast News) - Wealth management provider AFH Financial Group updated the market on the year ended 31 October on Tuesday, reporting that trading had remained in line with its expectations and with its trading update on 30 September.
The AIM-traded firm had said at the time that staff and clients had continued to adapt to the revised working practices and, where possible, staff had continued to work from home in line with government advice.
It said careful cash management remained a top priority, with the company's cash balance as at 31 October standing at £13m.
"The board is pleased to note that ongoing management fees have remained at the anticipated levels during the summer period and, whilst inflows of client funds remain below pre Covid-19 levels, there has been a gradual increase since May and outflows of clients' funds during the second half of the year remained at a similar level to previous periods," the board said in its statement.
It said marketing-led organic growth remained the focus of the company and, following a quieter period since the first Covid-19 lockdown in March, recruitment of employed advisers had increased "significantly" during the last quarter.
Combined with the expected leads from its digital marketing activities, it said that provided the basis for further organic growth in 2021.
"The board looks forward to 2021 and is confident that the group is well-positioned to manage any challenges that may continue to arise from the unsettled macroeconomic environment.
"AFH maintains a strong balance sheet, and the board remains committed to a measured and considered approach to managing shareholder funds, while investing in the necessary infrastructure, technology and management to support its steady progress."
AFH said it would publish its full-year results for the 12 months ended 31 October during the week of 18 January.
At 1100 GMT, shares in AFH Financial Group were up 1.54% at 330p.
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