AFH Financial expects revenue to jump on improved new business income
By Iain Gilbert
Date: Monday 11 Nov 2019
(Sharecast News) - British wealth management firm AFH Financial Group expects full-year revenues to have shot up at least 46% year-on-year in its fifth successive year of strong growth and increased profitability.
AFH forecast full-year revenues of £74m on Monday, a marked improvement on the £50.6m seen in the twelve months prior and mostly driven by £29m-worth of new business.
Underlying earnings were expected to exceed £17m, up from the £10.4m reported at the end of 2018, while funds under management were set to come in at £6bn, ahead of the £4.4bn recorded in the prior year.
The AIM-listed group also said it had continued to expand EBITDA margins throughout the year, reflecting its improved operational gearing.
AFH said it remained confident of its prospects and achieving its target of revenues of £140m, an underlying EBITDA margin of 25% and £10bn worth of FUM.
Founder and chief executive Alan Hudson said: "The performance of AFH over the course of the year demonstrates the success of the group's strategy and business model.
"We look to the future with confidence to continue building AFH into the leading financial planning led wealth manager in the UK."
As of 0830 GMT, AFH Financial shares were up 5.45% at 290p.
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