News

Rathbones make acquisition
2
Mar

IFA consolidator and advice firm AFH announce £24m to be set aside for acquisitions

Addressing the company’s AGM later today, John Wheatley, Chairman of AFH, will also announce the company’s ‘strong pipeline’ of prospective acquisitions.
In his address, Mr Wheatley will quote;  “I am pleased to report that both the company’s balance sheet, and pipeline of prospective acquisitions, remains strong and further selective acquisitions are anticipated during the current financial year.
“As at 1 March the company had cash balances of £24m. The directors remain confident that the group is well positioned to take advantage of market opportunities as they arise.”
In January AFH showed its post-tax profits to have increased by 83% in the year ending October 2017
The AIM listed company listed post-tax profits of £3.1m in this period, comparable to the £1.7m in the year before within the same period.
Furthermore, Mr. Whitley will state, ”I am pleased to confirm that the company’s business continues to perform in line with expectations and that recurring revenue continues to remain strong as a result of the net inflow of funds during the period.”During the first four months of the current financial year the company announced four acquisitions, paying a combined £1.8m in initial cash consideration.
“Following the recently announced acquisitions, together with continued net inflows of funds, the company now has over £3bn funds under management.”
Recently, AFH revealed it had purchased Hertfordshire-based Harrison White FS in a deal worth £738,000 deal.
This deal marks the second acquisition for AFH this year following the acquisition of Monopoly Financial Consultants in January.
AFH has seen relative success with growth through acquisition. If you have questions about the acquisitions and merger process, or realise your IFA could benefit from a similar process, contact louise.jeffreys@gunnerandco.com.