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AFH revenues up 55 per cent


Independent financial advisory and wealth management firm AFH has reported an increase in like-for-like revenues of 55 per cent to GBP4,793,072 for the six month period ended 30 April 2013.

Recurring income increased by 58 per cent.
EBITDA was up 56 per cent to GBP409,574 (2012: GBP262,248), while AFH has reported a strong balance sheet with net assets of GBP12,600,000 (2012: GBP11,500,000) and cash at bank of GBP1,150,000 with no debt.
Three further acquisitions were completed during the period, taking total adviser numbers to 120, while AFH also launched a new GBP50m property fund.
Alan Hudson (pictured), chairman and chief executive of AFH, says: "Our first half performance has been strong and highly encouraging, especially when one takes into consideration the operational disruption caused by the Retail Distribution Review.
"The directors expect to report to shareholders an even stronger second half performance as new advisers and acquisitions start to fully contribute to the bottom line.
"Since joining the market, we have successfully integrated 14 acquisitions, moved to larger offices and continued to build our infrastructure, so that the company is scalable, profitable and cash generative. As a result, AFH sits in a very strong position in a sector undergoing fundamental change. I would like to thank the team and, of course, all our shareholders for their continued effort and support." 

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