Source - SMW
AFH Financial Group  expects revenues for the year ended 31 Oct to exceed £33m - 35% on last time.

It said revenues had been driven by integration of acquisitions made during the year and higher average levels of revenue generated by advisers.

It said  funds under management exceeded £2.7bn (2016: £2bn), driven by double digit growth in monies invested by existing and new clients.

Chief executive Alan Hudson said: 'I am encouraged by the strong progress we have made in 2017 and the continued realisation of the revenue and profitability targets that we have set ourselves.

'AFH continues to be active in the market to acquire good quality IFAs whilst remaining focussed on ensuring shareholder value by executing acquisitions that are earnings accretive. 

'The success and robustness of our acquisition model is reflected in the high level of acquisitions meeting earn out targets and the strong cash flow generated by the business to finance these earn out payments.

'I believe that shared values are critical in creating successful acquisitions that bind both advisers and clients to the AFH group and am pleased at the high level of advisers who remain with AFH many years after their earn out has been completed.

'AFH has continued to attract new funds throughout the year and I am pleased to report double digit organic growth in our Funds under Management.

'The Board will continue to execute its strategy of making selective acquisitions and increasing AFH's national footprint whilst providing a professional and cost effective service to our clients. 

'The Board believes that AFH remains well positioned to take advantage of opportunities as they arise.

'I am pleased to note the continued increase in our recurring revenue and our EBITDA margin, and we look forward to updating the market further in January 2018 at the time of our full year results. 

'We would like to thank our shareholders and staff, without whom we would not be reporting this level of profitable expansion.'