Financial planning and wealth management company AFH expects its revenues for the year ending 31 October 2019 to significantly increase compared to the previous 12-month period.
In 2018, the firm reported £50.6m but said it believes revenues are going to hit £74m ($95.2m, €86.3m) for 2019.
Funds under management (FUM) reached £6bn in October 2019.
Throughout the year, AFH has acquired eight businesses and said it is going to stop to focus on “organic growth and cash generation”, and on the integration of both recent and past buyouts.
But, earlier this month, it purchased the client portfolios of advisory firm Groom Associates for around £321,000 in cash.
Demand for advice still strong
Alan Hudson, chief executive of AFH, said: “We maintained strong levels of growth, both organically and through acquisitions, and continue to deliver on our ambitious targets.
“We have seen five consecutive years of growth and profitability since joining AIM, as well as solid increases in FUM with low withdrawal rates and will continue to drive for further operational efficiency and increased margins going forward.
“The recent refinement of our model to place a greater focus on cash generation in these uncertain political and economic times will put AFH in a strong position as we enter the new year, focusing on organic growth and paying down our deferred earn-outs.
“Demand for advisory services in the UK continues to grow – the population is living and working for longer and there exists a significant savings and advice gap.”
