AFH Financial Group Plc AGM Statement (4534R)
March 01 2019 - 2:00AM
UK Regulatory
TIDMAFHP TIDMAFHB
RNS Number : 4534R
AFH Financial Group Plc
01 March 2019
1 March 2019
AFH Financial Group PLC
("AFH" or the "Group" or the "Company")
AGM Statement
AFH Financial Group PLC (AIM: AFHP), a leading financial
planning led wealth management firm, announces that at the
Company's Annual General Meeting ("AGM"), to be held at 11-00 a.m.
today at AFH House, Buntsford Drive, Stoke Heath, Bromsgrove B60
4JE, John Wheatley, Chairman of AFH, will update shareholders with
the following statement:
"2018 was a period of exceptional growth for AFH as we continued
to deliver on our vision of becoming the leading financial
planning-led wealth manager in the UK. To this end, we produced our
fifth year of improved profitability since joining AIM in 2014 with
record revenues of GBP50.7 million, up 51% from 2017, an increase
in Earnings per Share of 43%, an underlying EBITDA margin of 21%
and a 50% increase in dividend per share to 6.0p, from the previous
financial year.
"AFH completed 16 value accretive acquisitions capitalising on
the ongoing IFA market consolidation in the sector and continued to
deliver solid organic growth through greater productivity of our
advisers. We continued to implement operational efficiencies and
improve the customer experience for our clients by investment in
technology and infrastructure and reducing investment costs by
leveraging the increased scale of AFH.
"Looking to the current financial year, trading remains in line
with expectations. We have continued the momentum of 2018 into the
first four months of our new financial year with four acquisitions
already completed, further expanding AFH's national footprint with
over 250 IFAs now working across the UK. The acquisition completed
in December 2018 with CTL Three Limited was our largest acquisition
to date and saw us adding a further GBP530m to our Funds Under
Management which currently sit at over GBP5Bn.
"We continue to integrate these new acquisitions into our AFH
community using our dedicated in-house acquisitions and integration
team that allows us to undertake multiple acquisitions and
successfully integrate them. In aggregate, during the first four
months of FY 2019, we continued to deliver over 90% of our
aggregate deferred consideration targets, each of which required
profitable growth from the businesses acquired to achieve.
"In addition, we have made a number of new senior management
appointments to strengthen the AFH team and company infrastructure,
adding external experience to the management team whilst developing
existing staff and maintaining the AFH culture which is central to
our company value proposition.
"In light of the strong financial performance seen in FY 2018
and the first four months of our new financial year, in January
this year we set new three to five-year aspirational targets
including achieving Funds under Management of GBP10 billion,
revenues per annum of GBP140 million and an underlying EBITDA
margin of 25% on revenue. The achievement of these aspirations will
further cement our position as one of the leading financial
planning led-investment management companies in the UK.
"Finally, we continue to be cash generative and maintain a
strong balance sheet. We expect the consolidation within the
investment and wealth management market to continue through 2019
and will continue to seek appropriately priced opportunities to
expand our captive distribution throughout the financial sector, to
drive increased profitability and enhance shareholder value.
"We look forward to continuing to update the market on our
developments throughout the course of the year and would like to
thank our shareholders, employees and advisors for their continued
support as we continue to build AFH into the leading financial
planning-led wealth manager in the UK."
**ENDS**
For further information, please contact:
AFH Financial Group PLC c/o Yellow Jersey +44 (0) 7748 843
871
Alan Hudson, Chief Executive Officer
Paul Wright, Chief Financial Officer
www.afhfinancialgroup.com
Liberum (Nominated Adviser and Broker) +44 (0) 20 3100 2000
John Fishley/Richard Bootle/Euan Brown
Yellow Jersey PR Limited (Financial PR) +44 (0) 7748 843 871
Felicity Winkles/Tim Thompson/Annabel Atkins
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END
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