AFH Financial set to beat market expectations for the full year

AFH Financial expects its results for the twelve months to the end of October to be above market expectations following a strong second half performance.

The financial planning led investment management firm said it expects revenue for the year to exceed £20m, which would mark a 30% increase year-on-year.

AFH said it has enjoyed strong organic growth with a significant increase in its recurring fee income.

In addition, the company has expanded its national footprint by completing 11 acquisitions at an average capped consideration of £1m.

AFH said that as of the end of October, it had cash balances in excess of £3m and remains fully funded to satisfy the deferred consideration liabilities of announced acquisitions as they fall due.

Chief executive Alan Hudson said: "The board continues to execute its strategy of making selective acquisitions, increasing the breadth of AFH's national footprint whilst providing a professional and cost effective service to our clients.

“The board believes that having proved both the acquisition and integration models AFH is well positioned to take advantage of opportunities as they are presented.”

At 1220 GMT, AFH shares were up 15.4% at 195p.