Harwood Wealth sees FY earnings, revenue ahead of market views

AIM-listed Harwood Wealth Management said on Thursday that full-year revenue and adjusted earnings are set to be ahead of market expectations.

The financial planning and discretionary wealth management business, which is due to report its audited full-year results in January, said revenue and adjusted earnings before interest, tax, depreciation and amortisation will surpass expectations for the year to 31 October 2017, driven by a by a mix of organic and acquired growth.

In the year just ended, the group completed seven acquisitions for an aggregate consideration of £2.9m. Meanwhile, cash as at the end of October stood at £19m, reflecting new acquisitions and deferred considerations for acquisitions from previous periods, balanced by “the highly cash generative nature” of the company.

Chairman Peter Mann said: "I'm delighted to report on a very successful year for Harwood Wealth Management as the company continues to deliver its focused, stated strategy. The market continues to be highly fragmented and, as we start the new financial year, the opportunity for further value creating acquisitions remains strong."

At 1410 GMT, the shares were up 3.7% to 184p.