AFH Financial turns in record revenues

1st Mar 2019 07:58

(Sharecast News) - Wealth management firm AFH Financial told investors on Friday that trading last year had seen "exceptional growth".AFH, which said 2018 had been its fifth year of improved profitability since joining AIM in 2014, turned in record revenues of £50.7m, up 51% year-on-year and an increase in EPS of 43%.The AIM-listed outfit also recorded an underlying EBITDA margin of 21% in the year and a 50% increase in dividend per share to 6p.Given its strong financial performance, AFH set itself some new three-to-five-year aspirational targets including achieving funds under management of £10bn, revenues per year of £140m and an underlying EBITDA margin of 25% on revenue.Chairman John Wheatley said: "The achievement of these aspirations will further cement our position as one of the leading financial planning led-investment management companies in the UK."Looking forward, Wheatley said trading remained in line with expectations as the solid momentum seen in 2018 carried over into 2019 with four acquisitions already completed, further expanding AFH's national footprint with over 250 IFAs now working across the UK.As of 1030 GMT, AFH shares had picked up 2.38% to 344p.