AFH Financial Group Plc AGM Statement (1984F)
March 06 2020 - 1:00AM
UK Regulatory
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RNS Number : 1984F
AFH Financial Group Plc
06 March 2020
6 March 2020
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 11:00am
today at AFH House, Buntsford Drive, Stoke Heath, Bromsgrove, B60
4JE, John Wheatley, Chairman of AFH, will update shareholders with
the following statement:
"Marking the sixth consecutive year of profitable growth for the
Company, 2019 was another successful year for AFH as we continued
to work towards becoming the leading financial planning-led wealth
manager in the UK. The Group generated revenues of GBP74.3 million,
up 46% from 2018, an increase in earnings per share of 59%, an
underlying EBITDA margin of 23.2% and a 33% increase in dividend
per share to 8.0p, from the previous financial year.
"Underpinning the Group's exceptional growth has been our
strategy to increase shareholder value through the expansion of the
AFH community. Throughout 2019, AFH delivered on this strategy both
organically, by increasing the productivity of our advisers, as
well as by executing value accretive acquisitions financed on an
earn out model. We continued to implement operational efficiencies
and improve the customer experience for our clients by investing in
technology and infrastructure and reducing investment costs by
leveraging the increased scale of AFH. At the year end, our client
Funds Under Management had exceeded GBP6 billion.
"Following a period of consolidation and whilst continuing to
focus on cash generation and the organic growth of the business,
the Group remains open to executing further acquisitions should
suitable opportunities present themselves, with a focus on smaller
IFAs and larger businesses where the majority of advisers are
employed or equity participants in the target company.
"The success of 2019 has continued into the first four months of
this financial year with revenues and fund inflows recorded at Q4
2019 levels. We expect the growing requirement for professional
financial planning to accelerate in the future and for the
consolidation within the sector to continue as commercial factors
and regulatory requirements encourage a smaller number of larger
businesses to dominate the sector.
"The core business continues to be cash generative and the
adjustment to the trading mix of the protection division has
negated the need for further working capital in this division and
contributed to the cash generation of the Company since November
2019. The Company maintains a strong balance sheet and remains
committed to investing in the necessary infrastructure, technology
and management to support our steady progress towards the three to
five-year aspirational milestones set in January 2019.
"We look forward to updating the market on our progress in due
course and would like to take this opportunity to thank our
shareholders, employees and advisors for their sustained support as
we continue to grow AFH and drive increased profitability and
shareholder value."
Enquiries:
AFH Financial Group PLC
Alan Hudson, Chief Executive Officer
Paul Wright, Chief Financial Officer +44 (0)1527 577
www.afhfinancialgroup.com 775
Liberum (Nominated Adviser and Broker)
John Fishley / Richard Bootle / Euan Brown +44 (0)20 3100 2000
Shore Capital (Joint Broker)
Hugh Morgan / Edward Mansfield / Daniel Bush +44 (0)20 7408 4090
Yellow Jersey PR (Financial PR) +44 (0) 20 3004
Joe Burgess / Georgia Colkin / Annabel Atkins 9512
This announcement is released by AFH Financial Group plc and
contains inside information for the purposes of Article 7 of the
Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in
accordance with the Company's obligations under Article 17 of
MAR.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of the Company by Paul Wright, Chief Financial Officer.
Notes to Editors
AFH Financial Group (AIM: AFHP) is a leading UK financial
planning-led wealth management firm based in the Midlands. Founded
in 1990 by CEO Alan Hudson, the Company provides wealth management
and financial advisory services to over 20,000 clients in the UK.
These services are delivered by over 450 professional advisers and
400 support staff.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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