Financial planning group and consolidator AFH has strengthened its balance sheet during the summer period, cutting debt by £3m since April but warned overall earnings for the year could be short of expectations, it said in a trading update.
It said cash remained the primary focus of the board and the business had remained profitable and cash generative during the summer period. The statement said the firm had taken steps to reduce the outstanding deferred consideration and other unsecured debt, repaying £752,000 of 8% Loan Notes in early September and over £3m in deferred consideration since April. It added that while the board had maintained a salary reduction, the company was able to "return staff back to their full remuneration as confidence in the business model and the resilience of the existing business in this ne...
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