Consolidator AFH Financial reports 40% revenue rise

The firm's turnover climbed from £10.7m in 2013 to £15m in the last year, generating an increase in pre-tax profits of £8,000 on the previous year. AFH Financial said investment in infrastructure and facilities was behind the comparatively low profits. The firm also made seven acquisitions during the period, increasing its total adviser numbers from 122 to 136. Its recurring revenue increased to 55% from 50%, while funds under management reached £1bn. The firm had cash reserves of around £5.7m at the end of October 2014 which it plans to invest in further acquisitions. It lis...