- Wealth manager AFH said it expected revenues for the year would be well above that of last year following a raft of acquisitions that bolstered funds under management.

For the 12 months ended 31 October 2018, revenues were expected to exceed £50m, up 49% on last year's £33.6m, driven by integration of acquisitions made during the year, the company said.

Funds under management reached £4.5bn in October, up from £2.8bn last year, the company said.

Trading for the full year was in line with current market expectations, with the company confident of achieving its stated objectives of revenues of £75m, underlying earnings (EBITDA) margin of 20% and £5bn Funds under Management. 'I am encouraged by the exceptional progress we have made in 2018 towards the realisation of the revenue, profitability and Funds under Management targets that we set ourselves. The ability to grow revenues by 49% whilst continuing to expand our EBITDA margin reflects the success of the Company's strategy,' said Alan Hudson, Chief Executive of AFH. 'AFH has continued to attract new funds throughout the year and I am pleased to report double digit organic growth in our Funds under Management, which now exceed £4.5bn.'

At 9:48am: [LON:AFHP] AFH Financial Group Plc share price was +9p at 394p

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