- Wealth manager AFH saw first-half profits surge on the back of increased assets under management as acquisitions helped bolster client additions.

For the six months ended 30 April 2019, pre-tax profits rose 85% to £5.9m and revenues grew 61% to £36.6m.

Underlying earnings (EBITDA) was up 74% to £7.7m and earnings per share grew 56% to 10.71p

Funds under Management rose 68% to £5.4bn for the half, driven nu new monies invested and acquired portfolios.

The company detailed a new three to five year aspirational, targeting funds under Management of £10bn; revenues per year of £140m; and Underlying EBITDA margin of 25% on revenue.

'Despite turbulence in the equity markets and subdued investor confidence over the period, we have delivered increased revenues, reporting 61% growth from the previous period to £36.6 million and improved trading margins demonstrated by our underlying EBITDA* margin increasing to 21.0%,' said Alan Hudson, Group Chief Executive.

'The overarching strategy of the Company continues to be to generate long term value for shareholders by driving revenue growth and margin expansion while providing exceptional value and service to our clients, using our increasing size to drive down platform and fund management charges aligned to an appropriate risk-based investment model.'

'On the basis of our results and the opportunities identified, we look forward to continuing to deliver continued profitable growth in the second half of 2019 and beyond.'

At 9:07am: [LON:AFHP] AFH Financial Group Plc share price was +27p at 338p

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