AFH FINANCIAL has reported strong growth in revenue and funds under management (FUM) following after the financial adviser consolidator completed a string of acquisitions.

Revenue at the Aim-listed firm jumped to £74.3m for the year ending 31 October, fuelling an 82 per cent jump in profit after tax, which hit £10.8m.

AFH Financial's FUM stood at £6.2bn by the end of the period, compared to £4.4bn a year earlier, with a 10 per cent increase in organic gross inflows.

The firm completed eight acquisitions during the year, taking the number of acquisitions made since its 2014 float beyond 50.

"Although we have been acquiring within the sector, we've been doing very well from an organic growth perspective, and I think that is in contrast with the investment-led models of the traditional wealth managers," chief executive Alan Hudson told City A.M yesterday..

AFH announced in September it would be easing off on further acquisitions and de-risk its business model through a "period of consolidation".

In November, it announced it had reached a £12m facility agreement with HSBC for further acquisitions, and AFH confirmed that none of the amount had yet been allocated.

Shares rose 1.3 per cent to 390p.

(c) 2020 City A.M., source Newspaper