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AFH Financial performing in line, chairman says
Investors in AFH Financial Group were set to be told that the company was continuing to perform in line with expectations at its annual general meeting in Bromsgrove on Friday.
The AIM-traded firm's chairman John Wheatley was preparing to tell shareholders that recurring revenue continued to remain strong, as a result of the net inflow of funds, the board told the market before they opened.
"During the first four months of the current financial year, the company announced four acquisitions, paying a combined £1.8m in initial cash consideration," Wheatley's statement read.
"Following the recently announced acquisitions, together with continued net inflows of funds, the company now has over £3bn funds under management."
During the first quarter of the current financial year, the company said it had made deferred payments - based on trading performance - of £0.4m in respect of acquisitions completed in previous periods, and anticipated a further £0.3m to be paid during the second quarter.
As set out in its preliminary results release, AFH Financial would pay an interim dividend of 4.0p on 4 May to shareholders on the register of members at the close of business on 20 April.
"I am pleased to report that both the company's balance sheet, and pipeline of prospective acquisitions, remains strong and further selective acquisitions are anticipated during the current financial year," Wheatley continued.
"As at 1 March the company had cash balances of £24m.
"The directors remain confident that the group is well positioned to take advantage of market opportunities as they arise."