AFH Financial Group, the wealth management and Financial Planning group led by Chartered Financial Planner Alan Hudson, is to reveal ambitious plans today to nearly triple revenues over the next three to five years to £140m as it strives to become the leading UK ‘Financial Planning-led’ wealth manager.

The company, which acquired 16 IFA and Financial Planning firms in 2018, will announce its plans at its AGM which takes place today in Bromsgrove.

AFH also aims to double Funds Under Management from £5bn to £10bn, the AGM will learn.

Shareholders will hear that 2018 was an exceptional year for growth for the company with revenues rising for the fifth year to a record £50.7m.

John Wheatley, chairman of AFH, is due to tell shareholders the group expects further consolidation in the IFA sector to provide further opportunities for acquisitions.

In a statement to shareholders he will say: “2018 was a period of exceptional growth for AFH as we continued to deliver on our vision of becoming the leading Financial Planning-led wealth manager in the UK.

“To this end, we produced our fifth year of improved profitability since joining AIM in 2014 with record revenues of £50.7 million, up 51% from 2017, an increase in Earnings per Share of 43%, an underlying EBITDA margin of 21% and a 50% increase in dividend per share to 6.0p, from the previous financial year.

“Looking to the current financial year, trading remains in line with expectations. We have continued the momentum of 2018 into the first four months of our new financial year with four acquisitions already completed, further expanding AFH's national footprint with over 250 IFAs now working across the UK. 

"In light of the strong financial performance seen in Full Year 2018 and the first four months of our new financial year, in January this year we set new three to five-year aspirational targets including achieving Funds under Management of £10 billion, revenues per annum of £140 million and an underlying EBITDA margin of 25% on revenue. 

He said the West Midlands-based company expects consolidation in the investment and wealth management market to continue this year which will allow AFH to “continue to seek appropriately priced opportunities.”

The group has 250 advisers across the UK and its acquisition in December 2018 of CTL Three Limited was its largest to date, adding £530m to Funds Under Management which are currently £5bn.