National IFA firm AFH boosted profits 94%, according to its latest annual report, and aims to become “the leading the leading Financial Planning-led investment manager in the UK.”

The year 2018-19 was hailed as the group’s fifth of growth and growing profitability in a row, with profits after tax increasing from £3.1m to £6m.

As well as increasing profits the report showed funds under management rose by 58% from £2.79bn to £4.4bn.

Other highlights included:
 
• Revenues up 51% to £50.7m (2017: £33.6m)

• Underlying EBITDA (earnings before interest, tax, depreciation and amortisation) up 85% to £10.4m (2017: £5.7m)

• Underlying EBITDA margin increased to 21% from 17%
 
AFH chief executive Alan Hudson said: “I am encouraged by the strong progress we made in 2018 as we continue to deliver on our strategy of harnessing solid organic growth with value-adding acquisitions, with the aim of becoming the leading Financial Planning-led investment manager in the UK.
 
“These are excellent full year results.

“Shortly after the year end we announced we had met a second of our three growth targets, and we’re confident that the final target of revenues of £75m per annum will be achieved ahead of our original expectations.
 
“In view of our strong performance in 2018 and first three months of the new financial year, we have set three new three-to-five-year aspirational targets, which will further cement our position as one of the leading Financial Planning led-investment management companies in the UK.”
 
AFH revealed its new targets as:
 
• Funds under management of £10bn
• Revenues per annum of £140m
• Underlying EBITDA margin of 25% on revenue

Mr Hudson added: “Looking to the year ahead, we strive to continue to deliver on this year’s exceptional progress through continued organic growth and the integration of further acquisitions.”