AFH Financial Group Plc AGM Statement (4026Y)
03 March 2017 - 6:00PM
UK Regulatory
TIDMAFHP TIDMAFHB
RNS Number : 4026Y
AFH Financial Group Plc
03 March 2017
3 March 2017
AFH Financial Group PLC
("AFH" or the "Group" or the "Company")
AGM Statement
Strong Recurring Revenues with Gross Margins maintained above
55%
Five acquisitions announced since the year end and strong
pipeline of prospective acquisitions
Robust Balance Sheet
At the Company's Annual General Meeting ("AGM"), to be held at
11:00am today at AFH House, Buntsford Drive, Stoke Heath,
Bromsgrove B60 4JE, John Wheatley, Chairman of AFH, will update
shareholders with the following statement:
"As reported in the audited results released on 30 January 2017,
I am pleased to confirm that the Company's core business continues
to perform in line expectations and that recurring revenue
continues to remain strong as a result of the inflow of new funds
during the period. As in 2016, gross margins remain above the 55%
level.
During the first four months of the current financial year the
Company announced five acquisitions, paying a combined GBP2.0m in
initial cash consideration. Whilst these acquisitions are not
expected to make a material contribution to our first half results,
the benefits arising from these businesses will be apparent in our
full year results and are expected to benefit earnings in the
current year.
During the first quarter of the current financial year, the
Company made deferred payments, based on trading performance, of
GBP1.07m in respect of acquisitions completed in previous periods
and anticipates a further GBP1.3m to be paid during the second
quarter.
As set out in my previous statement, the Company will pay an
interim dividend of 3.0p on 4 May 2017 to shareholders on the
register of members at the close of business on 18 April 2017.
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. As at 1 March the Company had cash balances of
GBP4.1m. The Directors remain confident that the Group is well
positioned to take advantage of market opportunities as they
arise."
Enquiries:
01527 577
AFH Financial Group PLC 775
Alan Hudson, Chief Executive Officer
Paul Wright, Chief Financial Officer
www.afhfinancialgroup.com
Liberum 020 3100 2000
(Nominated Adviser and Broker)
John Fishley/Richard Bootle
Camarco 020 3757 4985
Geoffrey Pelham-Lane/Jennifer Renwick
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGMJTMFTMBAMBIR
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