AFH Financial Group Plc AGM Statement (4299G)
02 March 2018 - 6:00PM
UK Regulatory
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RNS Number : 4299G
AFH Financial Group Plc
02 March 2018
2 March 2018
AFH Financial Group PLC
("AFH" or the "Company")
AGM Statement
Strong Recurring Revenues with funds under management in excess
of GBP3bn
Four 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 29 January 2018,
I am pleased to confirm that the Company's business continues to
perform in line with expectations and that recurring revenue
continues to remain strong as a result of the net inflow of funds
during the period.
During the first four months of the current financial year the
Company announced four acquisitions, paying a combined GBP1.8m in
initial cash consideration. Following the recently announced
acquisitions, together with continued net inflows of funds, the
Company now has over GBP3bn funds under management.
During the first quarter of the current financial year, the
Company made deferred payments, based on trading performance, of
GBP0.4m in respect of acquisitions completed in previous periods
and anticipates a further GBP0.3m to be paid during the second
quarter.
As set out in the preliminary results release, the Company will
pay an interim dividend of 4.0p on 4 May 2018 to shareholders on
the register of members at the close of business on 20 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
GBP24m. The Directors remain confident that the Group is well
positioned to take advantage of market opportunities as they
arise."
Enquiries:
AFH Financial Group PLC 01527 577 775
Alan Hudson, Chief Executive Officer
Paul Wright, Chief Financial Officer
www.afhfinancialgroup.com
Liberum (Nominated Adviser and Broker) 020 3100 2000
John Fishley/Richard Bootle
This announcement is released by AFH Financial Group plc and
contains inside information for the purposes of Article 7 of the
Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in
accordance with the Company's obligations under Article 17 of
MAR.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of the Company by Paul Wright, Chief Financial Officer.
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGMJBMJTMBAMBMP
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