Harwood Wealth Management Group PLC Trading Update (8240H)
20 November 2018 - 6:00PM
UK Regulatory
TIDMHW.
RNS Number : 8240H
Harwood Wealth Management Group PLC
20 November 2018
20 November 2018
Harwood Wealth Management Group
("The Group")
Trading update
for the year ended 31 October 2018
Harwood Wealth Management Group (AIM:HW.), a leading UK based
financial planning and discretionary wealth management business, is
pleased to report that, following the close of its financial year
ended 31 October 2018, it expects to report strong revenue growth
which is broadly in line with market expectations and adjusted
EBITDA* ahead of market expectations.
Consistent with the Board's strategy since IPO, this performance
has been driven by both organic growth and acquisitions. During the
financial year, a total of nine acquisitions were completed for an
aggregate total consideration of GBP10.7m, (GBP9m net of cash
acquired). Cash at the end of October 2018 was GBP13.6m, reflecting
payments for acquisitions made in the year and deferred
consideration for acquisitions made in previous periods, augmented
by the cash generative nature of the business.
The Group will report its full year results on 23 January
2019.
Peter Mann, Chairman of Harwood Wealth Management Group,
commented:
"I am very pleased to report on another successful year for the
Group, with strong revenue growth and an EBITDA performance which
is comfortably ahead of market expectations. This performance
demonstrates the robustness of the business underpinned by a strong
operating model and we look forward to continuing to drive growth
going forward."
*adjusted EBITDA is earnings before interest, taxation,
depreciation, amortisation and exceptional costs.
For further information please contact:
Harwood Wealth Management Group plc
Alan Durrant, Chief Executive Officer
Gillian Davies, Interim Chief Financial
Officer +44 (0)23 9355 2004
N+1 Singer Advisory LLP
Shaun Dobson
James White
Ben Farrow
Rachel Hayes +44 (0)20 7496 3000
Alma PR +44 (0)20 3405 0205
Rebecca Sanders-Hewett harwoodwealth@almapr.co.uk
Susie Hudson
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END
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