AFH Financial pre-tax profits hit £1.6m as consolidation continues

Final results for the 12 months ending 31 October 2015 revealed the firm had bought out 11 advice practices over the year with revenues up 40% to £21m, exceeding previous predictions. The results said its strong revenue growth was driven by a significant rise in recurring fee income, which increased our average annualised gross revenue per adviser to £143,000.  Pre-tax profits for the previous financial year totalled £861,000. Revenues last time reached £15m. It said gross margin increased slightly during the year from 51% to 52% and remains comfortably above our benchmark 50% le...