17 November 2020
AFH FINANCIAL GROUP PLC
("AFH" or "Group" or the "Company")
PRE-CLOSE TRADING UPDATE AND NOTICE OF RESULTS
AFH, a leading financial planning-led wealth management firm, is pleased to provide the following pre-close update on trading
for the twelve months ended 31 October 2020
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Trading continues both in line with management expectations and with the Trading Update reported on 30 September 2020. As announced at that time, staff and clients have continued to adapt well to the revised working practices and, where possible, staff have continued to work from home in line with Government advice. Careful cash management remains a top priority, and the Company's cash balance as at 31 October 2020 was £13m.
The Board is pleased to note that ongoing management fees have remained at the anticipated levels during the summer period and, whilst inflows of client funds remain below pre COVID-19 levels, there has been a gradual increase since May 2020 and outflows of clients' funds during the second half of the year remained at a similar level to previous periods.
Marketing led organic growth remains the focus of the Company and, following a quieter period since the first COVID-19 lockdown in March, recruitment of employed advisers has increased significantly during the last quarter and, combined with the anticipated leads from our digital marketing activities, provides the basis for further organic growth in 2021.
The Board looks forward to 2021 and is confident that the Group is well positioned to manage any challenges that may continue to arise from the unsettled macroeconomic environment. AFH maintains a strong balance sheet and the Board remains committed to a measured and considered approach to managing shareholder funds, while investing in the necessary infrastructure, technology and management to support its steady progress.
Notice of Results
The Group intends to publish its full year results for the period ending 31 October 2020 during the week commencing 18 January 2021.
For further information, please contact:
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AFH Financial Group PLC
Alan Hudson, Chief Executive Officer
Paul Wright, Chief Financial Officer
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01527 577 775
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Shore Capital (Nominated Adviser and Broker)
Corporate Advisory: Hugh Morgan / Daniel Bush / Sarah Mather
Corporate Broking: Henry Willcocks
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0207 408 4090
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Yellow Jersey PR Limited (Financial PR)
Joe Burgess / Annabel Atkins / Dom Barretto
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0776 93 25 254
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Notes to Editors
AFH Financial Group (AIM: AFHP) is a leading UK financial planning-led wealth management firm based in the Midlands. Founded in 1990 by CEO Alan Hudson, the Company provides wealth management and financial advisory services to over 20,000 clients in the UK. These services are delivered by over 450 professional advisers and 400 support staff.
