AFH Financial Group Plc
LSE : AFHP

April 28, 2014 02:00 ET

AGM Statement - Move to AIM on track for Q2 2014

                                                                                           28 April 2014
                                                                                            GB00B4W5WQ08
                                          AFH Financial Group PLC
                                          ("AFH" or the "Group")
                                                     
                                               AGM Statement
                                     Move to AIM on track for Q2 2014

In  advance of the Group's Annual General Meeting (AGM) which is to be held at 11-00am today at AFH  House,
Buntsford  Drive, Stoke Heath, Bromsgrove B60 4JE, the Directors of AFH (ISDX: AFHP), a leading Independent
Financial Advisory ("IFA") and discretionary wealth management firm, are pleased to provide the market with
the  following  update regarding the Group's continued success during the initial months of  2014  and  its
proposed move to AIM.

Current Trading
Trading  in  the  first  five months of the current financial year has been in  line  with  the  Directors'
expectations,  with the full contribution of acquisitions made in 2013 reflected in increased  revenue  for
the period. The Directors are pleased to report that recurring revenue remains at the 50% level reported in
the 2013 financial statements and gross margins remain above 50%.

During  the  period  since the Group's year-end, AFH has continued to strengthen its  operating  management
team, in addition to the Board appointments announced in February 2014. The cost of continuing to build  an
infrastructure to support the current and anticipated growth of the Group has been achieved to date without
impacting margins and further investment is expected throughout the current financial year.

Whilst  the  Group did not make significant acquisitions during the period under review,  the  pipeline  of
prospective  acquisitions  remains  strong and further acquisitions  are  anticipated  during  the  current
financial year.

Successful Equity subscription
In  April  2014, the Group announced a successful equity subscription, raising GBP 1.6 million  of  further
funding  for the Company to be used to provide additional working capital for AFH and to finance  potential
future  acquisitions.  Following the subscription the Group had cash reserves of  GBP4.8  million  with  no
secured debt.

Move to AIM
In  February 2014, the Group announced its intention to move to the AIM market of the London Stock Exchange
in  Q2  2014. The timetable for this move remains on target and further announcements are expected  in  due
course.

Commenting Alan Hudson, Chief Executive of AFH, said:

"The  current year has started strongly, in line with expectations. The disruption caused by the structural
changes in early 2013 was not repeated and proposed legislation will create new opportunities for the Group
and the sector in the medium term. The Directors remain confident that the Group is well positioned to take
advantage of market opportunities as they arise".

The Directors of AFH Financial Group PLC are responsible for the content of this announcement.

For further information please contact:

AFH Financial Group PLC                           +44 (0)1527 577 775
Alan Hudson, Chief Executive
Paul Wright, Chief Financial Officer

Peterhouse Corporate Finance Limited              +44 (0)20 7469 0930
(ISDX Corporate Adviser)
Mark Anwyl
Duncan Vasey

Yellow Jersey PR Limited                          +44 (0)7799 003 220
(Financial PR)
Dominic Barretto
Kelsey Traynor

Contact Information

  • AFH Financial Group Plc