In its six month results for the period ending 30 April the firm said overall it had seen a continued trend of revenue growth with revenues up 5% to £38.2m although Financial Planning income fell.

The firm has made a number of cost-cutting measures and put its rapid acquisition strategy of IFA and Financial Planning firms on hold for the time being.

Chartered Financial Planner Alan Hudson, AFH chief executive, said despite the challenges in March and April the West Midlands-based firm had delivered a resilient set of results for the reporting period.

He said: "The company continued to trade profitably, in line with our expectations, while focusing on cash management and paying down both Deferred Consideration and Loan Notes as they matured.

“Cash retention remains a key focus for the group and, in light of current uncertainty, we have adopted a number of prudent cost measures across the board, senior management and staff to protect profitability and ensure that the company emerges from the current crisis in a strong financial position.

The firm has had more than 400 staff and all advisers working from home since the outbreak.

He added: “Under the ongoing restrictions and uncertainty in the financial markets, the board expects that while gross revenue for the current year will be lower than market expectations this will be largely offset by the variable nature of the group's cost of sales and cost reductions implemented by the company."

New business in March and April fell from Q1 levels as Coronavirus hit although the company said it expects a “a slow recovery will gather pace” during the second half of the financial year.

In March, the company took action to temporarily cut £3m of costs from the group. The board, senior management and staff took salary cuts and non-critical projects were put on hold.

During the period, Financial Planning fees fell by £0.4m to £7.1 million however management fees increased to £23m (H1 2019: £21.8m) due to growth in funds under management.

Annualised average revenue per adviser increased to £258,000 (H1 2019: £236,000).