Rapidly-growing Financial Planning business AFH has amassed a £24m war chest to finance further acquisitions.

The size of the fund was made public in a statement at the firm’s AGM, in Worcestershire, today.

AFH, founded by Chartered Financial Planner Alan Hudson, has acquired over a dozen firms in the past year and now serves almost 9,500 clients, with £3bn under management.

John Wheatley, chairman of AFH, said: "As reported in the audited results released on 29 January 2018, I am pleased to confirm that the company's business continues to perform in line with expectations and that recurring revenue continues to remain strong as a result of the net inflow of funds during the period.”
 
During the first four months of the current financial year the company announced four acquisitions, paying a combined £1.8m in initial cash consideration. Following the recently announced acquisitions, together with continued net inflows of funds, the company now has over £3bn in funds under management.
 
During the first quarter of the current financial year, the company made deferred payments, based on trading performance, of £0.4m in respect of acquisitions completed in previous periods and anticipates a further £0.3m to be paid during the second quarter.
 
As set out in the preliminary results release, the company will pay an interim dividend of 4p on 4 May 2018 to shareholders at the close of business on 20 April 2017.
 
He added that he was pleased to report that the company's balance sheet and pipeline of prospective acquisitions remained strong and further selective acquisitions were anticipated during the current financial year. As at 1 March the company had cash balances of £24m.