Harwood Wealth Management Group PLC has announced its maiden financial results following its admission to AIM on 29 March this year.
The UK-based financial planning and discretionary wealth management firm announced interim results for the six months ended 30 April 2016, which saw adjusted EBITDA up 8.7% to £1.06m (£0.98m) on a revenue up 36% to £5.11m (£3.77m). More than 75% of revenues were recurring said the firm. Gross margin was 58.3% (57.9%). Net cash generated by operations was £1.00m (£0.96m) and total cash balances at the period end were £12.1m (£5.2m). AUI was up 59% to £1.655bn (£1.038bn).
The firm’s IPO on AIM raised £10m before expenses.
During the period under review, 11 acquisitions were completed for a consideration of £8m, with a further two post period.
Harwood Chairman said: “I am delighted to be able to report our maiden set of results since our successful IPO on AIM. Such strong growth affirms our reasons for carrying out the IPO as well as underlining the strength of our business model and management team.
“The Group is profitable, cash generative at an operational level and has a strong balance sheet. Our business strategy is being implemented well and we are deploying the net proceeds of the IPO towards this. This is an exciting time to be part of Harwood Wealth and I look forward to the future with confidence.”
