Tuesday, 23 January 2018 10:06

Harwood plans further acquisitions as revenue soars

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Harwood Wealth Harwood Wealth

Financial Planner and wealth manager Harwood Wealth Management Group plans to push ahead with further acquisitions and organic growth after announcing revenue up 123% in its latest results.

The Hampshire-based group, which operates through a number of Financial Planning and wealth management businesses, said assets under influence in 2017 were up 81% to £3.8bn and revenue more than doubled to £25.9m (2016: £11.6m).

Its newly acquired Network Direct contributed £9.8m of revenue and overall profit after tax was £700,000 compared to £100,000 the previous year.

The group completed seven acquisitions during the period, paying a total of £2.3m for the takeovers. The company raised £10m to fund acquisitions in April 2017 through a share placing.

Chairman Peter Mann, former UK managing director of Skandia, said: "Harwood has reported another strong year of progress, driven by both organic growth and the contributions of acquisitions, underpinning the strategy of strong financial services advice revenues, good quality investment performance and increasing assets, and completing further acquisitions.

"The group is highly cash generative and I am pleased to announce that we are recommending the payment of a final dividend of 2.24 pence per share subject to shareholder approval at the company Annual General meeting on the 18 April 2018.

"Overall, the progress made since the company's IPO in March 2016 indicates a strong outlook for the next financial year,” he said.

Harwood was created by bringing together Compass Wealth Management Group, founded in 2001 by Neil Dunkley and Mark Howard, and Wellian Investment Solutions led by Alan Durrant.

The group is based in Waterlooville, Hampshire and has more than 80 financial advisers who provide Financial Planning and wealth management to retail clients and a number of businesses.

Group companies include:

• Active Financial Partners Ltd
• Compass Wealth Management Consultants Ltd
• Wellian Investment Solutions Ltd
• Merchants Wealth Management Limited
• Meon Valley Financial Planning
• Network Direct

 

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