Tuesday, 20 November 2018 09:31

Harwood reports ’strong growth’ thanks to £10.7m acquisitions

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National Financial Planner and discretionary wealth manager, Harwood Wealth Management Group, paid £10.7m for nine acquisitions which helped drive strong growth.

The firm revealed the outlay in its latest figures for the year ending 31 October.

The company said its “strong revenue growth” was also fuelled organically as well as via acquisitions.

 

A trading update published this morning read: “Consistent with the board’s strategy since IPO, this performance has been driven by both organic growth and acquisitions.

“During the financial year, a total of nine acquisitions were completed for an aggregate total consideration of £10.7m, (£9m net of cash acquired). 

“Cash at the end of October 2018 was £13.6m, reflecting payments for acquisitions made in the year and deferred consideration for acquisitions made in previous periods, augmented by the cash generative nature of the business.”

Peter Mann, chairman of Harwood Wealth Management Group, commented: "I am very pleased to report on another successful year for the group, with strong revenue growth and an EBITDA performance which is comfortably ahead of market expectations.

“This performance demonstrates the robustness of the business underpinned by a strong operating model and we look forward to continuing to drive growth going forward."

The firm said it will report its full year results on 23 January.

 

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