Wednesday, 23 January 2019 09:04

Financial Planner Harwood boosts profits as assets surge

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Financial Planner Harwood Wealth Management boosted assets by more than 40% and increased profits, the firm’s annual results have revealed.

The group says it is continuing to pursue its “strategy of acquisitive and organic growth and the 2018 results show continued progress in revenue, assets under management and adjusted EBITDA.”
 
The results, which are for that full year ending 31 October, show assets under management increased by 42% from £1.2bn to £1.7bn.

Meanwhile gross profit rose from £11.2m to £15.1m over the period - a 35% surge.

 

Revenue also increased, by just over a quarter, from £25.9m to £32.7m.

The firm also completed nine acquisitions in the year.

Harwood chairman Peter Mann said: “It has been another year of strong growth for the group, with EBITDA achieved ahead of the board's expectations set at the start of the year.

“Our financial success demonstrates the efficacy of Harwood's three-pronged growth strategy and the benefits of building a recognised market position in a fast-consolidating industry.
 
“The group's growth in revenue was driven by the completion of nine acquisitions over the period, as well as the impact of prior year acquisitions.

“Acquisitions are a key part of our strategy.”

He added: “We remain very confident that a large pool of opportunities exists, many of which we expect to execute in 2019, continuing to grow the business in scale and capability.
 
“We are confident in the group's outlook, with Harwood well positioned to deliver further growth.”

 

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Last modified on Wednesday, 23 January 2019 09:11
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