Listed IFA business AFH Financial Group has reported a 34 per cent year-on-year increase in revenues following a series of acquisitions in the lead up to the Retail Distribution Review, which have seen it increase adviser numbers by around 60 per cent.

In its first full-year results since the company’s flotation in 2011, AFH subsidiary AFH Independent Financial Services Ltd reported earnings before tax, depreciation and amortisation of £1.2m, up 45 per cent on the previous year.

Profit before tax was £340,000 for the 12 months compared to £100,000 in the 131 days from 22 June 2011 – the date of AFH’s flotation – to 31 October 2011.

During the period in question AFH acquired and integrated 11 other IFA practices. However, the most significant of these fell in the second half of the year and therefore has not yet affected results.

Organic growth achieved via recruitment has increased adviser numbers by 60 per cent to 94.

Alan Hudson, chairman and chief executive of AFH Financial Group, said: “The board views the prospects for the remainder of 2013 and beyond with confidence.

“Our strategy is to continue driving forward in our traditional areas of strength whilst further enhancing our offerings to drive increased profitability.

“The board continues to monitor the marketplace for appropriately priced acquisition opportunities which will generate incremental opportunities for the group.

“Our long term aim is to grow adviser numbers and build an outstanding IFA firm.”