Listed IFA AFH Financial has seen like-for-like revenues increase 55 per cent to almost £5m as its recurring income increased 58 per cent for the six months ended 30 April 2013.

In its interim results, published today (31 July), AFH reported like-for-like revenues of £4.8m, driving a surge in like-for-like profit before tax at its principal operating subsidiary, AFH Independent Financial Services, which was up 90 per cent to £834,591.

Recurring income, which is not reliant upon new business, now represents 51 per cent of the group’s total revenue, the firm said.

AFH has completed three acquisitions in the six-month period, taking total adviser numbers to 120. AFH Financial has had 14 acquisitions since its flotation in June 2011.

Alan Hudson, chairman and chief executive of AFH, said: “Our first half performance has been strong and highly encouraging, especially when one takes into consideration the operational disruption caused by the Retail Distribution Review.

“The directors expect to report to shareholders an even stronger second half performance as new advisers and acquisitions start to fully contribute to the bottom line.

“Since joining the market, we have successfully integrated 14 acquisitions, moved to larger offices and continued to build our infrastructure, so that the company is scalable, profitable and cash generative.

“As a result, AFH sits in a very strong position in a sector undergoing fundamental change. I would like to thank the team and, of course, all our shareholders for their continued effort and support.”