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AFH profit falls, but funds under management higher despite Covid-19 hit to markets

By BFN News | 08:34 AM | Monday 01 June, 2020


Wealth management company AFH reported that first-half profit fell, but funds under management grew despite falling global equity markets owing to the coronavirus pandemic. For the six months ended 30 April 2020, pre-tax profit fell to £5.9m from £6.0m on-year and revenue was up 5% to £38.2m. Funds under management grew 7% to £5.95bn, boosting management fees to £23m from £21.8m. 'Under the ongoing restrictions and uncertainty in the financial markets, the board expects that while gross revenue for the current year will be lower than market expectations this will be largely offset by the variable nature of the Group's cost of sales and cost reductions implemented by the company,' the company said. At 8:34am: (LON:AFHP) AFH Financial Group Plc share price was 0p at 289p Story provided by StockMarketWire.com

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