Aim listed financial planning and discretionary wealth management business Harwood Wealth Management Group has said it is on track to beat analyst forecasts of profitability this year.
In a trading update this morning, the firm said that, after its financial year end last month, earnings before interest, tax, depreciation and amortization are set to come in ahead of market expectations when it reports its results in January.
The announcement comes as the firm confirms it completed seven acquisitions over the year. While these were often fairly small, with an aggregate payment of £2.9m made for all seven so far, the firm still had £19m of cash as at 31 October.
This is partly down to the acquisitions, but the company also claims to now be “highly cash generative”.
Harwood Wealth Management chairman Peter Mann says: “I’m delighted to report on a very successful year for Harwood Wealth Management as the company continues to deliver its focused, stated strategy. The market continues to be highly fragmented and, as we start the new financial year, the opportunity for further value creating acquisitions remains strong.”