AFH Financial Group PLC (LON:AFH), the advice-led wealth manager, said 2020 was a flat year in most areas as the coronavirus (COVID-19) pandemic affected new business.
COVID-19 required advisers to engage with clients and prospects remotely, said AFH, though the post-summer period saw a gradual increase in new business, driven initially by mortgage work and more recently by investment advice.
AFH said revenues in the year to end December 2020, rose by 4% to £77.1mln while profits after tax fell slightly to £10.7mln.
Funds under management were unchanged over the year at £6.2bn, while the annual dividend was held at 6p.
In a statement, Alan Hudson, AFH's group chief executive, said: "Even prior to the pandemic's impact on global markets, 2020 was to be a year of consolidation for AFH and we are extremely pleased to have finished the period with a strengthened balance sheet, significantly reduced outstanding contingent considerations and strong cash balances.”