Harwood Wealth Management Group PLC Acquisitions update and Notice of results (2488Q)

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RNS Number : 2488Q

Harwood Wealth Management Group PLC

05 June 2018

05 June 2018

Harwood Wealth Management Group

("Harwood Wealth", the "Company" or the "Group")

Acquisitions update

and

Notice of results

Harwood Wealth Management Group (AIM: HW.), a leading UK-based financial planning and discretionary wealth management business, is pleased to announce that for the six months to 30 April 2018 the Group completed nine acquisitions for an aggregate consideration of GBP10.9m and combined Assets under Influence of GBP310m.

Of this consideration, GBP6.7m was paid at the time of the initial consideration with the balance to be paid though the Group's usual earn-out model over the subsequent two years subject to the achievement of performance criteria. These acquisitions included the larger acquisitions of AE Financial Ltd (the Group's largest acquisition to date), Plan65 Ltd and Fund Management Limited Advisers Limited, details of which were announced in March and April. The Group also paid GBP1.8m in respect of the earn-out payments for acquisitions made in prior periods which had achieved the requisite performance criteria.

The Company will report its results for the six months to 30 April 2018 on 03 July 2018.

Peter Mann, Non-executive Chairman of Harwood Wealth Management Group, said:

"I am pleased to report that the team has managed to execute nine deals over the period, several of which were of a large scale and all of which are excellent additions to our business. The frequency with which we are managing to complete on acquisitions of stable, high-quality businesses with strong client bases demonstrates the rich pool of opportunities available to Harwood, alongside our excellent reputation for acquisition and integration. We look forward to reporting further details in our interim statement next month."

For further information please contact:

 
 Harwood Wealth Management Group 
  plc 
  Alan Durrant, Chief Executive     [phone] 
  Officer                            2004 
 N+1 Singer Advisory LLP            [phone] 
  Shaun Dobson                       3000 
 Alma PR 
  Rebecca Sanders-Hewett / Susie    [phone] 
  Hudson                             4218 
 

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June 05, 2018 02:01 ET (06:01 GMT)