Harwood Wealth Management Group PLC Trading Update (8240H)

TIDMHW.

RNS Number : 8240H

Harwood Wealth Management Group PLC

20 November 2018

20 November 2018

Harwood Wealth Management Group

("The Group")

Trading update

for the year ended 31 October 2018

Harwood Wealth Management Group (AIM:HW.), a leading UK based financial planning and discretionary wealth management business, is pleased to report that, following the close of its financial year ended 31 October 2018, it expects to report strong revenue growth which is broadly in line with market expectations and adjusted EBITDA* ahead of market expectations.

Consistent with the Board's strategy since IPO, this performance has been driven by both organic growth and acquisitions. During the financial year, a total of nine acquisitions were completed for an aggregate total consideration of GBP10.7m, (GBP9m net of cash acquired). Cash at the end of October 2018 was GBP13.6m, reflecting payments for acquisitions made in the year and deferred consideration for acquisitions made in previous periods, augmented by the cash generative nature of the business.

The Group will report its full year results on 23 January 2019.

Peter Mann, Chairman of Harwood Wealth Management Group, commented:

"I am very pleased to report on another successful year for the Group, with strong revenue growth and an EBITDA performance which is comfortably ahead of market expectations. This performance demonstrates the robustness of the business underpinned by a strong operating model and we look forward to continuing to drive growth going forward."

*adjusted EBITDA is earnings before interest, taxation, depreciation, amortisation and exceptional costs.

For further information please contact:

 
Harwood Wealth Management Group plc 
 Alan Durrant, Chief Executive Officer 
 Gillian Davies, Interim Chief Financial 
 Officer                                   [phone] 
N+1 Singer Advisory LLP 
 Shaun Dobson 
 James White 
 Ben Farrow 
 Rachel Hayes                              [phone] 
Alma PR                                    [phone] 
 Rebecca Sanders-Hewett                     [e-mail] 
 Susie Hudson 
 

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November 20, 2018 02:00 ET (07:00 GMT)