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Harwood Wealth Mgmt (HW.)

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Tuesday 05 June, 2018

Harwood Wealth Mgmt

Acquisitions update and Notice of results

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 £10.9m and combined Assets under Influence of £310m.

 

Of this consideration, £6.7m 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 £1.8m 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 Officer

 

+44 (0)23 9355 2004

N+1 Singer Advisory LLP

Shaun Dobson

 

+44 (0)20 7496 3000

Alma PR

Rebecca Sanders-Hewett / Susie Hudson

 

+44 (0)20 8004 4218

 


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