Financial Planner and wealth manager Kingswood Holdings saw its revenue surge by 488 per cent to £149.7million in the year to 31 December 2021.
The group’s operating profit jumped by £5.5million to £6.3million, its latest annual results have revealed.
The company said its bottom line was bolstered by inorganic growth following the ‘successful integration of acquisitions in the UK and growth in the US’.
Surge: Kingswood Holdings saw its revenue surge by 488% to £149.7m in the past year
Kingswood shares rose today and were up 3.88 per cent or 0.94p to 25.14p in early morning trading.
The firm’s total group assets under management and advice jumped by 15 per cent year-on-year to £6.8billion. Kingswood said 10 per cent of the growth was driven organically, and 5 per cent via acquisitions.
The group has completed nine UK acquisitions since August 2021, which added £5.1million worth of annual operating profit and around £2.6billion in assets under management and advice.
The company has also made a number of acquisitions in the first half of this year. It has snapped up Allots Financial Services, Joseph R Lamb Financial Advisers, DJ Cooke Life and Pensions, AiM Independent Financial advisers and Vincent & Co Ltd.
Eight further acquisitions are currently in ‘exclusive due diligence’, the company added. If these eight further acquisitions go ahead they look set to comprise a total of £7.7million annual operating profit, and are expected to conclude in the third quarter of 2022.
David Hudd, Kingswood’s chairman, said: ‘In my first year as Chair of Kingswood I have been impressed by the strong progress we are making in achieving our long-term strategy to become a leading international fully integrated wealth and investment management business.
‘I am immensely proud of our dedicated team who have navigated the continued challenges of the Covid-19 pandemic throughout 2021, while delivering outstanding service to our clients in the UK and US.
‘Despite the challenges faced, I am pleased to report record levels of revenue and operating profit with significant growth across Wealth Planning, Investment Management, and the US.
‘We have a strong, well-capitalised balance sheet and have benefited from our partnership with Pollen Street Capital who have now invested £77.4million to enable our acquisition and growth strategy.’
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