AFH Financial Group has reported a hike in its funds under management following seven buys in almost seven months.

The UK's AFH Financial Group has boosted its funds under management to £1.25 billion ($1.88 billion) following its recent flurry of acquisitions, it announced on the London Stock Exchange yesterday.

The group completed seven acquisitions of independent financial advisory firms across the UK since the end of October 2014. It offered a maximum consideration of £5.3 million for the businesses.

“The board is pleased to report that recurring revenue continues to remain strong and, during the current year, has contributed an increased percentage of total revenue and that gross margins remain above the 50 per cent level,” said AFH's chairman, John Wheatley.

AFH's funds under management surpassed the £1 billion milestone back in January. The group has since been busy making further IFA purchases, including those of Oxfordshire-based Roxborough Consultancy, West Bromwich-based First Class Financial Management and Kidderminster-based KL Plester Financial Services.

I am pleased to report that both the Company's balance sheet, and pipeline of prospective acquisitions, remains strong and further selective acquisitions are anticipated during the current financial year,” Wheatley said.