Mattioli Woods issues final results for the year ended 31 May 2020
Mattioli Woods the specialist wealth management and employee benefits business, has today issued its final results for the year ended 31 May 2020.Financial highlights
- Total client assets of the Group and its associate of £9.3bn (2019: £9.4bn)
- Gross discretionary AuM of £2.6bn (2019: £2.6bn)
- Net inflows of over £200m during the year
- Improved operational efficiency pre and post COVID-19
- Delivered an uninterrupted service to clients during COVID-19
- Building capacity to enhance existing client service and drive future growth
- Continued investment in technology, compliance and training
- Recent acquisitions performing and integrating well
- Strategic acquisition of Hurley Partners Limited completed post year end
Commenting on the results, Ian Mattioli MBE, Chief Executive Officer, said:
“I am pleased to report another successful year for Mattioli Woods.
“COVID-19 is significantly impacting the UK and global economies. We have taken positive and decisive action to protect our clients and staff, and to ensure all our core business areas remain fully operational throughout this complex time. Our investment in technology has enabled our employees to work remotely and our thanks go to all our employees who have helped to protect the business by agreeing to forego bonuses that would have been paid in more normal trading conditions. In addition, certain of our higher paid employees significantly reduced their basic salaries, with these actions reducing costs for the year ended 31 May 2020 by £2.6m.
“The essence of what we do is looking after our clients’ money and there is an expectation that we should apply the same diligence in looking after that of our business and our shareholders. Current trading is in line with our expectations and we can see light at the end of the COVID-19 tunnel.
“Recent acquisitions are performing and integrating well, with the financial result for the year including a full 12 months from the Broughtons and SSAS Solutions businesses acquired in the prior year and a positive contribution from The Turris Partnership following its acquisition in December 2019.
“In July, we were pleased to announce the post year-end acquisition of Hurley Partners, which serves a similar client base to Mattioli Woods, with many complementary elements between our businesses. Consolidation within our core markets is expected to continue and we will seek to build on our track record of successful acquisitions by continuing to assess and progress opportunities that meet our strict criteria.
“We expect that uncertainty around Brexit and the impact of COVID-19 will continue to influence investor and consumer sentiment in the short-term, but we believe the opportunity for Mattioli Woods is significant, as people seek to take charge of their money and manage it through the generations. At the same time, savings and investments are becoming more complicated. Clients need long-term advice and strategies more than ever before. We will continue to provide quality solutions, maintaining our focus on client service and continuing to adapt our business model to the changing market, integrating asset management and financial planning to build upon our established reputation for delivering sound advice and consistent investment performance, while looking to reduce clients’ costs.
“We are confident that our focus on addressing the changing needs of our clients positions us well to deliver future growth and continued sustainable shareholder returns”.
The full RNS can be read here