October 2020 AGM Statement
Mattioli Woods held its Annual General Meeting today (19 October 2020). Joanne Lake, the Group’s Chairman said, “We remain dedicated to maintaining our culture of putting clients first and building a business, through responsible integration, that is sustainable over the long-term. In September, we were pleased to report the year ended 31 May 2020 had been another successful year, delivering further growth in revenue and profitability, despite the political and economic uncertainties that persisted throughout the period”.
“Our financial result and adjusted EBITDA margin for the year were significantly ahead of budget, primarily as a result of the one-off reduction in bonuses and other cost savings made in response to the COVID-19 pandemic. In addition, adoption of the new accounting standard IFRS 16 decreased other administrative expenses and increased depreciation and interest on lease liabilities”.
“We continue to operate in an agile manner, adapting our approach with new clients. The number of new clients on-boarded in the first four months of this new financial year is in line with the prior year, which is pleasing given the very different circumstances we are experiencing. Market stability has shown signs of improving, despite the ongoing political and macro-economic uncertainty, with net inflows into the Group’s investment and asset management services at the same level as the equivalent period last year”.
We recognise the huge effort of our people and their contribution to delivering positive results. In line with our desire to balance the interests of all stakeholders, we have recently paid interim bonuses in respect of the current financial year to all staff, other than senior executives and directors”.
“After 15 years as Chief Financial Officer, Nathan Imlach is standing down from the Board today to continue as Chief Strategic Adviser to the Group, where his focus will be on the Group’s strategic direction and acquisitions. Nathan has been instrumental to the success of the Group and we are delighted that we will continue to benefit from his experience and insight in this new role.
“As previously announced, Ravi Tara, Michael Wright and Iain McKenzie will join the Board immediately following regulatory approval of their appointments and Nathan will continue to support the Board during this period until approvals are received. The Board also intends to appoint additional non-executive directors and the Group is in discussion with potential candidates”.
Our personalised approach, transparent fee structure and desire to build long-term relationships with our clients leave us well placed for the future.
Current trading is in line with management’s expectations and we remain focused on client service, responsibly integrating asset management and financial planning to build upon our established reputation for delivering sound advice and consistent investment performance.”