Profits up, client costs down as Mattioli Woods reports another year of strong growthLeading wealth management specialist Mattioli Woods today posted a 27 per cent leap in pre-tax profits to almost £10 million – and declared itself firmly on course to meet its long-term aspirations.
Figures released by the company showed revenues were up 16.2 per cent to £58.7 million for the year ending May 31, underpinned by strong organic growth of 15.6 per cent compared to 11.6 per cent in 2017.
Other highlights in its annual report included cash reserves of more than £20 million, major investment in technology, compliance and training, and a reduction in costs to its clients.
Chief executive officer Ian Mattioli MBE said: “We continue to invest in the group as we look to build on our success to date.
“I am delighted with the performance of our business over the last financial year and believe we are well positioned to progress further towards the ambitious longer-term goals we have set”.
Mattioli Woods – also experts in employee benefits – revealed it had attracted more than 1,300 new clients during the year, while recurring revenues stood at 84.8 per cent. It added to its pool of consultants, which grew from 115 to 134.
Mr Mattioli also pointed to the strong performance of recently acquired businesses – and hinted that more could follow.
“With increasing complexity and continuing consolidation across key markets in which we operate, we expect there will be further opportunities to accelerate our growth by acquisition,” he said.
“Where there are opportunities to bring other great businesses into the group we will consider doing so. We continue to look for those opportunities”.
In an announcement to the London Stock Exchange today, the firm said its pre-tax profit rose 27 per cent to £9.8 million pounds.
Total client assets rose 10 per cent to £8.73 billion, with discretionary assets under management rising 29 per cent to £2.34 billion.
Mattioli Woods proposed a final dividend of 11.5 pence a share. This brings its total dividend for the year to 17.0 pence a share, a 21 per cent increase.