Mattioli Woods pleased with acquisition progress
Specialist wealth management and employee benefits business Mattioli Woods issued a trading update on Monday, in advance of its interim results for the six months to 30 November, which are to be announced on 7 February.
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The AIM-traded company reported “strong growth”, with revenues up over 20% on the prior year, with total client assets at period end of over £7.5bn and the successful maintenance of the target EBITDA margin.
It said recent acquisitions were performing and integrating well, and the firm remained in a strong financial position, with net cash of over £22m.
Those acquisitions included MC Trustees in September, and the company also highlighted the opening of its new Manchester office in November.
Appointments during the period included a chief investment officer and a head of risk management and compliance.
More than £47m was now invested in the new ‘Structured Products Fund’, the board confirmed.
“I am delighted to report the six months ... represented another period of strong organic growth, driven by an expected increase in the demand for advice and a strong flow of new business, which together with acquisitions completed in this and the prior financial years increased revenues by over 20% on the equivalent period last year,” said chief executive Ian Mattioli.
“Acquisitions continue to be a core part of our growth strategy, with the five businesses acquired in the prior year integrating well, increasing earnings and enhancing value.”
Mattioli said the board believes further consolidation within the firm’s core markets remains likely, and its strong balance sheet gives it the flexibility to make further value-enhancing acquisitions.
“There were some significant economic and political events in the first half of this financial year.
“We have shown in good and bad economic conditions that we have a robust business model, which can deliver additional shareholder value through organic growth, the development of new revenue streams and the acquisition of similar or complementary businesses.”