2nd Jul 2014 09:29
LONDON (Alliance News) - Mattioli Woods PLC Wednesday said it delivered strong revenue growth in its last financial year, up 25% on the prior year, and in line with its expectations, boosted by an increase in total client assets.
The specialist wealth management and employee benefits business said that its total client assets under management, administration and advice had increased by 27% by year-end to GBP4.63 billion.
The company said it is well positioned to take advantage of recent changes in employee benefits, although there will be a shift in the way its revenues are generated.
"There will be a shift in employee benefits revenues away from up-front commissions, reducing revenues in the short term, but leading to higher fee-based recurring revenues going forward," said Executive Chairman Bob Woods in a statement.
Mattioli Woods said it will continue to focus on pursuing growth organically but with the help of acquisitions, and said it is confident of securing further profitable growth.
"Over the next 12 months we plan a further GBP1 million of capital investment in our bespoke pension administration and wealth management platform, with the aim of enhancing the services we offer clients and realising operational efficiencies across the group as a whole," said Woods.
The company said it will announce its full-year results on September 2.
Mattioli Woods shares were up 2.9% at 458.00 pence Wednesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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