4th Sep 2018 11:44
LONDON (Alliance News) - Mattioli Woods PLC on Tuesday reported a significant rise in profit in the first half of 2018 on higher customer demand.
The wealth management company said pretax profit grew 27% to GBP9.8 million in the year to the end of May from GBP7.7 million reported a year ago, as revenue climbed by 16% to GBP58.7 million from GBP50.5 million.
Mattioli proposed total dividend of 17.0 pence a share, up 21% from 14.1p paid the year prior.
In the Investment & Asset Management division revenue, generated from advising clients, increased 20% to GBP25.1 million from GBP21.0 million a year earlier.
Income from both initial and ongoing portfolio management charges increased to GBP14.2 million from GBP10.7 million a year ago, as the value of clients' assets in discretionary portfolios increased 18% to GBP1.34 billion GBP1.14 billion.
Meanwhile, Pension Consultancy & Administration unit grew revenue by 15% to GBP21.8 million from GBP18.9 million driven by new client wins.
Retirement planning is often central to Mattioli clients' wealth management strategies, it said, and the number of direct schemes increased year-on-year to 5,834 from 5,140.
Administrative expenses increased to GBP12.3 million compared to GBP9.5 million the year before, primarily due to additional costs associated with the impending move from the company's existing offices at Grove Park to a new office in the centre of Leicester.
"I am pleased to report another year of strong and sustainable growth," said Chief Executive Ian Mattioli. "We continue to invest in the group as we look to build upon our success to-date."
Shares in Mattioli were trading 3.1% higher on Tuesday at 858.00 pence each.
Related Shares:
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