7th Feb 2017 08:51
LONDON (Alliance News) - Wealth management and employee benefits firm Mattioli Woods PLC on Tuesday reported growth in profit and revenue in the first half of its financial year and hiked its dividend payout on the back of the robust results.
Mattioli said it made a pretax profit of GBP3.7 million in the half-year to November 30, up 32% from the GBP2.8 million it reported a year prior.
Revenue rose 22% to GBP24.3 million from GBP19.9 million, with recurring revenue now accounting for 84.3% of total sales, up from 81.6% a year before. Total client assets on Mattioli's books rose 14% to GBP7.56 billion from GBP6.61 billion.
The firm lifted its dividend 22% thanks to the strong results, declaring an interim payout of 4.70 pence compared to 3.85p a year before.
"We believe our vertically integrated models for wealth management and employee benefits, blending our capabilities as trusted adviser, administrator, product provider and asset manager, allow us to deliver improved and sustainable client outcomes, which will enable the group to secure further profitable growth," said Chief Executive Ian Mattioli.
Separately, Mattioli said on Tuesday it has agreed to buy 49% of Amati Global Investors Ltd for GBP3.3 million from Amati Global Partners LLP. It will have the option to buy the other 51% of the business in a two-year period starting in February 2019.
The consideration will comprise GBP1.6 million in cash and 224,427 shares in Mattioli Woods.
Amati is a wealth management firm with around GBP120.0 million in assets under management across its funds. It focuses on investing in mid and small-sized companies.
In 2016, Amati made pretax profit of GBP490,000 on revenue of GBP1.8 million.
Shares in Mattioli were up 3.2% to 799.40p on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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