5th Feb 2019 10:15
LONDON (Alliance News) - Mattioli Woods PLC on Tuesday expressed confidence in achieving full-year guidance as its revenue and profit grew moderately in the first half.
The wealth management company reported pretax profit of GBP5.6 million in the six months to the end of November 2018, up 3.7% from GBP5.4 million reported for the same period a year earlier, as revenue rose by 2.8% to GBP29.2 million from GBP28.4 million.
Mattioli highlighted that it achieved growth despite the lower level of client activity caused by generally poor investment sentiment in the UK and prolonged uncertainty over Brexit.
Revenue came in slightly lower than expected due to a combination of the company reducing clients' costs and general market conditions.
Mattioli declared an interim payout of 6.33 pence a share, up 15% from 5.5p paid the year before.
"I am pleased to report another period of sustainable profit growth, achieved against the backdrop of a complex market," said Chief Executive Ian Mattioli.
"Our profit outlook for the year remains in line with management's expectations, and I am confident we can secure further progress towards the ambitious longer-term goals we have set," added Mattioli.
Mattioli shares were trading 0.5% lower on Tuesday at 734.00p each.
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