28th Jan 2014 10:01
LONDON (Alliance News) - Wealth management and employee benefits provider Mattioli Woods PLC Tuesday reported higher profits for the first half of its financial year as it expanded its discretionary assets under management and integrated Atkinson Bolton Consulting Ltd, the employee benefits company it bought last July.
It also said it plans to launch a property investment company, which it hopes to list in London in the spring.
Mattioli reported a net profit of GBP1.9 million for the six months to end-November, up from GBP1.7 million a year earlier, as revenues rose to GBP13.4 million, from GBP11.3 million. Its pretax profit excluding acquisition costs, amortisation and impairments, a figure closely watched by the markets, rose to GBP2.9 million, from GBP2.5 million.
It raised its interim dividend to 3.10 pence, from 2.33 pence.
Total client assets rose to GBP4.32 billion, from GBP3.24 billion, while discretionary assets under management rose to GBP0.51 billion, from just GBP0.05 billion.
All its business units contributed to the revenue increases: revenues rose 23.9% at its pension consultancy and administration business, 39.7% in wealth management, and to GBP2.45 million, from GBP2.31 million, in its employee benefits unit. Atkinson Bolton contributed GBP0.42 million of revenues in the six months.
"We plan to incorporate a closed-ended property investment company, which is expected to become a real estate investment trust, to launch an initial public offering on the Main Market of London Stock Exchange in the spring. The planned launch of the REIT is an exciting opportunity to drive dynamic growth in our property business," Chairman Bob Woods said in a statement.
"Current trading is in line with the board's expectations and we remain confident in our outlook for the remainder of the year," he added.
Mattioli Woods shares were up 3.4% at 412 pence Tuesday morning, a new all-time high for the stock.
By Steve McGrath; [email protected]; @SteveMcGrath1
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