2nd Feb 2016 09:08
LONDON (Alliance News) - Wealth management and employee benefits company Mattioli Woods PLC on Tuesday said pretax profit edged higher in the half to the end of November as revenue increased and assets under management swelled, mainly though acquisitions.
The company said pretax profit for the half to November 30 rose to GBP2.8 million from GBP2.7 million a year earlier, as revenue rose to GBP19.9 million from GBP16.6 million. The contribution from recurring revenue streams dipped slightly in the year, making up 81.6% of the total from 82.1% a year prior.
Mattioli Woods said its total assets under management grew to GBP6.49 billion in the half from GBP5.01 billion a year before, with discretionary assets under management increasing 24%. The assets under management rise was driven by three acquisitions it made in the half and will rise further after the deal struck last month to buy Maclean Marshall Healthcare.
The company will pay an interim dividend of 3.85 pence per share, up 15% year-on-year from 3.34p.
"Against a backdrop of volatile financial markets, regulatory and legislative change, in the second half of this financial year we expect sustained demand for advice from clients, offsetting any impact lower asset values have on investment-related revenues," said Chief Executive Ian Mattioli.
"We are broadening our proposition as trusted adviser, product provider and asset manager and believe our blend of wealth management and employee benefits positions us well to deliver further strong shareholder returns going forward," he added.
Shares in Mattioli Woods were down 0.8% to 620.20p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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