4th Jul 2018 11:12
LONDON (Alliance News) - Mattioli Woods PLC said Wednesday it was a year of "strong and sustainable" growth as the company increased its organic revenue and total client assets.
The wealth asset management company is reporting "strong" organic revenue growth "over 15%" in the year ended May 31. Mattioli Woods increased its total client assets to "over GBP8.7 billion" at year end.
The company said the growth in organic revenue was "primarily driven" by the 1,300 new self-invested personal pension, small self-administered scheme and personal clients picked up during the year.
Mattioli Woods said its recent acquisitions "continue to perform well" and acquisitions "remain a core part" of it growth strategy. The company said it will "continue to review a diverse pipeline of potential acquisition opportunities" and expects "further consolidation" in its core markets.
"I am delighted to report another year of strong and sustainable growth. We continue to enjoy strong client retention and have seen sustained demand for advice from clients, driven by lifestyle, increasing longevity, tax and other legislative changes, including the pension freedoms that introduced more flexibility as to how and when people can access their pension savings," said Chief Executive Ian Mattioli.
"Strong growth in revenue has translated into strong growth in earnings before interest, tax, depreciation and amortisation, with Ebitda margin for the year remaining slightly ahead of our 20% target. I am delighted with the performance of our business over the last financial year and I believe we are well-positioned to progress further towards the ambitious longer-term goals we have set," Mattioli added.
Shares in Mattioli Woods were up 0.5% at 798.75 pence each Wednesday.
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