25th Oct 2018 13:27
LONDON (Alliance News) - Mattioli Woods PLC said Thursday it is well placed for future growth after reporting a revenue increase in the first four months of the financial year.
In her annual general meeting statement, the wealth management firm's Non-Executive Chairman Joanne Lake said that despite the current uncertainty in the market, the company is "well placed to continue to grow".
She said: "We have secured further revenue growth and operational efficiencies in the first four months of this financial year, and I believe the benefits of operating our integrated model will allow us to further reduce clients' total expense ratios, whilst realising new operational efficiencies and synergies."
Lake added that the company has seen a lower level of client activity during the summer, attributed to "poor investor sentiment and prolonged uncertainty over Brexit".
"However, the impact on revenue of this and reducing clients' total expense ratios has been more than offset by resource and other administrative cost savings, resulting in earnings before interest, taxes, depreciation and amortisation margin for the year to date tracking substantially ahead of target."
Looking ahead, the company said it will be able to adapt to meet the needs of its clients in a "challenging marketplace".
Mattioli Woods shares were trading down 1.1% at 680.0 pence.
Related Shares:
MTW.L