Mattioli Woods hails 'resilient' performance as H1 profits rise

7th Feb 2023 09:55

(Sharecast News) - Wealth and asset management business Mattioli Woods hailed a "resilient" performance on Tuesday as it posted a rise in first-half profits.

In the six months to 30 November, pre-tax profit increased 45.5% from the same period a year earlier to £4.8m, with revenues up 10% to £54.9m. Revenues were driven by positive performances in the pensions advice and administration, employee benefits, property management and private equity management operating segments.

Mattioli said the success of its new business initiatives and "the strength of existing client referrals" resulted in organic revenue growth of more than 2%, despite a 2% decline in the value of total client assets.

The company said its trading performance had been resilient against a "challenging" macroeconomic and geopolitical backdrop, as it lifted its interim dividend by 6% to 8.8p a share.

Chief executive Ian Mattioli said: "During the period, we proactively balanced securing good financial outcomes for our clients with ensuring the long-term growth and sustainability of our business, remaining true to our purpose of putting clients first.

"We are pleased to report further progress towards our strategic medium-term goals, achieving continued revenue growth in the first half of this financial year."

Mattioli Woods said the outlook for the current year remains in line with management's expectations.