Profits rise at Leicester wealth manager

Revenue and profits at Leicester-based wealth management business Mattioli Woods have risen again – despite what bosses are calling “a complex market”.

Turnover at the firm rose 2.8% to £29.2m, while profit before tax was up 3.7% to £5.6m for the six months ended 30 November 2018.

Management said the profit outlook for the full year is in line with expectations.

Ian Mattioli MBE, chief executive, said: “I am pleased to report another period of sustainable profit growth, achieved against the backdrop of a complex market. As highlighted in our January trading update, revenue growth in the period was slightly lower than expected due to a combination of the Group reducing clients’ costs and general market conditions.

“While there remains uncertainty around Brexit it will continue to impact markets and consumer confidence. Our integrated model means we are well-positioned to proactively advise our clients and we anticipate we may see an increased demand for advice once the shape of Brexit becomes clearer.

“Although there is some caution around markets, we believe the Group is well placed to secure further growth, both organically and by acquisition, and further consolidation within our core markets remains likely. We continue to manage our clients’ assets and the Group’s cost base with care. Our profit outlook for the year remains in line with management’s expectations and I am confident we can secure further progress towards the ambitious longer-term goals we have set.”