Wealth management firm hints at acquisitions as profits rise

Profits have risen slightly at Leicester-based wealth management firm Mattioli Woods.

For the 12 months to 31 May, the firm posted flat revenues of £58.5m, while profit before tax was up 4.1% to £10.2m.

The company’s boss has hinted the company may look to grow through acquisition over coming months.

Ian Mattioli MBE, chief executive, said: “Recent acquisitions are performing and integrating well, with the financial result for the year including positive contributions from Broughtons and SSAS Solutions, which were acquired in August 2018 and March 2019 respectively. With continuing consolidation across the key markets in which we operate, we expect there will be further opportunities to accelerate our growth by acquisition.

“We continue to streamline our business, drive increased efficiency and reinforce our purpose to grow and preserve our clients’ assets, while giving them control and understanding of their overall financial position. Uncertainty around Brexit will continue to impact investor and consumer sentiment in the short-term, but we are confident that our focus on addressing the changing needs of our clients will position us well to deliver future growth and continued sustainable shareholder returns.”