Profits fall at Mattioli Woods – but momentum builds

Ian Mattioli MBE

Mattioli Woods, the Leicester-based wealth management firm, has seen profits fall in the face of a series of acquisitions and the IFRS accounting policy.

For the year ending May 31, the firm made a surplus of £4.2m – down from a profit of £12.7m last year. Revenue, however, rose by 7% to £62.6m.

Ian Mattioli MBE, chief executive officer, said: “I am pleased to report that even in these unprecedented times we continue to grow and develop the business. The Group’s revenue grew 7% to £62.6m (2020: £58.4m), driven by increased inflows and the sustained performance of our discretionary management proposition, combined with positive contribution of each of the businesses acquired during the year.

“The uncertainty that we have all experienced over the last year has served to enhance our commitment to maintaining our culture of putting clients first, developing our service offering and building a business that is sustainable over the long-term. Our continued investment in technology has allowed the majority of our team to continue working remotely, and for us to work in a new operating environment with an increased number of new clients and also generate an increased pipeline of new business opportunities.

“The essence of what we do is looking after our clients’ money and there is an expectation that we should apply the same diligence in looking after that of our business and our shareholders. Current trading is in line with our expectations and the momentum that we saw in the second half of last year continues in the current year.”

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