Revenue and profits up as Mattioli Woods successfully navigates choppy waters
Leicester wealth management giant Mattioli Woods enjoyed a significant uptick in revenue and profits during the six months to 30 November 2022 as growth in the firm’s pensions and property management divisions and acquisitions made during the preceding year and a half paid dividends.
The company told the London Stock Exchange this morning (7 February) that a series of deals completed since 1 January 2021, including headline swoops for Maven and Ludlow, had added £20.2m to its coffers.
Group revenue increased by 10% to £54.9m during the period as the firm delivered what it described as a “resilient” performance against a challenging macroeconomic and geopolitical backdrop.
Mattioli’s operating profits before financing skyrocketed to £4.6m – an increase of 62.7% – while pre-tax profits at the firm were up 45.5% to £4.8m.
The company said its outlook for the current year remains in line with expectations.
Ian Mattioli MBE, CEO, 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.
“Revenue of £54.9m was 10% higher than the equivalent period last year (1H22: £49.9m) driven by positive performances in our pensions advice and administration, employee benefits, property management and private equity management operating segments.”
He added: “The first half of the financial year has seen the Group deliver a resilient trading performance against a complex macroeconomic and geopolitical backdrop. We plan to build on this position, through investing in our people and our systems to advance our key strategic initiatives: new business generation, investing in our in-house training programmes, growth through the integration of strategic acquisitions, developing new products and services, reviewing our processes and investing in technology to deliver further operational efficiencies.”