Wealth management firm unveils strong financial results
Leicester-based wealth management specialists Mattioli Woods has reported a 2.7% increase in total client assets in its year-end results, reaching £15.3bn.
The AIM-traded company said that its revenue for the fiscal year ending on May 31st increased by 2.8%, reaching a total of £111.2m.
The growth in organic revenue amounted to 3.7%, equivalent to £75.7m, and there was also a positive impact from acquisitions, which added 0.7% or £35.5m to the overall revenue figure.
Mattioli Woods specialises in pension and wealth management services tailored for the higher end of the market for clients such as directors and business owners, professionals, executives and affluent retirees.
The growth was attributed to a mix of organic expansion and acquisitions for the year ending May 31. Recent additions to Mattioli Woods include Doherty Pension & Investment Consultancy, Maven Capital Partners, Ludlow Wealth Management Group, Richings Financial Management, and a 50.1% stake in White Mortgages.
The company has outlined its medium-term objectives, aiming to achieve £300m in revenue and expand client assets under management to £30bn.
These financial updates follow the recent appointment of Michael Wright as the new deputy chief executive. Michael Wright, who began his journey with Mattioli Woods in 2004 after graduating from the University of Leicester, assumes this role.
Ian Mattioli MBE, chief executive officer, said: “The last few years have been complex for our clients. This has reinforced our commitment to putting clients first and developing our service offering. We are building a business that is sustainable and ethical, but resilient over the long term.
“Our focus remains on delivering great client outcomes. We have continued to develop our client proposition, reviewing the range of investment management options we offer and identifying opportunities to enhance the proposition and realise revenue synergies across the group. The implementation of consumer duty regulations brings a welcome focus to the value that clients derive from the various services we offer and accords with our principles of integrity and professionalism.
“Over 31 years since founding the Company, I continue to be thankful and humbled by the enduring culture of professionalism, positive mindset and commitment that our entire team continues to show when managing our clients’ affairs throughout another complex year. I look forward to the future with confidence”.
