Revenue boost for ‘resilient’ Mattioli Woods

Leicester wealth management firm Mattioli Woods has posted a revenue boost of 10% for the six months ending November 30 2022.

Turnover reached £54.9m for the period against what the company called a “complex macroeconomic and geopolitical backdrop”.

Assets under management fell by 4% to £4.9bn over the period, but the company’s outlook for the current financial year remains in line with expectations.

Ian Mattioli MBE, chief executive, said: “The group delivered creditable revenue and profit before tax growth in the first six months of this financial year, despite the difficult economic and political complexities that persisted throughout the period.

“Our revenue model balances fee-based revenues for specialist advice and administration with revenues linked to the value of clients’ assets on an ad valorem basis, which has allowed the Group to continue to grow and experience less sensitivity to movements from challenging investment markets.

“We continue to focus on securing good financial outcomes for our clients and putting them first in everything we do, whilst at the same time achieving both organic and acquisition based growth, and I am pleased to report further progress towards our medium-term goals.

“The group has maintained profit margins through prudent cost management and in realising further operational efficiencies.”

He added: “Our Maven private equity business made further strong progress during the period, enjoying healthy levels of new deal flow across all segments of the business, leading to increased transaction based revenues. Pleasingly joint-fundraising with the group became a feature of two recent investor partner deals generating significant fees through combining people talent and access to capital. Maven continues to enjoy a strong deal pipeline with a number of new tender opportunities during 2023 across the UK.

“Consolidation within the wealth management, pensions administration, asset management and financial planning sectors continues apace, and we continue to assess a strong pipeline of potential acquisition opportunities, with a disciplined approach, where all transactions are required to meet our strict investment criteria.”