Mattioli Woods saw an increase of 3.8% in its revenue to hit £30.3m ($39.5m) in the six months ending 30 November (H2) 2019.
In H1 2019, it only totalled £29.2m. Growth was supplemented by a six month contribution from Broughtons Financial Planning and SSAS Solutions. These were acquired in the prior financial year.
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In addition, the wealth manager saw recurring revenues represent 91.5% of total revenue. Operating profit before financial was up 7.4% to £5.8m (1H19: £5.4m).
Furthermore, profit before tax was £6m, a 7.1% rise from the first half of the year.
Total client assets of the group were £9.4bn, the same as in the previous half of the year. Gross discretionary assets under manager totalled £2.7bn, a slight rise from £2.6bn on 31 May 2019.
Ian Mattioli MBE, Chief Executive Officer, said: “Clients need long-term advice and strategies more than ever before. More than a decade of low interest rates and evolving client preferences, including environmental, social and governance considerations, have created challenges for people seeking to generate income, while preserving and growing their capital. While we anticipate greater client activity and increasing inflows into our bespoke investment services following the UK General Election result in December 2019, there remains some uncertainty around the exact shape of Brexit.
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By GlobalData“We will continue to provide quality solutions, maintaining our focus on client service and continuing to adapt our business model to the changing market, integrating asset management and financial planning to build upon our established reputation for delivering sound advice and consistent investment performance, while looking to reduce clients’ costs.
“We plan to build on the progress achieved in the first half of this financial year, advancing our strategic initiatives, such as the development of new products and services and our own IT solutions where possible. Our profit outlook for the year remains in line with management’s expectations and we believe the Group is well-positioned to grow, both organically and by acquisition, to continue delivering sustainable shareholder returns.”
In addition, Mattioli Woods acquired The Turris Partnership in December 2019. Turris currently has over £65m of client assets under advice.
