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Mattioli Woods (MTW) Director name: Mr Nathan James McLean Imlach Amount sold: 21,958 @ 240.00p Value: £52,699
Mattioli Woods (MTW) Director name: Mr Nathan James McLean Imlach Amount sold: 37,209 @ 240.00p Value: £89,302
Mattioli Woods (MTW) Director name: Mr Nathan James McLean Imlach Amount sold: 53,833 @ 240.00p Value: £129,199
Mattioli Woods (MTW) Director name: Mr Mark Smith Amount sold: 187,500 @ 240.00p Value: £450,000
Mattioli Woods (MTW) Director name: Mr Murray Beveridge Smith Amount sold: 187,500 @ 240.00p Value: £450,000
Mattioli Woods (MTW) Director name: Mr Ian Thomas Mattioli Amount sold: 200,000 @ 240.00p Value: £480,000
Top Director Sells Mattioli Woods (MTW) Director name: Mr Robert Woods Amount sold: 200,000 @ 240.00p Value: £480,000
Bob Woods, Executive Chairman, said: "We are delighted to report that the group has made further strong progress towards our long-term strategic goals. "Strong results from recent acquisitions and our expanding wealth management services delivered further profitable growth."
Revenue at specialist pensions consultancy Mattioli Woods rose 29 per cent to 11.3m pounds in the six months ended November 30th. In an interim statement published on Tuesday, the group further reported that recurring revenues represented 64.4% of revenue, while adjusted profit before tax was up 26% to �2.52m. The group's interim dividend was up 25.9% to 2.33p and company said that it was in a strong financial position with net cash of �3.94m. Total client assets rose 13.3% to �3.24bn, whilst consultant numbers increased by 19.6% to 55.
The group, which provides financial advice to professionals, is confident that the quality of future earning will be improved by the introduction of adviser fees and discretionary portfolio management, having already attracted £40m of assets under management since September 1st. Its third-party administration business, City Pensions Limited, has enjoyed strong profit growth following its relocation to Leicester, improved by its appointment to operate The Pilgrim SIPP (Pilgrim). Its appointment to operate Pilgrim benefitted its property business, Custodian Capital Limited (CCL), which now administers 11 property syndicates on behalf of Pilgrim members. CCL also saw £11m of new investment into six new syndicates during the period. Mattioli Woods will announce its interim results for the six months ending November 30th on Tuesday January 29th 2013
Mattioli Woods has issued a solid trading update for the first half, led by good results from its recent acquisitions, saying it expects full-year results to meet expectations. It has also hinted that is on the lookout for further acquisitions. Discussing trading for the six months ending November 30th, Bob Woods, Executive Chairman of the pension and wealth management consultancy, said: "Increased activity since the summer months and strong results from recent acquisitions have delivered further profitable growth. "The first half of this financial year has been dominated by the launch of our discretionary portfolio management service and preparing for the implementation of the Financial Services Authority's (FSA's) retail distribution review (RDR). Woods expressed confidence that this would "deliver results in line with management's expectations for the year." Consensus estimates for the full year ending May 31st 2013 are for pre-tax profits of £5.22m on turnover of £21.63m. Mattioli Woods also expects that FSA proposals to increase the regulatory capital requirements for self-invested pension (SIPP) providers will, by driving industry consolidation, present it with opportunities to make acquisitions.
Mattioli Woods has proposed a total dividend of 5.55p, up from 4.95p in 2011. The IFA and Sipp provider said its financial position is strong with net cash at period end of £5.14m compared to £4.61m the year before.
Pension and wealth management consultancy specialist Mattioli Woods said full year revenue rose by a third while wealth management revenues increased by nearly 50 per cent. The group, which provides financial advice to professionals, said revenue rose 33.3% to £20.48m for the year ended May 31st 2012, of which recurring revenues represent 63.2% compared to 67.5% in 2011. Assets under administration and advice rose 31.3% to £3.02bn. The figures include £4.27m revenue from last year's acquisition of employee benefit and wealth management specialist Kudos. Wealth management revenues rose to £6.62m during the year, up nearly 50% from the previous year. The group said it would provide restricted advice on its SIPP and bespoke investment products and may give restricted advice in other product areas. Adjusted pre-tax profit rose to £5.06m during the year from £4.95m previously. Adjusted earnings per share rose to 22.02p from 21.17p. Executive Chairman Bob Woods said he was pleased with the group's strong progress with both organic and acquired growth despite challenging economic conditions. "I believe the group is now better-positioned than ever to compete in the post-RDR world and we will continue investing in the business to secure further profitable growth, underpinned by strong recurring revenues," he said.
Shore Capital initiated coverage of pension consultant Mattioli Woods (MTW) with a "buy" recommendation, noting strong revenue growth from its expanding wealth management product range. Shore adds that the firm has 2.8 billion pounds of assets under advice or administration, and with a history of acquisitive growth the broker believes that there is scope for further takeovers. Trading at a discount to peers such as Hargreaves Lansdown (HL.), the broker reckons that this is unjustified given its margins and growth potential.