Mattioli Woods Share News (MTW)

(Sharecast News) - Mattioli Woods said trading was in line with expectations as the wealth manager cut its final dividend to leave the annual payout unchanged.
Operating profit before financing for the year to the end of May rose 38.7% to £12.9m as revenue increased 1.6% to £58.4m. Pretax profit rose 36.7% to £13.4m.

Mattioli Woods reduced its final dividend to 12.7p a share from 13.67p, giving a total dividend for the year of 20p a share - the same as the year before.

The company said it cut the final payout to protect its financial position during a period of uncertainty and that it would increase the dividend when the time was right. Mattioli Woods shares fell 1% to 695.5p at 09:16 BST.

The company said organic revenue fell 0.5% but this was more than offset by contributions from the Broughtons and SSAS businesses bought in the previous year and Turris, acquired in December. Results were supported by £2.6m of cost savings from cutting board salaries and staff bonuses.

Chief Executive Ian Mattioli said: "Current trading is in line with our expectations and we can see light at the end of the Covid-19 tunnel.

"We expect that uncertainty around Brexit and the impact of Covid-19 will continue to influence investor and consumer sentiment in the short-term, but we believe the opportunity for Mattioli Woods is significant as people seek to take charge of their money and manage it through the generations."