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(Alliance News) - Mattioli Woods PLC on Tuesday said its earnings rose in the first half of its current financial year and it is "well positioned" to grow further in the reminder of its financial year.
The wealth management company reported pretax profit growth of 7.1% in the six months to the end of November 2019 to GBP6.0 million from GBP5.6 million a year prior, as revenue grew by 3.8% to GBP30.3 million from GBP29.2 million.
Mattioli Woods noted its revenue mix remains primarily fee based. On an organic basis, the company noted that its revenue improved by 1.8%, primarily driven by increases in discretionary portfolio management, direct small self-administered schemes and self-invested personal pension and property management fees.
"This organic growth was supplemented by a full six-month contribution from the Broughtons and SSAS Solutions businesses acquired in the prior financial year, which are performing and integrating well," said Chief Executive Ian Mattioli.
The AIM-listed company declared an interim payout of 7.3 pence a share, up 15% from 6.33p paid the year before.
Looking ahead, CEO Mattioli added: "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."
The stock was trading 1.2% higher in London on Tuesday at 850.00p a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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