Mattioli Woods Share News (MTW)

(Sharecast News) - Specialist wealth and asset manager Mattioli Woods updated the market on its first half on Friday, reporting that net inflows into its investment and asset management services and the number of new clients on-boarded in the financial year-to-date were ahead of the prior year.
The AIM-traded firm put that down to the strength of both its existing client referrals, and new business initiatives.

It said those initiatives were also driving an increasing pipeline of new business enquiries, with organic revenue growth in excess of 10% for the six months ended 30 November.

"Each of the group's recent acquisitions are performing and integrating well," the board said in its statement.

"The anticipated revenue and cost synergies identified on Mattioli Woods' acquisitions of Maven Capital Partners and Ludlow Wealth Management are already starting to be realised, with both businesses trading ahead of budget for the year to date."

Mattioli Woods said it expected further consolidation within the wealth management, pensions administration and financial planning sectors, with more opportunities coming to market.

"The group expects to build upon its strong track record of successful acquisitions by continuing to assess and progress bolt-on opportunities in the nearer term as well as potentially more substantial opportunities in the longer term, with all required to meet its strict investment criteria.

"The group's trading outlook for the current financial year remains in line with management's expectations and Mattioli Woods remains well-positioned to deliver sustainable shareholder returns."

Mattioli Woods said it would provide a "fuller" trading update in early January.

At 1043 GMT, shares in Mattioli Woods were up 0.11% at 881p.