(Alliance News) - Mattioli Woods PLC ion Tuesday reported a jump in both interim revenue and profit due to a "resilient trading performance", as it lifted its payout by 6.0%.
The Leicester, England-based wealth and asset manager said revenue for the six months ended on November 30 amounted to GBP54.9 million, up 10% from GBP49.9 million the year before.
The company noted organic revenue growth of 2.2% with "increased new business pipeline", despite a 2% fall in total client assets for the group and its associate Amati Global Investors Ltd to around GBP14.6 billion on November 30.
Pretax profit rose 46% to GBP4.8 million from GBP3.3 million.
Chief Executive Officer Ian Mattioli said: "The first six months of this financial year saw the group deliver a resilient trading performance against the challenging macroeconomic and geopolitical backdrop that persisted throughout calendar year 2022. Our trading outlook for the year remains in line with management's expectations and we believe the group is well-positioned to secure further growth to the benefit of all our stakeholders, driving improvements in earnings, operating margin and shareholder returns."
The company declared an interim dividend of 8.8 pence per share, up 6.0% from 8.3p a year prior.
Adjusted earnings before interest, tax, depreciation and amortisation, however, were down 5.1% to GBP15.0 million from GBP15.8 million. It was due to the "change in revenue mix and market impact on revenues linked to asset values," Mattioli explained.
Gross discretionary assets under managements fell by 4% to GBP4.9 billion during the period, as gross inflows declined to GBP314.1 million from GBP384.8 million a year earlier.
Cash held on November 30 was down to GBP38.3 million from GBP53.9 million on May 31.
Looking ahead, Mattioli said its financial 2023 outlook remains in line with expectations.
Shares were down 4.6% at 620.00 pence each on Tuesday morning in London.
By Xindi Wei, Alliance News reporter
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Mattioli Woods (MTW)