(Alliance News) - Wealth manager Mattioli Woods PLC said Thursday it hit a "key milestone" in the first half of its financial year, as client assets topped GBP10 billion.
"The first six months of this financial year saw a continuation of the economic and political uncertainty that was a feature for most of 2020," Chief Executive Ian Mattioli said.
"Throughout the period we proactively balanced securing good financial outcomes for our clients with ensuring the long-term sustainability of our business, remaining true to our purpose of putting clients first, which has been consistent throughout our 30 years of trading, and I am pleased to report further progress towards our ambitious medium term goals with total client assets now exceeding GBP10.6 billion."
At May 31, the end of the company's last financial year, assets under management, administration & advice stood at GBP9.30 billion.
Mattioli Woods expects the firm's gross discretionary assets under management will end the first half at GBP2.9 billion, which would be an increase from GBP2.6 billion at the end of May.
"As anticipated, revenue was slightly lower than in the equivalent period last year due to the adverse impact of weaker financial markets and the suspension of certain statutory requirements for pension schemes resulting in lower fee-based revenues," Mattioli Woods said.
In the first half last year, the wealth manager recorded GBP30.3 million in revenue.
The CEO continued: "However, continued cost management and the positive contribution of Hurley Partners for part of the period more than offset the impact of reduced revenues on adjusted earnings before interest, taxes, depreciation and amortization."
Mattioli Woods expects interim profit in line with analyst expectations. In the first half the year before, it recorded pretax profit of GBP6.0 million.
"We believe that consolidation across our key markets will continue and we continue to assess and progress those opportunities that meet our strict criteria. We have shown that we have a robust business model in both good and bad economic conditions, which can deliver additional shareholder value through organic growth from the development of existing and new client relationships; and the acquisition of similar or complementary businesses," Mattioli Woods added.
Shares in Mattioli Woods were 0.4% lower in London on Thursday at 752.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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Mattioli Woods (MTW)