(Alliance News) - Mattioli Woods PLC on Tuesday said its profit rose by over GBP2 million in its latest half year, as demand increased for "high-quality" financial planning and wealth management services.
The Leicester, England-based specialist wealth and asset management business said pretax profit surged 48% to GBP7.6 million in the six months to November 30, from GBP4.8 million the year before.
Revenue jumped 7.7% to GBP59.1 million from GBP54.9 million a year prior. Earnings before interest, tax, depreciation and amortisation rose 26% to GBP12.8 million from GBP10.0 million.
Employee benefits expenses rose 10% to GBP32.8 million from GBP29.8 million, although other administrative expenses decreased 3.5% to GBP9.8 million from GBP10.2 million.
Mattioli Woods also declared an interim dividend of 9.0 pence per share, up 2.3% from 8.8p for the first half of financial 2023.
The company took advantage of "increased demand for high-quality wealth management and financial planning advice driven by proposed pension and investment reforms, and market conditions".
Mattioli Woods said its outlook for the current financial year is in line with management expectations, and that its current "proactive" cost management is in line with its medium-term goals. These include GBP300 million in revenue and GBP100 million in earnings.
"The first six months of this financial year saw the group deliver improved organic growth despite the complex macroeconomic backdrop that persisted throughout the period," commented Chief Executive Officer Ian Mattioli. "Our priority remains the delivery of profitable organic growth and we are pleased to report further progress towards our medium-term strategic goals...driven by positive performance across our pensions advice and administration, employee benefits and investment management operating segments."
Shares in Mattioli Woods were down 1.7% at 580.00 pence each in London on Tuesday.
By Emma Curzon, Alliance News reporter
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Mattioli Woods (MTW)