Mattioli Woods grows revenues in strong H1

(Sharecast News) - Wealth management firm Mattioli Woods told investors on Monday that it had continued to see growth in revenues, adjusted underlying earnings and pre-tax profits during the six months ended 30 November 2019.
Mattioli said the return to revenue growth in the first half was principally driven by increases in direct SSAS and SIPP fees and investment-related revenues despite continued market and political uncertainty.

However, the AIM-listed firm did note the aforementioned uncertainty had resulted in lower net inflows into its bespoke investment services than in the same period a year earlier.

Total client assets of the group and its associate hit £9.4bn at period end, while gross discretionary assets under management came to £2.7bn.

Mattioli also credited improved margins following its operational restructure for the strong growth in profits.

Chief executive Ian Mattioli said: "We plan to build on the progress achieved in the first half over the remainder of this financial year.

"Our profit outlook for the year is in line with management's expectations and I believe we remain well-positioned to grow, both organically and by acquisition, to deliver sustainable shareholder returns."

As of 1305 GMT, MW shares were down 2.15% at 797.50p.