(Sharecast News) - Mattioli Woods said annual profit was in line with its expectations as the wealth and asset manager's generated new business and revenue rose.
Revenue increased by about 7% in the year to the end of May, Mattioli Woods said in a trading update. Performance was boosted by the easing of some concerns about Covid-19 and the signing of the Brexit deal, which increased investment activity.
Together with positive investment performance these conditions supported higher inflows into the group's funds. The company said momentum had continued to build in the current financial year.
Mattioli Woods has been buying businesses to expand. It said recent acquisitions were performing and integrating well.
Chief Executive Ian Mattioli said: "I am pleased to report revenue growth, despite the continued economic uncertainties that persisted throughout the period. The group saw a notable increase in the level of new business generated, through primarily virtual but also through traditional, face-to-face meetings when permitted. This combined with a stronger pipeline of new client leads provides opportunities for future organic revenue growth for the group."
Shares of Mattioli Woods rose 1.5% to 753.69p at 08:14 BST.
Mattioli Woods (MTW)18 Apr 2024 14:12