(Alliance News) - Mattioli Woods PLC on Monday said it returned to revenue growth in the first half of its financial year, accompanied by a rise in both fees and investment-related revenue.
The employee benefits and wealth management firm reported revenue growth for the six months ended November 30. For that same period, it also achieved both adjusted earnings before interest, taxes, depreciation, and amortisation growth and adjusted pretax profit growth.
Small self-administered scheme fees, fees from self-invested personal pensions, and investment-related revenues were all higher in the period.
Chief Executive Ian Mattioli noted that this had been achieved "despite continued market and political uncertainty" but added that such uncertainty had produced a reduction in net inflows into the firm's bespoke investment services year-on-year.
Mattioli Woods has also conducted an operational restructure which strengthened its margins. As at November 30, its cash totalled GBP20.0 million and its gross discretionary assets under management came to GBP2.7 billion.
Looking ahead, the company will seek to further consolidate within its wealth management and SIPP administration and assess opportunities which meet its "strict criteria".
"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," the CEO commented.
Mattioli Woods will post its interim results for the six months ended November on February 4.
Shares in Mattioli Woods were down 1.7% at 801.11 pence in London on Monday morning.
By Anna Farley; annafarley@alliancenews.com
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Mattioli Woods (MTW)