(Alliance News) - Mattioli Woods PLC on Tuesday reported a rise in client assets and revenue in "another complex year" for investors, edging up its dividend in response.
Leicester, England-based Mattioli Woods is a specialist wealth and asset management business that aims to grow both organically and by buying and integrating similar businesses.
Pretax profit rose by 48% to GBP11.9 million in the financial year that ended May 31 from GBP8.0 million the year before. Revenue rose by 2.7% to GBP111.2 million from GBP108.2 million, benefiting from both organic growth and acquisitions.
Total client assets grew by 2.7% to GBP15.3 billion from GBP14.9 billion a year before. Gross discretionary assets under management, however, declined to GBP4.8 billion from GBP5.1 billion, despite GBP68.1 million in net inflows.
Mattioli Woods declared a final dividend of 18.0 pence, up 1.1% from 17.8p a year before. This brought its full-year payout to 26.8p, up 2.7% from 26.1p. The company said this is in line with its commitment to a progressive dividend policy.
Mattioli Woods said the outlook for financial 2024 remains in line with its expectations.
"The last few years have been complex for our clients," commented Chief Executive Ian Mattioli, who founded the company just over 30 years ago.
He added: "We expect the current macroeconomic conditions and recent legislative changes to drive continued demand for high quality advice as we expand capacity within our adviser training academy to train a greater number of advisers each year, seeking to capitalise on the current 'advice gap' and drive strong organic growth in our financial planning and specialist pension consultancy businesses."
Shares were up 3.1% to 623.60p on Tuesday morning in London.
By Tom Waite, Alliance News editor
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Mattioli Woods (MTW)