(Alliance News) - Mattioli Woods PLC on Thursday said half-year revenue is up and its full-year outlook remains in line with expectations.
The Leicester, England-based wealth and asset manager said in a trading update that revenue in the six months that ended November 30 was up 10% to GBP54.9 million from GBP49.9 million a year earlier.
It cited resilient trading performance despite a "complex" macroeconomic and geopolitical backdrop as reasons for increasing revenue.
This is alongside organic revenue growth of over 2% and an increased new business pipeline, despite a 2% fall in total client assets for the group and its associate Amati Global Investors Ltd to around GBP14.6 billion on November 30.
Gross discretionary assets under managements fell by 4% to around GBP4.9 billion during the period, as gross inflows fell to GBP314.1 million from GBP384.8 million a year earlier.
Mattioli Woods said recent acquisitions continue to perform in-line or ahead of budget and integrate well, observing an "exciting and value accretive" pipeline of new acquisition opportunities.
A cost management focus was reportedly maintained, achieving intra group synergies and helping to maintain profit margin, it said.
Cash held on November 30 was down to GBP38.3 million from GBP53.9 million on May 31, which it said was in line with expectations.
Looking ahead, Mattioli Woods said its outlook for the financial year ending May 31 remains in line with management's expectations.
"We continue to focus on securing good financial outcomes for our clients and putting them first in everything we do, whilst at the same time achieving both organic and acquisition based growth, and I am pleased to report further progress towards our medium-term goals," said Chief Executive Ian Mattioli. "The group remains well-positioned to deliver long-term sustainable shareholder returns."
Shares in Mattioli Woods were flat at 630.00 pence each in London on Thursday morning.
By Greg Rosenvinge, Alliance News reporter
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Mattioli Woods (MTW)