Mattioli Woods profits grow despite uncertain macro environment
Wealth management business Mattioli Woods recorded strong growth in underlying earnings and pre-tax profits last year despite political and economic uncertainty impacting investor sentiment.
Financial Services
14,075.11
17:09 19/04/24
FTSE AIM All-Share
745.67
17:08 19/04/24
Mattioli Woods
792.00p
17:15 19/04/24
Mattioli Woods had £2.6bn worth of gross discretionary assets under management and net inflows of £250m at the end of the year, while total client assets rose to £9.4bn between Mattioli Woods and its associate Amati Global.
The AIM-listed firm also lowered costs for its clients while maintaining an EBITDA margin ahead of its 20% target.
Mattioli also highlighted the solid performance and integration of its recent acquisitions, pension trust SSAS Solutions and wealth management firm Broughtons Financial Planning, and its strong financial position, with cash of more than £23m on hand.
Elsewhere, Mattioli appointed a new chief compliance officer, James Wilson, and a new finance director, Ravi Tara. It also said that managing director Murray Smith will leave following the firm's annual general meeting in October.
Chief executive Ian Mattioli said: "Whilst political and economic uncertainty might continue to impact investor sentiment in the short term, we are confident that our focus on addressing the changing needs of our clients means we are well-positioned to deliver further growth."
As of 1045 BST, Mattioli Woods shares had fallen 2.33% to 774p.