Mattioli Woods cuts final dividend
Mattioli Woods
790.00p
17:15 16/05/24
Mattioli Woods said trading was in line with expectations as the wealth manager cut its final dividend to leave the annual payout unchanged.
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Operating profit before financing for the year to the end of May rose 38.7% to £12.9m as revenue increased 1.6% to £58.4m. Pretax profit rose 36.7% to £13.4m.
Mattioli Woods reduced its final dividend to 12.7p a share from 13.67p, giving a total dividend for the year of 20p a share - the same as the year before.
The company said it cut the final payout to protect its financial position during a period of uncertainty and that it would increase the dividend when the time was right. Mattioli Woods shares fell 1% to 695.5p at 09:16 BST.
The company said organic revenue fell 0.5% but this was more than offset by contributions from the Broughtons and SSAS businesses bought in the previous year and Turris, acquired in December. Results were supported by £2.6m of cost savings from cutting board salaries and staff bonuses.
Chief Executive Ian Mattioli said: "Current trading is in line with our expectations and we can see light at the end of the Covid-19 tunnel.
"We expect that uncertainty around Brexit and the impact of Covid-19 will continue to influence investor and consumer sentiment in the short-term, but we believe the opportunity for Mattioli Woods is significant as people seek to take charge of their money and manage it through the generations."