Trading Update and Notice of Interim Results

RNS Number : 7627Y

Mattioli Woods PLC

06 January 2020

 

6 January 2020

Mattioli Woods plc

("Mattioli Woods" or "the Group")

Trading Update and Notice of Interim Results

Mattioli Woods plc (AIM: MTW.L), the specialist wealth management and employee benefits business, today issues the following trading update in advance of its interim results for the six months ended 30 November 2019, which are to be announced on Tuesday, 4 February 2020. 

Highlights

·     Growth in revenue and further growth in adjusted EBITDA and adjusted PBT

·     Improved margins following operational restructure

·     Total client assets of the Group and its associate of £9.4 billion at period end

·     Gross discretionary assets under management of £2.7 billion

·     Acquisition of The Turris Partnership Limited in December 2019

·     Strong financial position, with £20.0 million of cash at period end

·     Profit outlook for the current year in line with management's expectations

Ian Mattioli, Chief Executive, comments:

"I am pleased to report a return to revenue growth in the first half of this financial year, with increases in direct SSAS and SIPP fees and investment-related revenues.  We have achieved this despite continued market and political uncertainty, albeit this uncertainty resulted in lower net inflows into the Group's bespoke investment services than in the equivalent period last year.  

"We are dedicated to maintaining our culture of putting clients first, developing our service offering and building a business that is sustainable over the long term.  Supporting this, we have driven some further margin improvement, with additional efficiencies and cost savings realised following a planned restructure of our client facing operations and the migration of acquired pension portfolios onto our bespoke MWeb administration platform.  These changes have been designed to enhance client service and experience, receiving positive feedback both internally and from clients.

"We have continued to progress our strategic initiatives, including the further development of our own IT solutions where possible.  In December 2019, we were pleased to announce the acquisition of The Turris Partnership Limited, which is based in Glasgow, provides chartered financial planning and wealth management advice to clients, and has over £65 million of assets under advice.  This followed the acquisitions of SSAS Solutions (UK) Limited and Broughtons Financial Planning Limited in the prior financial year, which are integrating well and contributed positively to our trading results since acquisition. 

"Consolidation within both wealth management and SIPP administration is expected to continue, and we will seek to build on our track record of successful acquisitions by continuing to assess opportunities that meet our strict criteria. 

"We continue to deliver solid investment performance across both portfolios and funds, with the team at the Group's associate company, Amati Global Investors, gaining further recognition through the Amati AIM VCT being named Best VCT at Investment Week's Investment Company of the Year Awards in November 2019. 

"We plan to build on the progress achieved in the first half over the remainder of this financial year.  Events such as the suspension of the Woodford Equity Income Fund and the M&G Property Portfolio are likely to drive an increased demand for the holistic planning and expert advice we provide, and I anticipate greater client activity and increasing inflows into our bespoke investment services following the definitive general election result last month.  

"We continue to invest in our people, technology and infrastructure as we look to build upon our success to date.  Clients need long-term advice and strategies more than ever before and we will continue to provide quality solutions, maintaining our focus on client service and continuing to adapt our business model to the changing wealth management marketplace, integrating asset management and financial planning. 

"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." 

Notice of Interim Results

Mattioli Woods will be announcing its interim results for the six months ended 30 November 2019 on Tuesday, 4 February 2020.  An analyst briefing given by Ian Mattioli, Chief Executive and Nathan Imlach, Chief Financial Officer will be held at 09:30 hrs on 4 February 2020 at Canaccord Genuity Limited, 88 Wood Street, London, EC2V 7QR. 

Those analysts wishing to attend are asked to contact Ed Gascoigne-Pees at Camarco on [phone] or at [e-mail]. 

- Ends -

For further information please contact:

Mattioli Woods plc
Ian Mattioli MBE, Chief Executive Officer	Tel: [phone]
Nathan Imlach, Chief Financial Officer	www.mattioliwoods.com
Canaccord Genuity Limited (Nominated Adviser and Joint Broker)
Sunil Duggal		Tel: [phone]
David Tyrrell		www.canaccordgenuity.com
Tom Diehl
N+1 Singer (Joint Broker)
Richard Lindley, Corporate Finance		Tel: [phone]
Justin McKeegan, Corporate Finance		www.n1singer.com
Tom Salvesen, Corporate Broking

Media enquiries:

Camarco
Ed Gascoigne-Pees	Tel: [phone]
	www.camarco.com

Notes to editors

Mattioli Woods is one of the UK's leading providers of specialist pension, wealth management and employee benefit services.  Its core proposition integrates asset management and financial planning to serve the higher end of the market including controlling directors and owner-managed businesses, professionals, executives, and affluent retirees.  Its comprehensive range of employee benefit services is particularly suitable for medium-sized to larger corporates. 

The Group's broader wealth management proposition has grown from its strong pensions advisory and administration expertise, with a client base of over 11,000 self-invested personal pensions ("SIPP") and small self-administered pension schemes ("SSAS") throughout the UK.  The Group's assets under management, administration and advice total £9.4 billion. 

Mattioli Woods has a focus on holistic planning and providing the highest level of personal service, maintaining very close relationships with all its clients.  The strength of its personal relationships has led to high levels of client satisfaction, retention and referrals.  For more information, visit www.mattioliwoods.com. 

 

END

 

 

TSTSSDFIIESSEEF