Trading Update

RNS Number : 9162I

Mattioli Woods PLC

26 November 2008

 



Press Release

26 November 2008

Mattioli Woods plc

('Mattioli Woods' or 'the Group')

Trading Update

Mattioli Woods plc (AIM: MTW.L), the specialist pensions consultancy, today issues the following trading update in advance of its interim results for the six months ending 30 November 2008, which are to be announced on Tuesday, 27 January 2009.  

Bob Woods, Executive Chairman, comments:

'I am pleased to report the Group continues to deliver a strong performance, in line with market forecasts, despite the extreme economic and investment conditions.  

This has again demonstrated the resilience of our time-costed approach to retirement planning, with a variety of recurring revenue streams. Revenue generated from time-based consultancy and administration services in the year to date is ahead of budget, with more clients taking advantage of our proactive and holistic advice.  

The first half of the current financial year has seen continued growth in core SIPP and SSAS schemes. Moving into 2009, we expect further growth in core scheme numbers as high net worth individuals, particularly those on the 'flight path to retirement', become increasingly concerned about their pension in a recessionary environment.  

As I have highlighted before, our investment strategies are dynamic and we continually develop them to take account of changing economic conditions and the underlying needs of our clients.  We have delivered proactive advice to our clients over the last 24 months, with most benefitting from a strategy of low equity exposure and high-levels of cash. As the banking crisis developed, we encouraged diversification of cash deposits and a move into fixed interest investments.  

We have completed six capital protected bond issues during the period, with clients' subscribing a total of £14.4 million (2007: £5.8 million) to date.  

We have also successfully facilitated £6.5 million of new syndicated property investment (2007: £15.9 million), as well as four new private property syndicates.  There continues to be demand amongst our clients for properties characterised by long-term institutional leases with good quality tenants, although the completion of fewer new property syndicates has been offset by clients moving monies into other asset classes.  

Maintaining capacity is essential in an environment of increasing demand and we continue to invest in our graduate recruitment programme and our 'MWeb' pension administration system, which provides us with a scalable platform.  

Recession creates enormous concerns about retirement for everyone, particularly those who have already built up sizable pension funds, but which may now be adversely affected by dysfunctional investment markets. This will undoubtedly create further demand for more broadly-based and impartial advice; the cornerstone of our business.'

- Ends -

For further information please contact:

Mattioli Woods plc
Bob Woods, Executive Chairman	Tel: [phone]
[e-mail]	www.mattioli-woods.com

Ian Mattioli, Chief Executive	Tel: [phone]
[e-mail]	www.mattioli-woods.com

Nathan Imlach, Finance Director	Tel: [phone]
[e-mail]	www.mattioli-woods.com

Evolution Securities Limited
Joanne Lake, Corporate Finance	Tel: [phone]
[e-mail]	www.evosecurities.com

Media enquiries:

Abchurch
Sarah Hollins / Nick Probert	Tel: [phone]
[e-mail]	www.abchurch-group.com

 

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