Trading Update

RNS Number : 8367S

Mattioli Woods PLC

28 November 2011

 



28 November 2011

Mattioli Woods plc

("Mattioli Woods" or "the Group")

Trading Update, Directorate Change and Notice of Interim Results

Mattioli Woods plc (AIM: MTW.L), the specialist pensions consultancy and wealth management business, today issues the following trading update for the six months ending 30 November 2011 in advance of its Interim Results, which will be announced on Tuesday, 31 January 2012. 

Bob Woods, Executive Chairman, comments: "As noted at our AGM last month, economic and investment market conditions remain challenging.  During this second quarter, our advice to clients has been to defer the placing of investments.  While this has been beneficial for them, we now expect revenues and profits for the first half of this financial year to be below our initial expectations. 

"The strength and value of our platform remains strong, with total assets under administration and advice of over £2.8bn compared to £2.3bn at 31 May 2011, following the recent acquisition of Kudos.  Our focus on high quality new business is delivering success, with 122 new direct client wins in the year to date putting us ahead of the equivalent period last year." 

Ian Mattioli, Chief Executive, comments:  "Over the last two months the impact of the Eurozone crisis and the effect this is having on global sentiment has resulted in a controlled slowdown of investment activity.  The world is holding its breath and our response has been to keep clients informed.  We believe this has been the most appropriate response and in the best interests of our clients.  However, this has led to a deferral of investment activity, which will result in our clients receiving proactive and personalised advice from us as this difficult situation unfolds. 

"We will continue to develop the most appropriate responses and remain confident that the combination of our experience and ability to respond to our clients' needs puts the business in a strong position to successfully manage the prevailing conditions. 

"I anticipate we will see increased activity in the second half of this financial year as we advise on the re-positioning of clients' retirement and investment strategies.  If this proves to be the case, I believe the result for the full year will be in line with management's original expectations, continuing our record of revenue and profit growth."

Directorate Change

Mattioli Woods also announces that one of its Non-Executive Directors, Michael Kershaw, has informed the Board that he wishes to step down to pursue other interests.  He will formally leave the Board on 31 January 2012, enabling him to fulfil his duties as Chairman of the Audit Committee in relation to the Interim Results announcement.  The Nominations Committee has initiated a search process to replace Michael and a number of suitable candidates have been identified.  This follows the recent appointment of Helen Keays as a Non-Executive Director in July 2011.

Michael has served on the Board since February 2008.  The Board would like to thank him for his valuable contribution to the Group's growth over the last four years and wishes him well for the future. 

Notice of Interim Results

Mattioli Woods will be announcing its Interim Results for the six months ending 30 November 2011 on Tuesday, 31 January 2012. 

An analyst briefing given by Bob Woods, Executive Chairman and Nathan Imlach, Finance Director will be held at 09:30 hrs on Tuesday, 31 January 2012 at FTI Consulting, Holborn Gate, 26 Southampton Buildings, London, WC2A 1PB. 

Those analysts wishing to attend are asked to contact Jack Hickey at FTI Consulting on [phone] or at [e-mail].

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

Canaccord Genuity Limited
Gordon Neilly	Tel: [phone]
[e-mail]	www.canaccordgenuity.com

Simon Bridges	Tel: [phone]
[e-mail]	www.canaccordgenuity.com

Media enquiries:

FTI Consulting
Jack Hickey	Tel: [phone]
[e-mail]	www.fticonsulting.com

 

END

 

 

TSTDKPDDOBDDKDB