Mattioli Woods Has Good Year

by | Sep 2, 2014

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The specialist wealth management company Mattioli Woods has increased its revenues by 25.4% to £29.35m (2013: £23.41m) for the year to 31 May, 2014.

Adjusted EBITDA was up 14.2% to £6.77m (2013: £5.93m), with adjusted EPS up 16.9% to 28.23p (2013: 24.15p).

The company reports it has boosted the dividend by 30% to 9.10p (2013: 7.00p) and has net cash of £9.51m (2013: £8.05m).

Highlights include total client assets up 27.2% to £4.63bn (2013: £3.64bn) and discretionary AuM stands at £0.75bn (2013: £0.19bn).

Executive Chairman Bob Woods told the City: “We have strengthened our offering over the course of the year, with the acquisition of Atkinson Bolton and the appointment of our subsidiary, Custodian Capital, as discretionary investment manager of Custodian REIT plc.  Our brand has been enhanced by us bringing our three core businesses together under the Mattioli Woods name and we have strengthened our Board via two new appointments.

“With increasing complexity and continuing consolidation in both the SIPP and other key sectors in which we operate, we are confident there will be new opportunities to expand Mattioli Woods’ operations, both organically and by acquisition.

“I believe our ability to deliver proactive advice with a growing suite of our own products and services is a powerful combination, which will keep the Group well positioned to secure further profitable growth over the coming years.”

Regarding an overview of the market Ian Mattioli, Chief Executive, said: “The Government’s intention to provide full access to pension funds from retirement has brought clarity to the issue of “ownership” and accordingly pensions have been made much more attractive.  I expect the proposed changes to be good for the Group and the industry in general, with new opportunities for pension planning already being welcomed by our clients.

“Changes in employee benefits as a result of auto-enrolment, the introduction of a charge cap on auto-enrolment pension schemes in April 2015 and the abolition of provider commissions in April 2016 are obliging many employers to review their benefit and reward strategies.  We have developed the products, services and advice that modern employers need to recruit and retain staff.  We expect an improving UK economy to offer us new opportunities to engage with a broader number of employers, to whom we can deliver a full range of employee benefits services, including auto-enrolment, healthcare, executive financial counselling, international benefit consulting and ‘Create’ – our flexible benefits solution.

“As a result of these changes, we expect employee benefits revenues to move away from up-front commissions, reducing revenues in the short term, but leading to higher fee-based recurring revenues going forward.”

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