Ian Mattioli, CEO of Mattioli Woods
Mattioli Woods has reported a 69% increase in revenue in its latest interim results, as positive contributions from its recent acquisitions helped total client assets reach a “key milestone”.
The firm said in the six months ended 30 November 2021, revenue rose 69.1% to £49.9m, while total client assets climbed by £4.5bn, or 43%, against the equivalent prior period to £15.1bn.
The company has completed eight acquisitions since 1 June 2020, the two largest of which, private equity firm Maven and advice business Ludlow, contributed £19.4m of revenue in the period, according to Mattioli Woods CEO Ian Mattioli(pictured).
He also attributed the rise in revenue to positive performances in the group's pensions consultancy and administration, and investment and asset management operating segments.
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The increase in client assets meant Mattioli Woods has delivered on "one of our previous strategic goals to manage more than £15bn of client assets", the CEO added.
While operating profit before financing took a hit from acquisition-related costs, down 36.7% to £2.8m, the group reported adjusted pre-tax profit soared 96% to £14.1m in the six-month period.
In its interim results, Mattioli Woods highlighted that recently-acquired Maven Capital Partners has seen underlying trading ahead of budget, boosted by "significant" VCT and Maven Investor Partner performance fees.
Ludlow Wealth Management, which was acquired by Mattioli Woods in September 2021, has traded ahead of budget since the deal, driven by new business wins, and more than £11m invested into the group's discretionary portfolio management.
Mattioli said: "Pleasingly, and in support of improved organic growth trends, the number of new clients on-boarded in the first half and net inflows into the group's investment and asset management services are ahead of the equivalent period last year.
"This renewed momentum reflects the success of new business initiatives and strength of existing client referrals, with organic revenue growth in excess of 11% for the period, our strongest performance since 2018. These initiatives, alongside our increasingly diversified service offering, have also generated an increased pipeline of new business enquiries."
He confirmed that the board of Mattioli Woods has announced an increased interim dividend of 8.3p per share, up from 7.5p in the first half of 2021.
