Sunday, August 9, 2020

Board Changes as Mattioli Woods announces positive trading results

Mattioli Woods the Leicester based specialist wealth management and employee benefits business has announced that Murray Smith the Group Managing Director is to step down from the company’s board.

Smith will give up his board responsibilities on 21st October. He will continue in a full-time role as founder director to the Group and his focus will be on his client portfolio, acquisitions and acting as an ambassador for Mattioli Woods.

The news comes as the firm reports profit growth in line with expectations for the year ending 31 May and the appointment of James Wilson as Chief Compliance and Risk Officer, and the appointment of Ravi Tara to the new role of Group Finance Director (a non-plc board position), reporting to the Chief Financial Officer.

Ian Mattioli, Chief Executive, comments: “I am pleased to report another year of sustainable profit growth, despite the ongoing political and economic uncertainties and generally poor investor sentiment over the 12 months ended 31 May 2019.  

 “Our integrated business model allows us to address more of the value chain across advice, administration, platform, investment management and product provision.  We have used the resultant economies of scale and operational efficiencies to reduce clients’ costs, while delivering sustainable returns for our shareholders. 

 “The Financial Conduct Authority’s evaluation of the Retail Distribution Review (“RDR”) and the Financial Advice Market Review (“FAMR”) may lead to regulatory pressure on the sector to reduce the cost to consumers.  Our long-term aim continues to be to reduce clients’ total expense ratios towards 1%, meaning we are well-positioned as the market changes and evolves. 

 “Throughout the period we maintained our focus on client service and developing our proposition.  As previously communicated, a combination of the Group reducing costs for our clients and the general market conditions led to slightly lower than expected revenue for the year.  However, the financial impact of this has been more than offset by the realisation of operational efficiencies and other planned administrative cost savings, resulting in profit growth in line with expectations and EBITDA margin for the year tracking substantially ahead of our 20% target. 

He adds: “Whilst political and economic uncertainty might continue to impact investor sentiment in the short term, we are confident that our focus on addressing the changing needs of our clients means we are well-positioned to deliver further growth.  The opportunity for Mattioli Woods is significant, as people seek to take charge of their money and manage it multi-generationally.  At the same time, savings and investments are becoming more complicated.  Clients need long-term advice and strategies more than ever before and we will continue to provide quality solutions, with our focus on client service and the inherent agility within our business model allowing us to continue to adapt to the changing wealth and asset management marketplace. 

 “Over the last few months we have seen some positive momentum starting to build, with greater client activity and increasing inflows into the bespoke investment services the Group has developed.  I expect the Group to secure organic revenue and profit growth in this new financial year, while progressing our acquisition strategy, where further consolidation within our core markets remains likely.  I believe we are well-positioned to take advantage of these opportunities and progress further towards the ambitious longer-term goals we have set.”

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