Revenue has risen at Mattioli Woods, the specialist wealth and asset management business, in the first six months of its financial year, despite a challenging macroeconomic backdrop.
In a trading update in advance of its interim results for the six months ended 30 November 2023, the Leicester business said it “has performed well in complex markets,” with revenue up 8% to £59.1m, growing from £54.9m in the same period last year.
The company also saw 374 new client wins with an asset value of £82.2m. Total client assets of the group remained stable at £15.2bn, though down slightly on last year’s £15.3bn, with reduction in assets driven by £155m downward market movements.
Ian Mattioli MBE, Chief Executive, says: “I am pleased to report revenue growth in the first six months of this financial year, despite the challenging macroeconomic backdrop that continues to affect client sentiment and market value of clients’ assets.
“Revenues were 8% higher and the group delivered organic revenue growth of 4%, reflecting the resilient nature of our revenue model combining fee-based revenues for specialist advice and administration with ad-valorem investment management revenues linked to the value of clients’ assets, despite a slight fall in the value of client assets under advice and administration during the period.
“We enjoyed particularly strong growth within our core pension consultancy and employee benefits business segments, with the proposed changes to pension and tax rules announced in the Chancellor’s recent Autumn Statement driving strong demand for advice.
“We continue to focus on the integration of recently acquired businesses, with realisation of revenue synergies across the group remaining a priority. We also completed a detailed review of our current investment offering for clients during the period which has identified opportunities for enhancing group revenues whilst reducing clients’ costs.
“Our focus will now shift to implementing these strategic changes for the benefit of both our clients and shareholders.”
